Altamira Gold Corp. announced that it has received assay results from the first two diamond drill holes completed at the previously untested Maria Bonita target which forms part of the Cajueiro project in Para state, Brazil. The Cajueiro project is located approximately 75km NW of the town of Alta Floresta in the state of Mato Grosso in central western Brazil and is easily accessible by road and has grid power.

Cajueiro forms one of three key projects that Altamira controls in the region, the other two being Apiacas and Santa Helena. The Maria Bonita target is located approximately 7km northwest of the Cajueiro resource area and is defined by a gold-in-soil anomaly which is at least 800 x 800m in size and open to the west. The central part of the anomaly returned gold values in excess of 1g/t gold in soils.

There is no history of any hard-rock gold mining activity at Maria Bonita and no rock exposure on surface, and the target has never been previously tested by drilling. Historic placer workings in the stream immediately south of the target suggest that there is a physical dispersion train of gold eroding from the area. Regional airborne geophysics indicates the presence of intersecting WNW and NE structures with a regional late-stage magnetic dyke trending ENE through the area to the south of the target.

Nine reconnaissance diamond-drill holes have been completed at the Maria Bonita target and results have been returned on the initial two holes. The initial hole MBA001 was drilled in a NNE direction at 55° within the central part of the gold-in-soil anomaly and intersected a porphyritic intrusive rock with variable amounts of quartz veining. The most intense quartz veining was observed from surface to 50m depth down hole and this section returned 50m @ 1g/t gold (Figure 4).

The interval was consistently mineralized with gold values ranging from 0.14 to 2.4 g/t gold. Increased vein density (Figure 5) generally correlates with higher gold grades. This upper zone of gold mineralization is underlain by a less intensely mineralized porphyry intrusive which returned 0.3 g/t gold over the remaining 71.4m to the end of the hole.

The porphyritic nature of the host intrusive rock and the intensity of the quartz vein stockworking suggests that Maria Bonita represents a previously unrecognised gold porphyry system. Unlike the mineralized structures at the nearby Cajueiro deposit, gold mineralization is not restricted to narrow structures and is pervasive over broad intervals from surface suggesting that Maria Bonita represents a significant new discovery with bulk tonnage potential. A total of nine initial reconnaissance diamond drill holes have now been completed at Maria Bonita.

Results are pending on seven of these holes. On the basis of the initial two diamond drill holes further drilling will be required in order to determine the size of this new mineralized system. A plan for follow-up drilling will be submitted for Board approval once all of the results on the initial nine reconnaissance diamond-drill holes have been received.

A total of 23 diamond drillholes totalling 3631.9m have been completed at Santa Helena. Drilling has largely focused on vein-style Au (Cu) occurrences associated with historic garimpo workings. This follows the recent identification of porphyry-style alteration in the three initial diamond drill holes STH- 001to STH-003.

Results from all 23 initial diamond drill holes at Santa Helena are expected by early Fourth Quarter 2022.