Cerrado GOLD Announces Discovery of New Mineralized Zone at the Serra ALTA Deposit and Reports Additional Results from the Infill Program at Its Monte Do Carmo Project IN Brazil
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November 21, 2022 www.cerradogold.com
CERRADO GOLD ANNOUNCES DISCOVERY OF NEW MINERALIZED ZONE AT THE SERRA
ALTA DEPOSIT AND REPORTS ADDITIONAL RESULTS FROM THE INFILL PROGRAM AT ITS
MONTE DO CARMO PROJECT IN BRAZIL
• Discovery of new mineralized zone 150m east of the East zone at Serra Alta (“E3”)
• Notable results in new extensional areas (E3 and Gogo de Onça):
• FSA-283: 48m at 2.01 g/t Au from 362m; and
• FGO-014: 4m at 59.97g/t Au from 171m
• Notable results in all three deposit zones (East Zone, Pit Norte, and Pit Sul)
• FSA-274: 9m at 10.89 g/t Au from 88m; and
• 22m at 2.77 g/t Au from 43m; including 2m at 10.19 g/t Au from 43m
TORONTO, ONTARIO - Cerrado Gold Inc. [TSX.V: CERT][OTCQX:CRDOF] ("Cerrado" or the
"Company”) is pleased to announce the discovery of a new mineralized zone, named E3, located
approximately 150m to the east of the previously outlined East Zone at Serra Alta and new assay
results from its ongoing infill/condemnation and extensional drill program at the Serra Alta deposit
at its Monte do Carmo Project located in Tocantins State, Brazil (“MDC”).
The drill program commenced in Q4 2021 with the aim to upgrade the bulk of the resources into
Measured and Indicated categories, target new satellites , extensional zones, condemn areas of
project infrastructure and support the ongoing Feasibility Study. This phase of drilling has been
extended to Q4, to target several extensional zones such as Gogó d e Onça (“Gogo”) to be
incorporated into the feasibility study and further define the newly discovered E3 zone, reported
for first time in this release.
The Company is currently reporting assay results from 31 drill holes, totaling 10,647m (see Tables 1
& 2) completed from June to September 2022. As of November 4, 2022, a total of 172 drill holes,
totaling 42,068m have been completed as part of the 2022 program, including 1 37 holes at Serra
Alta; and 35 holes in the satellite exploration areas. The Company cu rrently has 5 drill rigs on site
and plans to complete the current phase of drilling by Mid-December.
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Drill Hole Highlights (All composites are reported as true thickness):
Serra Alta (Infill)
FSA-274
• 9m at 10.89 g/t Au from 88m
• Including 4m at 25.68 g/t Au from 90m
• 22m at 2.77 g/t Au from 43m
• Including 2m at 10.19 g/t Au from 43m
FSA-292
• 37m at 4.16g/t Au from 35m
• Including 7m at 15.46 g/t Au from 38m
FSZ-008
• 13m at 5.53g/t Au from 333m
• Including 3m at 24.39 g/t Au from 343m
FSA-283
• 48m at 2.01 g/t Au from 362m
• Including 7m at 7.38 g/t Au from 367m
FGO-014
• 4m at 59.97g/t Au from 171
Mark Brennan, CEO and Co -Chairman commented “The new E3 mineralized zone is the second
satellite discovery announced at Serra Alta this year as part of the infill drill program . Serra Alta
continues to show its strong mineral endowment and the successive satellite discoveries point to the
wider exploration potential we see at Monte do Carmo.”
E3 Discovery
E3 is considered a newly discovered mineralized zone that is located to the East of the East zone at
distances between 100 and 200m. Very importantly, besides the granite hosted gold bearing quartz
veins, some of the mineralization in E3 is hosted by felsic volcanic rocks and by a granitic porphyry.
In general, the felsic volcanics act as a cap to the mineralization at Serra Alta with minor
mineralization extending beyond the contact with the underlying granites.
