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Cerrado Gold Reports Additional Results From its Infill Drill Program at the Serra Alta Deposit at its Monte do Carmo Project in Brazil

Aug 8, 2022

  • Notable results in all three zones of the deposit (East Zone, Pit Norte, and Pit Sul) Including:
    • FSA-241: 71m at 2.50 g/t Au from 113m;
    • FSA-249: 25m at 3.23 g/t Au from 55m;
    • FSA-223: 29m at 2.36 g/t Au from 186m;
    • FSA-243: 32m at 2.60 g/t Au from 85m; and
    • FSA-251: 6m at 4.52 g/t Au from 29m.
  • Drill Program on track to deliver an updated Mineral Resource Estimate (MRE) in support of the ongoing Feasibility Study.

Toronto, Ontario–(Newsfile Corp. – August 8, 2022) – Cerrado Gold Inc. (TSXV: CERT) (OTCQX: CRDOF) (“Cerrado” or the “Company”) is pleased to announce further assay results from its ongoing infill drill program at the Serra Alta deposit at its Monte do Carmo Project located in Tocantins State, Brazil (“MDC”). The infill drill program commenced in Q4 2021 with the aim to upgrade the resources into Measured and Indicated categories to support the ongoing Feasibility Study. The 2022 development program is on track to deliver the Feasibility Study during Q1 2023.

The Company is currently reporting assay results from 18 drill holes, totaling 3,809m (see Tables 1 & 2) completed from April to June 2022. As of August 2, 2022, a total of 117 drill holes, totaling 28,864 m, have been completed as part of the 2022 program. Total completed holes include 102 holes at Serra Alta (infill, condemnation, and partial extensions); and 15 holes in the satellite exploration areas namely, Gogó de Onça and Capitão.

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

Serra Alta (Infill)

FSA-241

  • 71m at 2.50 g/t Au from 113m
    • Including 6.5m at 17.28 g/t Au from 119m

FSA-249

  • 25m at 3.23 g/t Au from 55m
    • Including 2m at 19.76 g/t Au from 78m

FSA-243

  • 32m at 2.60 g/t Au from 85m
    • Including 4m at 11.27 g/t Au from 85m
    • Including 5m at 6.75 g/t Au from 104m

FSA-242

  • 48m at 1.35 g/t Au from 163
    • Including 2m at 4.92 g/t Au from 186m

FSA-223

  • 29m at 2.36 g/t Au from 186m,
    • Including 4m at 15.30 g/t Au from 202m

FSA-248

  • 2m at 25.96 g/t Au from 333m

FSA-226

  • 41m at 2.25 g/t Au from 140m
    • Including 2m at 17.25 g/t Au from 170m

FSA-251

  • 6m at 4.52 g/t Au from 29m

The Company currently has 5 drill rigs on site actively drilling, with 4 rigs focused on infill and one actively drilling at Gogó de Onça.

Mark Brennan, CEO and Co-Chairman commented “As we near completion of our infill drilling campaign we are now confident that we will deliver a solid upgraded resource at Serra Alta, which will provide a base for the ongoing Feasibility due to be completed during Q1 2023. In addition, the ongoing regional drilling and other exploration activities continues to highlight the strong potential to grow the total resources on the Monte do Carmo property.”

Serra Alta Infill

The main objective of the 18 infill drill holes reported today is to convert inferred blocks within the current open pit constrained resource estimate (Micon, 2021) into the Indicated category, closing the distance between holes informing blocks in the model. Holes reported today include, 8 collared in the East Zone, 6 in Pit Norte and 4 in Pit Sul (see Figure 1 for drill hole locations, and Figure 2 for cross sections of highlighted holes).

