Vancouver, British Columbia--(Newsfile Corp. - July 20, 2022) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC PINK: EQTRF), ("Altamira" or the "Company") is pleased to provide an update on its ongoing exploration programme for copper and gold at the Santa Helena project in Mato Grosso State, Northern Brazil.

Highlights:

• Additional soil sampling in the Santa Helena project has defined a significant second copper-in-soil anomaly and also confirmed consistent copper values in the original soil anomaly. Both are being prepared for drill testing

• These anomalies measure 500 by 500m and 800 by 600m respectively and have consistent soil values above 46ppm with a peak of 448ppm

• Both copper-in-soil anomalies have associated NE/SW trending gold vein occurrences on their periphery. Scout drilling of these gold vein systems has identified porphyry-style alteration and veining in wall-rocks to the mineralized veins. Both molybdenite and chalcopyrite have been identified in these veins

• Confirmation of the prospectivity of the Santa Helena project for the preservation of proterozoic porphyry-style mineralization provides Altamira Gold with an exciting new target in addition to the high-grade gold and base metal veins already identified

CEO Mike Bennett commented; "The definition of a second significant copper-in-soil anomaly adjacent to our existing gold targets, and in association with porphyry-style alteration in drill core, is an exciting development and suggests that there is significant copper potential within our licenses at Santa Helena. The preservation of the upper and generally higher-grade parts of such alteration systems is rare in rocks of this age. However, the thick volcanics and sedimentary cover sequences that we believe formerly covered the area, appear to have contributed to the preservation of the prospective structural level where porphyry mineralization can be found. We look forward to drill testing these targets in a cost effective and speedy manner whilst we wait for drill results on a number of the peripheral gold targets".

SANTA HELENA PROJECT

The Santa Helena project is located immediately adjacent to the paved BR-163 federal highway in the state of Mato Grosso and 60km SW of the Jaca porphyry copper deposit which was recently discovered by Anglo American Corporation (Figure 1).

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

There is no history of copper production in the Santa Helena area and previous artisanal mining activity has focused on high-grade gold, hosted in vein structures.

The regional geology (Figure 2) indicates a genetic link between the Teles Pires intrusives and the Colider Formation volcanics, which is supported by regional scale geochemistry and geochronology with both units ranging in age from 1806-1757Ma. The Colider Fm consists of lavas and pyroclastic flows with inferred volcanic dome structures. The Teles Pires intrusives consist of alkali-feldspar granites and syenogranites and are interpreted to be the main host to porphyry-style intrusions in the Santa Helena area. Younger (ca.1400Ma) sedimentary cover of conglomerates and arenites formerly overlay this basement. This cover, which is now reflected as remnant outliers, may have aided the preservation of porphyry alteration zones within the basement.

In a similar manner to the Jaca porphyry district (60km NE), anomalous copper occurrences at Santa Helena have associated peripheral gold occurrences. Mapping, soil and rock chip sampling by Altamira has previously identified both extensions to the known vein gold targets plus significant copper, molybdenum and gold anomalies in soils related to areas of porphyry-style alteration in a zone which extends 7km E-W by 4 km N-S, indicating the presence of a very large hydrothermal system. Pervasive "red rock" alteration of the host intrusive rocks is found in many of the holes drilled to date.

Figure 2: Structural interpretation of the setting of the Santa Helena porphyry target in relation to the Jaca porphyry project 60km to the NE.

Recent soil sampling at Santa Helena has identified a second significant copper-in-soil anomaly 3km SW of the initial copper anomaly (Figure 3). This second anomaly measures 500 x 500m and is characterised by copper values in soils above 46ppm with maximum values of 154 ppm . The original copper-in-soil anomaly measures 800 x 600m. Neither anomaly has been tested to date but recent drilling on some of the peripheral gold occurrences has identified porphyry-style alteration and veining.

Figure 3: Main targets within the Santa Helena project showing the widely distributed high-grade gold occurrences. Drilling has been conducted at the main gold occurrences which are peripheral to the two main copper-in-soil anomalies.

Figure 4: Detail of soil sample results for copper, showing the original soil anomaly (NE) and the newly defined anomaly (SW), broadly aligned along a NE-SW trend.

At least three different generations of veining have been observed in drill core (Figure 5), indicating an alteration system that was reactivated in different temperature regimes, currently interpreted as reflecting the distal part of a cooling hydrothermal system associated with a local (porphyry) intrusion.

Figure 5: Drill core from hole STH0023 showing reactivation of vein structures. A: intensive potassic alteration of syenite with a chlorite (black) vein reactivated and filled by i) sericite (light grey) and ii) quartz/carbonate. B: chlorite/magnetite vein reactivated and filled by quartz/carbonate.

Altamira plans to conduct drone magnetometer surveys plus IP profiles over the defined copper-in-soil anomalies to accelerate the selection of optimal drill targets in Q3 2022.

Results are currently pending on the 23 diamond-drill holes which have recently tested a number of the peripheral gold targets peripheral to the copper-in-soil anomalies. Results will be released once received from the laboratory.

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.

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

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.

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