• 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 25^th on TSX Venture Exchange:

Symbol: (TSXV: CERT)

Toronto, Ontario–(Newsfile Corp. – February 25, 2021) – Cerrado Gold Inc. (TSXV: CERT) (“Cerrado” or the “Company”) 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
  • 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
  • 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 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 19^th, 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).

To view an enhanced version of this Table, please visit:
https://orders.newsfilecorp.com/files/6185/75460_f05896091491286f_003full.jpg

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 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
CEO and Co Chairman
Tel: +1-647-796-0023
[email protected]

Nicholas Campbell, CFA
Director, Corporate Development
Tel: +1-905-630-0148
[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 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.

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