Cerrado Gold drills 1.48 g/t gold over 82.6 metres at Monte do Carmo, Brazil

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Cerrado Gold Inc. [CERT-TSXV; CRDOF-OTCQX] reported further assay results from its continuing infill drill program at the Serra Alta deposit and from additional exploration targets outside the current resource base at its 100%-owned Monte do Carmo (MDC) project located in Tocantins state, Brazil.

The infill drill program commenced in Q4 2021 with the objective of upgrading existing resources and supporting the continuing feasibility study. The 2022 development program is on track to deliver an updated resource in Q3 2022 and a feasibility study in Q1 2023. In parallel, Cerrado continues to drill district targets, including the newly discovered Gogo da Onca area.

The company is currently reporting assay results from 19 drill holes completed from February to May, 2022, including 15 infill holes and one condemnation drill hole at Serra Alta, and three additional exploratory drill holes. As of June 17, 2022, a total of 89 drill holes, totalling 21,460 metres, have been completed as part of the 2022 program: 78 holes at Serra Alta (infill plus condemnation and partial extensions); six holes at Gogo da Onca (exploration); four holes at Capitao (exploration); and one hole at Eldorado (condemnation). Infill drill results reported today show excellent grade and width reconciliation from the inferred blocks in the current resource estimate at Serra Alta. The company is also pleased to report assay results of the discovery hole at Gogo.

The company currently has seven rigs on site actively drilling, with six rigs focused on infill and geotechnical programs and a seventh actively drilling the initial holes at Gogo.

Drill hole highlights (all composites are reported as true thickness). At Serra Alta (infill), drill hole FSA-184 returned 65.7 metres at 1.71 g/t gold from 142.2 metres, including 3.1 metres at 7.16 g/t gold from 179.3 metres, including 3.6 metres at 12.04 g/t gold from 191.6 metres.

FSA-192 returned 29.6 metres at 3.1 g/t gold from 34.7 metres, including 3.9 metres at 16.57 g/t gold from 54.9 metres and 7.8 metres at 8.16 g/t gold from 239.9 metres. FSA-205 returned 57.5 metres at 1.56 g/t gold from 91.9 metres.

FSA-214 returned 15.5 metres at 6.38 g/t gold from 45 metres, including 3.2 metres at 21.18 g/t gold from 56.4 metres. FSA-215 returned 82.6 metres at 1.48 g/t gold from 86.5 metres. FSA-218 returned 21.3 metres at 2.84 g/t gold from 118.6 mteres.

At Gogo da Onca, FGO-001 returned 20.4 metres at 0.78 g/t gold from 96.2 metres, including 2.2 metres at 2.01 g/t gold from 101.2 metres.

Mark Brennan, CEO and co-chairman, commented: “We continue to look for strong conversion rates of inferred to measured and indicated resources from our infill program and increasing potential to grow the existing resource to the east at Serra Alta. The initial hole at Gogo confirms our expectation that this target has strong potential to add near-mine, near-surface ounces to our Monte do Carmo project and demonstrates the potential to continue to grow resources outside of Serra Alta.”

The main objective of the 15 infill drill holes reported today (11 collared at the East zone, one in Pit Norte and three in Pit Sul) is to convert inferred blocks within the model into the indicated category by closing the drill spacing between holes. Results confirm the general continuity of the high-grade domains within the constraining pit shell, both along strike and laterally.

The Capitao Target is located 6 km to the south of Serra Alta along the same granite complex. The two holes reported today complete assays for the 14-drill hole program (5,114.52m) begun in 2021 and continued into Q1 2022. The company is integrating this data in an update geological model.

Cerrado Gold is a public gold producer and exploration company with gold production derived from its 100% owned Minera Don Nicolas mine in Santa Cruz province, Argentina. It also owns 100% of the assets of Minera Mariana in Santa Cruz province, Argentina.

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