Drill holes FSA-223, FSA-225, FSA-236, FSA-241, FSA-242, FSA-245, FSA-248, FSA-256 were collared in the East Zone. Main high-grade domains were intercepted with varying grade reconciliation with respect to the existing model. The best reported intercept in the east zone corresponds to holes FSA-223 and FSA-241 collared in the northern and central segments of East Zone respectively. Hole FSA-223 is located close to the current northern edge of the resource. Hole FSA-241 is exceptional as it includes a relevant thick and continuous interval in a relatively deeper zone where the original model only considered dismembered narrower discrete zones. The main intercept is defined by 71m at 2.50 g/t Au from 113m, including 6.5m at 17.28 g/t Au from 119m.

Drill holes FSA-226, FSA-229, FSA-230, FSA-243, FSA-247 and FSA-249 were collared in Pit Norte. The highlights in this zone are holes FSA-243 and FSA-249. The former intercepted a well-endowed area in the immediate footwall of the granite volcanic contact. Assays in hole FSA-243 returned 32m at 2.60 g/t Au from 85m, including 4m at 11.27 g/t Au from 85m and 5m at 6.75 g/t Au from 104m. Hole FSA-249 was drilled in section with FSA-241 intercepted 25m at 3.23 g/t Au from 55m confirming downdip continuity.

Drill holes FSA-251 and FSA-253 were collared in Pit Sul. Most relevant results are included in hole FSA-251 which crossed 6m at 4.52 g/t Au from 29m confirming the previous outline of the shallow high-grade mineralization that will conceptually be part of the early phases of mining.

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Figure 1. Reported and Ongoing Drill Hole Locations

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Figure 2. Select Highlighted Cross Sections of Reported Holes* (East Zone)

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Figure 2.1 Select Highlighted Cross Sections of Reported Holes* (East Zone)

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Figure 2.2 Select Highlighted Cross Sections of Reported Holes* (East Zone)

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Figure 2.3 Select Highlighted Cross Sections of Reported Holes* (East Zone)

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Figure 2.4 Select Highlighted Cross Sections of Reported Holes* (Pit Norte)

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Figure 2.5 Select Highlighted Cross Sections of Reported Holes* (Pit Norte)

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Figure 2.6 Select Highlighted Cross Sections of Reported Holes* (Pit Norte)

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Figure 2.7 Select Highlighted Cross Sections of Reported Holes* (Pit Sul)

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Note: Scale vary by section

Table 1. Drill Hole Composites

Sector DDH From To LENGTH (m) True Width (m) Au (g/t)

