Cabral Gold Drills 9.6m @ 16.4 g/t Gold and Defines a High-grade Corridor at Central Gold Deposit, Cuiú Cuiú Gold District

Vancouver, May 3, 2022 - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") is pleased to provide assay results from three diamond-drill holes on two sections in the southern part of the primary Central gold deposit within the Cuiú Cuiú Gold District, northern Brazil.

Highlights are as follows:

• DDH268 tested the emerging high-grade zone at Central on section N20870 and returned the following mineralized intervals:

• 9.6m @ 16.4 g/t gold from 164.3m including 1.2m @ 112.0 g/t gold from 166.9m and 2.1m @ 11.5 g/t gold from 170.2m. This high-grade intercept occurs within fresh (unweathered), highly brecciated and altered basement intrusive rocks
• 17.5m @ 0.5 g/t gold from 76.4m, and 30.4m @ 1.1 g/t gold from 130.0m. These intercepts also occur within fresh, strongly brecciated and highly altered basement intrusive rocks

• DDH267 was drilled on section N20845 to test both the high-grade zone and the down-dip continuity of the deposit at Central. It returned the following mineralized intervals:

• 12.8m @ 1.0 g/t gold from 82.6m including 0.9m @ 8.1 g/t gold from 94.5m
• 17.5m @ 1.9 g/t gold from 149.5m, including 3.2m @ 5.3 g/t gold from 156.0m, and 1.3m @ 5.9 g/t gold from 162.5m
• 5.5m @ 2.1 g/t gold from 189.0m including 1.0m @ 6.6 g/t gold from 191.0m

• DDH281 was also drilled on section N20870 to define the northeastern limit of the mineralized zone at Central. It returned 11.3m @ 0.7 g/t gold from surface in the overlying gold-in-oxide blanket. The blanket remains open to the northeast, and to the southwest on this section

• Drilling suggests there is a distinct northwest-trending, steeply dipping, high-grade corridor that contains multiple individual high-grade zones. The corridor follows the southwestern margin of the Central deposit in this area. It has now been traced for over 100m along strike, appears to be over 25m wide, and remains open at depth below 350m

Alan Carter, Cabral's President and CEO commented, "These latest very high-grade drill results from Central lend further support to recent evidence from drilling that a high-grade corridor of mineralization exists within the core of the primary basement Central gold deposit. This high-grade zone has now been traced along strike for at least 100m and remains open to the northwest and southeast. Furthermore, it has been encountered in one of the deepest historic holes on the project, at 350m below surface. The high-grade zone is open down-dip on all of the sections in the corridor. We look forward to the results of the ongoing drill program at Central, as well as further results from the four other drill rigs which are currently active at the nearby MG, Machichie, PDM and Indio targets."

Central Diamond-Drill Results

The Central gold deposit is located 5km northwest of the MG gold deposit and 2.5km southeast of the PDM target within the Cuiú Cuiú gold district (Figure 1).

Figure 1: Map showing the location of the Central gold and MG gold deposits, the PDM (Pau de Merenda) and Machichie targets, and other key targets (yellow circles) within the central portion of the Cuiú Cuiú district

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Diamond drilling at Central has been designed to: 1) better establish continuity and define high-grade, highly altered, brecciated and sheared zones within the primary basement deposit, 2) explore for additional high-grade mineralization in parts of the current resource with a low historic drill density, and 3) improve definition of the near-surface gold-in-oxide mineralization, a portion of the deposit that was historically largely undrilled. The near-surface oxide mineralization could be very important should heap-leach processing prove viable.

Assay results are reported herein from three diamond-drill holes recently completed on two adjacent sections located in the southern portion of the Central deposit (Figures 2, 3, and 4). DDH268 and DDH281 were completed on section N20870. DDH267 was drilled on the next section to the southeast, N20845.

Figure 2: Map of the Central area showing the outline of the primary northwest-trending Central gold deposit resource outline, the extensive artisanal placer workings, and the location of diamond-drill holes completed to date. Diamond-drill holes DDH267, DDH268 and DDH281 reported herein are highlighted in yellow. Results from previously reported diamond-drill holes DDH247 to DDH251, DDH255, DDH258, DDH265 and DDH266 are also shown

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Section N20870

DDH268 was drilled on section N20870 (Figures 2 and 3, Table 1) approximately 50m south-east of DDH250, which was drilled on section N20920 and recently returned 23.8m @ 5.5 g/t gold (see press release dated February 10, 2022).

