CERT.V · 2022-06-23 12:00:00

Cerrado GOLD Provides Update FOR Ongoing Infill and Exploration Drill Programs and Reports First Results FOR Its New Extensional Gogó Da Onça Target at Its Monte Do Carmo Project, Brazil

Drill Results

June 23, 2022 www.cerradogold.com

CERRADO GOLD PROVIDES UPDATE FOR ONGOING INFILL AND

EXPLORATION DRILL PROGRAMS AND REPORTS FIRST RESULTS FOR ITS

NEW EXTENSIONAL GOGÓ DA ONÇA TARGET AT ITS MONTE DO CARMO

PROJECT, BRAZIL

• Continued positive results from infill drill program at the Serra Alta deposit

• Notable results include:

▪ FSA-184: 65.7m at 1.71 g/t Au from 142.2m;

▪ FSA-214: 15.5m at 6.38 g/t Au from 45.0m; and

▪ FSA-215: 82.6m at 1.48 g/t Au from 86.5m.

• Gogó da Onça discovery hole results reveal initial shallow economic interval

TORONTO, ONTARIO - Cerrado Gold Inc. [TSX.V: 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

and from additional exploration targets outside the current resource base at its Monte do Carmo Project

located in Tocantins State, Brazil (“MDC”). The infill drill program commenced in Q4 2021 with the

objective to upgrade existing R esources and to support the ongoing feasibility study. The 2022

development program is on track to deliver an updated Resource in Q3 2022 and a Feasibility study in

1Q 2023. In parallel, Cerrado continues to drill district targets, including the new ly discovered Gogó da

Onça (“Gogo”) area.

The Company is currently reporting assay results from 19 drill holes (see Tables 1 & 2) completed from

February to May 2022 including 15 infill holes and one condemnation drill hole at Serra Alta , and 3

additional exploratory drill holes. As of June 17, 2022 a total of 89 drill holes, totaling 21,460 metres (“m”),

have been completed as part of the 2022 program: 78 holes at Serra Alta (infill + condemnation and

partial extensions); 6 holes at Gogo (Exploration); 4 holes at Capitão (Exploration) and 1 hole at Eldorado

(Condemnation). Infill drill results reported today show excellent grade and width reconciliation from the

inferred blocks in the current Resource estimate at Serra Alta . The Company is also pleased to report

assay results of the discovery hole at Gogo.

The Company currently has 7 rigs on site actively drilling, with six rigs focused on infill and geotechnical

programs and a seventh actively drilling the initial holes at Gogo.

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

Serra Alta (Infill)

FSA-184

• 65.7m at 1.71 g/t Au from 142.2m

▪ Including 3.1m at 7.16 g/t Au from 179.3m, and

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▪ Including 3.6m at 12.04 g/t Au from 191.6m.

FSA-192

• 29.6m at 3.1 g/t Au from 34.7 m

▪ Including 3.9m at 16.57 g/t Au from 54.9m

• 7.8m at 8.16 g/t Au from 239.9m

FSA-205

• 57.5m at 1.56 g/t Au from 91.9m

FSA-214

• 15.5m at 6.38 g/t Au from 45.0m

▪ Including 3.2m at 21.18 g/t Au from 56.4m

FSA-215

• 82.6m at 1.48 g/t Au from 86.5m

FSA-218

• 21.3m at 2.84 g/t Au from 118.6m

Gogó da Onça

FGO-001

• 20.4m at 0.78 g/t Au from 96.2m

▪ Including 2.2m at 2.01 g/t Au from 101.2m

Mark Brennan, CEO and Co -Chairman commented “We continue to look for strong conversion rates of

Inferred to Measured and Indicated Resources from our infill program and increasing potential to grow

the existing resource to the east at Serra Alta. The initial hole at Gogo confirms our expectation that this

target has strong potential to add near mine, near surface ounces to our Monte do Carmo p roject and

demonstrates the potential to continue to grow resources outside of Serra Alta. ”

Serra Alta Infill

The main objective of the 15 infill drill holes reported today (11 collared at the East Zone, 1 in Pit Norte

and 3 in Pit Sul) is to convert inferred blocks within the model into the Indicated category by closing the

drill spacing between holes. (See Figure 1 for drill hole locations, and Figure 2 for relevant cross sections).

Results confirm the general continuity of the high-grade domains within the constraining pit shell , both

along strike and laterally.

Drill holes FSA-184, FSA-188, FSA-192, FSA-197, FSA-202, FSA-205, FSA-208, FSA-212, FSA-213, FSA-215 and

FSA-218 were collared in the East Zone. The East Zone accounts for approximately two thirds of the pit’s

current constrained resource estimate. The best results (see cross sections in Figure 2) include FSA-184

with 65.7m at 1.71 g/t Au from 142.2 m, including 3.6m at 12.04 g/t Au from 191.6m; FSA-192 with 29.6m

at 3.10 g/t Au, from 34.7m, including 3.9m at 16.57 g/t Au from 54.9m; and FSA-218 with 21.4m at 2.8 g/t

Au from 118.6m.

