Altamira Gold Defines Gold-in-Soil Anomaly at Mombaque Target, Expanding the Cajueiro Porphyry System

Vancouver, October 16, 2024 - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to announce further progress in the ongoing evaluation of porphyry-related gold mineralization within the Cajueiro project area.

Highlights:

• Ongoing fieldwork at the Mombaque prospect, located 1.6km to the east of the Maria Bonita porphyry gold discovery, has defined a coherent gold-in-soil anomaly measuring up to 600m by 500m, coincident with prospective sericite-altered volcanic tuffs and breccias

• The target area is underlain by felsic intrusives, similar in appearance to the host rocks at the Maria Bonita gold porphyry. Rock chip sampling at Mombaque has revealed porphyry-style quartz veining in samples at surface with anomalous gold

• The presence of a coincident magnetic anomaly and highly altered and brecciated porphyritic rocks makes Mombaque a compelling drill target. It also suggests that porphyry-style gold mineralization at Cajueiro extends over a much wider area than the initial Maria Bonita gold discovery

CEO Mike Bennett commented; "The identification of a coherent gold-in-soil anomaly at the Mombaque prospect is an exciting development for the Cajueiro project. Surface rock samples show evidence of strong sericite alteration and hydrothermal quartz veining which are consistent with a concealed porphyry centre and define a new priority drill target. As yet, we do not know if this is a significant extension to the porphyry system at Maria Bonita or a separate porphyry system. Ongoing field work has also identified priority targets to the north of the Cajueiro mineral resource in association with magnetic anomalies along a wide east-west corridor. It is becoming clear that porphyry-style gold mineralization at Cajueiro extends beyond the Maria Bonita mineralized system where we recently drilled 146m @ 1 g/t gold in porphyritic host rocks and that this could be one of several porphyry gold deposits at Cajueiro."

CAJUEIRO PROJECT

The Cajueiro project is located approximately 75km NW of the town of Alta Floresta in the state of Mato Grosso (Figure 1) in central western Brazil and is easily accessible by road and has grid power and a local water supply. Cajueiro is the most advanced of three key projects that Altamira controls in the region, the other two being Apiacas and Santa Helena (Figure 1).

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

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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 (estimated using a gold price of US$1,500/oz).

Maria Bonita Target

Maria Bonita is a new discovery of a primary porphyry gold deposit, located 7km west of the existing Cajueiro gold deposit. It is easily accessible by road and the surface rights have been acquired by the company. Significant results, previously reported from two phases of diamond drilling are shown in Table 1 and include:

Table 1: Significant intercepts from diamond drilling to date at Maria Bonita. See press releases dated 07/09/22, 16/11/22, 18/01/23, 17/04/24, 22/04/24.

These very consistent drill results characterize a multi-phase felsic quartz porphyry-hosted system of quartz veins and breccias carrying gold. Within the mineralized intervals, gold is relatively uniformly distributed with a highest grade of 7.7g/t gold reported from the intervals listed above (Table 1). The mineralized system remains open in several directions and parts of the same intrusive suite of rocks have been mapped 1.5km to the northeast of the drilled area.

Mombaque Target

The location of the Mombaque magnetic anomaly is shown in Figure 2, approximately 1.6km to the east of the Maria Bonita porphyry gold discovery.

Figure 2: Cajueiro project area showing the location of the existing Cajueiro mineral resource, the Maria Bonita discovery and the Mombaque target plus postulated alluvial gold source areas. A conceptual cross section is shown in Figure 5.

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The Mombaque intrusive centre was initially inferred from an interpretation of magnetic data suggesting the presence of a concealed magnetic body with dimensions of 1.5 by 1.2km. Follow-up surface mapping has identified extensive zones of intense sericite alteration in tuffs and intrusives with variable amounts of quartz veining coincident with this magnetic body. The intrusive is partially covered by tuffs, implying the presence of a concealed porphyry body below the shallow cover.

Recent soil sampling over the Mombaque magnetic anomaly has defined a significant gold-in-soil feature up to 100ppb gold measuring up to 600m by 500m extending over the eastern part of the intrusive body and partly underlain by post-mineral volcanic tuff cover. The Mombaque gold-in-soil anomaly is one of several gold-in-soil anomalies which are mainly located to the north and north-east of the existing Cajueiro gold deposit (Figures 3 and 4). Most of these targets have yet to be drill tested.

Figure 3: Identified gold targets within close proximity to Cajueiro mineral resource

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Figure 4: Mombaque gold-in-soil anomaly showing large zone of sericite alteration in volcanic tuffs overlying a felsic intrusive body plus anomalous rock chip samples.

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The juxtaposition of a deep-seated magnetic source at Mombaque with the regional structural environment and the known presence of porphyry gold mineralization at Maria Bonita, plus mesothermal vein/breccia hosted gold at the Cajueiro mineral resource, leads to a conceptual interpretation of several porphyry centres along the Cajueiro trend as shown in Figure 5.

Figure 5: Mombaque conceptual porphyry target below altered tuff cover.

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Rock sampling of available outcrops on the northern and southern flanks of the Mombaque magnetic and soil anomaly (Figure 4) shows a variety of hydrothermal alteration and brecciation features in felsic porphyry rocks, similar to those that host the Maria Bonita mineralization. Notably, one of the rock samples received to date returned a highly anomalous gold value of 0.39g/t gold.

Figure 6: Mombaque sericitized and veined quartz porphyry surface samples.

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The gold-in-soil anomaly, highly anomalous rock chip samples, plus the presence of strong sericite alteration evident in the surface outcrops, strongly suggest the potential for a mineralized porphyry system at relatively shallow depth at Mombaque (Figure 7). Scout drill testing is planned.

The exploration work conducted to date at Cajueiro, and specifically the Maria Bonita - Mombaque area, suggests the presence of a new porphyry-gold district with multiple porphyry centres. A conceptual model showing various levels of exposure and the Cajueiro resource and the Maria Bonita discovery, as well as the Mombaque target, is shown in Figure 7.

Figure 7: Conceptual cross section of typical modern porphyry system showing inferred levels of exposure in the Cajueiro district (not allowing for post-mineralization structural modification).

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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.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold and copper 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"

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities described herein have not been registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the U.S. Securities Act and any applicable state securities laws.

Forward-looking Statements

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the extension of the Warrants. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "intends" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the receipt of all necessary regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.

Notes

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company's exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.

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