Cerrado Gold Intercepts 23.5m at 3.4g/t Au, 4.2m at 17.2g/t Au and 18.8m at 3.4g/t Au from Final Assay Results from Its Phase 1 Drilling Program at Monte Do Carmo Project

• Multiple high-grade gold intercepted in all final holes.
• Assays continue to intersect strong values with significant visible gold over broad zones of mineralization.
• First hole results from Phase 2 released with intercept of 8.28 m at 3.40 g/t Au.

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

FSA-131

• 15.54 m at 2.39 g/t Au, from 135.21 m
  • Including 2 m at 11.49 g/t Au from 139.78 m
• 4.96 m at 11.73 g/t Au from 176.96 m
  • Including 1.96 m at 26.73 m from 179.07 m
• 23.46 m at 3.38 g/t Au from 398.51 m

FSA-140

• 22.62m at 3.71 g/t Au, from 332.58 m
• 4.23m at 17.22 g/t Au, from 349.87 m

FSA-146

• 18.80 m at 3.45/t Au, from 91.60 m
  • including 1.06m at 23.69g/t Au from 96.83 m
  • and 4.13 m at 7.05g/t Au from 101.21 m

FSA-148

• 8.28 m at 3.40 g/t Au, from 71.00 m

Mark Brennan, CEO and Co-Chairman, commented "The ongoing results from our drill program continues to support our positive outlook for the Serra Alta deposit. With all the assays delivered from Phase 1, we will now work to update the Mineral Resource Estimate which in turn, will be used to develop a new Preliminary Economic Assessment using an expected expanded resource at Serra Alta. We are also excited to have commenced the Phase 2 program which will not only further define the Serra Alta deposit but will also begin to drill some of the regional targets which we believe will demonstrate the large regional potential of the Monte Do Carmo district."

The current drill holes intersected broad zones of hydrothermal alteration and within these zones are multiple higher-grade intersections with abundant points of visible gold (https://www.cerradogold.com/crosssections). The alteration is typical for the Serra Alta deposit, including multiple quartz veinlets, potassic and chlorotic assemblages, and sulphides (pyrite, sphalerite, and galena) with visible gold.

The drill results reported in this press release were received up until June 7^th , 2021 and represent the last assay batches of the Phase 1 program. The results reported today continue to emphasize the rate of gold continuity confirmation and expansion, and jointly with the results previously disclosed will be incorporated into a new resource update expected to be completed by the beginning of July. The Company's geological team has completed the update of the high-grade gold estimation domain to be used in the new resource estimate proving extended segments with relevant lateral extent of vein swarms (East Zone) to the east, close to the buried contact of the hosting granodiorite and felsic volcanics.

The first phase of the current drill program at Serra Alta, which began at the end of September 2020 and was completed in May 2021, followed the success of the 2018 drill program which resulted in a NI43-101 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. This resource was disclosed in our recent technical report (PEA) titled "Independent Technical Report -Preliminary Economic Assessment for Serra Alta Deposit", which is available under the Company's profile on SEDAR, filed on December 2, 2020.

The completed Phase I program consisted of 19,389 metres of drilling; mainly lateral and downdip step-out holes to extend the mineralized domain within the current pit outline and also included infill drilling to upgrade the resource base to the Measured and Indicated resource categories. The Serra Alta deposit has a 1.5 kilometres long strike, is 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 resources on the Monte Do Carmo project land package.

The Phase II drill program targets an additional 14,000m of drilling at Serra Alta and other satellites targets including Capitão, Fartura, Ferradura and Sucuri. Drilling has already begun at Capitão. Capitao lies within a shear zone parallel to the Serra Alta deposit (about 5 Km to the south). As at the Serra Alta deposit, Capitão mineralization is associated with the same granite intrusion in contact to equivalent quartzite and Devonian horizontal sediment. This target was partially drilled by Kinross in 2007 and has been mined by garimpeiros along a minimum exposed strike distance of 300m.

Drill Hole Location Map

To view an enhanced version of this graphic, please visit:
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Table 1. Drill hole information

1) Collar coordinates by GNSS TP-20 UTM Coordinates, Datum: SAD69 / zone 22S.
2) Azimuth Set by compass.
3) Dip and drill hole trajectory by DEVIFLEX Devico©.

Table 2. Drill Hole Composites

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Quality Assurance and Quality Control

Analytical work was carried out by ALS international lab (ALS) and SGS Geosol International Lab (SGS). MDC sends half core samples for sample preparation to the lab. ALS sample preparation facilities are located in Goiânia, Brazil 835 km from MDC and alternatively in Belo Horizonte, Brazil 1,110 Km from the MDC project. SGS sample preparation facilities are located 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). 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). SGS prepares samples at Belo Horizonte and at the same facility performs gold assays by fire assay (FAA505) or metallic screen (FAASCR_150_Au-Grav), the coarse fraction of metallic screen is assayed at Belo Horizonte and alternatively in Lima, Peru.

Both labs, ALS and SGS, have 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 material used are from CDN Resource Laboratories Ltd. and ITAK (Instituto de Tecnologia August Kekulé Ltda.).

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich., Vice President, Exploration 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 producer and exploration company with gold production derived from its 100% owned Minera Don Nicolás mine in Santa Cruz province, Argentina. It also owns 100% of the assets of Minera Mariana 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.