Cerrado Gold Reports Additional Results from Its Infill Drill Program at the Serra Alta Deposit at Its Monte Do Carmo Project in Brazil

• Notable results in all three zones of the deposit (East Zone, Pit Norte, and Pit Sul) Including:
  • FSA-241: 71m at 2.50 g/t Au from 113m;
  • FSA-249: 25m at 3.23 g/t Au from 55m;
  • FSA-223: 29m at 2.36 g/t Au from 186m;
  • FSA-243: 32m at 2.60 g/t Au from 85m; and
  • FSA-251: 6m at 4.52 g/t Au from 29m.
• Drill Program on track to deliver an updated Mineral Resource Estimate (MRE) in support of the ongoing Feasibility Study.

Toronto, August 8, 2022 - Cerrado Gold Inc. (TSXV: CERT) (OTCQX: CRDOF) ("Cerrado" or the "Company") is pleased to announce further assay results from its ongoing infill drill program at the Serra Alta deposit at its Monte do Carmo Project located in Tocantins State, Brazil ("MDC"). The infill drill program commenced in Q4 2021 with the aim to upgrade the resources into Measured and Indicated categories to support the ongoing Feasibility Study. The 2022 development program is on track to deliver the Feasibility Study during Q1 2023.

The Company is currently reporting assay results from 18 drill holes, totaling 3,809m (see Tables 1 & 2) completed from April to June 2022. As of August 2, 2022, a total of 117 drill holes, totaling 28,864 m, have been completed as part of the 2022 program. Total completed holes include 102 holes at Serra Alta (infill, condemnation, and partial extensions); and 15 holes in the satellite exploration areas namely, Gogó de Onça and Capitão.

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

Serra Alta (Infill)

FSA-241

• 71m at 2.50 g/t Au from 113m
  • Including 6.5m at 17.28 g/t Au from 119m

FSA-249

• 25m at 3.23 g/t Au from 55m
  • Including 2m at 19.76 g/t Au from 78m

FSA-243

• 32m at 2.60 g/t Au from 85m
  • Including 4m at 11.27 g/t Au from 85m
  • Including 5m at 6.75 g/t Au from 104m

FSA-242

• 48m at 1.35 g/t Au from 163
  • Including 2m at 4.92 g/t Au from 186m

FSA-223

• 29m at 2.36 g/t Au from 186m,
  • Including 4m at 15.30 g/t Au from 202m

FSA-248

• 2m at 25.96 g/t Au from 333m

FSA-226

• 41m at 2.25 g/t Au from 140m
  • Including 2m at 17.25 g/t Au from 170m

FSA-251

• 6m at 4.52 g/t Au from 29m

The Company currently has 5 drill rigs on site actively drilling, with 4 rigs focused on infill and one actively drilling at Gogó de Onça.

Mark Brennan, CEO and Co-Chairman commented "As we near completion of our infill drilling campaign we are now confident that we will deliver a solid upgraded resource at Serra Alta, which will provide a base for the ongoing Feasibility due to be completed during Q1 2023. In addition, the ongoing regional drilling and other exploration activities continues to highlight the strong potential to grow the total resources on the Monte do Carmo property."

Serra Alta Infill

The main objective of the 18 infill drill holes reported today is to convert inferred blocks within the current open pit constrained resource estimate (Micon, 2021) into the Indicated category, closing the distance between holes informing blocks in the model. Holes reported today include, 8 collared in the East Zone, 6 in Pit Norte and 4 in Pit Sul (see Figure 1 for drill hole locations, and Figure 2 for cross sections of highlighted holes).

Drill holes FSA-223, FSA-225, FSA-236, FSA-241, FSA-242, FSA-245, FSA-248, FSA-256 were collared in the East Zone. Main high-grade domains were intercepted with varying grade reconciliation with respect to the existing model. The best reported intercept in the east zone corresponds to holes FSA-223 and FSA-241 collared in the northern and central segments of East Zone respectively. Hole FSA-223 is located close to the current northern edge of the resource. Hole FSA-241 is exceptional as it includes a relevant thick and continuous interval in a relatively deeper zone where the original model only considered dismembered narrower discrete zones. The main intercept is defined by 71m at 2.50 g/t Au from 113m, including 6.5m at 17.28 g/t Au from 119m.

