Cerrado GOLD Reports Metalllurgical Test Results at Its Monte Do Carmo GOLD Project IN Brazil
September 16, 2021 www.cerradogold.com
CERRADO GOLD REPORTS METALLLURGICAL TEST RESULTS AT ITS MONTE DO
CARMO GOLD PROJECT IN BRAZIL
• Details from Metallurgical test works supports gold recoveries of 98.5%
TORONTO, ONTARIO – CERRADO GOLD (TSX.V: CERT) (OTCQX: CRDOF) ("Cerrado" or the "Company”) is
pleased to announce latest metallurgical test work results that outlines the processes and results for the
metallurgical test work for process route definition and determination of process parameters for the
Serra Alta deposit at its Monte Do Carmo project in Tocantins State Brasil . Results support an expected
gold recovery rate of 98.5% as used in the PEA. The process reviewed the expected global gold recovery
using gravity concentration followed by floatation and leaching of the gravity concentrate tailings.
Mark Brennan, CEO of Cerrado Gold commented “We are extremely pleased to release further details of the
metallurgical test results that support the robust results presented in the recent PEA for the Serra Alta deposit
which showed an NPV5% of $617 MM at a gold price of $1,600/ oz. The results further demonstrate the
tremendous economic advantage offered by the mineral characteristics at the Serra Alta deposit. We will
continue to explore Serra Alta and regional analogue deposits to determine the full potential of the Monte do
Carmo gold district.”
The latest metallurgical test work results were part of Cerrado’s recently released NI 43 -101 Preliminary
Economic Assessment (“PEA”) based upon the recently expanded 43 -101 resources defined at the Serra
Alta deposit at its Monte do Carmo gold project in Tocantins State, Brazil (see press release dated August
23, 2021). The test work was completed by Testwork Process Development Ltda and was incorporated
into the recent PEA completed by GE21 Consultoria Mineral Ltda (“GE21”). The full report is expected on
our website www.cerradogold.com imminently.
Test procedures incorporated four samples totaling 300 kilograms (kg), which were collected from drill
holes representing the two main areas (East Zone, Pit South+ North Zone) plus a cut-off/low grade sample
of all zones and a blend of the three previously mentioned. ICP assays of samples did not identify any
metals that could potentially be cyanicides indicating a low cyanide consumption and lower residence
time of the leach operations. Samples were assayed by SGS Brazil and returned the following grades:
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Table 1: Sample grade assays
Samples were then ground to various particles sizes to determine the the distribution of gold for each
particle size fraction and its recovery by leaching with cyanide. It shows that gold is released for leaching
from the coarsest fractions, however, to optimize the recovery of gold the ore should be ground below
106 μm. The various samples followed the metallurgical testing program as shown in the flowsheet
below.
Chart 1: Process Flowsheet
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Table 2: Gold Recoveries
Gravimetric concentration tests were also performed. Gravity concentrations were made in the
laboratory using an MD3 concentrator from FLSmidth (Knelson) before leaching/CIL and Flotation tests.
Direct leaching (without carbon) and CIL tests were performed with the tailings of gravity concentrations.
As shown in the table below gravity concentration recovered as much as 85% of the gold.
Table 3: Gravity Concentration Recoveries
The Rejects from gravimetric processing then reported to a flotation circuit, followed by CIL leach of the
concentrate derived from flotation The first Table shows the average recoveries in direct leaching and
CIL and the second Table shows the Global reco veries that includes the gravimetric concentration plus
leaching and CIL. The residence times of leaching do not exceed 12 hours to obtain maximum recovery
and with the use of activated carbon this time may be even shorter. Cyanide consumption was in the
order of 0.2kg/t for the BLC sample.
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Table 4: Gold Recoveries Direct Leaching & CIL
Flotation tests were performed that showed excellent results as well. The Table below has a summary of
the results of rougher flotations.
In summary the testwork confirmed excellent recovery of gold is anticipated at Serra Alta with overall
metallurgical recovery as high as 98.6 % in line with recovery assumptions on the recently completed
PEA.
Technical Disclosure
The reader is advised that the PEA summarized in this press release is intended to provide only an initial,
high-level review of the project potential and design options. The PEA mine plan and economic model
include numerous assumptions and the use of Inferred Mineral R esources. Inferred Mineral Resources
are considered to be too speculative to be used in an economic analysis except as allowed for by
Canadian Securities Administrators’ National Instrument 43 -101 in PEA studies. There is no guarantee
the project economics described herein will be achieved.
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Cerrado Gold Inc. will publish no later than September 17 th a Technical Report on SEDAR prepared in
accordance with NI 43-101 that documents the PEA study and supports the current disclosure.
Independent Qualified Persons
Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), MAIG, director of GE21 Consultoria Mineral
Ltda and B. Terrence Hennessey, P.Geo., Vice President of MICON International Limited, are the Qualified
Persons as defined in NI 43 -101 responsible for the Technical Report and are all independent of the
Company.
Quality Assurance Quality Control:
The scientific and technical information in this press release has been reviewed and approved by Porfírio
Cabaleiro Rodriguez, Mining Engin eer, BSc (Mine Eng), MAIG , director of GE21 Consultoria Mineral Ltda,
and B. Terrence Hennessey, P.Geo. , Vice President of MICON International Limited , all of whom are
Qualified Persons as defined in NI 43-101.
About GE21
GE21 is a specialized and independent mineral consulting firm based on a multi -disciplinary technical
team, which offers services covering most project development stages in the mining sector.
The senior staff and Board of Directors have extensive technical and operational experience, based on
collaboration with relevant companies in the fields of exploration and mineral consulting in Brazil going
back to the 1980's.
GE21's services cover the entire mining cycle, from business strategies and target generation and
investments to mine closure. GE21 routinely provides services for mineral exploration, project
development, geological valuations, and resource and reserve estimation and certification according to
international standards, including JORC and NI 43- 101. In addition, GE21 also serves the mining industry
by working with operators in connection with mine planning and mine optimization, technical and
economic studies as well as technical audits and the application of best market practices advocated by
various international codes.
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] [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 also 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.
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ACCURACY OF THIS RELEASE.
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This press release contains statements that constitute “forward -looking information” (collectively, “forward -
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
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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
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forward-looking sta tements to reflect actual results, whether as a result of new information, future events,
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