CERT.V · 2022-09-26 12:00:00

Cerrado GOLD Confirms over 250 Metres of Mineralized Strike at Gogó Da Onça Exploration Target at Its Monte Do Carmo Project, Brazil

Drill Results Mine Development & Operations

September 26, 2022 www.cerradogold.com

CERRADO GOLD CONFIRMS OVER 250 METRES OF MINERALIZED STRIKE AT GOGÓ

DA ONÇA EXPLORATION TARGET AT ITS MONTE DO CARMO PROJECT, BRAZIL

• Assay results to date have defined a strike length of over 250m of shallow

mineralization at Gogó da Onça (“Gogó”)

• Notable results include:

▪ FGO-004: 25.1m @ 3.38 g/t Au from 56.5m;

▪ FGO-005: 2.7m @ 12.74 g/t Au from 57.9m:

▪ FGO-008: 12.5m @ 3.39 g/t Au from 119.0m;

▪ FGO-012: 11.7m @ 5.37 g/t Au from 93.6m

• Infill drilling to delineate Resources at Gogó is ongoing with the objective to

incorporate the satellite deposit into the Feasibility Study expected 1Q 2023

TORONTO, ONTARIO - Cerrado Gold Inc. [TSX.V: CERT][OTCQX:CRDOF] ("Cerrado" or the "Company”)

is pleased to announce additional assay results from its Gogó da Onca (“Gog ó”) satellite exploration

target, being drilled currently at the Company’s Monte do Carmo Project (“MDC”) located in Tocantins

State, Brazil.

Today the Company is reporting 10 drill holes (see Tables 1 & 2) exclusively from Gogó, a new satellite

exploration target at MDC. As of September 1st, 2022, a total of 19 drill holes, totaling 4,050m have been

completed at Gogó, with an additional 3 holes currently in progress. Assay results received to date outline

a shallow mineralized North/Northwest corridor of approximately 250m in strike length, located less than

300m north of the Serra Alta PEA open pit. The Company is rapidly progressing an infill campaign to bring

this potential satellite pit into the feasibility study, expected to be completed by 1Q 2023.

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

FGO-004

• 25.1m at 3.38 g/t Au from 56.5m

▪ including 6.5m at 6.20 g/t Au from 57.9m

FGO-005

• 2.7m at 12.74 g/t Au from 57.9m

FGO-008

• 12.5m at 3.39 g/t Au from 119.0m

▪ including 5.0m at 5.93 g/t Au from 121.3m

FGO-012

• 11.7m at 5.37 g/t Au from 93.6m

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▪ including 3.1m at 13.78 g/t Au from 97.0m

Mark Brennan, CEO and Co -Chairman commented “While our current focus is on delivering infill drilling at

the Serra Alta deposit to support the upgrading of resources for the ongoing feasibility study, we are pleased

that the latest exploration results support our view for potential resource growth beyond the Serra Alta deposit

at Monte do Carmo. These latest results confirm that Gogó has the potential to add near mine, near surface

ounces to our Monte do Carmo project and potentially be incorporated into the ongoing Feasibility Study for

Serra Alta.”

Gogó Results

Drilling at Gogó has outlined shallow mineralization for a strike length of 250 meters. Cerrado believes

that the Gog ó satellite deposit can provide additional resources to Serra Alt. The Company is currently

completing an infill program that can bring these resources into an indicated category that will add

relevant inventory to be included in the current Feasibility Study at Monte do Carmo.

The company announced results of the discovery hole, FGO-001 (7.1m at 1.16 Au g/t from 50. 7m and

20.4m at 0.78 g/t Au from 96.2m) at Gogó on June 23, 2022. Results reported today confirm the continuity

of the mineralization along a shallow North/Northwest corridor of extensional quartz veins hosted in

equigranular granite in the proximity of the intrusive contact with felsic volcanics (See plan view and cross

section in Figures 1 and 2).

Hole FGO-004 was collared 45m to the north of the discovery hole and returned the best intercept to

date of 25.1m at 3.38 g/t Au from 56.5m, including 6.5m at 6.20 g/t Au from 75.1m. It is important to note

that this hole was drilled at a shallow angle of 34 degrees, thus the mineralized interval is only 30m deep

relative to the surface topography. Hole FGO -004 was collared in the same location as hole FGO -003.

Hole FGO -003 was drilled up dip and intersected mostly felsic volcanic rock s, failing to reach the

mineralization hosting granitic rocks.

Hole FGO -005 returned 2.7m at 12.74 g/t Au from 57.9m on a shear vein, this intercept, located

approximately 30m north along strike of the one described in hole FGO -004 defines the current north

edge of the mineralized corridor.

Hole FGO-008 was collared at the same location as the discovery hole and target ed up dip continuity of

the high-grade domain, successfully intercepting quartz vein hosted mineralization at shallower level and

defining an approximate 30m extent along the dip direction of the high-grade domain. The best intercept

includes 12.5m at 3.39 g/t Au from 119.0m. Additionally hole FGO-008 intercepted 24.7m at 0.77 g/t Au

from 44.4m (true depth of approximately 20m) in the hanging wall of the high -grade domain.

Hole FGO -012 was collared between holes FGO -01 (discovery hole) and FGO -04 ( described above)

intercepting 11.7m at 5.37 g/t Au from 93.6m, including 3.1m at 13.78 g/t Au from 97.0m.