Cerrado’s main working hypothesis for having mineralized volcanics in E3 relates to the presence of
a granitic porphyry dyke swarm zone with a general west/Northwest direction, that seems to
provide a permissive host rock and fluid conduits to upper stratigraphic levels. The results reported
today and the geological logging of additional holes with assays still pending allow us to infer a
preliminary North-South strike length of approximately 250m for E3, with no constrains yet in terms
of the down dip dimensions. Additional holes are required to fully validate the direction of the main
mineralization trend, which at this point is believed to follow the Serra Alta North-South direction,
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oblique to the porphyritic dyke direction. It is presumed that E3 will provide fresh ounces to the
resource inventory. Additionally, the occurrence of gold in higher stratigraphic levels , reverts the
trend of deepening of mineralization towards the east (East Zone). This is positive in terms of mining
optionality and development costs both in an open pit or underground scenario.
Hole FSZ-008, considered the discovery hole, was drilled as a condemnation hole to assess the
western margin of a possible waste rock facility. FSZ -008 includes 13m at 5.53g/t Au from 333m ,
including 3m at 24.39 g/t Au from 343m . Gold mineralization in this hole is identical to Serra Alta
(associated to quartz veins) but is mainly hosted by granitic porphyritic rock. Some of the quartz
veins in the porphyritic host exhibit sinuous borders that might indicate very close temporal
proximity between the porphyry emplacement and cooling and the quartz vein formation.
Hole FSA-283, drilled approximately 100m to the south of the discovery hole , intercepted 48m at
2.01 g/t from 362m. Quartz veins in this interval are hosted both by felsic volcanics and b y granitic
porphyries. Cerrado is aggressively drilling E3 to establish the controls of the mineralization,
continuity, shape, and size.
Gogó de Onça
Cerrado disclosed the discovery of Gogo on June 23, 2022 with additional results on September 26,
2022. Further drilling has now been completed on the target providing a high confidence level that
incremental ounces can be incorporated into the ongoing Feasibility study. Eleven new holes are
reported today for Gogo, highlighting hole FGO -014, located approximately 250m to the north of
the discovery hole FGO -001. FGO-014 intersected 4m at 59.97g/t Au from 171 m. This intersection
is associated with a mineralized shear zone that extends beyond the Gogo main zone where better
lateral continuity of parallel veins occurs.
Serra Alta infill
East Zone
Drill holes FSA-250, FSA-272, FSA-274, FSA-275, FSA-279, FSA-284, FSA-285, FSA-287, FSA-288 were
collared in the East Zone. The best reported intercept s in the East Zone correspond to hole s FSA-
274 and FSA-288 collared in the southern and central segments of the East Zone respectively. Hole
FSA-274 confirmed the high-grade nature of the southern edge of the East Zone, in the proximity of
the F1 faulted contact. FSA-274 contains 9m at 10.89 g/t Au from 88m, including 4m at 25.68 g/t Au
from 90m. The best results of FSA-288 compromise 24m at 1.85 g/t Au from 195m, including 4m at
4.36 g/t Au from 199m.
Pit Norte
Drill Hole FSA-280 was collared in the southern edge of the Pit Norte. The best intercept included
12m at 1.54 g/t Au from 84m
Pit Sul
Drill Holes FSA -289 and FSA-292 were collared in the central part of Pit Sul aiming to convert any
remaining gaps of inferred blocks. Hole intercepted 37m at 4.16g/t Au from 35m , including 7m at
15.46 g/t Au from 38m. This interval is almost contiguous to the preceding shallow segment of the
hole that includes 25m (almost from surface) of 0.54 g/t Au. Hole FSA -292 is remarkable in
confirming the extent and tenor of the shallow segments of the deposit that will most probably
constitute the early feed in the payback mining period.
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Miscellaneous
Drill holes FS Z-006 and FSZ -007, were collared in the Eldorado area, southeast of the existing
resources to condemn an area that could be used for waste rock facilities, returning no mineralized
intercepts.
