Mr. Mark Brennan reports

CERRADO GOLD COMPLETES FEASIBILITY INFILL DRILL PROGRAM AND IS FINALIZING PLANS FOR AN AGGRESSIVE EXPLORATION PROGRAM AT ITS MONTE DO CARMO PROJECT IN BRAZIL

Cerrado Gold Inc. has released additional results from its 2022/2023 infill/extensional drill program for the completion of its feasibility study expected by the end of May at its Monte do Carmo (MDC) project located in Tocantins state, Brazil.

The 2022/2023 drill program has successfully upgraded the bulk of the known resources into measured and indicated categories, targeted new extensional zones, and condemned areas for project infrastructure in support of the continuing feasibility study. The final hole as part of this program was completed last week. Full assay results from the program are expected to be completed in February.

The company is now finalizing plans for the 2023 exploration program which will be designed to test numerous targets along a 30-kilometre stretch of known mineralization within the Monte do Carmo property. While moving toward production, the Monte do Carmo property is still considered to be underexplored and in the discovery phase with potential for significant new deposits.

The company is currently reporting assay results from 17 drill holes, totalling 4,913 metres, completed from October to December, 2022. As of Jan. 16, 2022, a total of 193 drill holes, totalling 48,842 m, have been completed as part of the program started in early 2022, including 157 holes at Serra Alta and 36 holes in the satellite exploration areas.

Drill hole highlights (all composites are reported as true thickness)

Serra Alta (infill)

FSA-308:

• 11 m at 5.39 grams per tonne gold from three m;
  • Including four m at 11.91 g/t Au from seven m;
• 39 m at 1.46 g/t Au from 101 m;
  • Including two m at 10.19 g/t Au from 43 m.

FSA-286:

• 25 m at 19.01 g/t Au from 443.18 m;
  • Including three m at 178.46 g/t Au from 446 m.

FSA-309:

• 91 m at 2.09 g/t Au from 66 m;
  • Including seven m at 19.09 g/t Au from 110 m.

Mark Brennan, chief executive officer and co-chairman, commented, "The infill program at Serra Alta has been extremely successful in converting the majority of known resources for the pending feasibility study, as well as having identified several extensional zones, namely Gogo do Onca, E2, and the new and very promising Northeast zone."

He continued: "While work continues to focus on delivering the feasibility study, we are very excited to be in the final stages of planning an aggressive new exploration program for 2023 at Monte do Carmo. There are a substantial number of gold showings and targets on the property that have not yet been drill tested where we see the potential for future discoveries similar to Serra Alta. We remain convinced of the district-scale potential at Monte do Carmo."

East zone

Drill holes FSA-286, FSA-307, FSA-309, FSA-311, FSA-313, FSA-315, FSA-316, FSA-317, FSA-318 and FSA-319 were collared in the East zone. The best reported intercepts in the East zone correspond to hole FSA-286 that intercepted a notable discrete sheer quartz vein that reported three m at 178.46 g/t Au from 446 m (including one m at 412 g/t). The shear vein has a northwest orientation.

This intercept defines an interesting zone of coalescence of at least three fertile structures, including the mentioned shear zone, the East zone/E2 general trend of extensional veins (north-south) and the main E3 porphyritic dike orientation (west/northwest). Cerrado considers that conceptually these intersection zones may represent second-order control of higher-grade trends.

Hole FSA-309 is also outstanding. Shallow-dipping drilling targeted the granite in proximity to the volcanic intrusive contact intercepting 91 m at 2.09 g/t Au from 66 m, including seven m at 19.09 g/t Au from 110 m. Results confirm the significance of the contact zone in terms of extending the continuity and lateral extent of the mineralization and consolidate a well-endowed area on the northern edge of the East zone.

Pit Norte

Drill holes FSA-308, FSA-310 and FSA 320 were collared in Pit Norte. The best intercept comes from hole FSA-308, collared in the central part of the zone. FDS-308 intercepted 11 m at 5.39 g/t Au from three m, including four m at 11.91 g/t Au from seven m, and 39 m at 1.46 g/t Au from 101 m, including two m at 10.19 g/t Au from 43 m. This shallow intercept confirms the low strip in this segment of the pit which is expected to be exploited during the early phases of mining.

East 3 (E3)

Drill hole FSA-306 targeted the recently discovered E3 zone. Mineralization in E3 relates to the occurrence of a granitic porphyry dike, with a general west/northwest direction, that provides a permissive host rock and fluid conduits to upper stratigraphic levels. Holes have been drilled in different directions to better constrain the geometry and extent of the dike. The best intercept in E3 reported today is from hole FSA-305 that crosses three m (apparent width) at 2.14 g/t. E3 remains open both along strike and down dip.

Quality assurance and quality control

Analytical work was carried out by ALS. MDC send half core samples for sample preparation to the lab. The facilities of the prep lab are located in Goiania, Brazil, 835 km from the MDC project, and alternatively in Belo Horizonte, Brazil, 1,110 km from the MDC project. MDC sends out samples to ALS with the prep lab located in Goiania or alternatively in Belo Horizonte. ALS sends the prepared aliquots for analytical assay to its lab in Lima, Peru, where the prepared samples are systematically analyzed for gold (parts per million) by fire assay (Au-AA24) or gold (ppm) by metallic screen (Au-SCR24). Randomly the ICP (inductively coupled plasma mass spectrometry) is done for trace elements in four acids (hydrofluoric, perchloric, nitric and hydrochloric) digestion (ME-MS-61). ALS has routine quality control procedures which ensure that every batch of samples includes three sample repeats and at least two commercial standards and two blanks. Cerrado uses standard QA/QC procedures, inserting reference standards and blanks, for the drilling program. The reference materials used are from CDN Resource Laboratories Ltd., ITAK (Instituto de Tecnologia August Kekule Ltda.) and OREAS.

Review of technical information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, PGeo, vice-president, exploration, for Cerrado Gold, who is a qualified person as defined in National Instrument 43-101.

About Cerrado Gold Inc.

Cerrado is a Toronto-based gold production, development and exploration company focused on gold projects in the Americas. The company is the 100-per-cent owner of both the producing Minera Don Nicolas mine in Santa Cruz province, Argentina, and the highly prospective development project Monte do Carmo located in Tocantins state, Brazil.

At Minera Don Nicolas, Cerrado is maximizing asset value through further operation optimization and continued production growth. An extensive campaign of exploration is continuing to further unlock potential resources in Cerrado's highly prospective land package.

At Monte do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through feasibility and production. The Serra Alta deposit indicated resources of 541,000 ounces of contained gold and inferred resources of 780,000 oz of contained gold. The preliminary economic assessment demonstrates robust economics as well as the potential to be one of the industry's lowest-cost producers. Cerrado also holds an extensive and highly prospective 82,542-hectare land package at Monte do Carmo.

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