Cabral Gold Expands PDM Gold-in-Oxide Blanket and Narrows Search for Underlying Primary Source at the Cuiú Cuiú Gold District Brazil

Vancouver, October 28, 2021 - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") is pleased to provide assay results from ten additional RC holes at the Pau de Merenda ("PDM") gold-in-oxide blanket target located 2.5km NW of the Central gold deposit at the Cuiú Cuiú gold district.

Highlights are as follows:

• Results from an additional ten RC drill holes at the PDM target have further expanded the recently identified gold-in-oxide blanket to 900 x 350m in size from the initial 200 x 400m. The blanket remains open to the north and west

• Assay results include 13m @ 0.9 g/t gold from surface and 10m @ 0.6 g/t gold including 1m @ 6.2 g/t gold. Previous results in the gold-in-oxide blanket at PDM include 40m @ 2.2 g/t gold

• The RC drilling in the blanket at PDM continues to define a NW trending zone of higher grade gold mineralization in the surface gold-in-oxide material. This zone is now 500m in strike length and still open along strike and may indicate the presence of an underlying primary zone of gold mineralization in the hard rock which eroded to form the PDM gold-in-oxide blanket

Alan Carter, Cabral's President and CEO commented, "These additional RC drill results have again expanded the gold-in-oxide blanket at the PDM target at Cuiú Cuiú, and the mineralized zone is still open to the north and west. Perhaps more significantly, these drill results further confirm the presence of a NW-trending zone of higher-grade gold-in-oxide mineralization which may represent an underlying primary gold deposit at PDM. If so, this could represent a significant extension to the Central gold deposit which is located 2.5km along strike to the south-east. Deeper diamond drilling is currently in progress aimed at testing for the presence of an underlying primary gold deposit."

PDM RC Drilling

The PDM target is located approximately 2.5km NW of the Central gold deposit at Cuiú Cuiú (Figure 1) and comprises a significant gold-in-soil anomaly. Limited historic diamond drilling (nine holes totaling 2,593m) at this target previously returned encouraging drill results within the underlying bedrock including 30m @ 1.1 g/t gold in CC-19, 47.1m @ 1.8 g/t gold in CC-20 and 8.5m @ 5.1 g/t gold in CC-22.

Figure 1: Map showing the location of the PDM (Pau de Merenda) target, the two known gold deposits at Central and MG, the overlying gold-in-oxide blankets at PDM and MG (in beige) and other key targets within this area of the Cuiú Cuiú district

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3900/101131_1eee143d44ea79e7_002full.jpg

A total of 31 RC holes have now been completed at the PDM target and have confirmed the presence of a gold-in-oxide blanket akin to the recently identified gold-in-oxide blanket above the primary MG gold deposit.

Assay results from the initial 21 holes, which were drilled vertically at 100m spacings, were encouraging and included 40m @ 2.2 g/t gold from surface, which ended in weathered material averaging 7m @ 9.4 g/t gold, 10m @ 0.5 g/t gold and 11m @ 0.6 g/t gold (see press release dated August 10, 2021).

The assay results from the ten additional recent holes (Table 1) include 13m @ 0.9 g/t gold from surface in RC220 and 10m @ 0.6 g/t gold in RC226 including 1m @ 6.2 g/t gold. These results have further extended the surface dimensions of the gold-in-oxide blanket to the north and west, outlining an area of approximately 900m (NW-SE) x 350m (Figure 2). The blanket remains open to the north and west.

Perhaps more importantly, the RC drilling is continuing to define a NW trending zone of higher-grade gold mineralization within the overlying gold-in-oxide material (Figure 2), which now extends approximately 500m in a NW-SE direction and may indicate the location of the underlying primary mineralized structure which has eroded to form the gold-in-oxide blanket at PDM. This zone of higher-grade mineralization is defined from north to south by holes RC220 (13m @ 0.9 g/t gold), RC106 (10m @ 0.9 g/t gold), RC222 (9.1m @ 0.9 g/t gold), RC104 (16m @ 1.3 g/t gold) and RC112 (40m @ 2.2 g/t gold). The blanket remains open to the north and south (Figure 2). The most north-westerly hole, RC220, returned 13m @ 0.9 g/t gold and is located on the southern edge of extensive historic placer gold workings.

A follow-up diamond drilling program, which is currently in progress, is aimed at testing for the presence of an underlying primary gold deposit at PDM.

It is worth noting that the PDM area lies at the northwest end of northwest-trending gold-in-saprolite anomaly, that has been traced more than 5km through the Central deposit to the southeast (see press releases dated July 15, 2018 and June 27, 2018). The intervening region is still largely undrilled, and the 5km long gold anomaly remains open along strike.

Figure 2: Map showing the current estimated limits of the gold-in-oxide blanket (dashed line) at the PDM target with Historic diamond drill holes and previously reported and recently completed vertical RC drill holes (labelled in yellow). Grade x thickness contours are also shown in red yellow and define a NW trending zone which may indicate the presence of an underlying primary source for the gold in the gold-in-oxide blanket

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3900/101131_1eee143d44ea79e7_003full.jpg

Table 1: Table of drill results for RC drill holes at PDM RC187 to RC189 and RC220 to RC226.
N.S.V. = no significant values

Drilling Update

MG Diamond and RC Drilling

Results are currently pending on 42 RC holes at MG designed to test the extent of the gold-in-oxide blanket. Diamond drilling designed to define the high-grade zones within the primary basement MG gold deposit also continues. Assay results are pending on thirteen diamond-drill holes.

Pau de Merenda Diamond Drilling

Results are also pending on five diamond-drill holes from a planned six holes at Pau de Merenda which are designed to test for the presence of a primary gold deposit in the basement intrusive rock underlying the gold-in-oxide blanket. Several historic drill holes suggest the presence of an underlying mineralized zone in the intrusive rocks with historic holes returning values of 30m @ 1.1 g/t gold, 47m @ 1.8 g/t gold and 9m @ 5.1 g/t gold. Diamond drilling continues.

Central Diamond Drilling

Diamond drilling has commenced at the Central gold deposit and is aimed at defining the high-grade zones within the Central gold deposit. A total of 43 holes are planned totaling 5400m.

Alonso Reconnaissance Diamond Drilling

Results are currently pending on five diamond drill holes which is located 3km SE of the MG gold deposit. Twenty-three samples of this boulder float material previously returned gold values of 11.6 to 200.3 g/t gold (see press release dated February 11, 2020).

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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