Cerrado GOLD Reports True Thickness of 42 Metres at 1.82 G/T Au and 14 Metres at 5.98 G/T Au and 2 Metres at 37.85 G/T Au from Its Ongoing Phase I Drill Program at Its Monte Do Carmo Project IN Brazil
February 24, 2021 www.cerradogold.com
CERRADO GOLD REPORTS TRUE THICKNESS OF
42 METRES AT 1.82 g/t Au AND 14 METRES AT 5.98 g/t Au AND 2 METRES AT
37.85 g/t Au FROM ITS ONGOING PHASE I DRILL PROGRAM AT ITS
MONTE DO CARMO PROJECT IN BRAZIL
Current drill results continue to expand Serra Alta resource by intersecting strong
values with significant visible gold over broad zones of mineralization.
Cerrado to start trading Thursday February 25th on TSX Venture Exchange:
Symbol: TSXV: CERT.
TORONTO, ONTARIO - Cerrado Gold Inc. ("Cerrado" or the "Company”) (TSX.V: CERT) is very pleased to
announce additional drill results from a further six drill holes from its ongoing 17,000-metre definition
drilling program at the Serra Alta deposit, at its Monte do Carmo (“MDC”) Project located in Tocantins
State, Brazil. The drill results highlighted in this release are from drill holes: FSA 99, FSA101, FSA102,
FSA104, FSA 105 and FSA 106. Additional drill results will be announced as assays are made available
over the next few months.
Drill Hole Highlights:
FSA102
True thickness 41.96 metres at 1.82g/t Au, from 114.30m to 161.60m
o including true thickness 11.44 metres at 4.86g/t Au, from 129.70m to 142.60m,
FSA105
True thickness 6.30 metres at 3.09g Au/t, from 37.60 to 43.90m
FSA106
True thickness 14.15 metres at 5.98g/t Au, from 103.85m to 118.00m
o including true thickness 2.00 metres at 37.85g/t Au, from 116.00m to 118.00m
Mark Brennan, Co-Chairman and CEO commented: “Based upon the exceptional mineralization intersected
to date, we remain highly confident that the drill program continues to support our objective of expanding and
upgrading the known resource at Serra Alta. We expect the results from this Phase 1 drill program should
support the Company’s target to grow the resource at Serra Alta to our 1.5MM ounce target by the end of March
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2021. A Phase 2 drill program is expected to commence immediately following this program in April and is
targeted to grow the resource base to between 2.0-2.5MM oz by year end. “
He continued, “In addition, ongoing regional surface mapping and other work continues to develop additional
targets within the same geological environment to expand the overall resource potential on the greater Monte
Do Carmo property. We plan to drill a good number of these regional targets in the Phase 2 program, which
we believe will demonstrate the compelling district potential that we see clearly at Monte Do Carmo.”
The drill results reported in this press release were received through February 20 th, 2020 and represent
complete results for FSA 99, FSA 101, FSA102, FSA 104, FSA 105 and FSA106. The results indicate that
these drill holes have been successful in confirming and expanding the mineralization. As of Friday
February 19th, 2021, Cerrado has completed 12,231 metres of its ongoing Phase I drill program targeting
17,000-metres and is on track to complete the program by the end of March 2021. Subsequent to the
completion of this Phase 1 drill program, the company anticipates that it will commence a further 14,000-
metre, Phase 2 drill program, focused on further resource expansion and the drilling of several satellite
targets with the aim to further expand the resource potential at the Monte Do Carmo project.
The current drill holes intersected broad zones of hydrothermal alteration with abundant points of visible
gold. The alteration is typical for the Serra Alta deposit, including the abundance of quartz veinlets,
potassic & chloritic alteration, including sulphides (pyrite, sphalerite, and galena) with visible gold.
To date, the bulk of the drill results reported fall within the limits of the open pit outlined in the
Preliminary Economic Assessment (“PEA”), to constrain the current resources defined at the Serra Alta
deposit at its Monte Do Carmo gold project in Tocantins State, Brazil (See SEDAR filing December 6, 2018).
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Drill Hole Location Map
Drilling
The first phase of the current drill program at Serra Alta, which began at the end of September 2020,
follows the success of the 2018 drill program which resulted in a maiden NI 43-101 compliant resource
estimate with an effective date of December 5, 2018 of an Inferred Mineral Resource totaling 813,000 oz
of gold contained within 13,639,000 tonnes grading 1.85 g/t Au (see Sedar Report filed December 6, 2018.
