Cerrado Gold Reports Successful Completion of Its Phase I Drill Program at Its Monte Do Carmo …

The additional metres drilled, relative to the original targeted metres, were drilled to ensure Cerrado hit disclosed targets of upgrading and expanding the Company’s maiden mineral resource estimate.

The first phase of the current drill program at Serra Alta, which began at the end of September 2020, follows the success of the 2018 drill program which resulted in the mineral resource estimate contained in the Company’s current preliminary economic assessment , with an effective date of December 5, 2018, outlined an inferred resource totaling 813,000 oz of gold contained within 13,639,000 tonnes grading 1.85 g/t Au.

It was initially planned to consist of approximately 17,000 metres of drilling; mainly step-outs and downdip drilling, to define additional ounces and a modest amount of infill drilling to upgrade a portion of the resource base to the Measured and Indicated resource categories focusing on the known Serra Alta deposit.

Timing of the drill result assays have been severely impacted by the COVID 19 pandemic at both the prep labs in Brazil and the analytical labs in Lima, Peru, resulting in longer than planned turnaround times.

Subsequent to the completion of the new MRE, the Company plans to undertake a new Preliminary Economic Assessment on what is anticipated could be a materially larger resource that can deliver either a longer mine life or support the development of a larger scale operation relative to previous studies.

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.

This Technical Report, titled ” Technical Report for the Las Calandrias Project Santa Cruz, Argentina” and dated February 17, 2021, was prepared by Paul J.

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.

In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions, including, but not limited to the results of the Phase I drill program and modelling at its Serra Alta Deposit, the potential to expand and upgrade the known mineral resources at its Serra Alta Deposit, the completion of the a new mineral resource estimate and preliminary economic assessment, and the ability of Cerrado to expand its drilling program at its Monte do Carmo Project and increase its resources.

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