Drill holes FSA-226, FSA-229, FSA-230, FSA-243, FSA-247 and FSA-249 were collared in Pit Norte. The highlights in this zone are holes FSA-243 and FSA-249. The former intercepted a well-endowed area in the immediate footwall of the granite volcanic contact. Assays in hole FSA-243 returned 32m at 2.60 g/t Au from 85m, including 4m at 11.27 g/t Au from 85m and 5m at 6.75 g/t Au from 104m. Hole FSA-249 was drilled in section with FSA-241 intercepted 25m at 3.23 g/t Au from 55m confirming downdip continuity.

Drill holes FSA-251 and FSA-253 were collared in Pit Sul. Most relevant results are included in hole FSA-251 which crossed 6m at 4.52 g/t Au from 29m confirming the previous outline of the shallow high-grade mineralization that will conceptually be part of the early phases of mining.

Figure 1. Reported and Ongoing Drill Hole Locations

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7487/133086_f955cbba744f0963_002full.jpg

Figure 2. Select Highlighted Cross Sections of Reported Holes* (East Zone)

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/7487/133086_f955cbba744f0963_004full.jpg

Figure 2.1 Select Highlighted Cross Sections of Reported Holes* (East Zone)

To view an enhanced version of Figure 2.1, please visit:
https://images.newsfilecorp.com/files/7487/133086_f955cbba744f0963_005full.jpg

Figure 2.2 Select Highlighted Cross Sections of Reported Holes* (East Zone)

To view an enhanced version of Figure 2.2, please visit:
https://images.newsfilecorp.com/files/7487/133086_f955cbba744f0963_007full.jpg

Figure 2.3 Select Highlighted Cross Sections of Reported Holes* (East Zone)

To view an enhanced version of Figure 2.3, please visit:
https://images.newsfilecorp.com/files/7487/133086_f955cbba744f0963_010full.jpg

Figure 2.4 Select Highlighted Cross Sections of Reported Holes* (Pit Norte)

To view an enhanced version of Figure 2.4, please visit:
https://images.newsfilecorp.com/files/7487/133086_f955cbba744f0963_008full.jpg

Figure 2.5 Select Highlighted Cross Sections of Reported Holes* (Pit Norte)

To view an enhanced version of Figure 2.5, please visit:
https://images.newsfilecorp.com/files/7487/133086_f955cbba744f0963_009full.jpg

Figure 2.6 Select Highlighted Cross Sections of Reported Holes* (Pit Norte)

To view an enhanced version of Figure 2.6, please visit:
https://images.newsfilecorp.com/files/7487/133086_f955cbba744f0963_012full.jpg

Figure 2.7 Select Highlighted Cross Sections of Reported Holes* (Pit Sul)

To view an enhanced version of Figure 2.7, please visit:
https://images.newsfilecorp.com/files/7487/133086_f955cbba744f0963_014full.jpg

Note: Scale vary by section

Table 1. Drill Hole Composites

Table 2. Drill Hole locations

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

Quality Assurance and Quality Control

Analytical work was carried out by ALS international lab (ALS). MDC send half core samples for sample preparation to the lab. The facilities of the prep lab are located in Goiânia, Brazil 835 km from the MDC project and alternatively in Belo Horizonte, Brazil 1,110 Km from the MDC project. MDC sends out samples to ALS international labs (ALS) with the prep lab located in Goiânia or alternatively 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). ALS has routine quality control procedures which ensure that every batch of samples includes three sample repeats and at least two commercial standards and one blank. 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., ITAK (Instituto de Tecnologia August Kekulé Ltda. and OREAS).

Review of Technical Information

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

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

David Ball
Vice President, Corporate Development
Tel.: +1-647-796-0068
dball@cerradogold.com

About Cerrado
Cerrado is a Toronto based gold production, development and exploration company focused on gold projects in the Americas. The Company is the 100% owner of both the producing Minera Don Nicolás mine in Santa Cruz province, Argentina and the highly prospective development project, Monte Do Carmo located in Tocantins State, Brazil.

At Minera Don Nicolas, Cerrado is maximising asset value through further operation optimization and continued production growth. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package.

At Monte Do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through Feasibility and production. The Serra Alta deposit Indicated Resources of 541 kozs of contained gold and Inferred Resources of 780 kozs of contained gold. The Preliminary Economic Assessment demonstrates robust economics as well as the potential to be one of the industry's lowest cost producers. Cerrado also holds an extensive and highly prospective 82,542 ha land package at Monte Do Carmo.

For more information about Cerrado please visit our website at: www.cerradogold.com.

Disclaimer

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, all statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado. In making the forward-looking statements contained in this press release, Cerrado has made certain assumptions, including, but not limited to continuing progress of the Feasibility Study and infill drilling at MDC. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133086