IP Survey at Mutum Target, Apiacas Gold Project, Brazil, to Commence in April

Vancouver, British Columbia--(Newsfile Corp. - April 13, 2021) -  Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC PINK: EQTRF), ("Altamira" or the "Company") is pleased to announce that Dr. Quinton Hennigh has joined the Company as a Geological Advisor and the commencement of Induced Polarization Geophysical ("IP") survey at Mutum target, Apiacas gold project, Brazil.

Highlights

• Dr. Quinton Hennigh, a world-renowned economic geologist with over 25 years of exploration experience has joined the Company as a Geological Advisor

• Altamira has engaged AFC Geofísica Ltda to conduct an IP survey at the Mutum target where the presence of four high-grade vein structures were recently confirmed in addition to extensive disseminated gold mineralization over an area of 4 square kilometers within the Apiacas project area

• The IP survey will better define the limits of altered and mineralized intrusive rock with disseminated pyrite and gold and help refine and prioritize drill targets

Michael Bennett, President & CEO commented "We are delighted to have Dr. Hennigh join Altamira as an advisor. Quinton has an impressive track record in gold exploration and his extensive knowledge of the capital markets will be instrumental in strengthening and complementing our team. The IP survey takes us one step closer to advancing the Apiacas gold project to the drill ready stage. 2021 will be an exciting year for Altamira as we look forward to drill testing several targets at our main projects with the valued technical input from Dr. Hennigh as we continue to unlock the mineral potential of the Alta Floresta belt".

"It's a great pleasure to become technical advisor to Altamira," commented Dr. Quinton Hennigh. "Seldom does one see multiple high-quality projects in one junior exploration company. Each of the Apiacas, Cajueiro and Santa Helena projects has one or more drill targets, and our upcoming geophysical program will help refine these in preparation for an aggressive multi-property drill campaign to begin later this year."

Dr. Quinton Hennigh's Appointment

Altamira is pleased to announce the appointment of Dr. Hennigh to the advisory board as a Geological Advisor.

Dr. Hennigh is an economic geologist with 25 years of exploration experience, and is a founder and current Chairman and President of Novo Resources Corp., which is exploring and developing gold projects in the Pilbara region of Western Australia, including its Beatons Creek, Karratha and Egina gold projects, the latter of which is under a joint venture with Japan's Sumitomo Corporation.

Early in his career, Dr. Hennigh explored for major mining firms including Homestake Mining Company, Newcrest Mining Ltd and Newmont Mining Corporation. He then joined the junior mining sector in 2007 and has been involved with a number of Canadian listed gold companies, including Gold Canyon Resources Inc., where he led exploration at the Springpole alkaline gold project near Red Lake Ontario, a 5 million ounce gold asset that was sold in 2015 to First Mining Gold Corp. Dr. Hennigh was also instrumental in Kirkland Lake Gold's acquisition of the Fosterville gold mine, which is located in Australia and was previously owned by Newmarket Gold Inc. Dr. Hennigh obtained a Ph.D. in Geology/Geochemistry from the Colorado School of Mines in 1996.

IP Survey

The Company has engaged AFC Geofísica Ltda to conduct an IP survey at Mutum target, Apiacas Project, Brazil. The IP survey will consist of 14 lines, 38.5 line-kilometers, dipole-dipole array.

IP surveys are an important mineral exploration tool in the identification of economically important mineral deposits, including gold, copper, and silver. The induced polarization method makes use of the electrical conductivity of the subsurface to locate zones where chargeable minerals (sulphides) are located within the host rock. Disseminated pyrite and chalcopyrite are conductive and hence have a significant IP signature. This is expected to assist with the definition of the limits to the altered and mineralized intrusive rock carrying disseminated pyrite and gold and therefore, better refine and prioritize targets in advance of drilling.

Mutum Target

The Mutum target is part of the Apiacas project area and is located 50km west of Altamira's Cajueiro gold project which hosts 43-101 compliant indicated resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz and inferred resources of 12.66Mt @ 1.26 g/t gold for a total of 515,000oz.

In 2019, a total of 93 surface rock samples of disseminated and altered rocks collected on surface over this area returned gold values of up to 406.6 g/t gold (see news release dated September 11, 2019).

Recent geological mapping and surface rock sampling by the Altamira geological team has confirmed the presence of four high-grade vein structures and further defined the limits of pervasive disseminated-style gold mineralization over at least 4 km² (Figure 1). An estimated 1Moz of colluvial gold was historically recovered from the Mutum target, suggesting the presence of a significant underlying hard-rock deposit.

Last month, surface grab samples of the high-grade veins at Mutum returned values up to 403.5 g/t gold and channel samples included values up to 3m @ 10.39 g/t gold. Silver assays have also returned high grade values up to 871 g/t silver (see March 8, 2021 news release for more information).

Figure 1 Detailed map of the Mutum target showing the limits to quartz-sericite-pyrite alteration and disseminated gold mineralization associated with an altered intrusive. Historic surface workings which recovered an estimated 1Moz of gold, and location of high-grade veins are also shown

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4500/80255_803af12d84074974_001full.jpg

Stock Options

Altamira announces that it has granted 3,245,000 stock options to directors, officers, employees, and consultants of the Company. The stock options are exercisable for a term of 5 years at an exercise price of C$0.275 per common share under the terms of the Company's Stock Option Plan.

Qualified Person

Guillermo Hughes, P. Geo., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

Neither the TSX Venture Exchange nor it's Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 8 projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company's advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.

On Behalf of the Board of Directors,

ALTAMIRA GOLD CORP.

"Michael Bennett"

Michael Bennett
President & CEO

Tel: 604.676.5660
Toll-Free: 1-833-606-6271
info@altamiragold.com
www.altamiragold.com

Forward-Looking Statements

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Except as required by law, we do not undertake to update these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80255