Altamira Gold Drills 69m @ 1.0 g/t gold and 71m @ 0.6 g/t Gold in Step-Out Drillholes at the Maria Bonita Target, Confirming the Discovery of a Significant Gold Mineralized System at the Cajueiro mission, Brazil & More Trending News

Vancouver, British Columbia–(Newsfile Corp. – January 18, 2023) – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), (“Altamira” or the “Company“) is happy to announce that it has acquired assay outcomes from the remaining 5 preliminary diamond drillholes holes (MBA005 to MBA009) which have been not too long ago accomplished at the Maria Bonita goal inside the Cajueiro mission in Para state, Brazil.

Highlights:

• The new mineralized system at Maria Bonita, which has remarkably constant gold grades, stays open in a number of instructions (see Figures 5 and 6)

CEO Mike Bennett commented, “The results from the final five reconnaissance drill holes at Maria Bonita confirm that we have discovered a significant gold mineralized system at Cajueiro which is located just 7 km west of the existing resource base. Whilst the mineralized system remains open in several directions, the initial drill results indicate consistent gold values over broad intervals and the size of the gold-in-soil geochemical anomaly (800 x 800m) means that additional drilling will be required to determine the size of the mineralized system.”

CAJUEIRO PROJECT

The Cajueiro mission is positioned roughly 75km NW of the city of Alta Floresta in the state of Mato Grosso (Figure 1) in central western Brazil and is definitely accessible by highway and has grid energy. Cajueiro varieties one of three key initiatives that Altamira controls in the area, the different two being Apiacas and Santa Helena (Figure 1).

Story continues

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

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The Cajueiro mission has present NI 43-101 assets of 5.66Mt @ 1.02 g/t gold for a complete of 185,000 oz in the Indicated Resource class and 12.66Mt @ 1.26 g/t gold for a complete of 515,000 oz in the Inferred Resource class.

Several sturdy primarily untested gold-in-soil anomalies happen inside a quick radius of the Cajueiro useful resource space and embrace Maria Bonita, Sossego and Novo Sonho (Figure 2). Maria Bonita is the strongest of these peripheral gold-in-soil anomalies and is open to the west, with the present footprint of the geochemical anomaly overlaying an space comparable in dimension to the complete Cajueiro mineral useful resource space.

Figure 2: Location of the Cajueiro (Baldo) mineral useful resource and the Maria Bonita goal displaying relative dimension and depth of the soil responses. The Maria Bonita soil anomaly stays open to the west and north.

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Maria Bonita Target

The Maria Bonita goal is positioned roughly 7km northwest of the Cajueiro useful resource space (Figure 2) and is outlined by a gold-in-soil anomaly which is at least 800 x 800m in dimension and open to the west. The central half of the anomaly returned gold values in extra of 1g/t gold in soils (Figure 3).

Figure 3: Gold-in-soil values at the Maria Bonita goal over background aero-magnetic information (by-product of complete magnetic depth – TMI) with structural interpretation.

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There is not any outcrop in the goal space and no prior hard-rock gold mining exercise at Maria Bonita. The goal has by no means been beforehand examined by drilling previous to the present drill program. Historic placer workings in the stream instantly south of the goal recommend that there’s a bodily dispersion prepare of gold eroding from the space.

Results have now been acquired for all 9 preliminary diamond drill holes. These holes have been designed to find out the supply of the intensive 800 x 800m soil anomaly which stays open to the west.

Holes MBA001 – MBA004 have been reported beforehand (see press releases dated 7^th September and 16^th November 2022, and Figure 4, Table 1). All 4 preliminary holes lower important intervals of gold mineralization and embrace 50m @ 1.0 g/t gold from floor in MBA001, 55m @ 1.0 g/t gold from floor in MBA002, 45m @ 1.4 g/t gold from floor in MBA003 and 50m @ 1.1 g/t gold from floor in MBA004.

Core recoveries for the preliminary programme exceeded 99% in every drillhole.

