Altamira Gold Corp. provided an update on its ongoing exploration program at the Maria Bonita intrusive-hosted gold discovery which forms part of the Cajueiro gold project in the states of Mato Grosso and Para, northern Brazil. Highlights: Following the successful recent raising of C$6M, the company has concluded a ground magnetic survey together with additional soil sampling over the Maria Bonita discovery prior to the commencement of a second round of diamond drilling.

A well-defined ground magnetic low anomaly has been identified measuring 500m N-S by 1000m E-W and is coincident with a very strong 300ppb gold soil anomaly. Prior drilling has shown a pronounced relationship between disseminated gold mineralization and hydrothermal alteration associated with magnetite destruction in the intrusive host rocks. All seven mineralized drillholes to date are located within the magnetic low.

The company plans to commence a second stage of diamond drilling to extend the known intrusive-hosted and disseminated gold mineralization in the near future. The Maria Bonita target lies within the Cajueiro project, located approximately 75km north-west of the town of Alta Floresta in the state of Mato Grosso in central western Brazil. Maria Bonita is located 7km north-west of the Cajueiro resource, within Para state.

It is easily accessible by both paved highway and local well-maintained unsurfaced roads. Cajueiro forms one of three key projects that Altamira controls in the region, the others being Apiacas and Santa Helena (Figure 1). 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.

The Maria Bonita discovery is located 7km to the northwest of the central resource area within the Cajueiro Project. This discovery was originally defined by regional soil sampling in an area with no outcrop and no prior hard rock artisanal mining activity. Scout drilling conducted in 2022 in the central part of an open-ended 800m by 800m gold-in-soil anomaly, resulted in the discovery of well-developed disseminated gold mineralization within quartz stockwork vein systems hosted in porphyritic rhyolite intrusive rocks.

The magnetic low defined by the ground magnetic survey is a lozenge-shaped feature defined by ESE and ENE bounding structures and may represent a dilational structural zone between pronounced regional scale, east-west shears marked by mafic intrusive dykes. The anomalous magnetic zone has dimensions of 1000m east-west by 500m north-south. Weak positive magnetic structures are defined within the overall magnetic low, however these have not been transected in the first round of scout drilling.

All seven holes that recorded consistent gold mineralization to date are within the footprint of the magnetic low feature. A second stage diamond drill programme is expected to commence shortly and will test the lateral and vertical extents of the mineralized intrusive body and further augur drilling is aimed at defining the limits to the mineralized system in the bedrock which remains open to the north, south, east and west.