DDH268 was drilled from northeast to the southwest across the entire main Central mineralized zone. It encountered two high-grade intervals (Figure 3, Table 1). The first is 9.6m @ 16.4 g/t gold from 164.4m, including 1.2m @ 112.0 g/t gold from 167.0m. The second is slightly further downhole, 2.1m @ 11.5 g/t gold from 170.2m. DDH268 also intersected a number of lower grade intervals, including 17.5m @ 0.5 g/t gold from 76.4m, 7m @ 0.3 g/t gold from 114.9m and 30.4m @ 1.1 g/t gold from 130.0m. All of the above intercepts are hosted by fresh, strongly brecciated and highly altered basement intrusive rocks.

DDH281 was drilled on section N20870. It was designed to test define the northeastern limit of the mineralized zone at Central near surface. It did not encounter primary mineralization, but did return 11.3m @ 0.7 g/t gold from surface in the unconformably overlying gold-in-oxide blanket, which remains open to the northeast of DDH268 (Figures 2 and 3 and Table 1).

The mineralized zone on section N20870 remains open at depth.

Figure 3: Section N20870 through the southern part of the primary gold deposit at Central showing the location of diamond drill hole DDH268 which intersected 9.6m @ 16.4 g/t gold
including 1.2m @ 112.0 g/t gold and 2.1m @ 11.5 g/t gold.

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Section N20845

DDH267 was drilled on section N20845 (Figures 2 and 4). Results from other holes on section N20845 were recently reported, including DDH265, DDH266, DDH248 and DDH249 (see press release dated 13^th April 2022). Those were highlighted by DDH266, which returned 1.7m @ 14.9 g/t gold.

DDH267 cut multiple mineralized intervals (Figures 2 and 4 and Table 1), including: 12.8m @ 1.0 g/t gold from 82.7m, including 0.9m @ 8.1 g/t gold from 94.5m; 17.5m @ 1.9 g/t gold from 149.5m, including 3.2m @ 5.3 g/t gold from 156.0m; and 1.3m @ 5.9 g/t gold from 162.5m. The hole also intersected 5.5m @ 2.1 g/t gold from 189.0m, including 1.0m @ 6.6 g/t gold from 191.0m.

Several lower grade sections were also returned from DDH267 including 7.0m @ 0.3 g/t gold from 63.0m, 12.8m @ 1.0 g/t gold from 82.7m and 10.0m @ 0.4 g/t gold from 126.0m. All of these intervals occur in fresh (unweathered), brecciated and altered basement intrusive rocks.

Only one historic hole, CC_04 had been drilled across this section. It intersected mineralization at a vertical depth of 185m. The newer mineralized intercepts demonstrate the continuity of the mineralized zone intersected in CC_04.

Historic hole CC_16, was drilled orthogonal to this section, and thus far is the deepest intersection on the section, at a vertical depth of 290m.

The mineralized zone remains open at depth on section N20845.

Figure 4: Section N20845 through the southern part of the primary gold deposit at Central showing the location of diamond drill hole DDH267 which intersected multiple mineralized intercepts including 12.8m @ 1.0 g/t gold including 0.9m @ 8.1 g/t gold, 17.5m @ 1.9 g/t gold including 3.2m @ 5.3 g/t gold, 1.3m @ 5.9 g/t gold, and 5.5m @ 2.1 g/t gold including 1.0m @ 6.6 g/t gold

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Table 1 showing the drill results from the diamond drill holes DDH267, DDH268 and DDH281

Interpretation and Observations

Establishing a High-Grade Corridor in the Southern Central Gold Deposit

Drilling continues to support the broad, extensive mineralized zone that defines most of the Central deposit. However, within that lower-grade larger deposit, high-grade mineralization has now been encountered on sections N20920, N20870, N20845, and N20825. The location of this high-grade mineralization further supports the company's thesis that there is a steeply dipping, northwest-trending high-grade corridor in this southern portion of the Central deposit. It occurs along the southwestern margin of the deposit, and encompasses a number of parallel high-grade structures. To date, the northwest-trending corridor has now been traced more than 100m along strike. It appears to be over 25m wide and extends to over 350m deep.

