Cerrado Gold Intercepts 17.9 g/t Gold over 17 Metres Including 36.9 g/t Gold over 6.5 Metres at Its Minera Don Nicolas Gold Project in Argentina

First drill hole from 12,000-metre drill program focused on near mine and brownfield targets for potential high-grade resources

Toronto, Ontario–(Newsfile Corp. – March 15, 2021) – CERRADO GOLD (TSXV: CERT) (“Cerrado” or the “Company”) is pleased to announce the results from its first drill hole from its 12,000-metre exploration drill program starting at the Baritina Target, at its Minera Don Nicolás Project (“Minera Don Nicolás” or the “MDN Project”) located in Santa Cruz province, Argentina. The focus for the current 12,000-metre exploration program is to delineate new, high grade, near surface mineralization that can be brought into the production schedule in the near term. Results highlighted in this release are from the first drill hole, PA-D21-42. Cerrado has completed 2,127 metres of drilling to March 11. Additional drill results will be announced as assays are made available over the next few months.

Drill Hole Highlights:

PA-D21-42

• True thickness 17.00m grading 17.91g/t Au, starting from 56.00m
  • including true thickness 6.50m grading 36.94g/t Au, from 66.50m

Mark Brennan, Co-Chairman and CEO commented “We are very pleased that our first exploration drill results have come back so strongly and believe this reinforces our long-held view of the highly prospective nature of the Minera Don Nicolas gold project. We look forward to continuing and expanding the exploration program to increase the overall resource with improved grade and greater overall tonnes that will continue to add value at Minera Don Nicholas.”

The current exploration drill program at the Minera Don Nicolás Project commenced on February 5^th at the Baritina target, within the Paula-Andrea Prospect (Figure 1). The drill results reported in this press release were received March 11^th, 2021 and represent complete results for hole PA-D21-42, which is the first of nine holes (PA-D21-42 thru 50) totaling 1,068 metres completed at Baritina (see Figure 2). Also, attached is a cross section of the mineralization (Figure 3). The assay results for the remaining holes are pending and will be released over the coming weeks as they become available. The drill rig has now moved 300 metres south and east onto the Chulengo Target, also a part of the Paula Andrea prospect, to test this highly prospective adjacent area, while awaiting additional assay results from Baritina. The current exploration drill program is expected to test numerous near mine and brownfield targets over the course of the next few months and is on track for completion by the end of June 2021.

Figure 2: Current Baritina Exploration Program Drill Hole Location Map

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6185/77232_c3fae83994013a3f_003full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77232