Cerrado GOLD Provides Update ON Its Infilll Drilling Program at Serra ALTA and Announces New Exploration Target at Its Monte Do Carmo Project IN Brazil
April 21, 2022 www.cerradogold.com
CERRADO GOLD PROVIDES UPDATE ON ITS INFILLL DRILLING PROGRAM AT
SERRA ALTA AND ANNOUNCES NEW EXPLORATION TARGET AT ITS MONTE
DO CARMO PROJECT IN BRAZIL
• Continued strong results from infill drill program at the Serra Alta deposit and
ongoing satellite exploration program
• New exploration target; Gogó da Onça, drilling underway
TORONTO, ONTARIO - Cerrado Gold Inc. ("Cerrado" or the "Company”) is pleased to announce
additional assay results from its current infill and exploration program at its Monte do Carmo Project
located in Tocantins State, Brazil (“MDC”).
The company is also pleased to announce that it has commenced initial exploration work on a new target
named Gogó da Onça (“Gogo”) which has many similarities to the Serra Alta deposit and is located just
450 metres (“m”) north of the Serra Alta deposit.
Reported assay results include drill holes completed between December 2021 and February 2022
(received by April 11th, 2022). These holes had three distinct objectives:
1) infill drilling in support of resource conversion within the Serra Alta deposit;
2) exploring extensional areas in Serra Alta; and
3) targeting adjacent satellite deposits aiming to better define the district potential.
Drill Hole Highlights (All composites are reported as true thickness):
Sierra Alta (Infill)
FSA-170
• 5.19m at 6.68 g/t Au, from 52.80m
§ Including 1.05m at 19.22 g/t Au from 52.80m
FSA-181
• 21.20 m at 2.99 g/t Au, from 47.64m
§ Including 14.17m at 4.34 g/t Au from 54.67m
FSA-182
• 13.34m at 1.76 g/t Au, from 466.96m
§ Including 4.27 m at 3.63 g/t Au from 466.96m
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FSA-183
• 77.45m at 2.15 g/t Au, from 121.00m
§ including 2.03m at 22.06 g/t Au from 143.09m
FSA-185
• 29.62m at 1.99 g/t Au, from 62.40m
FSA-186
• 43.09m at 3.49 g/t Au, from 37.91m
§ including 6.34m at 17.23 g/t Au from 37.91m
FSA-187
• 18.72m at 2.08 g/t Au, from 140.40m
§ including 1.80m at 5.28 g/t Au from 149.00m
Baru (Satellite)
FBU-008
• 18.59m at 0.95 g/t Au, from 83.20m
§ including 2.05m at 2.98 g/t Au from 98.38m
Mark Brennan, CEO and Co-Chairman commented “We are pleased with the ongoing drill results supporting
the continuity and resource confidence at Serra Alta. While still in the early stages, initial Satellite target results
continue to outline the greater district scale potential. Especially exciting is our new Gogo target where we see
potential to increase the scale of the Monte Do Carmo resource base”
As of April 11th 2022, the Company has received results from 11 new holes totaling 3,042m (980m
completed in 2021) of a planned 23,000m infill campaign in Serra Alta and 16 new holes totaling 7,142 m
from the exploration drill program completed between December 2021 and March 2022.
The Company currently has 7 drills on site actively drilling, mostly focused on the infill, geotechnical and
condemnation drilling to support a resource update and a feasibility study. Remaining drilling activities
are focused on Satellite resources such as Baru, Capitão, Fartura and now Gogo (see tables 1 and 2, figure
1).
The Company has completed 9,229m of drilling in 32 holes of the total 23,000m Infill and geotechnical
campaign in Serra Alta planned for the new resource update. This is combined with a total of 5 holes and
1,360m drilled of the total 16,700m Satellite exploration program.
Currently, six additional holes are in progress for infill and geotechnical purposes at Serra Alta and a
seventh is actively drilling in the first hole at Gogo.
Serra Alta Infill Drilling
The 11 infill holes reported today intercepted the high-grade gold domain in the Serra Alta block model
used by Micon to constrain the grade estimation in the current resource. These new intercepts confirm
the general continuity of the domain both along strike and laterally.
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Drill holes FSA-166, FSA-176 and FSA-170 were collared at the northern edge of Pit Sul and successfully
confirmed the strike length of the zone and high-grade domain. Notable interceptions include hole FSA-
170 with 5.19m at 6.68 g/t Au, from 52.80m, including 1.05m at 19.22 g/t Au from 52.80m.