Inside that corridor, there are numerous high-grade intercepts in both historic and recent drill holes. These occur both up-dip and downdip of the 9.6m @ 16.4 g/t gold intercept encountered by DDH268 on section N20870 (Figure 3), as well as the 5.5m @ 2.1 g/t and 3.2m @ 5.3 g/t gold intercepts in DDH267 on section N20845 (Figure 4). The intercept in DDH268 is almost certainly the same high-grade corridor that was intercepted further to the northwest in hole DDH250 (section N20920). It returned 23.8m @ 5.5 g/t gold, including 0.7m @ 98.4 g/t gold, and 1.2m @ 51.0 g/t gold (see press release dated February 10, 2022). A historic hole (CC_45), drilled from the southwest to the north, intersected 8.0m @ 5.7 g/t gold from 384.5m, including 3.0m @ 12.4 g/t gold from 385.6m. That intercept lies on section N20825, within the corridor, and just 20m south of the N20845. The CC_45 intercept is approximately 350m below surface.

There were only two holes that had previously been drilled across strike on section N20870 (Figure 3): CC_15, was a historic hole, and DDH205 was drilled by Cabral during its initial 2019 reconnaissance Central drill campaign (see press release dated February 5, 2020). CC_15 cut a broad high-grade interval across the corridor, returning 40.2m @ 2.8 g/t gold from 182.2m, including: 2.6m @ 7.9 g/t gold from 182.2m, 2.0m @ 8.0 g/t gold from 202.0m, and 5.1m @ 14.1 g/t gold from 217.3m. DDH205, also had multiple higher-grade intercepts within the corridor, returning 3.6m @ 6.0 g/t gold from 140.4m, 0.6m @ 5.1 g/t gold from 150.0m, 1.7m @ 5.2 g/t gold from 193.9m, 2.8m @ 5.4 g/t gold from 218.6m, and 0.5m @ 12.0 g/t gold from 244.8m.

Most of the earlier historic holes on these two northeast-trending sectional planes (N20870 and N20845) were drilled either northwest to southeast, or southeast to northwest. We now know that this is on strike and parallel to the overall mineralized trend. On-strike data is very difficult to correlate. CC_16, 32, and 38 were all drilled within the corridor and pierced both sections (Figures 3 and 4). All three of the holes cut multiple high-grade intercepts in the corridor. However, only the portions of these holes that occur within the 25m windows of section N20870 and N20845 are shown on Figures 3 and 4. For example, CC_32 was drilled from northwest to southeast through the sections. It intersected four separate high-grade zones within the northwest-trending corridor.

The first high-grade zone was 23.8m @ 8.3 g/t gold from 88.0m, including 7.8m @ 22.4 g/t gold from 88.0m. The second was 28.4m @ 5.4 g/t gold from 245.6m, including 4.7m @ 23.7 g/t gold from 246.6m, and 1.0m @ 9.1 g/t gold from 261.2. The third and fourth were 1.0m @ 8.6 g/t gold from 293.7 and 1.4 m @ 11.0 g/t gold from 307.3m, respectively. CC_32 ended in mineralization at 330.7m. However, only the first intercept (23.8m @ 8.3 g/t gold) lies within the sectional window for N20870 that shown on Figure 3. Similarly, only the second interval (4.7m @ 23.7 g/t gold) is shown on section N20845 on Figure 4. The deeper intercepts cut by CC_32 lie to the southeast of that northeast-oriented sectional plane.

Further drilling will be required to better define and expand the high-grade corridor. It remains open on strike and downdip.

Drilling and Trenching Update

Results are pending on four diamond-drill holes at MG and drilling is continuing.

Results are pending on six diamond-drill holes at Central and drilling is continuing.

Results are also pending on 36 RC holes drilled north of Central. These holes were designed to define the extent of near surface gold-in-oxide blanket material.

Results for three diamond-drill holes are pending at PDM. These are required for planning additional drill holes. Results are also pending on six RC holes at PDM. RC drilling has commenced to better define the gold-in-oxide blanket at PDM and drilling is ongoing.

Results are pending on the first three diamond-drill holes drilled in 2022 at the Indio target and drilling is continuing.

Results are pending on two follow-up diamond-drill holes at Machichie and drilling is continuing.

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 @ 0.90 g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24 g/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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