Vancouver, British Columbia--(Newsfile Corp. - September 12, 2023) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to provide an update on its ongoing exploration program at the Maria Bonita discovery which forms part of the Cajueiro gold project in the states of Mato Grosso and Para, northern Brazil.

Highlights:

• A recently completed deep motorised auger drilling program over the Maria Bonita discovery has extended the footprint of gold mineralization in weathered bedrock to the north, east and west of the mineralized area defined by the initial diamond drilling program

• This program follows excellent results from the initial nine diamond drill holes which include 69m @ 1g/t in MBA005, 50m @ 1.1 g/t gold in MBA004, 55m @ 1.0 g/t gold in MBA002, 50m @ 1.0 g/t gold in MBA001 and 45m @ 1.4 g/t gold in MBA003. Disseminated gold mineralization in the initial discovery holes is hosted within rhyolitic intrusive rocks

• A total of 47 auger holes, comprising an aggregate 430m were completed. A total of 266 samples (or 62% of the sample population) contained greater than 0.5g/t gold. Thirty-nine auger holes (83% of the total holes drilled) ended in gold mineralization greater than 0.5g/t Au

CEO Mike Bennett commented; "These very positive results confirm that contiguous gold mineralization is present in the saprolite (weathered bedrock) over a significantly wider area than that established by our initial diamond drilling. These new data suggest that the axis of the stockwork mineralization in the bedrock has an east-southeast orientation, dipping below a later inferred dyke to the east and remaining open to the west. As the gold mineralization at Maria Bonita is present at the surface, with no cover rocks, auger drilling has provided quick and low-cost data on the near surface distribution of gold which can now be used for future resource estimates. These new data support our interpretation of a significant new disseminated gold discovery in intrusive rocks and will assist us in designing a forthcoming second phase diamond drill program."

CAJUEIRO PROJECT

The Maria Bonita target lies within the Cajueiro project, located approximately 75km north-west of the town of Alta Floresta in the state of Mato Grosso in central western Brazil. Maria Bonita is located 7km north-west of the Cajueiro resource, within Para state. It is easily accessible by both paved highway and local well-maintained unsurfaced roads. Cajueiro forms one of three key projects that Altamira controls in the region, the others being Apiacas and Santa Helena (Figure 1).

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.

Figure 1: Location of the Altamira project areas in Mato Grosso and Para states

The Maria Bonita discovery is located 7km to the northwest of the central resource area within the Cajueiro Project. This discovery was originally defined by regional soil sampling in an area with no outcrop and no prior hard rock artisanal mining activity. Scout drilling conducted in 2022 in the central part of an open-ended 800m by 800m gold-in-soil anomaly, resulted in the discovery of well-developed three-dimensional gold mineralization within quartz stockwork vein systems hosted in porphyritic rhyolite intrusive rocks.

Nine initial scout diamond drill holes have been completed at Maria Bonita, with the results of this work released previously (see press releases dated September 7, November 16, 2022, and January 18, 2023). Of the seven holes completed in the centre of the soil anomaly, five holes returned thick intervals of consistent gold mineralization (~50m downhole) in saprolite and include 69m @ 1g/t in MBA005, 50m @ 1.1 g/t gold in MBA004, 55m @ 1.0 g/t gold in MBA002, 50m @ 1.0 g/t gold in MBA001 and 45m @ 1.4 g/t gold in MBA003.

As the mineralization extends from surface (where soils contain greater than 1g/t gold in places), part of a future mineral resource estimate will include the saprolite profile. This can be cost-effectively assessed using shallow auger drilling and sampling. The gold grade distribution in the initial diamond drill holes is remarkably consistent throughout both the weathered saprolite and the underlying intrusive bedrock.

A program of 47 deep auger holes was recently completed.

The results from the initial diamond drilling at Maria Bonita which previously defined consistent gold mineralization averaging 1 g/t Au in bedrock in diamond drill holes 1,2,3,4,5 and 7 are shown in table 1. The auger results confirm that consistent gold is found in deep saprolite over an area broadly correlating with the 0.75g/t gold contour defined by the original soil sampling. It is interpreted that this zone represents the near surface manifestation of the rhyolite intrusive-hosted stockwork mineralization found in the primary zone during the scout diamond drilling program.

Table 1: Key results of the scout diamond drilling program (previously released)

The distribution of gold in the lowermost sample in each augur drill hole (Figure 2) indicates a coherent pattern, consistent with an east-southeast axis, reflecting one of the two perpendicular vein sets identified in the prior diamond drilling. The mineralization plunges at a shallow angle below cover between diamond drill holes MBA005 and MBA007 and the auger data supports this interpretation. A coherent 200m wide zone of gold values above 0.7g/t Au in saprolite is now defined by the auger results.

Figure 2: Gold in basal power auger samples at the Maria Bonita discovery in relation to scout diamond drill hole collar positions. Arrows indicate directions in which mineralization remains open from scout diamond drilling.

Importantly, thirty-nine of the total of forty seven auger holes (83%) ended in gold mineralization greater than 0.5g/t Au which indicates the extent of potentially significant gold mineralization in the saprolite

A second stage diamond drill program is being designed to test the lateral and vertical extents of the mineralized intrusive body and further augur drilling is aimed at defining the limits to the mineralized system which remains open to the north, south, east, west, and at depth.

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 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.

"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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