Altamira Gold Corp V.ALTA

Altamira Gold Reports over 90% Gold Recoveries

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Vancouver, British Columbia--(Newsfile Corp. - March 2, 2023) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to announce that it has received the results of initial metallurgical characterisation tests on two composite drill core samples from the recently completed scout diamond drill campaign at the Maria Bonita target within the Cajueiro project in Para state, Brazil.

Highlights:

• Cyanide leach in a 24-hour agitated leach test at a grind size of 80% passing the 75µm screen recovered 92% of total gold content in a saprolite composite (oxide) sample, while the fresh rock composite sample recovered 90% of gold content.

• Drill assay composite head grades for the saprolite (1.2g/t gold) and fresh rock (1.1g/t gold) correspond well with the laboratory head grades of 1.3g/t and 1.07g/t gold respectively.

• Average cyanide (0.11kg/t) consumptions were very low by industry standards (0.45-0.75kg/t) as a result of very low sulphide contents in the mineralized material.

Consulting metallurgist Ian Gordon Hall Dun BSc (Eng), MSc. (who has 45 years of experience as a metallurgist in Brazil) observed, "The main body of tests were conducted at a specialist laboratory in Brazil (Testwork Desenvolvimento de Processo Ltda) which is highly regarded for its evaluation of gold ores. Initial results show excellent gold recoveries from both the saprolite and hard rock samples in an agitated cyanide leach test. These initial results point successfully in the direction of a heap leach scenario with high Au recovery and modest reagent consumptions. More laboratory testing will now be focused on that heap leach scenario."

Altamira Gold President and CEO, Michael Bennett, commented, "The excellent assay results from the initial drillholes at Maria Bonita were sufficiently encouraging for us to immediately commission metallurgical tests on the mineralized material. We are very pleased with these initial test results as they show the potential for high gold recoveries in the 90% range for both saprolite and fresh rock. Importantly, key leach reagent consumptions were low and the tests confirmed that the mineralization does not contain significant deleterious elements. With these positive metallurgical results in hand, we will continue the planning of a follow up drill campaign aimed at determining the size of the mineralized body."

Altamira Gold Reports over 90% Gold Recoveries from Initial Metallurgical Tests on Drill Samples from the Maria Bonita Target, Cajueiro Project, Brazil (newsfilecorp.com)