East Zone

FSA-223 and 162.60 165.79 3.19 3.19 0.73
FSA-223 and 185.65 214.46 28.81 28.81 2.36
FSA-223 includes 201.47 205.26 3.79 3.79 15.30
FSA-223 and 236.40 239.56 3.16 3.16 0.67
FSA-223 and 246.72 247.65 0.93 0.93 0.99
FSA-223 and 254.05 255.20 1.15 1.15 0.55
FSA-223 and 288.75 291.18 2.43 2.43 0.75
FSA-223 and 295.30 297.30 2.00 2.00 1.23
FSA-223 and 303.00 304.08 1.08 1.08 0.36
FSA-223 and 311.30 318.49 7.19 7.19 1.03
FSA-223 includes 316.37 317.44 1.07 1.07 2.40
FSA-223 and 333.05 345.00 11.95 11.95 0.54
FSA-223 includes 337.35 338.44 1.09 1.09 2.35
FSA-223 and 348.27 349.37 1.10 1.10 0.70
FSA-223 and 358.55 359.55 1.00 1.00 0.70
FSA-223 and 367.26 368.19 0.93 0.93 0.78
FSA-223 and 377.50 378.58 1.08 1.08 0.80
FSA-223 and 382.95 424.48 41.53 41.53 1.11
FSA-223 includes 389.45 390.27 0.82 0.82 6.80
FSA-223 includes 410.24 411.35 1.11 1.11 11.10
FSA-223 and 427.83 428.90 1.07 1.07 0.83
FSA-225 and 81.07 82.10 1.03 1.03 0.45
FSA-225 and 106.57 115.09 8.52 8.52 0.51
FSA-225 includes 109.69 110.83 1.14 1.14 2.51
FSA-225 and 120.39 122.59 2.20 2.20 0.59
FSA-225 and 160.53 161.54 1.01 1.01 0.82
FSA-225 and 175.50 195.62 20.12 20.12 0.80
FSA-225 includes 190.31 192.37 2.06 2.06 3.99
FSA-225 and 198.71 199.88 1.17 1.17 0.78
FSA-236 and 82.34 83.37 1.03 1.03 0.36
FSA-236 and 86.69 87.70 1.01 1.01 0.50
FSA-236 and 105.65 107.43 1.78 1.78 2.56
FSA-236 and 128.20 129.20 1.00 1.00 0.32
FSA-236 and 132.58 133.54 0.96 0.96 0.68
FSA-236 and 137.70 138.84 1.14 1.14 0.33
FSA-236 and 146.33 150.75 4.42 4.42 0.38
FSA-236 and 153.93 154.96 1.03 1.03 0.43
FSA-236 and 191.95 193.04 1.09 1.09 5.15
FSA-236 and 198.40 199.45 1.05 1.05 0.61
FSA-236 and 207.80 211.00 3.20 3.20 0.33
FSA-236 and 219.40 228.20 8.80 8.80 2.28
FSA-236 includes 221.30 222.30 1.00 1.00 16.45
FSA-236 and 233.25 234.25 1.00 1.00 1.01
FSA-236 and 245.50 246.74 1.24 1.24 0.69
FSA-236 and 254.35 255.41 1.06 1.06 0.31
FSA-236 and 308.20 310.16 1.96 1.96 0.59
FSA-242 and 132.73 134.86 2.13 1.79 1.40
FSA-242 and 149.97 151.98 2.01 1.69 0.72
FSA-242 and 157.38 159.59 2.21 1.85 0.93
FSA-242 and 162.80 219.44 56.64 47.51 1.35
FSA-242 includes 185.83 187.91 2.08 1.74 4.92
FSA-242 includes 215.23 217.28 2.05 1.72 4.64
FSA-248 and 289.10 291.16 2.06 1.87 0.74
FSA-248 and 307.23 313.60 6.37 5.79 1.58
FSA-248 includes 312.50 313.60 1.10 1.00 5.21
FSA-248 and 323.97 326.07 2.10 1.91 1.93
FSA-248 and 333.25 335.35 2.10 1.91 25.96
FSA-248 and 343.92 356.85 12.93 11.75 0.91
FSA-248 and 361.60 379.30 17.70 16.09 0.78
FSA-248 and 385.63 387.72 2.09 1.90 0.49
FSA-248 and 415.71 422.48 6.77 6.15 1.68
FSA-241 and 4.82 29.10 24.28 22.47 1.11
FSA-241 includes 19.38 25.76 6.38 5.91 2.34
FSA-241 and 36.04 37.19 1.15 1.06 0.44
FSA-241 and 49.69 50.74 1.05 0.97 2.21
FSA-241 and 58.27 63.66 5.39 4.99 1.48
FSA-241 and 79.77 88.58 8.81 8.15 0.22
FSA-241 and 94.75 96.78 2.03 1.88 0.45
FSA-241 and 112.53 189.43 76.90 71.18 2.50
FSA-241 includes 118.80 125.85 7.05 6.53 17.28
FSA-241 includes 137.72 138.77 1.05 0.97 11.95
FSA-241 includes 187.19 189.43 2.24 2.07 11.28
FSA-241 and 196.56 197.58 1.02 0.94 1.08
FSA-241 and 217.95 221.09 3.14 2.91 0.51
FSA-241 and 240.23 244.38 4.15 3.84 0.82
FSA-241 and 250.91 252.01 1.10 1.02 0.36
FSA-245 and 2.65 13.22 10.57 10.57 0.70