Drill holes FSA-180, FSA-185 and FSA-186 were collared at the southern half of Pit Norte at shallow angles
confirming the general attitude the Granite / Quartzite contact zone that effectively acts as a hard domain
boundary. Notable results include FSA-186 with 43.09m at 3.49 g/t Au, from 37.91m, including 6.34m at
17.23 g/t Au from 37.91m.
Drill hole FSA-178, FSA-181, FSA-182, FSA-183 and FSA-187 were collared in the East Zone and drilled
through approximately 250m of strike length and more than 300m of lateral extent. The best results
include FSA-181 with 21.20 3m at 2.99 g/t Au, from 47.64 m, including 14.17m at 4.34 g/t Au from 54.67m
and FSA-183 with 77.45m at 2.15/t Au, from 121.00m, including 2.03m at 22.06 g/t Au from 143.09m.
Four holes, FSA-163, FSA-174, FSA-175 and FSA-179 (Table 1, Figure 1) were drilled to evaluate possible
lateral high-grade domains to the west of the Serra Alta deposit. These holes intersected mineralization,
but it appears that the mineralization is restricted to discrete structures with a less consistent grade
distribution.
Satellite Exploration
Gogo Target Area
During February 2022, the Brazilian National Mining Agency (“ANM”) granted full exploration rights to
Cerrado for the Gogo de Onça claims, located immediately north of the current deposit outline. The
Company immediately mobilized its field crew for groundwork including mapping, sampling, and
trenching. Preliminary characterization of the Gogo target is very encouraging as all the main
mineralization controls seen at the Serra Alta deposit are present including:
• mid grain texture granite;
• granite/Felsic Volcanic contact (presumed Cupola, as developed in the East Zone);
• outcropping quartz veins with sulphide stains;
• potassic alteration; and
• presence of artisanal historic working (Garimpos).
The compelling results obtained in the groundwork prompted the company to mobilize an exploration
rig to this zone and drilling started in late March. The Company plans an initial 4 hole campaign to define
the scope and scale of any potential mineralization. The first hole (FGO-001) is in progress and was
collared along the main Serra Alta strike direction, at approximately 450m north of the Existing Serra Alta
Deposit (see Figure 1 and Figure 2 below).
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Figure 1. Reported and Ongoing Drill Hole Locations
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Figure 2. Gogo de Onca plan view
Baru
The Baru Target is located one kilometre (“km”) to the west of the south pit at Serra Alta. To date, 12 holes
have been completed totaling 3,278m. Hole FBU-008 was drilled in section with hole FBU-004 (discovery
hole reported on December 15th, 2021) and confirmed mineralization in the immediate footwall of the
Agua Suja fault. A relevant intercept of this hole includes 18.59m at 0.95 g/t Au from 83.20m. Integrated
results warrant further investigation along strike, especially towards the south where the granitic host is
exposed.
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Capitao Drilling
The Capitao Target is located 6 km to the south of the Serra Alta deposit along the same granite complex.
Including the 4 holes reported today, the Company has completed 14 drill holes and 5,115m of drilling at
Capitao. Integrated results have notably expanded the footprint of the target previously constrained by
historic drilling (Kinross 2007). After successful extensional step outs, a strike length of 500m with
notable wide lateral extents up to 700m has been confirmed.
Fartura Drilling
The Fartura Target is located 2km to the northwest of Serra Alta, also sitting along the granite complex
contact zone. Drill Holes FFA-007 and FFA-008 were drilled to test down dip extension of the projected
mineralization previously intercepted at shallow levels. Both were successful in providing continuity: FFA-
08 intercepted 5.07m at 0.79 g/t gold that can be correlated with the high-grade intercept from hole FFA-
001 that included 5.35m at 1.85 g/t Au (see press release from December 15th, 2021). Current geological
modelling confirms that the host rock of the shallow mineralization (mined informally on surface) in
Fartura is a porphyritic felsic volcanic. The current known outline of mineralization at Fartura extends for
over 200m in strike length and is open both to the north (under sedimentary volcanic) and to the south.
