Cerrado Gold Completes Feasibility Infill Drill Program and Is Finalizing Plans for an Aggressive Exploration Program at Its Monte Do Carmo Project in Brazil

• 48,842m infill/extensional/condemnation drilling program completed
• Feasibility Study completion expected May 2023
• 23,000m step-out exploration program to begin shortly
• Monte do Carmo property still considered in "Discovery" phase

TORONTO, ON / ACCESSWIRE / January 31, 2023 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is pleased to announce additional results from its 2022/23 infill/extensional drill program for the completion of its Feasibility Study expected by the end of May at its Monte Do Carmo Project located in Tocantins State, Brazil ("MDC").

The 2022/23 drill program has successfully upgraded the bulk of the known resources into Measured and Indicated categories, targeted new extensional zones and condemned areas for project infrastructure in support of the ongoing Feasibility Study. The final hole as part of this program was completed last week. Full assay results from the program are expected to be completed in February.

The Company is now finalizing plans for the 2023 exploration program which will be designed to test numerous targets along a 30km stretch of known mineralization within the Monte Do Carmo property. While moving towards production, the Monte do Carmo property is still considered to be under explored and in the "Discovery" phase with potential for significant new deposits.

The Company is currently reporting assay results from 17 drill holes, totaling 4,913m (see Tables 1 & 2) completed from October to December 2022. As of January 16, 2022, a total of 193 drill holes, totaling 48,842m have been completed as part of the program started in early 2022, including 157 holes at Serra Alta: and 36 holes in the satellite exploration areas.

Drill Hole Highlights (All composites are reported as true thickness):

Serra Alta (Infill)

FSA-308

• 11m at 5.39 g/t Au from 3m
  • Including 4m at 11.91 g/t Au from 7m
• 39m at 1.46 g/t Au from 101m
  • Including 2m at 10.19 g/t Au from 43m

FSA-286

• 25m at 19.01g/t Au from 443.18m
  • Including 3m at 178.46 g/t Au from 446m

FSA-309

• 91m at 2.09g/t Au from 66m
  • Including 7m at 19.09 g/t Au from 110m

Mark Brennan, CEO and Co-Chairman commented, "The infill program at Serra Alta has been extremely successful in converting the majority of known resources for the pending feasibility study, as well as having identified several extensional zones, namely Gogo do Onca, E2 and the new and very promising Northeast zone."

He continued, "While work continues to focus on delivering the Feasibility Study, we are very excited to be in the final stages of planning an aggressive new exploration program for 2023 at Monte do Carmo. There are a substantial number of gold showings and targets on the property that have not yet been drill tested where we see the potential for future discoveries similar to Serra Alta. We remain convinced of the district scale potential at Monte Do Carmo."

East Zone

Drill holes FSA-286, FSA-307, FSA-309, FSA-311, FSA-313, FSA-315, FSA-316, FSA-317, FSA-318, FSA-319 were collared in the East Zone. The best reported intercepts in the East Zone correspond to hole FSA-286 that intercepted a notable discrete sheer quartz vein that reported 3m at 178.46 g/t Au from 446m (including 1 m at 412 g/t). The shear vein has a Northwest orientation.

This intercept defines an interesting zone of coalescence of at least 3 fertile structures, including the mentioned shear zone, the East Zone/E2 general trend of extensional veins (North-South) and the main E3 Porphyritic Dyke orientation (West/Northwest). Cerrado considers that conceptually these intersection zones may represent second order control of higher-grade trends.

Hole FSA-309 is also outstanding. Shallow dipping drilling targeted the granite in proximity to the volcanic intrusive contact intercepting 91m at 2.09g/t Au from 66m, including 7m at 19.09 g/t Au from 110m. Results confirm the significance of the contact zone in terms of extending the continuity and lateral extent of the mineralization and consolidate a well-endowed area on the northern edge of the east zone.

Pit Norte

Drill Holes FSA-308, FSA-310 and FSA 320 were collared in Pit Norte. The best intercept comes from hole FSA-308, collared in the central part of the zone. FDS-308 intercepted 11m at 5.39 g/t Au from 3m, including 4m at 11.91 g/t Au from 7m; and 39m at 1.46 g/t Au from 101m, including 2m at 10.19 g/t Au from 43m. This shallow intercept confirms the low strip in this segment of the Pit which is expected to be exploited during the early phases of mining.

East 3 (E3)

Drill Hole FSA-306 targeted the recently discovered E3 zone. Mineralization in E3 relates to the occurrence of a granitic porphyry dyke with a general West/Northwest direction, that provides a permissive host rock and fluid conduits to upper stratigraphic levels. Holes have been drilled in different directions to better constrain the geometry and extent of the dyke. The best intercept in E3 reported today is from hole FSA-305 that crosses 3m (apparent width) at 2.14 g/t. E3 remains open both along strike and down dip.

Figure 1. Reported and Ongoing Drill Hole Locations

Figure 2. Select Highlighted Cross Sections of Reported Holes

East Zone

E3

Pit Norte

* Scales vary by section

Table 1. Drill Hole Collar Table

*Collar coordinates by GNSS TP-20 UTM Coordinates, Datum: SAD69 / zone 22S.
*Azimuth Set by compass
*Dip and drill hole trajectory by SPT (Stockholm Precision Tools) GyroMaster™

Table 2. Drill Hole Composites