Cabral Gold Reports Additional Drill Results from MG Gold Deposit and Recently Identified Gold-in-Oxide Blanket, Cuiú Cuiú Gold District, Brazil

Vancouver, July 29, 2021 - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") is pleased to provide additional assay results from four recently completed diamond drill holes and four RC holes as the Company continues with infill drilling at the primary MG gold deposit, and the recently identified gold-in-oxide blanket within the Cuiú Cuiú gold district in northern Brazil.

Highlights are as follows:

• DDH-218 drilled at MG returned 63.5m @ 0.9 g/t gold from 53.5m depth including 0.5m @ 12.7 g/t gold, 0.5m @ 13.1 g/t gold and 0.5m @ 16.2 g/t gold. This intercept is the continuation of the zone intersected in hole CC-53 which returned 71.5m @ 3.5 g/t gold including 1m @ 216.4 g/t gold

• Twenty-one additional short RC holes have been completed at MG in order to test the extent of the recently discovered gold-in-oxide blanket. Results were obtained on three additional holes and include 75m @ 0.4 g/t gold in RC-69, 33m @ 0.7 g/t gold in RC-100 and 24m @ 0.8 g/t gold in RC-91

• Results are currently pending on 17 additional RC holes at MG. A total of 2,900m and 34 holes of the original planned 5,000m 70-hole program have been completed to date at the gold-in-oxide blanket at MG. The drill program is continuing

Alan Carter, Cabral's President and CEO commented, "Additional diamond drilling at the MG gold deposit continues to systematically intersect significant gold intersections and define the extent of the high-grade zones within the MG gold deposit. Furthermore, the latest RC holes from the gold-in-oxide blanket at MG continue to suggest the continuity of excellent grades in near surface unconsolidated material and the presence of a significant gold deposit overlying the primary MG gold deposit. With the decision to expand the current number of drill rigs from three to five with the addition of two more diamond drill rigs, we look forward to a very exciting next 12 months."

MG Diamond Drilling

Assay results were returned on four additional diamond-drill holes (DDH-217, DDH-218, DDH-219 and DDH-220), which were recently completed at the MG gold deposit. The current diamond-drill program is designed to define the limits to the high-grade zones within the existing MG and Central deposits at Cuiú Cuiú.

Figure 1: Map showing the outline of the MG gold deposit (in yellow) and the interpreted outline of the recently identified and overlying mineralized oxide blanket (in beige). The location of recently completed RC and diamond drill holes are also shown

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Hole DDH-218 was drilled in the western portion of the MG deposit on the same section (552995), as DDH-203 and CC-53 which previously returned 71.5m @ 3.5 g/t gold including 1m @ 216.4 g/t gold. DDH-218 was drilled down-dip of CC-53 in a southerly direction and returned 63.5m @ 0.9 g/t gold from 53.5m depth including 0.5m @ 12.7 g/t gold from 57.7m depth, 0.5m @ 13.1 g/t gold from 76.5m depth and 0.5m @ 16.2 g/t gold from 81.0m depth. The two lower high-grade intercepts returned from hole DDH-218 likely correlate with the very high-grade drill intercept of 1m @ 216.4 g/t gold returned from CC-53 indicating continuity of the high-grade zone in this part of the MG deposit.

Figure 2: Cross-section (line 552995) through the primary MG gold deposit, and recent drill results from hole DDH 218 as well as historic drill intercepts

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Holes DDH-217 and DDH-219 were drilled on the same section (554080) located in the eastern portion of the MG deposit. The holes were designed to follow up on previous holes drilled in the same section such as CC-79 which returned 12.4m @ 5.3 g/t gold and 37.3m @ 0.87 g/t gold and DDH-201 which intersected 7.8m @ 4.7 g/t gold. DDH-219 was drilled down dip of DDH-201 and returned 10.9m @ 0.8 g/t gold whilst DDH-217 was drilled up dip of DDH-201 and returned 4.5m @ 0.3 g/t gold. These results confirm the down-dip continuity of the mineralized zone at the eastern end of the deposit and suggest the mineralized zone is widening at depth (Figure 3).

Figure 3: Cross-section (line 554080) through the primary MG gold deposit, and drill results from holes DDH 217, DDH-219, DDH-201 and CC79

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DDH-220 was drilled on section 553316, 320m east of DDH-218. It was a short hole drilled to a depth of 46.5m and was designed to test the extent of the gold-in-oxide blanket at this location. It returned 12.3m @ 0.4 g/t gold from surface.

Table 1: Table of Drill results for diamond drill holes DDH-217 to DDH-220 and RC holes RC69, RC91 and RC100

MG RC Drilling

The RC drilling program testing the recently identified gold-in-oxide blanket overlying the primary MG deposit is making rapid progress. Of the original 70-hole 5,000m RC drilling program designed to fully identify the extent of this mineralized zone, a total of 2,900m in 34 holes have been completed to date. Assay results on three holes (RC-69, RC-91, RC-100) are reported herein and assay results are pending on an additional 18 holes.

Holes RC-69 and RC100 were drilled on the same section (553390) in the central part of the gold-in-oxide blanket (Figure 4). Hole RC-69 was drilled from north to south and returned 75m @ 0.4 g/t gold from surface and an additional 29m @ 0.7 g/t gold in the underlying bedrock including 4m @ 3.4 g/t gold. Hole RC-100 was drilled on the same section and direction but 40m further north and similarly intersected a thick interval of mineralization, 33m @ 0.7 g/t gold from surface. The hole also intersected 18m @ 0.7 g/t gold further down the hole from 77m depth in the underlying bedrock. The holes also intersected multiple zones of primary gold mineralization in the underlying bedrock.

Figure 4: Cross-section (line 553390) showing the MG gold deposit in yellow and the overlying gold-in-oxide blanket, Drill results from RC holes RC69 and RC100 as well as historic diamond hole CC106 are also shown

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RC-91 was drilled on section 553316, the same section as DDH-220, and returned 24m @ 0.8 g/t gold from surface. This section is located in the central part of what is currently known to be the extent of the gold-in-oxide blanket.

These additional RC drill results continue to confirm the remarkable continuity and consistency of the gold-in-oxide blanket in terms of both aerial extent and thickness as well as gold grade.

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 area of placer workings 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

Guillermo Hughes, MAusIMM and FAIG., 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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