Drill holes FSA-214, FSA-216 and FSA-227 were collared in Pit Sul. Drill holes FSA-214 & FSA-216 notably

expanded the volume and gold endowment of the previously High-grade domain and are expected to

have a positive effect in the resource update.

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Drill hole FSA-237, was collared at the west ern half of Pit Norte, targeting a shallow narrow trend

decoupled from the main High-grade domain.

Hole FSZ-002 was collared 1 70m to the east of the east pit wall of the East Zone. Although narrow, the

hole intercepted 2.2m at 0.89 g/t Au from 367.8m. The significance of this intersection is that the hole

proved that the granite/volcanic contact is displaced up wards in this far east area, opening possible

shallower than expected extensions of mineralized trends to the east .

Gogó da Onça Discovery: Satellite Exploration

Cerrado is pleased to report results of its discovery hole at Gogo. Hole FGO-001 was collared 400m north

of the north wall of the Serra Alta PEA open pit. Gogo represents a new structural block bounded by west-

east faults analogous to the zones that define the Serra Alta deposit (e.g. East Zone, Pit Norte and Pit

Sul).

Hole FGO-001intercepted two shallow relevant intervals : 7.1m at 1.16 Au g/t from 50. 7m and 20.4m at

0.78 g/t Au from 96.2m. Mineralization is associated with extensional and shear quartz veins hosted by

equigranular granite with potassic alteration, geologically very similar to the permissive intrusive phases

at Serra Alta. The intrusive relation of the granite and felsic volcanics, a known control of better endowed

mineralized zones in Serrra Alta, is also well defined at Gogo. Furthermore, preliminary lithogeochemical

classification based on trace elements (e.g., Nb and Y) shows the same magmatic affinity of the Gogo

granite and the Serra Alta lithogeochemical host, reassuring the fertility of this block.

Mineralization is associated with quartz veins that developed denser arrays along a north/south trend,

this trend seems truncated by a fault that juxtapose s the altered granite with a less altered intrusive.

Interestingly a discrete shear vein was intercepted at 50 4.0m carrying 1.44 g/t Au for 1.4m, opening a

second deeper trend.

Cerrado is progressing the 8th hole at Gogo and plans to drill an additional 2 to 4 holes to complete the

first phase of mineralization delineation.

Capitão Drilling

The Capitão Target is located 6 km to the south of Serra Alta along the same granite complex . The two

holes reported today complete assays for the 14-drill hole program (5,114.52m) begun in 2021 and

continued into Q1 2022. The company is integrating this data in an update geological model.

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Figure 1. Reported and Ongoing Drill Hole Locations

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Figure 2. Cross Sections of highlighted Drill Holes*

EAST ZONE

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PIT SUL GOGÓ DA ONÇA

* Note sections are shown at different scale

Table 1. Drill Hole locations

Sector Hole number

UTM E

UTM N

m Elevationm Total Depth m Azimuth Dip

Infill/Condemnation

East Zone FSA-184 8810299.9 820601.2 579.4 459.2 96 -31

East Zone FSA-188 8810582.1 820574.8 664.3 280.6 132 -57

East Zone FSA-192 8810300.9 820600.2 579.1 330.6 110 -33

East Zone FSA-197 8810338.1 820607.4 582.1 226.1 98 -52

East Zone FSA-202 8810279.5 820595.3 570.2 140.7 140 -23

East Zone FSA-205 8810302.2 820601.7 578.8 185.8 135 -27

East Zone FSA-208 8810519.8 820709.8 665.3 499.0 117 -50

East Zone FSA-212 8810270.6 820537.9 524.5 160.9 128 -19

East Zone FSA-213 8810609.3 820473.4 569.7 252.3 98 -28

East Zone FSA-215 8810270.7 820537.1 524.4 259.6 110 -45

East Zone FSA-218 8810273.9 820532.5 524.4 168.0 107 -56

Pit Norte FSA-237 8810142.2 820441.9 460.6 73.2 109 -49

Pit Sul FSA-214 8809603.2 820343.7 468.0 169.1 100 -19

Pit Sul FSA-216 8809617.0 820278.3 452.9 144.6 117 -57

Pit Sul FSA-227 8809801.5 820142.7 414.5 70.6 112 -20

Condemnation FSZ-002 8810209.9 821202.8 689.5 380.4 282 -71

Exploration

Capitão FCP-013 8805771.1 821265.2 554.3 729.3 89 -32

Capitão FCP-014 8805678.5 821177.5 535.5 342.4 90 -29

Gogó da Onça FGO-001 8811098.0 820508.0 539.6 566.4 101 -39

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

*Azimuth Set by compass

*Dip and drill hole trajectory by DEVIFLEX Devico

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Table 2. Drill Hole Composites - Infill Drilling

