Vancouver, British Columbia--(Newsfile Corp. - June 8, 2021) -  Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC PINK: EQTRF) ("Altamira" or the "Company") is pleased to announce that 11 lines of the Induced Polarization ("IP") survey have now been completed over the Mutum gold target at its 100% controlled Apiacas gold project in Brazil.

Highlights

• Four lines covering the central portion of the target area have been processed and reveal a consistent 500-650 metre wide chargeability anomaly visible below a depth of some 70 metres on all four lines (800 metre E-W strike length and open both to the east and west). The anomaly, which is open at depth, is directly below the mapped and sampled mineralised intrusive which contains gold and has been mapped on surface in the same area

• Resistivity data for these lines reveals a distinct horizontal change in resistivity readings at between 50-60 metres vertical depth, which is interpreted as the oxide-sulphide interface between the weathered surface intrusive rock where the pyrite has been oxidized and the fresh pyrite-bearing intrusive rock below 70 metres depth

• Two new channel samples returned 0.41 g/t Au over 12 metres and 0.90 g/t Au over 6 metres. All of these channels are located some 70 metres vertically above the IP chargeability anomaly on line 4 and are located immediately north of the previous channel sample in the area which returned 2 g/t gold over 12 metres

• The chargeability anomalies defined by the IP survey suggest the presence of disseminated sulphide concentrations at depth and surface auriferous channel samples strongly suggest that substantial disseminated sulphide concentrations are correlated with gold mineralization

• The IP survey is ongoing and Altamira Gold expects to have the processed lines from the Western extension of the Mutum target area processed in the next two weeks. The survey is expected to be completed during June in preparation for the stage one drilling program

Matt Cooper, Principal at Core Geophysics and a geophysical consultant to the Company commented "Induced Polarisation Surveys provide a measurement of chargeability and resistivity of the ground. Where there are sulphide concentrations in the bedrock the chargeability will be higher. The very wide, high chargeability anomalies that we have encountered at depth on the four initial IP lines are interpreted as the sulphide bearing intrusives, vertically below the areas which have been mapped on surface with disseminated sulphide and gold mineralisation. The anomaly remains open both at depth and along strike".

Michael Bennett, President and CEO of Altamira Gold commented "We are extremely excited by the initial results from the IP survey. The possibility of a wide sulphide -rich body underling the area mapped as a syenogranite intrusive containing disseminated pyrite and gold mineralisation on surface, is a really positive indication for the presence of deeper-seated mineralisation and demonstrates that this work will be invaluable in assisting the company in siting the initial drillholes".

IP Survey at Mutum Target

The Mutum target is part of the Apiacas Project area 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. An estimated 1Moz of colluvial gold was historically recovered from the Mutum target, suggestive of the presence of a significant underlying hard-rock deposit.

In 2019, geological mapping outlined an area of pervasive disseminated-style gold mineralisation over at least 4 km² at Mutum. 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 exploration has also identified four high-grade vein structures with channel samples returning 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).

Ground based IP survey is now 50% complete over the Mutum target, within the Apiacas Gold project. The survey has been partially completed over the central and western zones of the target area, Figure 1. The survey was commissioned to detect disseminated sulphide concentrations which are related to gold mineralisation within the syenogranite intrusive.

Figure 1: Map showing progress of the IP survey over the Mutum target, Apiacas project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4500/86871_3fa4b24b34da9a0e_001full.jpg

The survey has been planned on 200m spaced lines to cover the most prospective portions of the project at 2 km lengths, with some lines extended to 3 km to test the width of the mineralised syenogranite intrusive body (Figure 1).

Inversion of the data has displayed regions of high chargeability evident across numerous lines within the mineralised syenogranite intrusive body (Figure 2). These anomalies are interpreted to represent accumulations of disseminated sulphides at depth, potentially associated with gold mineralisation. These zones which are some 500- 650 metres in width can now be traced for over 800 metres along east-west strike open in both directions and represent priority targets for follow up drilling.

Figure 2: Map showing high chargeability anomalies on four lines in the central part of the Mutum target in the Apiacas project. The anomalies are directly below an area with mineralised syenogranite intrusive mapped and sampled on surface

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4500/86871_3fa4b24b34da9a0e_002full.jpg

The resistivity data clearly shows a marked vertical zonation with a change from lower to higher resistivity at a vertical depth of 60 metres which is interpreted as the oxide-sulphide interface within the mineralised syenogranitic intrusive body. Figure 3 shows the resistivity response on Line 2.

Figure 3: Resistivity section on line 2 clearly showing the interpreted zone of transition between oxidised and sulphide bearing syenogranite intrusive at approximately 60 metres vertical depth

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4500/86871_3fa4b24b34da9a0e_003full.jpg

The high chargeability anomaly which is between 500-650 metres in width and seen below 70 metres is open at depth. Figure 4 shows the anomaly on lines 2 and 4.

Figure 4 Showing the high chargeability anomalies on line 2 and line 4 which are directly below the area mapped and sampled on surface within the mineralised syenogranite intrusive

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/4500/86871_altami2.jpg

The IP survey is proving to be crucial to defining the limits of the altered and mineralised intrusive rock with disseminated pyrite and gold and will guide the subsequent trenching and drill program. As stated in the press release of 21^st April 2021, an environmental permit has already been granted to allow drilling over part of the central Mutum area.

Channel sampling at Mutum Target

Further channel sampling along a new road cut parallel and close to line 4 has exposed a section of mineralised syenogranite intrusive to the north of the previously reported channel of 12 metres @ 2.0 g/t Au. The new channel samples shown in the photos below returned 0.9g/t Au over 6 metres and 0.41g/t Au over 12 metres with all three channels located on surface directly above the high chargeability anomalies identified by the IP survey in the area.

Figure 5: Channel sampling along road cut sub parallel to line 4 within the mineralised syenogranite intrusive

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/4500/86871_3fa4b24b34da9a0e_006full.jpg

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 its 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/86871