Figure 1. Reported and Ongoing Drill Hole Locations
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Figure 2. Select Highlighted Cross Sections of Reported Holes
E3 Discovery
* Scales vary by section
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Link for additional select Cross sections
Table 1. Drill Hole Composites
DDH From To LENGTH (m) True Width (m) Au (g/t)
East Zone
FSA-250 48.06 49.09 1.03 1.03 0.55
FSA-250 and 53.54 54.76 1.22 1.22 0.36
FSA-250 and 59.33 60.46 1.13 1.13 0.52
FSA-250 and 91.93 95.20 3.27 3.27 0.58
FSA-250 and 104.92 106.19 1.27 1.27 0.38
FSA-250 and 116.95 136.63 19.68 19.68 0.59
FSA-250 Includes 133.41 134.55 1.14 1.14 3.44
FSA-250 and 185.84 187.05 1.21 1.21 0.46
FSA-250 and 319.24 320.29 1.05 1.05 0.67
FSA-250 and 344.44 345.48 1.04 1.04 0.62
FSA-250 and 348.47 349.41 0.94 0.94 3.81
FSA-250 and 353.68 354.77 1.09 1.09 0.30
FSA-250 and 362.46 369.59 7.13 7.13 0.73
FSA-250 and 389.83 390.85 1.02 1.02 2.96
FSA-272 42.90 43.98 1.08 0.93 0.30
FSA-272 and 54.63 55.78 1.15 1.00 0.49
FSA-272 and 64.51 68.72 4.21 3.64 2.09
FSA-272 and 85.80 101.60 15.80 13.68 1.16
FSA-272 includes 96.40 100.54 4.14 3.58 3.02
FSA-272 and 108.20 115.75 7.55 6.54 2.32
FSA-272 includes 111.45 112.50 1.05 0.91 15.50
FSA-274 22.00 23.06 1.06 0.88 0.36
FSA-274 and 25.16 26.17 1.01 0.84 0.35
FSA-274 and 34.82 35.83 1.01 0.84 0.39
FSA-274 and 43.40 69.87 26.47 22.05 2.77
FSA-274 includes 43.40 46.30 2.90 2.42 10.19
FSA-274 includes 58.57 61.01 2.44 2.03 12.41
FSA-274 and 87.70 98.78 11.08 9.23 10.89
FSA-274 includes 90.01 94.53 4.52 3.76 25.68
FSA-274 and 114.69 120.32 5.63 4.69 0.81
FSA-274 and 132.44 160.09 27.65 23.03 1.19
FSA-274 includes 142.62 145.90 3.28 2.73 4.11
FSA-274 includes 151.36 152.44 1.08 0.90 5.09
FSA-274 and 163.25 166.44 3.19 2.66 0.60
FSA-275 34.95 35.84 0.89 0.87 0.31
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FSA-275 and 40.83 51.00 10.17 9.98 0.77
FSA-275 and 69.43 76.63 7.20 7.06 0.43
FSA-275 and 80.70 103.80 23.10 22.66 1.21
FSA-275 includes 81.94 85.10 3.16 3.10 3.08
FSA-275 and 107.17 110.44 3.27 3.21 1.45
FSA-275 and 117.85 119.85 2.00 1.96 0.79
FSA-275 and 134.35 138.79 4.44 4.36 0.37
FSA-275 and 162.39 176.16 13.77 13.51 1.18
FSA-275 and 178.29 180.30 2.01 1.97 0.33
FSA-275 and 187.75 200.88 13.13 12.88 1.56
FSA-275 and 207.40 212.00 4.60 4.51 0.37
FSA-279 351.17 354.48 3.31 2.33 0.48
FSA-279 and 359.63 360.62 0.99 0.70 0.73
FSA-279 and 383.04 384.24 1.20 0.85 0.59
FSA-279 and 394.85 399.45 4.60 3.24 1.68
FSA-279 includes 395.85 396.66 0.81 0.57 6.09
FSA-284 333.01 334.31 1.30 1.30 1.24
FSA-284 and 337.40 338.44 1.04 1.04 0.41
