CERT.V · 2021-05-11 12:00:00

Cerrado GOLD Report S 8.6 M at 14.1 G/T Au and 16.2m at 3.4g/t Au and 27 M at 2.6 G/T Au from Its Phase I Drill Program a T

Drill Results Exploration Programs

May

, 20

www.cerradogold.com

CERRADO GOLD

REPORT

8.6

m AT

14.1

g/t

AND

16.2m AT 3.4g/t Au AND

2.6

g/t

FROM ITS PHASE I DRILL PROGRAM A

ITS

MONTE DO

CARMO

OPEN PIT

PROJECT

BRAZI



Numerous high

grade gold intercepts

above current resource grade

discovered

during

Serra Alta

Phase I drilling



Program c

ontinues

intersect

ing

elevated

values

with significant visible gold over

broad zones of mineralization



Cerrado Operations and Exploration Update Investor Call: May 11, 2021 11:00 AM

Eastern Time (US and Canada)

TORONTO, ONTARIO

Cerrado Gold Inc.

(TSXV.V:CERT)

Cerrado

" or the

"Company

”)

is very

pleased

announce

additional

drill

result

from

a further

seven

drill hole

from its

completed

Phase I (18,998

metre

definition drilling program

the

Serra Alta

deposit,

at its

Monte do Carmo

(

“

”

)

Project

located

Tocantins State, Brazil

The

drill

results

highlighted

in this release

are

from drill hole

, FSA

FSA

, FSA

and

FSA

124

, FSA 1

26, FSA130

and FSA

. Additional

drill

results

will be

announced as

assays are made

available over

the next

few

months.

Drill Hole Highlights

(All

composites are reported as true thickness)

FSA



16.24

m at

3.44

g/t

rom

312.20

Including 1.05m at 31.60 g/t Au from 328.61m

FSA1



8.57

m at

14.13

g/t

, f

rom

Including

3.01m

38.38

g/t Au from

181.59

FSA

18.40

m at

2.17

g/t Au, from

193.10



including

6.14

m at

4.95

g/t

Au from

198.17m

FSA



27.01

m at

2.58

g/t

Au, f

rom

31.44

including

7.74

m at

6.60

g/t Au from

31.44

FSA

133

6.67m at 3.92g/t Au, from 152.80m.

Mark Bre

nan,

CEO and

Chairman

commented

“

We are

extremely pleased that the ongoing drill results

from the Phase 1 program at Serra Alta continue to support our view of the potential scale of this deposit as

we move into the Phase 2 portion of the drill program. The most recent results also highlight th

e potential to

see an overall improvement in resource grade

relative to the current resource.

”

He continued

“

As we await

the

pending

assay results for the outstanding holes to be completed

(

25 of 55

holes

currently reported)

, we are

making preparations to

update our mineral resource estimate and complete a new PEA for Serra Alta that we

are confident will demonstrate the robust potential at Serra Alta. Further

we remain confident that

our Phase

2 drill program

which

has

recently co

mmenced

will demonstrate the potential of some

of the nearby regional

tar

gets

providing insight into

the large regional potential of the

Monte Do Carmo

district.”

The drill results

reported in this press release

were

received

up until Ma

202

and

represent

complete results for FSA

thru 113,

FSA

FSA 1

and

FSA 1

Including the

assays for

holes reported today

, Cerrado has reported assay results for 25 of 55 holes drilled in the Phase I program.

The results indicate that

ese

drill hole

been

very

successful in confirming

and expanding

the

mineral

ization

The

current

rill hole

intersected broad zones of hydrothermal alteration with

many instances

of visible

gold. The alteration is typical for

the

Serra Alta

deposit,

including

the

abundance

quartz veinlets,

potassic, chloritic and sulphides (py, spl, and gal) with visible gold.

To date, the bulk of the drill results reported fall within the pit

boundary

outlined

in the

Preliminary

Economic Assessment (“PEA”) o

the current resources defined at the Serra Alta deposit at its Monte

Carmo gold project in Tocantins State, Brazil

(See Press Release

December 5, 2018

)

The PEA, titled

"Independent Technical Report

Preliminary Economic Assessment for Serra Alta Deposit, Monte do

Carmo Project, Tocantins State, Brazil" and dated October 14, 2020 with an effective date of December

5, 2018, was prepared by Porfírio Cabalei

ro Rodriguez, B. Terrence Hennessey, Bernardo Horta de

Cerqueira Viana and Paulo Roberto Bergmann.

Drill Hole Location Map

Drilling

first phase

of the current drill

program

at Serra Alta,

which began at the end of

September

2020

the success of the 2018

drill

program which

resulted in a maiden resource estimate

disclosed in

the PEA

of an

nferred

esource

totaling

813,000 oz of gold

contained within 13,639,000 tonnes grading

1.85 g/t Au

This

Phase I

program consist of 1

8,998

tres

of drilling

;

mainly

step

out and

downdip to define

additional ounces and a modest amount of

infill drilling

upgrade

a portion

of the resource base

to the

Measured and Indicated

esource

categories focusing

on the known

Serra Alta deposit. This deposit is

1.5 kilometres long

, 400m wide,

and

remains open along strike and at depth

and represent

only the first

known

additional

targets

which are targeted

to grow the resource on the overall Monte Do C

project land package

Table 1. Drill hole information

Hole_ID

Easting

Northing

Elevation

DEPTH (m)

dip(°)