Hole MBA005 was a step-out gap and was collared roughly 70m east of Holes MBA003 and MBA004 (Figure 4). It was drilled on an azimuth of 305º to a depth of 157m. The gap intersected pervasively altered quartz porphyritic rhyolite with some brecciated zones. The gap returned 69m @ 1.0 g/t gold from floor however gold values are strongly anomalous all through with the higher 83.6m averaging 0.9g/t gold (Table 1, Figure 5). The the rest of the gap from 83.6m depth to the finish of gap at 157m returned 73.4m @ 0.3g/t gold and the gap ended in mineralization.

Figure 4: Drill gap areas and outcomes on gold-in-soil contoured values (ppb gold) and magnetic depth background at the Maria Bonita goal.

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Hole MBA007 was a additional step-out gap and was collared a additional 50m east of MBA005 with an azimuth of 360°, an inclination of 55° (Figure 4). It reached a complete depth of 179m. This gap intersected soil and saprolite to a depth of 25m downhole. The saprolite is developed in an interpreted youthful medium-coarse felspar porphyry dyke which is un-mineralized. However, from 34m down gap, the gap lower altered reddish quartz porphyry rhyolite intrusive, much like that discovered in holes MBA001-5. The gap returned 71m @ 0.6g/t gold from 34 – 105m. Below this depth, gold mineralization stays constant, albeit at decrease ranges to a depth of 148m, returning 43m @ 0.5g/t gold (Figure 5, Table 1).

Figure 5: Section trying north-east displaying projections of drillholes MBA003,4,5 & 7

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Figure 6: Section trying north-west displaying projections of drillholes MBA001,2,3 & 6

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Table 1: Drill outcomes for Holes MBA005-009 and outcomes from prior releases for MBA001-4

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Hole MBA006 was collared 150m to the south of the authentic drillhole (MBA001) to check the southern space of the soil anomaly (Figure 4). The higher 59m incorporates a mean of 0.3g/t Au, indicating the presence of a broad decrease grade halo to the south of the foremost mineralized zone.

Holes MBA008 and 009 have been drilled as important 330m step-out holes to the east from the authentic drillhole. Both holes have been drilled to check the ENE pattern of a refined magnetic function proven in Figure 4 plus the gold-in-soil pattern in the identical total orientation. The holes lower deep saprolite extending to 36m and 67m downhole respectively. Below this stage, each holes lower medium grained volcanic agglomerates with intermittent, sometimes sturdy sericite/chlorite alteration. The type of alteration differs from that of the western drillholes (MBA001-7) in not displaying pervasive crimson (inferred potassic) alteration. Gold outcomes have been usually under 0.1g/t all through, aside from a veneer of as much as 5m of soil and higher saprolite containing elevated anomalous gold in the vary ~0.3g/t Au. These outcomes suggest that the soil anomaly in this location is reflecting surficial dispersion of gold laterally from the sub-cropping mineralization recognized to exist to the west.

At current the mineralized zone, hosted by rhyolitic quartz porphyry (intersected in holes MBA001-7) is interpreted to dip shallowly to the east from the sub-crop round drillholes MBA001-5. The coherent, near-surface mineralized zone stays unconstrained to the west.

The dimension of the mineralized zone at Maria Bonita stays unknown however the glorious outcomes acquired from six of the preliminary 9 reconnaissance drill holes at Maria Bonita recommend the presence of a important discovery. As beforehand reported, there is no such thing as a outcrop in the goal space. Work has commenced on mapping the recognized sub-cropping geology utilizing a shallow auger. This is attaining holes as much as 13m deep from which composite soil and saprolite samples will probably be collected to help future plans for added drilling aimed at figuring out the dimension of the mineralized system.

Preliminary metallurgical testwork on two composite mineralized samples from holes MBA 001-004 was accomplished at TESTWORK Desenvolvimento de Processo Ltda in Nova Lima, Minas Gerais. The work was performed below the commentary of the Company’s consulting metallurgist Ian Gordon Hall Dun BSc (Eng), MSc. Results are anticipated in the subsequent few weeks and ought to present indications as to what quantity of the gold might be readily recovered by standard applied sciences.

Proposed Warrant Extension

The Company proposes to make an software to the TSX Venture Exchange to increase the expiry dates from February 5^th, 2023 to November 5^th, 2023 of an combination of 10,000,000 excellent share buy warrants (the “Warrants”).

