Vancouver, British Columbia--(Newsfile Corp. - February 2, 2022) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC PINK: EQTRF) ("Altamira" or the "Company") is pleased to announce that its first three diamond drillholes have intersected porphyry style alteration and mineralization at the Santa Helena porphyry copper-gold project in Mato Grosso State, Northern Brazil. Core samples are being prepared and will be dispatched during February to the SGS Laboratory in Belo Horizonte for assay.

Highlights:

• The initial three drillholes at the Gabriel target at Santa Helena have confirmed the occurrence of alteration and mineralization typical of porphyry copper systems at depth

• Geological consultants, Dr. Alan Wilson and Darren Jones MSc, both with extensive Latin American porphyry exploration experience, have confirmed their view that the intersections in the initial three drill holes show alteration typical of porphyry systems

• Confirmation of the prospectivity of the belt for the preservation of Proterozoic porphyry copper deposits provides Altamira Gold with an exciting new target style in addition to the high-grade gold and base metal veins already identified

CEO Mike Bennett commented; "The identification of compelling evidence of porphyry-style alteration at depth at Santa Helena is extremely encouraging so early in the drill program, and with a 28 square kilometer area of known surface copper and gold mineralization, we now need to use geophysical exploration techniques over this area to help identify the best drill targets for the second phase of drilling. This new porphyry discovery by Altamira is only 60 kilometers to the south-west of the Jaca Porphyry Copper discovery by Anglo American in 2017 and we are extremely excited for both the copper and gold potential within our extensive Santa Helena Project."

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. Drilling is now in progress at Apiacas (Mutum target) and Santa Helena.

Structural interpretation on a regional scale has shown the proximity of both the Jaca porphyry copper deposit and the Santa Helena porphyry system to the structural break marked as Santa Helena Shear zone shown in Figure 2.

Previous artisanal mining activity has focused on high-grade gold hosted in vein structures. However, mapping, soil and rock chip sampling by Altamira has 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 (Figure 3).

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

The area consists of undulating farmland with generally poor outcrop and saprolite weathering up to 57m deep as shown in drillhole DDSTH-02.

Figure 3: Main targets within the Santa Helena project. Note the widely distributed historic pits on high-grade gold occurrences. Drilling has been conducted at the Gabriel pit, outside the main copper in soil anomaly.

Three angled diamond drill holes, up to 340m deep have thus far been completed around the Gabriel pit. These holes targeted a strong IP chargeability anomaly and stockwork mineralization mapped and sampled on surface in the southern wall of the Gabriel pit (Figure 4).

Figure 4: IP chargeability map of the Gabriel pit area at Santa Helena - note the presence of a strong chargeability anomaly extending SE and away from stockwork quartz veining on surface within the Gabriel Pit.

All of the initial three drillholes intersected strong porphyry-style alteration associated with variable quantities of disseminated sulphides (Figures 5,6,7,8 and 9). Analytical results are pending.

Figure 5: Altered and brecciated "green rock" (epidotization and chloritization) with pyrite veinlets: DDSTH-0001 143.9m.

Figure 6: Veined, altered and brecciated "red rock" typical of alkaline porphyry environments: DDSTH-0002, 155m.

Figure 7: Veined, altered and brecciated "red rock" typical of alkaline porphyry environments: DDSTH-0003, 152.5m.

Figure 8: Quartz vein with pyrite and molybdenite with porphyritic aplite in syenite DDSTH03; 110m.

Figure 9: Altered and veined "red rock" intrusive: DDSTH-0001, 146m.

Consulting geologist and porphyry expert, Dr. Alan Wilson was engaged to review all of the core photographs and exploration data. He commented; "A review of selected core photos from three holes recently completed at Santa Helena clearly shows vein types and alteration assemblages which are typical of those found in porphyry copper-gold systems globally and share many features of silica-saturated alkalic porphyry systems, namely:

• Sheeted to stockwork quartz ±carbonate veins with pyrite ±chalcopyrite mineral assemblages
• Aplite dykes associated with thick quartz veins and coarse grained pyrite and molybdenite
• Late-stage epidote-calcite veining with associated hematite (red rock) alteration
• Spatial association of quartz veining with pink, K-feldspar-rich (alteration, magmatic or both), pink to red (hematite-altered "red rock") granitic intrusions"

Altamira is planning drone magnetometer surveys and IP surveys to optimise initial drill tests of the coherent copper-in-soil anomaly measuring 1000m by 1,200m to the north-east of the initial drilling area. Due to the very deep weathering profile, preservation of copper in soil at surface is a very positive indicator of mineralization at depth.

Altamira is now in the process of accelerating geophysical surveys in order to site drillholes over the copper anomaly outlined in soil sampling.

APIACAS PROJECT

Diamond drilling and soil sampling are also in progress at the Mutum target within the Apiacas Project area. A total of nine holes have been completed to date with results pending on seven holes.

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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