Azimuth

FSA

111

820,767.14

8,810,481.75

661.62

478.44

52.53

100

FSA

112

820,606.68

8,810,338.90

494.28

567.65

34.34

FSA

113

820,264.27

8,810,293.74

491.58

402.23

31.15

FSA

124

820,502.51

8,810,519.69

572.54

311.85

30.31

110

FSA

126

820,283.78

8,809,526.47

456.58

394.03

30.19

100

FSA

130

820,370.95

8,809,653.58

582.30

459.59

30.81

100

FSA

133

820,574.84

8,810,582.35

664.69

280.43

45.14

Table 2. Drill Hole

Composites

DDH

From

LENGTH (m)

True Width (m)

Au (g/t)

FSA-111

255.66

256.72

1.06

0.98

1.10

FSA-111

and

271.49

280.24

8.75

8.10

0.55

FSA-111

and

292.43

294.43

2.00

1.85

1.08

FSA-111

and

312.20

329.74

17.54

16.24

3.44

FSA-111

includes

317.12

319.29

2.17

2.01

7.93

FSA-111

includes

328.61

329.74

1.13

1.05

31.60

FSA-111

and

335.14

336.14

1.00

0.93

1.07

FSA-111

and

344.63

347.02

2.39

2.21

1.79

FSA-111

and

350.34

351.49

1.15

1.06

1.32

FSA-111

and

354.90

363.65

8.75

8.10

0.83

FSA-112

and

165.20

168.36

3.16

0.78

FSA-112

and

180.48

189.05

8.57

14.13

FSA-112

include

181.59

184.60

3.01

38.38

FSA-112

and

345.75

351.66

5.91

0.83

FSA-112

and

403.70

405.70

2.00

3.61

FSA-112

include

403.70

404.70

1.00

6.62

FSA-112

and

523.01

525.12

2.11

1.18

FSA-113

and

7.10

8.13

1.03

0.94

5.09

FSA-124

109.61

113.00

3.39

0.53

FSA-124

and

124.43

128.56

4.13

1.04

FSA-124

includes

124.43

125.46

1.03

2.30

FSA-124

and

183.93

184.90

0.97

2.22

FSA-124

and

193.10

211.50

18.40

2.17

FSA-124

includes

198.17

204.31

6.14

4.95

FSA-124

includes

210.48

211.50

1.02

5.67

FSA-124

and

260.70

265.90

5.20

1.11

FSA-124

includes

260.70

261.70

1.00

5.26

FSA-124

and

275.18

276.27

1.09

1.30

FSA-126

163.22

165.20

1.79

1.09

1.79

FSA-130

0.00

5.22

1.06

FSA-130

and

10.95

12.93

1.98

1.43

FSA-130

and

22.30

28.35

6.05

0.70

FSA-130

and

31.44

58.45

27.01

2.58

FSA-130

includes

31.44

39.18

7.74

6.60

FSA-130

includes

57.37

59.53

2.16

5.70

FSA-130

and

79.73

80.68

0.95

2.25

FSA-130

and

88.31

90.56

2.25

6.00

FSA-130

and

277.28

283.80

6.52

3.15

FSA-130

includes

277.28

279.40

2.12

6.34

FSA-130

and

305.26

306.26

1.00

3.68

FSA-133

152.80

159.60

6.80

6.67

3.92

FSA-133

includes

153.95

157.33

3.38

3.31

7.30

FSA-133

and

167.89

168.97

1.08

1.06

1.55

CERRADO GOLD

Quality

Assurance

and

Quality

Control

Analytical work was carried out

ALS international lab (ALS). The facilities of the prep lab are

located in

Goiânia, Brazil 835 km from MDC and alternatively in Belo Horizonte, Brazil

110

Km from

the

project

. MD

sends out

their

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 (

AA24

)

or gold (ppm) by me

tallic screen (Au

SCR24)

he ICP

(Inductively coupled plasma mass spectrometry) is

selected

randomly

for trace elements

acid

(hydrofluoric, perchloric, nitric and hydrochloric) digestion (

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 used standard

QA/QC procedures, when inserting reference standards and blanks, for

the drilling program.

The

Reference material used are from CDN Resource Laboratories Ltd.

and ITAK (Instituto de Tecnologia

August Kekulé Ltda.) Brazilian supplier i

ncluded

the

ches following MD

internal protocols.

Review

Technical

Information

e scientific and technical information in this press release has been reviewed and approved by

Robert Campbell, P.Geo., Vice President, Exploration for Cerrado Gold Inc., who is a Qualified Person

as defined in National Instrument 43

101.

Investor Call

Top

ic: Cerrado

Operations and Exploration Update

Investor Call

Time: May 11, 2021 11:00 AM Eastern Time (US and Canada)

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For further information please contact

Mark Brennan

Nicholas Campbell

, CFA

CEO and Co Chairman

Director, Corporate Development

Tel: +1

647

796

0023

Tel.: +1

905

630

0148

[email protected]

About Cerrado Gold

Cerrado Gold is a

public gold producer and exploration company with gold production derived from its

100% owned Minera Don Nicolás mine in Santa Cruz province, Argentina. It also owns 100% of the assets

of Minera Mariana in Santa Cruz province, Argentina. The company is al

so undertaking exploration at its

100% owned Monte Do Carmo project located in Tocantins, Brazil. For more information about Cerrado

Gold 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, “fo

rward

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 dat

e 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 Cer

rado Gold. In making the forward

looking statements contained in this press

release, Cerrado Gold

has made certain assumptions, including, but not limited to ability of Cerrado to expand

its drilling program at its Minera Don Nicolas Project and increase

its resources. Although Cerrado Gold

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, competi

tive, 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 Gold

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.

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