This new Phase I program is expected to consist of approximately 17,000-metres of drilling; mainly step-
out and downdip to define additional ounces and a modest amount of infill drilling to upgrade a portion
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of the resource base to the Measured and Indicated Mineral Resource 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 represents only the first of four known additional targets which are targeted to grow the
resource base on the overall Monte Do Carmo project land package.
The drilling and supporting assay results will build upon the success of Cerrado’s earlier drilling program.
Cerrado is targeting to define a resource between 1.2 million and 1.6 million ounces at an average grade
of between 1.5 g/t to 2.0 g/t Au. Cerrado expects this program to be completed by end of March 2021.
Investors are cautioned that this resource target is conceptual in nature at this time and there has been
insufficient exploration to define a new mineral resource. It is uncertain if further exploration will result
in the target being delineated as a mineral resource.
Tables 1 summarizes the drill hole information. Table 2 summarizes the significant assay results.
Table 1. Drill hole information
Hole_ID Easting Northing Elevation DEPTH (m) dip(°) Azimuth
FSA-99 820,557.50 8,809,673.30 568.17 474.97 -40.66 110
FSA-101 820,670.82 8,810,545.33 660.95 651.08 -45.82 85
FSA-102 820,607.10 8,810,339.07 582.37 520.56 -31.39 63
FSA-104 820,136.36 8,809,686.60 414.40 306.90 -31.66 110
FSA-105 820,307.34 8,809,456.06 504.62 227.85 -34.55 100
FSA-106 820,417.65 8,809,976.65 460.08 411.86 -32.29 105
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Table 2. Drill Hole Composites
Quality Assurance and Quality Control
Analytical work was carried out by 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 1,110 Km from
the MDC project. MDC 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
DDH From To LENGTH (m) True Width (m) Au (g/t)
FSA-99 and No significant values
FSA-101 244.59 246.76 2.17 2.05 1.51
FSA-101 and 263.36 264.39 1.03 0.97 0.97
FSA-101 and 454.43 455.42 0.99 0.93 3.32
FSA-101 and 461.79 464.90 3.11 2.93 2.30
FSA-102 86.59 88.79 2.20 1.95 1.16
FSA-102 and 98.80 100.00 1.20 1.06 1.58
FSA-102 and 103.00 104.00 1.00 0.89 1.78
FSA-102 and 114.30 161.60 47.30 41.96 1.82
FSA-102 includes 129.70 142.60 12.90 11.44 4.86
FSA-102 includes 150.60 154.60 4.00 3.55 1.98
FSA-102 includes 158.60 161.60 3.00 2.66 1.94
FSA-102 and 277.15 279.15 2.00 1.77 0.67
FSA-102 and 305.22 306.20 0.98 0.87 4.20
FSA-102 and 311.20 312.20 1.00 0.89 1.46
FSA-102 and 357.67 358.70 1.03 0.91 1.67
FSA-102 and 363.06 365.21 2.15 1.91 1.34
FSA-102 and 435.13 437.23 2.10 1.86 2.26
FSA-102 and 446.06 448.10 2.04 1.81 2.04
FSA-102 and 450.15 452.25 2.10 1.86 2.41
FSA-102 and 455.25 456.25 1.00 0.89 1.31
FSA-104 17.60 19.80 2.20 2.20 1.46
FSA-104 and 65.35 66.35 1.00 1.00 1.59
FSA-104 and 157.96 159.05 1.09 1.09 6.58
FSA-104 and 170.11 176.00 5.89 5.89 0.78
FSA-104 and 201.70 203.65 1.95 1.95 1.15
FSA-105 4.18 9.20 5.02 5.02 0.99
FSA-105 and 37.60 43.90 6.30 6.30 3.09
FSA-105 and 52.58 53.58 1.00 1.00 0.76
FSA-106 12.86 15.00 2.14 2.14 2.22
FSA-106 and 19.00 22.19 3.19 3.19 2.09
FSA-106 and 45.24 56.70 11.46 11.46 2.08
FSA-106 and 72.00 82.00 10.00 10.00 2.11
FSA-106 and 103.85 118.00 14.15 14.15 5.98
FSA-106 includes 116.00 118.00 2.00 2.00 37.85
CERRADO GOLD
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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 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 included in the batches following MDC internal protocols.
Review of Technical Information
The 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.
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 private gold production and exploration company with gold production derived from
its 100% owned Minera Don Nicolas mine 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
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, “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 and projections as at the date
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 Cerrado Gold. In making the forward- looking statements contained in this press release, Cerrado
Gold has made certain assumptions, including, but not limited to the potential to expand and upgrade the known mineral
resources at its Serra Alta project. 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
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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, competitive, 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.