FSA-245 and 50.07 51.20 1.13 1.13 0.44
FSA-245 and 65.32 71.70 6.38 6.38 0.48
FSA-245 and 78.17 81.44 3.27 3.27 0.81
FSA-245 includes 80.32 81.44 1.12 1.12 1.59
FSA-245 and 86.80 90.02 3.22 3.22 0.32
FSA-245 and 121.33 130.78 9.45 9.45 0.75
FSA-245 includes 122.40 124.17 1.77 1.77 2.42
FSA-256 and 5.21 6.44 1.23 1.23 0.36
FSA-256 and 58.17 60.32 2.15 2.15 0.62
FSA-256 and 126.40 127.54 1.14 1.14 0.47
FSA-256 and 137.22 138.22 1.00 1.00 0.47
FSA-256 and 155.34 156.24 0.90 0.90 1.19
FSA-256 and 181.77 182.84 1.07 1.07 0.31
Pit Norte FSA-226 and 8.35 12.35 4.00 3.81 0.34
FSA-226 and 22.03 23.06 1.03 0.98 0.60
FSA-226 and 26.97 69.65 42.68 40.61 1.43
FSA-226 includes 28.03 29.11 1.08 1.03 7.08
FSA-226 includes 31.23 36.86 5.63 5.36 2.17
FSA-226 includes 59.00 62.85 3.85 3.66 2.80
FSA-226 and 103.26 104.36 1.10 1.05 1.81
FSA-229 and 70.50 71.60 1.10 1.10 0.98
FSA-230 and 10.29 17.84 7.55 7.05 1.06
FSA-230 and 42.04 55.15 13.11 12.24 2.19
FSA-230 includes 42.04 43.18 1.14 1.06 12.65
FSA-230 and 61.55 81.12 19.57 18.26 0.50
FSA-243 and 67.46 68.46 1.00 0.93 0.30
FSA-243 and 69.52 70.70 1.18 1.09 0.38
FSA-243 and 73.75 74.89 1.14 1.06 0.67
FSA-243 and 85.44 120.05 34.61 32.06 2.60
FSA-243 includes 85.44 89.50 4.06 3.76 11.27
FSA-243 includes 103.74 108.88 5.14 4.76 6.75
FSA-247 and 0.00 16.41 16.41 15.13 0.88
FSA-247 includes 5.88 8.88 3.00 2.77 1.93
FSA-247 and 24.50 28.59 4.09 3.77 1.62
FSA-247 and 31.63 32.73 1.10 1.01 1.47
FSA-247 and 36.21 44.25 8.04 7.41 0.38
FSA-247 and 52.21 62.19 9.98 9.20 1.65
FSA-247 includes 52.21 53.22 1.01 0.93 5.72
FSA-247 includes 59.83 60.97 1.14 1.05 8.61
FSA-247 and 69.34 70.46 1.12 1.03 5.64
FSA-249 and 0.22 1.85 1.63 1.57 0.37
FSA-249 and 8.35 15.73 7.38 7.12 1.78
FSA-249 includes 12.85 13.78 0.93 0.90 5.26
FSA-249 and 19.97 21.11 1.14 1.10 0.71
FSA-249 and 36.35 42.02 5.67 5.47 0.91
FSA-249 includes 39.70 40.95 1.25 1.21 3.65
FSA-249 and 43.20 44.32 1.12 1.08 0.43
FSA-249 and 55.27 81.35 26.08 25.15 3.23
FSA-249 includes 65.73 67.90 2.17 2.09 4.13
FSA-249 includes 70.08 71.08 1.00 0.96 13.50
FSA-249 includes 77.87 80.09 2.22 2.14 19.76
FSA-249 and 89.69 90.72 1.03 0.99 1.48
FSA-249 and 107.66 117.63 9.97 9.62 3.73
FSA-249 includes 115.57 117.63 2.06 1.99 14.33
Pit Sul FSA-251 and 8.37 10.52 2.15 1.43 0.52
FSA-251 and 14.86 15.86 1.00 0.67 1.60
FSA-251 and 28.52 37.80 9.28 6.18 4.52
FSA-251 includes 33.72 35.75 2.03 1.35 17.32
FSA-251 and 45.22 46.25 1.03 0.69 0.41
FSA-251 and 50.41 74.45 24.04 16.02 1.52
FSA-251 includes 50.41 51.45 1.04 0.69 6.41
FSA-251 includes 59.23 60.23 1.00 0.67 5.79
FSA-251 includes 71.24 73.40 2.16 1.44 8.18
FSA-251 and 86.23 93.55 7.32 4.88 2.56
FSA-251 includes 86.23 87.30 1.07 0.71 10.90
FSA-251 and 99.00 100.00 1.00 0.67 0.30
FSA-251 and 104.00 109.15 5.15 3.43 0.83
FSA-253 and 81.25 83.30 2.05 1.40 1.69
FSA-253 and 87.55 88.60 1.05 0.72 0.34
FSA-244 and 7.92 9.15 1.23 1.23 0.38
FSA-244 and 14.23 16.27 2.04 2.04 1.08
FSA-244 and 27.73 54.82 27.09 27.09 1.33
FSA-244 includes 30.98 33.14 2.16 2.16 10.63
FSA-244 and 62.45 63.56 1.11 1.11 0.94
FSA-244 and 67.95 82.00 14.05 14.05 1.41
FSA-244 includes 77.95 82.00 4.05 4.05 4.58
FSA-244 and 123.02 124.02 1.00 1.00 0.39
FSA-244 and 130.00 133.15 3.15 3.15 0.51
FSA-255 and 95.65 99.70 4.05 2.06 0.51