Figure 3. Satellite targets location map
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Table 1. Drill Hole locations
Target Objective Hole Id Easting Northing Elevation Depth Dip Azimuth
Serra Alta Infill FSA-166 820374 8809654 495 331.0 -25 115
FSA-170 820374 8809654 494 300.9 -23 85
FSA-173 820278 8809460 498 136.3 -49 113
FSA-176 820274 8809676 448 210.6 -36 111
FSA-180 820352 8809913 463 217.3 -44 108
FSA-181 820601 8810300 579 362.2 -27 110
FSA-182 820511 8810551 573 625.2 -20 110
FSA-183 820538 8810271 525 311.5 -22 105
FSA-185 820479 8809991 477 134.7 -40 103
FSA-186 820420 8809950 474 221.4 -35 111
FSA-187 820601 8810300 579 191.8 -20 121
Extension FSA-163 820110 8809648 407 219.0 -32 115
FSA-174 820139 8809960 416 100.2 -32 114
FSA-175 820202 8809650 418 170.9 -34 117
FSA-179 820099 8810207 457 165.0 -20 100
Baru Exploration FBU-007 818995 8809212 352 203.7 -32 90
FBU-008 819099 8809319 341 192.9 -50 91
FBU-009 819862 8810534 392 952.2 -45 281
FBU-010 819862 8810534 392 952.2 -75 101
FBU-011 818464 8808916 320 120.2 -32 99
FBU-012 818704 8808871 327 297.2 -19 100
Capitao Exploration FCP-011 821782 8805655 558 102.3 -31 90
FCP-012 821775 8805657 558 147.2 -33 90
Fartura Exploration FFA-005 817880 8810891 558 182.5 -25 45
FFA-006 817617 8810528 511 447.2 -80 98
FFA-007 817685 8810934 585 659.7 -71 101
FFA-008 817912 8810849 548 155.2 -65 106
*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)
FSA-166 6.85 7.94 1.09 1.09 1.40
FSA-166 and 26.72 33.12 6.40 6.40 2.51
FSA-166 includes 32.00 33.12 1.12 1.12 10.42
FSA-166 and 39.06 43.05 3.99 3.99 1.98
FSA-166 and 48.19 50.28 2.09 2.09 1.21
FSA-166 and 56.46 65.54 9.08 9.08 2.31
FSA-166 includes 56.46 58.49 2.03 2.03 9.59
FSA-166 and 76.45 84.82 8.37 8.37 0.86
FSA-166 includes 76.45 78.48 2.03 2.03 1.99
FSA-166 and 92.26 94.32 2.06 2.06 0.57
FSA-166 and 195.91 197.00 1.09 1.09 0.36
FSA-166 and 235.18 235.98 0.80 0.80 0.33
FSA-166 and 257.56 260.74 3.18 3.18 3.65
FSA-166 includes 257.56 258.60 1.04 1.04 8.83
FSA-166 and 263.85 265.88 2.03 2.03 0.62
FSA-166 and 316.85 319.11 2.26 2.26 2.13
FSA-170 6.79 13.04 6.25 6.16 0.61
FSA-170 and 15.05 16.19 1.14 1.12 0.43
FSA-170 and 18.20 19.20 1.00 0.99 0.84
FSA-170 and 22.39 40.30 17.91 17.64 0.84
FSA-170 includes 36.15 38.17 2.02 1.99 2.20
FSA-170 and 44.55 45.59 1.04 1.02 0.73
FSA-170 and 52.80 58.07 5.27 5.19 6.68
FSA-170 includes 57.00 58.07 1.07 1.05 19.22
FSA-170 and 63.27 64.31 1.04 1.02 0.70
FSA-170 and 68.53 70.64 2.11 2.08 1.07
FSA-170 and 74.68 75.77 1.09 1.07 1.60
FSA-170 and 84.01 87.21 3.20 3.15 1.70
FSA-170 includes 86.16 87.21 1.05 1.03 3.40
FSA-170 and 89.30 92.30 3.00 2.96 0.69
FSA-173 3.28 4.32 1.04 1.00 0.72
FSA-173 and 8.92 11.00 2.08 2.01 0.54
FSA-176 and 19.09 20.20 1.11 1.09 0.46
FSA-176 and 65.80 102.17 36.37 35.65 0.92
FSA-176 includes 65.80 67.68 1.88 1.84 3.13
FSA-176 includes 70.50 71.50 1.00 0.98 2.57
FSA-176 includes 85.53 87.62 2.09 2.05 6.69
FSA-176 includes 91.97 92.98 1.01 0.99 2.23
FSA-176 includes 96.98 97.98 1.00 0.98 2.98
FSA-176 includes 101.07 102.17 1.10 1.08 2.58
FSA-176 and 107.82 108.82 1.00 0.95 0.64
FSA-176 and 114.79 115.72 0.93 0.88 0.60