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    ALTA   CA02139L1031

ALTAMIRA GOLD CORP.

(ALTA)
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Altamira Gold Corp. Completes 11 Lines of the Induced Polarization Survey over the Mutum Gold Target at its Apiacas Gold Project in Brazil

06/08/2021 | 08:35am EDT

Altamira Gold Corp. announced that 11 lines of the Induced Polarization ("IP") survey have now been completed over the Mutum gold target at its 100% controlled Apiacas gold project in Brazil. Highlights: Four lines covering the central portion of the target area have been processed and reveal a consistent 500-650 metre wide chargeability anomaly visible below a depth of some 70 metres on all four lines (800 metre E-W strike length and open both to the east and west). The anomaly, which is open at depth, is directly below the mapped and sampled mineralised intrusive which contains gold and has been mapped on surface in the same area. Resistivity data for these lines reveals a distinct horizontal change in resistivity readings at between 50-60 metres vertical depth, which is interpreted as the oxide-sulphide interface between the weathered surface intrusive rock where the pyrite has been oxidized and the fresh pyrite- bearing intrusive rock below 70 metres depth. Two new channel samples returned 0.41 g/t Au over 12 metres and 0.90 g/t Au over 6 metres. All of these channels are located some 70 metres vertically above the IP chargeability anomaly on line 4 and are located immediately north of the previous channel sample in the area which returned 2 g/t gold over 12 metres. The chargeability anomalies defined by the IP survey suggest the presence of disseminated sulphide concentrations at depth and surface auriferous channel samples strongly suggest that substantial disseminated sulphide concentrations are correlated with gold mineralization The IP survey is ongoing and Altamira Gold expects to have the processed lines from the Western extension of the Mutum target area processed in the next two weeks. The survey is expected to be completed during June in preparation for the stage one drilling program. The Mutum target is part of the Apiacas Project area is located 50km 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 185,000 oz 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 mineralisation over at least 4 km2 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. Ground based IP survey is now 50% complete over the Mutum target, within the Apiacas Gold project. The survey has been partially completed over the central and western zones of the target area, Figure 1. The survey was commissioned to detect disseminated sulphide concentrations which are related to gold mineralisation within the syenogranite intrusive. The survey has been planned on 200m spaced lines to cover the most prospective portions of the project at 2 km lengths, with some lines extended to 3 km to test the width of the mineralised syenogranite intrusive body. Inversion of the data has displayed regions of high chargeability evident across numerous lines within the mineralised syenogranite intrusive body. These anomalies are interpreted to represent accumulations of disseminated sulphides at depth, potentially associated with gold mineralisation. These zones which are some 500- 650 metres in width can now be traced for over 800 metres along east-west strike open in both directions and represent priority targets for follow up drilling. The IP survey is proving to be crucial to defining the limits of the altered and mineralised intrusive rock with disseminated pyrite and gold and will guide the subsequent trenching and drill program. As stated in the press release of 21st April 2021, an environmental permit has already been granted to allow drilling over part of the central Mutum area. Channel sampling at Mutum Target: Further channel sampling along a new road cut parallel and close to line 4 has exposed a section of mineralised syenogranite intrusive to the north of the previously reported channel of 12 metres @ 2.0 g/t Au. The new channel samples shown in the photos below returned 0.9g/t Au over 6 metres and 0.41g/t Au over 12 metres with all three channels located on surface directly above the high chargeability anomalies identified by the IP survey in the area.


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Financials
Sales 2021 - - -
Net income 2021 -1,60 M -1,29 M -1,29 M
Net cash 2021 4,03 M 3,26 M 3,26 M
P/E ratio 2021 -14,3x
Yield 2021 -
Capitalization 36,3 M 29,4 M 29,4 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 89,9%
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Managers and Directors
Michael Bennett President, Chief Executive Officer & Director
Soraia Morais Chief Financial Officer
Alan H. C. Carter Chairman
Christopher Harris Independent Director
Ioannis Tsitos Independent Director
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