The Warrants have been issued pursuant to a non-public placement that was accomplished on February 5^th, 2021 and have been initially exercisable for 2 years from the deadline. Each Warrant entitles the holder to buy one widespread share in the capital of the Company at a worth of $0.30 per share. All different phrases of the Warrants will stay the identical.

The extension of the Warrants stays topic to approval of the TSX Venture Exchange (“TSXV”).

Stock Option Plan

Altamira additionally proclaims that its shareholders authorised the amended 10% rolling inventory possibility plan at the annual assembly of shareholders held on November 23^rd, 2022. The principal amendments to the inventory possibility plan guarantee compliance with the revised TSXV Policy 4.4 and embrace: (i) a provision that permits cashless train of inventory choices and web train of inventory choices; (ii) that share capital changes are topic to the prior approval of the TSXV, besides the place they relate to share consolidations or splits; and (iii) disinterested shareholder approval is required for any extension to inventory choices granted to people which might be insiders at the time of the proposed modification.

The most quantity of widespread shares which can be issued below the inventory possibility plan is 10% of the Company’s issued and excellent share capital at the date of grant. The inventory possibility plan has a “rolling” restrict, as the quantity of widespread shares reserved for issuance pursuant to the grant of inventory choices will mechanically improve as the Company’s issued and excellent share capital will increase. The restrict consists of excellent inventory choices beforehand granted.

Qualified Person

Guillermo Hughes, FAIG and M AusIMM., a marketing consultant to the Company in addition to a Qualified Person as outlined by National Instrument 43-101, supervised the preparation of the technical info in this information launch.

About Altamira Gold Corp.

The Company is concentrated on the exploration and growth of gold initiatives inside western central Brazil. The Company holds 8 initiatives comprising roughly 190,000 hectares, inside the prolific Juruena gold belt which traditionally produced an estimated 7 to 10Moz of placer gold. The Company’s superior Cajueiro mission has NI 43-101 assets of 5.66Mt @ 1.02 g/t gold for a complete of 185,000 oz in the Indicated Resource class and 12.66Mt @ 1.26 g/t gold for a complete of 515,000oz in the Inferred Resource class.

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
data@altamiragold.com
www.altamiragold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined in insurance policies of the TSX Venture Exchange) accepts accountability for the adequacy or accuracy of this launch.

The securities described herein haven’t been registered below the U.S. Securities Act or any state securities legal guidelines, and will not be provided or bought in the United States absent registration or an relevant exemption from registration necessities below the U.S. Securities Act and any relevant state securities legal guidelines.

Forward-looking Statements

Certain info contained herein constitutes “forward-looking information” below Canadian securities laws. Forward-looking info consists of, however is just not restricted to, statements with respect to the extension of the Warrants. Generally, forward-looking info might be recognized by the use of forward-looking terminology corresponding to “will”, “intends” or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “will” happen. Forward-looking statements are primarily based on the opinions and estimates of administration as of the date such statements are made and they’re topic to recognized and unknown dangers, uncertainties and different elements which will trigger the precise outcomes to be materially totally different from these expressed or implied by such forward-looking statements or forward-looking info, together with the receipt of all essential regulatory approvals. Although administration of the Company has tried to establish essential elements that might trigger precise outcomes to vary materially from these contained in forward-looking statements or forward-looking info, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed. There might be no assurance that such statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on forward-looking statements and ahead trying info. The Company is not going to replace any forward-looking statements or forward-looking info that’s included by reference herein, besides as required by relevant securities legal guidelines.

Notes

Gold evaluation has been performed by SGS methodology FAA505 (fireplace assay of 50g cost), with increased grade samples checked by FAA525. Analytical high quality is monitored by licensed references and blanks. Until dispatch, samples are saved below the supervision the Company’s exploration workplace. The samples are couriered to the assay laboratory utilizing a industrial contractor. Pulps are returned to the Company and archived. Drill holes outcomes are quoted as down-hole size weighted intersections.

To view the supply model of this press launch, please go to https://www.newsfilecorp.com/release/151666