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Figure 1. Reported and Ongoing Drill Hole Locations

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Figure 2. Cross Sections of highlighted Drill Holes

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* Note sections are shown at different scale

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Table 1. Drill Hole locations

Status Hole

Number

Easting

(m)

Northing

(m)

Elevation

(m)

Depth

(m)

Azimuth

()

Dip

()

Previously

Reported FGO-001 820508 8811098 540 566 101 -39

Drill Assays

Completed

Reported in

this PR

FGO-002 820504 8811069 529 239 110 -21

FGO-003 820513 8811144 536 80 100 -26

FGO-004 820512 8811144 536 200 97 -34

FGO-005 820522 8811154 536 271 80 -36

FGO-007 820503 8811069 529 300 145 -23

FGO-008 820509 8811098 540 516 100 -24

FGO-009 820465 8811117 519 223 102 -38

FGO-010 820471 8811167 512 202 105 -36

FGO-012 820509 8811120 542 171 97 -32

FGO-013 820549 8811237 509 214 112 -35

Drilled

Assays

Pending

FGO-014 820524 8811354 511 250 125 -28

FGO-015 820503 8811069 529 245 128 -20

FGO-016 820591 8811366 550 57 115 -34

FGO-017 820591 8811367 550 36 139 -40

FGO-018 820502 8811095 536 207 122 -30

FGO-019 820488 8811137 526 150 105 -34

FGO-020 820470 8811167 512 120 80 -21

*Collar coordinates by GNSS TP-20 UTM Coordinates, Datum: SAD69 / zone 22S.

*Azimuth Set by compass

*Dip and drill hole trajectory by DEVIFLEX Devico

Table 2. Drill Hole Composites

Hole

Number

From

(m)

Length

(m)

True Width

(m)

(g/t)

FGO-002

25.80 27.77 1.97 1.90 10.44

FGO-002 and 54.25 56.13 1.88 1.82 0.53

FGO-002 and 62.30 67.37 5.07 4.90 0.27

FGO-002 and 73.80 74.82 1.02 0.99 0.30

FGO-002 and 86.25 87.29 1.04 1.00 0.45

FGO-002 and 99.55 143.49 43.94 42.45 0.80

FGO-002 includes 100.57 101.59 1.02 0.99 2.81

FGO-002 includes 110.97 120.04 9.07 8.76 1.76

FGO-002 includes 129.18 138.44 9.26 8.95 1.20

FGO-003

No significant values

FGO-004

56.46 81.55 25.09 25.09 3.38

FGO-004 includes 57.46 60.65 3.19 3.19 3.13

FGO-004 includes 69.23 70.33 1.10 1.10 26.20

FGO-004 includes 75.06 81.55 6.49 6.49 6.20

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Hole

Number

From

(m)

Length

(m)

True Width

(m)

(g/t)

FGO-005 and 57.86 60.57 2.71 2.71 12.74

FGO-005 and 213.84 214.65 0.81 0.81 5.29

FGO-005 and 245.85 246.85 1.00 1.00 1.91

FGO-007 and 11.40 12.82 1.42 1.25 0.43

FGO-007 and 29.68 30.67 0.99 0.87 0.67

FGO-007 and 45.32 46.37 1.05 0.92 0.52

FGO-007 and 81.03 82.10 1.07 0.94 0.32

FGO-007 and 108.10 110.14 2.04 1.80 3.58

FGO-007 and 115.92 116.92 1.00 0.88 0.35

FGO-007 and 124.23 126.23 2.00 1.76 1.57

FGO-007 and 162.03 163.11 1.08 0.95 0.34

FGO-007 and 173.60 174.62 1.02 0.90 0.41

FGO-007 and 176.68 177.70 1.02 0.90 0.32

FGO-007 and 182.75 183.77 1.02 0.90 1.42

FGO-007 and 187.93 189.92 1.99 1.75 0.80

FGO-007 and 194.15 195.24 1.09 0.96 0.35

FGO-007 and 198.98 201.06 2.08 1.83 0.89

FGO-007 and 206.11 207.24 1.13 0.99 0.57

FGO-007 and 239.15 240.15 1.00 0.88 0.34

FGO-007 and 246.23 247.27 1.04 0.92 0.97

FGO-007 and 256.56 257.54 0.98 0.86 0.35

FGO-008 and 44.41 69.10 24.69 24.69 0.77

FGO-008 includes 44.41 45.43 1.02 1.02 4.35

FGO-008 includes 66.97 69.10 2.13 2.13 3.41

FGO-008 and 119.00 131.49 12.49 12.49 3.39

FGO-008 includes 121.25 126.28 5.03 5.03 5.93

FGO-008 and 134.54 135.59 1.05 1.05 5.84

FGO-009 and 38.10 39.13 1.03 1.03 0.45

FGO-010

No significant values

FGO-012 and 40.41 41.45 1.04 1.04 1.10

FGO-012 and 54.70 61.02 6.32 6.32 0.39

FGO-012 includes 60.02 61.02 1.00 1.00 1.53

FGO-012 and 93.62 105.31 11.69 11.69 5.37

FGO-012 includes 97.00 100.08 3.08 3.08 13.78

FGO-013 and 38.13 39.16 1.03 1.03 0.39

FGO-013 and 185.55 186.59 1.04 1.04 1.34

FGO-013 and 190.87 194.83 3.96 3.96 6.27

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Figure 3. Core photos of mineralized interval in drill hole FG0-004

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

two blanks. Cerrado uses standard QA/QC procedures, inserting reference standards and blanks, for

the drilling program. The Reference material used are from CDN Resource Labora tories 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 David Ball

CEO and Co Chairman Vice President, Corporate Development

Tel: +1-647-796-0023 Tel: +1-647-796-0068

[email protected] [email protected]

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