Drilling Commences At The Mutum Target

VANCOUVER - Altamira Gold Corp.'s reported on the upcoming maiden drill program at the Mutum target within the Apiacas project and to provide further information regarding the environmental licensing at the project which is located in northern Mato Grosso, Brazil.

Highlights: The initial 3,000m diamond drill program at Mutum is targeting part of the 4.4 km long high chargeability Induced Polarization ("IP") anomaly identified during phase 1 of the IP ground geophysical survey. Phase 2 of the survey which extends the IP coverage 2.4km to the west has now been completed and the data is being processed; Altamira has identified quartz-sericite-pyrite alteration associated with disseminated gold mineralization in an intrusive rock over 4 sq km on surface within the area of historic placer gold workings where surface channel sampling has been encouraging and has returned significant gold values including 12m @ 2.0 g/t gold; and The second environmental license at Mutum has been granted and is located to the west of the previously announced environmental permit and allows for the drilling of a large portion of the chargeability anomaly.

Michael Bennett, President and CEO, said, "The commencement of the initial drilling program at the Mutum target at Apiacas is truly exciting and is the culmination of several years of effort. During the last few months, Altamira has identified a geophysical chargeability anomaly that is now in excess of 4km in east-west extent and is coincident with an area of historic workings which produced 1Moz of gold as well as widespread quartz-sericite-pyrite alteration and disseminated gold mineralization. The target is simply enormous, and we look forward to the results of the initial drill program."

The Mutum target is part of the Apiacas Project area and is located 50 km 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 185,000oz 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 mineralization over at least 4 sq km 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. 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.

The initial 3,000 meter diamond drill program will investigate the depth continuity of the surface gold mineralization mapped and sampled within the syenogranite intrusive rock between lines 3 and 8 where three separate channel samples collected from the outcropping mineralized intrusive returned values of 2.0 g/t gold over 12 meters, 0.9 g/t gold over 6 meters and 0.41g/t gold over 12 meters in the northern part of lines 3, 4 and 5 and will investigate part of the high chargeability anomaly which lies directly beneath areas of historic alluvial and colluvial workings on the southern extensions of the lines between lines 3 to 8. Drill holes will be targeted to an initial depth of 150 meters and 8 initial holes have been sited within the area which has received recent environmental permission for both trenching and drilling. Further holes will be sited once geological and assay data is on hand from the initial holes. Drilling is expected to continue until October and samples will be submitted to the SGS laboratory in Belo Horizonte where the turn around time is expected to be between 4-6 weeks.