Serra Alta Deposit Infill Drill Program At Monte Do Carmo Project

TORONTO - Cerrado Gold Inc. reported on the ongoing infill drill program at the Serra Alta deposit at its Monte do Carmo Project located in Tocantins State, Brazil (MDC). The infill drill program commenced in Q4 2021 with the aim to upgrade the resources into Measured and Indicated categories to support the ongoing Feasibility Study. The 2022 development program is on track to deliver the Feasibility Study during Q1 2023.

The Company is currently reporting assay results from 18 drill holes, totaling 3,809m completed from April to June 2022. A total of 117 drill holes, totaling 28,864 m, have been completed as part of the 2022 program. Total completed holes include 102 holes at Serra Alta (infill, condemnation, and partial extensions); and 15 holes in the satellite exploration areas namely, Gogo de Onça and Capitao. The Company currently has 5 drill rigs on site actively drilling, with 4 rigs focused on infill and one actively drilling at Gogo de Onça.

Mark Brennan, CEO and Co-Chairman, said, "As we near completion of our infill drilling campaign we are now confident that we will deliver a solid upgraded resource at Serra Alta, which will provide a base for the ongoing Feasibility due to be completed during Q1 2023. In addition, the ongoing regional drilling and other exploration activities continues to highlight the strong potential to grow the total resources on the Monte do Carmo property."

Serra Alta Infill main objective of the 18 infill drill holes is to convert inferred blocks within the current open pit constrained resource estimate (Micon, 2021) into the Indicated category, closing the distance between holes informing blocks in the model. Holes include, 8 collared in the East Zone, 6 in Pit Norte and 4 in Pit Sul.

Drill holes FSA-223, FSA-225, FSA-236, FSA-241, FSA-242, FSA-245, FSA-248, FSA-256 were collared in the East Zone. Main high-grade domains were intercepted with varying grade reconciliation with respect to the existing model. The best reported intercept in the east zone corresponds to holes FSA-223 and FSA-241 collared in the northern and central segments of East Zone respectively. Hole FSA-223 is located close to the current northern edge of the resource. Hole FSA-241 is exceptional as it includes a relevant thick and continuous interval in a relatively deeper zone where the original model only considered dismembered narrower discrete zones. The main intercept is defined by 71m at 2.50 g/t Au from 113m, including 6.5m at 17.28 g/t Au from 119m.

Drill holes FSA-226, FSA-229, FSA-230, FSA-243, FSA-247 and FSA-249 were collared in Pit Norte. The highlights in this zone are holes FSA-243 and FSA-249. The former intercepted a well-endowed area in the immediate footwall of the granite volcanic contact. Assays in hole FSA-243 returned 32m at 2.60 g/t Au from 85m, including 4m at 11.27 g/t Au from 85m and 5m at 6.75 g/t Au from 104m. Hole FSA-249 was drilled in section with FSA-241 intercepted 25m at 3.23 g/t Au from 55m confirming downdip continuity.

Drill holes FSA-251 and FSA-253 were collared in Pit Sul. Most relevant results are included in hole FSA-251 which crossed 6m at 4.52 g/t Au from 29m confirming the previous outline of the shallow high-grade mineralization that will conceptually be part of the early phases of mining.