Cerrado Gold Continues to Report Multiple High-Grade Gold Intercepts over Broad Zones of Mineralization from Its Completed Phase I Drill Program at Its Monte do Carmo Project

Drill Hole Highlights (All composites are reported as true thickness):

FSA-115

• 4.43m at 9.31g/t Au, from 21.30m

FSA-119

• 24.53m at 2.22g/t Au, from 43.77m
  • Including 6.60m at 4.71g/t Au from 52.29m
• 13.86m at 2.01g/t Au, from 247.84m
  • Including 3.16m at 6.95g/t Au from 247.84m

FSA-132

• 2.23m at 10.38g/t Au, from 55.96m
• 14.82m at 1.82g/t Au from 102.57m
• 27.74m at 2.19g/t Au, from 153.31m
  • Including 1.05m at 23.09g/t Au from 153.31m
• 15.50m at 2.85g/t Au from 193.35m
  • Including 4.15m at 7.15g/t Au from 204.70m

FSA-137

• 23.30m at 1.89g/t Au, from 258.45m
• 9.49m at 14.60g/t Au from 323.80m
  • Including 0.94m at 107.77g/t Au from 325.88m

FSA-141

• 9.64m at 4.12g/t Au, from 76.65m
  • Including 2.15m at 14.92g/t Au from 76.65m
• 35.08m at 1.81g/t Au from 111.31m

FSA-142

• 10.24m at 9.34g/t Au, from 195.70m
  • Including 5.18m at 17.28g/t Au from 197.80m

FSA-145

• 19.00m at 1.90g/t Au, from 87.05m
  • Including 0.99m at 12.20g/t Au from 87.05m

Mark Brennan, Co-Chairman and CEO, commented, "We are very pleased to see continued positive results from the completed Phase I drill program at the Serra Alta deposit which supports our robust outlook and highlights the longer term potential offered in the region. The reported results provide us with great confidence that our anticipated projections will be met. In addition, we are excited by the prospects of the regional drilling which is being initiated in the current Phase 2 drill program, to demonstrate the larger regional potential of the Monte Do Carmo district."

The drill results reported in this press release were received up until May 21^st, 2021 and represent complete results for FSA-115 and 116, FSA-118 and 119, FSA-121 and 122, and FSA-125, FSA-132, FSA-134 thru 139 and FSA-141 thru 145. Including the assays for holes reported today, Cerrado has reported assay results for 49 of 55 holes drilled in the Phase I program. The results for the remaining 6 holes are expected by June 2, 2021. The results indicate that the current drill program has been very successful in confirming and expanding the mineralization. Numerous drill holes have intersected multiple zones of mineralization.

The current drill holes intersected broad zones of hydrothermal alteration. Within these zones are multiple higher grade intersections with abundant points of visible gold. The alteration is typical for the Serra Alta deposit, including the abundance of quartz veinlets, potassic and chloritic assemblages, and sulphides (pyrite, sphalerite, and galena) with visible gold.

To date, the bulk of the drill results reported fall within the pit boundary as outlined in the Preliminary Economic Assessment ("PEA") of the current resources defined at the Serra Alta deposit at its Monte Do Carmo gold project in Tocantins State, Brazil (See Press Release December 5, 2018).

Drill Hole Location Map

To view an enhanced version of this map, please visit:
https://orders.newsfilecorp.com/files/7487/85451_74f6449054c5dbe1_002full.jpg

Drilling

The first phase of the current drill program at Serra Alta, which began at the end of September 2020, follows the success of the 2018 drill program which resulted in a maiden NI 43-101 compliant resource estimate with an effective date of December 5, 2018 of an Inferred resource totaling 813,000 oz of gold contained within 13,639,000 tonnes grading 1.85 g/t Au.

The Phase I program consisted of 18,998 metres of drilling; mainly step-out and downdip to define additional ounces and a modest amount of infill drilling to upgrade a portion of the resource base to the Measured and Indicated resource categories focusing on the known Serra Alta deposit. This deposit is 1.5 kilometres long, 400m wide, and remains open along strike and at depth and represents only the first of 4 known zones which are being targeted to grow the resource on the overall Monte Do Carmo project land package.

Table 1. Drill hole information
UTM Coordinates, Datum: SAD69 / zone 22S.

Table 2. Drill Hole Composites

Quality Assurance and Quality Control

Analytical work was carried out by ALS international lab (ALS) and SGS Geosol international Lab (SGS). The facilities of the prep labs are located in Goiânia, Brazil 835 km from MDC and in Belo Horizonte, Brazil 1,110 Km from the MDC project. MDC sends out their samples to ALS and SGS with the prep lab located in Goiânia, or in Belo Horizonte. ALS lab sends the prepared aliquots for analytical assay to their lab in Lima, Peru where the prepared samples are systematically analyzed for gold (ppm) by fire assay (Au-AA24) or gold (ppm) by metallic screen (Au-SCR24). SGS prepared samples at Belo Horizonte and at the same facility performed the fire assay (FAA505) or gold (ppm) by metallic screen (FAASCR_150_Au-Grav), the coarse fraction of metallic screen is assayed at Belo Horizonte and alternatively in Lima, Peru. Randomly the ICP (Inductively coupled plasma mass spectrometry) is done for trace elements in 4 acids (hydrofluoric, perchloric, nitric and hydrochloric) digestion (ME-MS-61) ALS and (ICP40B) SGS.

Both labs ALS and SGS have routine quality control procedures which ensure that every batch of samples includes three sample repeats and at least three commercial standards and blank. Cerrado used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program. The Reference material used are from CDN Resource Laboratories Ltd, ITAK (Instituto de Tecnologia August Kekulé Ltda.) and CTRS (Centro Tecnológico de Referência Sul Americano) suppliers included in the batches following MDC internal protocols.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Robert Campbell, P.Geo., Director for Cerrado Gold Inc., who is a Qualified Person as defined in National Instrument 43-101.

For further information please contact

Mark Brennan
CEO and Co Chairman
Tel: +1-647-796-0023
mbrennan@cerradogold.com

Nicholas Campbell, CFA
Director, Corporate Development
Tel.: +1-905-630-0148
ncampbell@cerradogold.com

About Cerrado Gold

Cerrado Gold is a public gold production and exploration company with gold production derived from its 100% owned Minera Don Nicolas mine in Santa Cruz province, Argentina. The company is also undertaking exploration at its 100% owned Monte Do Carmo project located in Tocantins, Brazil. For more information about Cerrado Gold please visit our website at www.cerradogold.com