FSA-284 and 438.00 439.00 1.00 1.00 0.43
FSA-284 and 464.51 469.65 5.14 5.14 0.79
FSA-284 and 492.91 495.10 2.19 2.19 1.91
FSA-284 and 528.34 530.71 2.37 2.37 0.48
FSA-285 369.30 371.87 2.57 2.57 8.44
FSA-285 and 415.30 416.35 1.05 1.05 1.58
FSA-285 and 425.70 426.70 1.00 1.00 0.86
FSA-285 and 432.57 434.63 2.06 2.06 1.62
FSA-285 and 443.96 458.37 14.41 14.41 0.62
FSA-285 and 463.74 466.55 2.81 2.81 0.52
FSA-287 70.26 74.46 4.20 4.20 0.37
FSA-287 and 95.22 115.94 20.72 20.72 1.32
FSA-287 includes 107.10 109.37 2.27 2.27 3.89
FSA-287 and 149.83 235.35 85.52 85.52 1.05
FSA-287 includes 162.02 165.40 3.38 3.38 6.35
FSA-287 includes 189.01 193.14 4.13 4.13 2.28
FSA-288 44.65 65.55 20.90 20.39 0.50
FSA-288 includes 58.77 61.24 2.47 2.41 0.50
FSA-288 and 76.70 77.75 1.05 1.02 1.53
FSA-288 and 99.30 103.67 4.37 4.26 0.95
FSA-288 includes 101.47 102.51 1.04 1.01 2.66
FSA-288 and 176.06 179.54 3.48 3.40 2.48
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FSA-288 includes 176.06 178.27 2.21 2.16 3.56
FSA-288 and 195.31 219.69 24.38 23.79 1.85
FSA-288 includes 198.74 203.32 4.58 4.47 4.36
FSA-288 includes 211.46 213.81 2.35 2.29 4.59
FSA-288 includes 216.18 217.38 1.20 1.17 2.75
Pit Sul
FSA-289 6.54 37.38 30.84 30.18 0.71
FSA-289 includes 6.54 8.55 2.01 1.97 5.95
FSA-289 includes 14.84 17.90 3.06 2.99 1.50
FSA-289 and 48.64 49.64 1.00 0.98 0.31
FSA-289 and 57.00 69.00 12.00 11.74 0.32
FSA-289 includes 60.12 61.18 1.06 1.04 1.12
FSA-289 and 77.34 81.50 4.16 4.07 0.83
FSA-289 includes 79.40 80.45 1.05 1.03 1.52
FSA-289 and 88.80 89.85 1.05 1.03 0.32
FSA-289 and 95.07 99.35 4.28 4.19 0.60
FSA-289 includes 95.07 96.15 1.08 1.06 2.09
FSA-289 and 104.60 105.68 1.08 1.06 0.71
FSA-289 and 109.85 110.85 1.00 0.98 0.84
FSA-289 and 114.94 124.33 9.39 9.19 0.33
FSA-289 includes 123.32 124.33 1.01 0.99 2.42
FSA-289 and 132.55 133.55 1.00 0.98 1.40
FSA-289 and 145.91 146.75 0.84 0.82 0.31
FSA-289 and 179.84 180.80 0.96 0.94 0.38
FSA-289 and 183.95 184.96 1.01 0.99 0.50
FSA-289 and 200.73 201.85 1.12 1.10 0.48
FSA-289 and 208.17 211.33 3.16 3.09 0.41
FSA-289 and 268.46 269.46 1.00 0.98 0.38
FSA-292 3.00 25.66 22.66 22.37 0.54
FSA-292 and 35.00 72.28 37.28 36.80 4.16
FSA-292 includes 38.16 45.74 7.58 7.48 15.46
FSA-292 includes 67.94 72.28 4.34 4.28 5.90
FSA-292 and 82.70 102.34 19.64 19.39 1.18
FSA-292 includes 99.18 102.34 3.16 3.12 3.24
Pit Norte
FSA-280 and 4.47 5.31 0.84 0.69 0.32
FSA-280 and 12.98 18.20 5.22 4.29 0.55
FSA-280 and 42.48 43.28 0.80 0.66 0.34
FSA-280 and 46.35 48.35 2.00 1.64 1.01
FSA-280 and 50.45 53.38 2.93 2.41 0.37
FSA-280 and 58.50 61.50 3.00 2.47 1.67