Altamira Gold Provides Exploration Update on Maria Bonita Discovery, Cajueiro Project; Discovers New Target at Apiacas Project

Vancouver, British Columbia--(Newsfile Corp. - August 7, 2024) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company") is pleased to update on ongoing exploration activities at the Cajueiro and Apiacas projects.

Highlights:

• Results of the final two second-round diamond drillholes at the Maria Bonita discovery located within the Cajueiro project area were received and returned 32.7m @ 0.53 g/t gold in MBA030 and 46.5m @ 0.50 g/t gold in MBA031. Work continues on the analysis and interpretation of drill results.

• Recent surface sampling at the Casa Branca target area of the Apiacas project, returned highly anomalous gold in all surface samples collected. Ten grab samples all contain gold greater than 0.5g/t, and average 14.5 g/t gold with two high grade values of 69g/t and 52 g/t gold.

• Mineralization at Casa Branca occurs in pervasive sericite-altered porphyritic intrusive host rocks containing clots of pyritic sulphides, similar to zones of gold mineralization at the Mutum target located 10km to the west.

CEO Mike Bennett commented, "The results of the last two drillholes at the Maria Bonita discovery confirm that the porphyry gold deposit carries consistent gold mineralization from surface. We are working through the interpretation of the three-dimensional geological model to define potential zones of extension and repetition of the mineralization for further drill testing. The mineralized system remains open in several directions and at depth. Our new Casa Branca target at the Apiacas project is again intrusive hosted with disseminated gold mineralization observed on surface. Further mapping and sampling are planned in advance of reconnaissance drilling."

CAJUEIRO PROJECT

The Cajueiro project is located approximately 75km NW of the town of Alta Floresta in the state of Mato Grosso (Figure 1) in central western Brazil and is easily accessible by road and has grid power and local water supply. Cajueiro is the most advanced of three key projects that Altamira controls in the region, the other two being Apiacas and Santa Helena (Figure 1).

Figure 1: Location of the Cajueiro, Apiacas and Santa Helena projects.

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The Cajueiro project has current 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 515,000 oz in the Inferred Resource category (estimated using a gold price of US$1,500/oz). Included in these totals are near-surface oxide portions of the Cajueiro resource, containing an estimated 75,000oz of gold.

Maria Bonita Target

Maria Bonita is located 7km west of the Cajueiro mineral resource and is easily accessible by road. The current drill program is a follow-up to the initial round of discovery drillholes which include 69m @ 1g/t gold (MBA005), 50m @ 1.1 g/t gold (MBA004), 55m @ 1.0 g/t gold (MBA002), 50m @ 1.0 g/t gold (MBA001) and 45m @ 1.4 g/t gold (MBA003) (See press releases dated September 7, November 16, 2022, and January 18, 2023).

Significant results previously reported as part of the current follow-up drill program include;

• MBA029: 213m @ 0.8g/t gold from surface including 146m @ 1.0g/t from 23m
• MBA016: 90m @ 0.6g/t gold from 14m and 65m @ 0.4g/t gold from 118m
• MBA018: 105m @ 0.5g/t gold from 23m and 24m @ 0.4g/t gold from 144m
• MBA020: 72m @ 0.4 g/t gold from 59m
• MBA022: 53m @ 0.7 g/t gold from surface

Mapping and logging of drill core from the Maria Bonita second drill program is ongoing to identify the various phases of porphyry intrusion (Figure 2).

Figure 2: Sheeted veining from MBA0029 50,50m to 50,65m (1.0m @1,6 g/t Au) in quartz porphyry. MBA 0029 returned 146m @ 1g/t Au from 23m (see press release of May 21, 2024).

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The results of the final two drillholes from the second drill program include 32.7m @ 0.53 g/t gold in MBA030 and 46.5m @ 0.50 g/t gold in MBA031 (Table 1).

Table 1: Summary drill results, Maria Bonita drillholes MBA030 and 031.

These two short vertical HQ holes were completed primarily to provide new metallurgical samples across the grade range for further heap leach testing and optimisation. The holes were completed within the central zone of the drilling area. Sample selection and testing will proceed shortly.

APIACAS PROJECT

The Apiacas project is located approximately 120km north-west of Alta Floresta and 60km west of the Cajueiro mineral resource (Figure 1). Approximately 1 million ounces of gold is inferred to have been recovered historically (since 1980) from alluvial and eluvial sources in the district, centred on Mutum. Primary gold mineralization is poorly exposed, particularly in the large areas of former alluvial workings.

Casa Branca Target

The Casa Branca target is located 10km east of the Mutum target at Apiacas (Figure 3) and, like Apiacas, it exhibits strong sericite-pyrite alteration with disseminated gold mineralization in intrusive rocks.

Figure 3: Location of the Casa Branca prospect in relation to the main historical alluvial production centre at Mutum.

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This is a newly defined prospect outside the main area of historic alluvial/eluvial production at Apiacas.

The host rock is a medium grained granitic intrusive rock with sericite alteration and clots of pyrite up to 5mm in diameter. Where the pyrite oxidises, the rock develops a characteristic "leopard spot" appearance (Figure 4). The alteration zone has potential to extend over a width of 100m.

Figure 4: Typical "leopard spot' alteration of pyrite clots associated with sericite alteration and gold mineralization at Casa Branca. All of the reconnaissance samples that were collected carry gold and there is no visual clue to the higher-grade samples i.e. no direct association with quartz veining or other structures.

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A proprietary drone aeromagnetic survey has been completed and the data processed via consultant geophysicist Core Geophysics of Perth, Australia. The results indicate an association between the prospect location and a magnetic low lying to the north of a magnetite bearing intrusive whose contact is mappable on the ground (Figure 5).

Figure 5: Casa Branca prospect showing TMI drone magnetics. Alluvial artisanal miners ("garimpos") in the drainage to the east are derived from the Casa Branca prospect.

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Ten samples were collected from the alteration zone exposed on surface and all returned gold values above 0.5g/t. The samples average 14.5 g/t gold with two high grade values of 69 g/t and 52 g/t gold (Table 2). Further mapping and sampling is in progress and could lead to the definition of targets for reconnaissance drilling.

Table 2: Surface reconnaissance grab sample results from the Casa Branca target at Apiacas.

Qualified Person

Guillermo Hughes, FAIG and M AusIMM., 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.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold and copper projects within western central Brazil. The Company holds 6 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.

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

The securities described herein have not been registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the U.S. Securities Act and any applicable state securities laws.

Forward-looking Statements

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the extension of the Warrants. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "intends" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the receipt of all necessary regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.

Notes

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company's exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.

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