Cabral Gold (CBR.V): Drills 3m @ 13.2 g/t gold at Hamilton Novo, 300m North of MG Gold Deposit, Cuiú Cuiú District, Brazil

Vancouver, British Columbia–(Newsfile Corp. – April 29, 2021) – Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) (“Cabral” or the “Company“) is pleased to provide assay results from follow-up RC holes at the Hamilton Novo target immediately south of the recently identified Machichie zone, as well as additional diamond drill results from infill drilling at the MG gold deposit within the Cuiú Cuiú gold district in northern Brazil.

Highlights are as follows;

• Hole RC-63 drilled at Hamilton Novo returned 3m @ 13.2 g/t gold including 1m @ 36.7 g/t gold. Hamilton Novo is one of six recently identified NE trending veins that occur between the MG gold deposit and the new Machichie zone where recent drilling returned 34m @ 5.4 g/t gold

• Previous surface trenching at Hamilton Novo returned 5.8m @ 16.0 g/t gold 75m to the NE of RC-63 along the same Hamilton Novo vein structure while a single historic diamond drill hole drilled 35m NE of RC-63 returned 3m @ 7.4 g/t gold

• Additional Infill drilling at MG on the same section as holes DDH-208 and 209 within the post-mineral cover sequence has continued to return significant intervals of low-grade gold mineralization including 14m @ 1.1 g/t gold in DDH-211

Alan Carter, Cabral’s President and CEO commented, “The initial RC drill results from the Hamilton Novo vein structure suggest the continuity of high-grade mineralization both at depth and along strike. This area comprises a series of largely untested high-grade NE trending veins that are located within an area that is 500m across in a N-S sense, between the MG deposit and the recently discovered Machichie zone, both of which trend east-west. The additional results from MG could be a game changer and continue to demonstrate that the MG deposit is covered by an extensive low-grade oxide gold blanket which was not previously included in the historic 2018 resource estimate, and could add significant ounces to the MG resource.”

Hamilton Novo Follow-up Drill Results

The Hamilton Novo target is one of six recently identified NE trending veins with significant high grade gold values on surface and is located approximately 300m north of the MG gold deposit and 250m south of the recently identified Machichie zone where recent drilling returned 34m @ 5.4 g/t gold, including 13m @ 13.4 g/t gold (see news release dated January 7, 2021).

Previous channel sampling across the exposed vein at Hamilton Novo returned 5.8m @ 16.0 g/t gold and a single historic diamond drill hole drilled 40m SW of that channel sample returned 3m @ 7.4 g/t gold. Hole RC-63 was drilled 35m SW of the previous drill hole and returned 3m @ 13.2 g/t gold including 1m @ 36.7 g/t gold. These results suggest that the high-grade zone at Hamilton Novo could have continuity along strike and further follow-up drilling is planned.

Figure 1: RTP 1VD ground magnetic map showing the location of recent drill holes at the Hamilton Novo target and the location of both the MG gold deposit and the recently identified Machichie mineralized zone

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MG Diamond Drilling

Assay results were returned on two additional diamond drill holes (DDH 210 and 211) which were completed at MG as part of the drilling program designed to define the limits to the high-grade zones within the existing MG and Central deposits at Cuiú Cuiú. These holes were drilled on the same section as the recently reported diamond drill holes 208 and 209 (see press release dated April 15, 2021).

Diamond drill holes 210 and 211 were both shallow holes (Figures 2 and 3) and were drilled up dip within the cover sequence in order to test the continuity of oxide gold mineralization in the post-mineral cover sequence which appears to form a continuous blanket of near-surface oxide gold mineralization which was undoubtedly eroded from the underlying hard rock MG deposit over time.

DDH-211 returned 14m @ 1.1 g/t gold from 24m depth. This is undoubtedly the same zone as the historic hole DDH-104 which returned 12m @ 2.3 g/t gold and appears to be derived from the erosion of the recently identified high-grade 104 Zone where recent drilling intersected 2.1m @ 29.4 g/t gold. DDH 210 also intersected 12.7m @ 0.28 g/t gold from 8m depth (Figures 2 and 3).

Additional drill results are pending on diamond drill holes aimed at testing the high-grade zones at MG and the extent of the gold-in-oxide blanket.

Figure 2: Map showing the location of drill holes at the MG gold deposit and the location of high-grade zones (ellipses) which are being targeted as part of the current drill program.

Results from DDH 210 and 211 are shown in yellow

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Figure 3: Cross-section through the MG gold deposit, the gold-in-oxide blanket and the parallel 104 zone showing recent drill results from holes DDH 210 and DDH 211

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Reconnaissance RC Drilling

Results are pending on several RC holes at the JM and JN targets which have not been previously tested. The drill program at JN was abandoned due to excessive water flows which meant that none of the holes reached the projected target depth and hence were unable to test the down-dip extent of the high-grade vein structure on surface which returned 5.3m @ 24.0 g/t gold. The JN target will instead be tested via diamond drilling in the coming months.

The rig has now moved and is currently drilling at the Morro da Lua target where a single drill hole completed during 2019 intersected several high-grade vein structures including 2.8m @ 19.5 g/t gold , 0.5m @ 9.1 g/t and 0.6m @ 14.8 g/t gold.

About Cabral Gold Inc.

The Company is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Two gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24g/t (800,000 oz).

The Tapajós Gold Province is the site of the largest gold rush in Brazil’s history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest garimpo in the Tapajós and produced an estimated 2Moz of placer gold historically.

FOR FURTHER INFORMATION PLEASE CONTACT:

“Alan Carter”

President and Chief Executive Officer
Cabral Gold Inc.

Tel: 604.676.5660

Guillermo Hughes, P. Geo. FAusIMM and AIG., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will”, “expected” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: strategic plans and future operations, and results of exploration. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.

Notes

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company’s exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.

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