DDH From To LENGTH (m) True Width (m) Au (g/t)

East

Zone

FSA-184 and 36.46

44.29

7.83

1.01

FSA-184 and 48.82

52.09

3.27

1.38

FSA-184 and 55.29

63.94

8.65

1.09

FSA-184 and 74.04

77.36

3.32

1.25

FSA-184 and 80.80

89.81

9.01

3.29

FSA-184 includes 80.80

84.27

3.47

6.45

FSA-184 and 111.30

121.36

10.06

1.78

FSA-184 includes 112.38

113.59

1.21

12.00

FSA-184 and 142.16

207.88

65.72

1.71

FSA-184 includes 179.25

182.39

3.14

7.16

FSA-184 includes 191.59

195.15

3.56

12.04

FSA-184 and 217.04

218.17

1.13

0.40

FSA-184 and 220.53

227.23

6.70

0.78

FSA-184 and 241.70

242.72

1.02

4.71

FSA-184 and 247.95

249.00

1.05

3.76

FSA-184 and 256.60

260.90

4.30

1.11

FSA-184 and 272.51

276.90

4.39

0.99

FSA-184 and 331.34

353.10

21.76

1.37

FSA-184 includes 349.90

353.10

3.20

4.23

FSA-184 and 367.60

368.69

1.09

2.06

FSA-184 and 399.60

400.60

1.00

1.73

FSA-184 and 411.89

412.89

1.00

0.57

FSA-184 and 437.98

440.19

2.21

3.21

FSA-188 and 125.25

129.08

3.83

3.32

0.29

FSA-188 and 145.82

146.90

1.08

0.94

0.36

FSA-188 and 172.20

181.55

9.35

8.11

0.83

FSA-188 includes 174.30

177.50

3.20

2.78

1.41

FSA-188 and 185.60

188.40

2.80

2.43

0.50

FSA-188 and 210.13

216.18

6.05

5.25

1.58

FSA-188 includes 214.00

215.07

1.07

0.93

5.49

FSA-192 and 34.69

65.56

30.87

29.63

3.10

-8-

FSA-192 includes 54.91

59.00

4.09

3.93

16.57

FSA-192 includes 61.27

63.35

2.08

2.00

3.42

FSA-192 and 68.75

72.87

4.12

3.96

0.37

FSA-192 and 76.00

77.00

1.00

0.96

0.48

FSA-192 and 81.00

82.06

1.06

1.02

0.35

FSA-192 and 90.40

91.40

1.00

0.96

0.47

FSA-192 and 95.00

97.29

2.29

2.20

0.89

FSA-192 and 132.26

138.67

6.41

6.15

1.29

FSA-192 includes 132.26

133.30

1.04

1.00

6.87

FSA-192 and 147.00

152.00

5.00

4.80

1.60

FSA-192 and 163.00

177.86

14.86

14.27

1.83

FSA-192 includes 172.60

175.64

3.04

2.92

4.11

FSA-192 and 188.66

204.06

15.40

14.78

1.44

FSA-192 includes 197.68

199.67

1.99

1.91

4.89

FSA-192 and 221.85

222.91

1.06

1.02

3.61

FSA-192 and 239.93

248.01

8.08

7.76

8.16

FSA-192 and 271.76

275.34

3.58

3.44

0.35

FSA-197 and 66.58

94.35

27.77

24.75

1.03

FSA-197 includes 92.08

93.27

1.19

1.06

4.48

FSA-197 and 103.40

104.64

1.24

1.11

0.36

FSA-197 and 132.65

133.84

1.19

1.06

0.58

FSA-197 and 149.72

150.90

1.18

1.05

2.96

FSA-197 and 157.43

159.61

2.18

1.94

0.42

FSA-197 and 163.30

164.30

1.00

0.89

0.30

FSA-197 and 168.76

169.94

1.18

1.05

0.50

FSA-202 25.16

31.80

6.64

6.13

0.76

FSA-202 and 34.05

36.42

2.37

2.19

1.40

FSA-202 and 39.80

40.91

1.11

1.02

0.49

FSA-202 and 46.14

48.34

2.20

2.03

1.14

FSA-202 and 52.81

71.00

18.19

16.79

1.85

FSA-202 and 86.69

96.43

9.74

8.99

2.34

FSA-202 and 113.61

117.00

3.39

3.13

0.54

FSA-202 and 121.00

126.28

5.28

4.87

0.70

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