Cabral Gold Drills 2.1m @ 29.4 g/t gold and Identifies a New High-Grade Zone at the MG Gold Deposit within the Cuiú Cuiú District, Brazil

Vancouver, April 15, 2021 - Cabral Gold Inc. ("Cabral" or the "Company") (TSXV: CBR) (OTC PINK: CBGZF) is pleased to provide assay results from the initial two diamond drill holes at the MG gold deposit within the Cuiú Cuiú gold district in northern Brazil. These initial holes form part of a 5,000m diamond drill program, which in turn is part of a larger ongoing 25,000m drill program.

Highlights are as follows:

• The first diamond drill hole (208-21) completed at MG returned 2.1m @ 29.4 g/t gold including 0.5m @ 120.6 g/t gold and indicates the presence of a parallel high-grade zone which is located 75m south of the main MG deposit.

• This zone was not separately wireframed and was cut to a maximum of 2.0 g/t gold in the 2018 resource estimate completed by Micon International Limited ("Micon"). The zone appears to continue down-dip and dips steeply to the north. It has been named the 104 Zone

• Results from the second diamond drill hole (209-12) at MG suggest the presence of an extensive gold-in-oxide blanket up to 48m thick averaging 0.5g/t gold and covering an area of approximately 500m x 400m

Alan Carter, Cabral's President and CEO commented, "The initial diamond drill results from MG are highly encouraging and indicate the presence of a parallel high-grade zone 75m south of the main MG deposit, which also contains considerable high-grade mineralization. A historic high-grade drill hole in this zone intersected 2m @ 70.2g/t gold which was cut to a maximum of 2g/t gold as part of the 2018 resource estimate. The current drill program will allow us to further define the extent of this new high-grade 104 Zone. These new drill results suggest we have a significant high-grade zone parallel to the main deposit at MG which could contain a significant amount of gold. It also appears that the MG deposit is covered by a large low-grade oxide gold blanket which was also not previously included in the historic resource estimate and could add significant ounces to the MG resource".

MG Infill Diamond Drilling

Assay results were returned on the initial two diamond drill holes (208-21 and 209-21) completed at MG as part of the infill drilling program designed to define the limits to the high-grade zones within the existing MG and Central deposits at Cuiú Cuiú.

Diamond drill hole 208-21 was designed to test the up-dip continuity of an isolated historic drill intercept (drill hole 104-10) which intersected 2m @ 70.2 g/t gold including 0.5m @ 264.9 g/t gold (Figure 1). This historic intercept was included in the 2018 resource estimate completed by Micon but was cut to a maximum of 2.0 g/t gold. As a result, all of the high-grade gold mineralization intersected in the drilling was cut to this value and not treated as high-grade material for the purpose of the resource estimate.

Hole 208-21 was drilled to intersect the zone above the previous intercept and provide a dip on the zone. It returned 2.1m @ 29.4 g/t gold from 90.3m depth, including 0.5m @ 120.6 g/t gold suggesting that the zone dips steeply to the north (Figure 2).

Figure 1: Map showing the location of drill holes at the MG gold deposit and the location of high-grade zones (ellipses) which are being targeted as part of the current drill program. Results from holes 208-21 and 209-21 are shown in yellow.

To view an enhanced version of Figure 1, please visit:
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Figure 2: Cross-section through the MG gold deposit and the parallel 104 zone showing recent drill results from holes 208-21 and 209-21 are new. Assay results from 210-21 and 211-21 are pending

To view an enhanced version of Figure 2, please visit:
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Hole 209-21 intersected the down-dip extension of the same zone at depth and returned 6m @ 1.3 g/t gold from 159m depth. Hole 209-21 also intersected two narrower zones of mineralization including 1.6m @ 2.6 g/t gold from 77.7m depth and 0.5m @ 1.3 g/t gold from 98m depth further up the hole indicating the presence of narrower zones between the MG deposit and the 104 Zone.

Hole 209-21 also intersected 63m @ 0.5 g/t gold from surface suggesting the presence of an extensive thick oxide-gold blanket in saprolite and recent cover sediments at MG. This is supported by the fact that numerous other drill holes at MG have also intersected oxide gold values in oxidized material above the main hard rock deposit at MG, notably holes 46 (23m @ 0.93 g/t), 47 (15.3m @ 0.47 g/t), 51 (26.8m @ 0.46 g/t) and 66 (19.9m @ 0.46 g/t). This blanket has almost certainly resulted from erosion of the mineralized rocks at MG over millions of years and the dispersion of gold in near surface soils, sediments and saprolite material.

Whilst further drilling of this oxide blanket at MG is needed, drilling to date suggests that the blanket could extend up to 200m north and south of the margins of the MG deposit and appears to cover an area of approximately 500m x 400m. The identification of this oxide blanket could result in the addition of significant ounces of low-grade oxidized surface material at MG, in an area which was previously assumed to be barren in the 2018 resource estimate.

Results on five additional diamond drill holes recently completed at MG are pending, as well as several RC holes at the JM, JN, Hamilton Novo and Maranhao West targets.

About Cabral Gold Inc.

The Company is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Two gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24g/t (800,000 oz).

The Tapajós Gold Province is the site of the largest gold rush in Brazil's history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest garimpo in the Tapajós and produced an estimated 2Moz of placer gold historically.

FOR FURTHER INFORMATION PLEASE CONTACT:

"Alan Carter"

President and Chief Executive Officer
Cabral Gold Inc.

Tel: 604.676.5660

Dr Adrian McArthur, B.Sc. Hons, PhD. FAusIMM., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "will", "expected" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: strategic plans and future operations, and results of exploration. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.

Notes

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company's exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.

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