Cerrado Gold Intercepts 41.65m at 2.51g/t Au, 10.8m at 2.83g/t Au, 4.23m at 17.22g/t and 18.8m at 3.4g/t Au from Its Phase 2 District Drilling Program at Monte Do Carmo Project in Brazil

• Current program targeting extension within Serra Alta deposit and other district targets in Monte Do Carmo.
• Results include mineralized lateral step outs in the Eastern Sector of Serra Alta beyond the current extent of the high-grade domain.
• Drilling underway at the Capitao and Fartura regional satellite targets.

Toronto, Ontario–(Newsfile Corp. – July 14, 2021) – Cerrado Gold Inc. (TSXV: CERT) (“Cerrado” or the “Company”) is pleased to announce further assay results from its Phase 2 drill program at the Serra Alta deposit at its Monte do Carmo Project located in Tocantins State, Brazil (“MDC”). Phase 2 started in late May targeting further extensional areas in Serra Alta and is also targeting adjacent satellite deposits aiming to better define the district potential. Phase 2 follows the successful completion of Phase 1 that focused on infill and extension drilling exclusively in the Serra Alta deposit, and which results are the basis for the resource update, expected for later this month. A new Preliminary Economic Assessment is expected to be completed in early August. The Company is reporting assay results from 9 drill holes (see tables 1 & 2), out of a total of 16 drill holes completed as of July 11 as part of Phase 2.

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

FSA-150

• 4.43m at 3.81 g/t Au, from 346.40 m
• 4.23m at 17.22 g/t Au, from 349.87 m

FSA-151

• 5.84 m at 6.00 g/t Au, from 189.04 m
  • including 2.93m at 10.16 g/t Au from 191.0 m
• 10.77 m at 2.83 g/t Au, from 205.60 m

FSA-157

• 5.47 m at 12.51 g/t Au, from 464.99 m

FSA-159

• 41.65 m at 1.62 g/t Au, from 69.75m
  • including 11.33m at 6.86 g/t Au from 70.78 m

Mark Brennan, CEO and Co-Chairman commented, “We are pleased with the ongoing drill results supporting our overall hypothesis for the potential at Serra Alta and the greater district scale opportunity we see to materially grow the scale of the Monte Do Carmo resource base. He continued, “We continue to await the updated resource estimate and Preliminary Economic Assessment for the Serra Alta deposit, which we believe should demonstrate a strong base from which to grow.”

The Phase II drill program plan includes a total of 14,000m of drilling at the Serra Alta Deposit (Figure 1) and other satellites including Capitão, Fartura and Ferradura.

The assays results reported in this press release were received up until July 12, 2021, and the full extent of nine diamond drill holes, totaling 3,583 m completed in Serra Alta. As of July 11, ten holes have been completed in Serra Alta extensional areas (assays pending for one hole), four drill holes have been competed in Capitao (with 2 additional ones in progress), and two holes have been completed in the Fartura Target (with one in progress). Assays results of the satellites targets are still pending.

Phase 1 results jointly with the ongoing resource update, has allowed the Company to refine considerably the understanding of the controls on mineralization including: host rock, proximity to intrusive contact zones, relevant hydrothermal alteration, and late offsetting structures. Quartz veins and gold mineralization tend to blossom along the granite contact with felsic volcanic and quartzites. The contact zone is segmented along strike by late faults that juxtapose blocks with different geometry and vein density. This empiric model is being applied in the drill planning and interpretation of early results in the new satellite target areas. District scale exploration started on the Capitao and Ferradura zones, currently the highest ranked targets outside Serra Alta in Cerrado’s property holdings based upon historical data and recent surface work.

Serra Alta Assays Results

Most of the drill holes reported extended into zones beyond the current high-grade domain modeled in Serra Alta after the Phase 1 Results (see accompanying cross sections

Table 2. Drill Hole Composites

To view an enhanced version of Table 2, please visit:
https://orders.newsfilecorp.com/files/6185/90259_cerradotable1.jpg

Quality Assurance and Quality Control

Analytical work was carried out by SGS Geosol International Lab (SGS). MDC sends half core samples for sample preparation to the lab. SGS prepares samples at Belo Horizonte and at the same facility performs gold assays by fire assay (FAA505) or metallic screen (FAASCR_150_Au-Grav), the coarse fraction of metallic screen is assayed at Belo Horizonte and alternatively in Lima, Peru.

SGS 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 uses standard QA/QC procedures, 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.).

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich., 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
mbrennan@cerradogold.com

Nicholas Campbell, CFA
Director, Corporate Development
Tel: +1-905-630-0148
ncampbell@cerradogold.com

About Cerrado Gold

Cerrado Gold is a public gold producer and exploration company with gold production derived from its 100% owned Minera Don Nicolás mine in Santa Cruz province, Argentina. It also owns 100% of the assets of Minera Mariana 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 ability of Cerrado to expand its drilling program at its Minera Don Nicolas Project and increase its resources. 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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