 

Table 2. Drill Hole locations

Sector Hole number UTM N
m
UTM E
m
Elevation
m
Depth
m
Azimuth Dip
East Zone FSA-223 8810544 820676 661 444.1 106 -44
East Zone FSA-225 8810504 820501 570 250.8 98 -21
East Zone FSA-236 8810479 820471 567 331.3 98 -19
East Zone FSA-241 8810372 820568 552 289.1 121 -47
East Zone FSA-242 8810498 820618 668 268.4 127 -56
East Zone FSA-245 8810415 820581 555 255.4 112 -33
East Zone FSA-248 8810437 820778 663 480.8 98 -55
East Zone FSA-256 8810416 820580 555 202.3 100 -46
Pit Norte FSA-226 8810101 820381 449 136.3 112 -47
Pit Norte FSA-229 8809950 820304 446 110.2 111 -49
Pit Norte FSA-230 8810094 820354 446 134.8 104 -56
Pit Norte FSA-243 8809986 820477 477 147.7 121 -38
Pit Norte FSA-247 8809983 820454 467 76.0 121 -44
Pit Norte FSA-249 8810016 820431 464 141.3 116 -33
Pit Sul FSA-244 8809654 820375 495 206.9 104 -18
Pit Sul FSA-251 8809652 820374 494 110.2 130 -20
Pit Sul FSA-253 8809679 820444 561 112.7 142 -71
Pit Sul FSA-255 8809678 820444 561 110.8 158 -60

 

*Collar coordinates by GNSS TP-20 UTM Coordinates, Datum: SAD69 / zone 22S.
*Azimuth Set by compass
*Dip and drill hole trajectory by DEVIFLEX Devico

Quality Assurance and Quality Control

Analytical work was carried out by ALS international lab (ALS). MDC send half core samples for sample preparation to the lab. The facilities of the prep lab are located in Goiânia, Brazil 835 km from the MDC project and alternatively in Belo Horizonte, Brazil 1,110 Km from the MDC project. MDC sends out samples to ALS international labs (ALS) with the prep lab located in Goiânia or alternatively in Belo Horizonte. ALS lab sends the prepared aliquots for analytical assay to their lab in Lima, Peru where the prepared samples are systematically analyzed for gold (ppm) by fire assay (Au-AA24) or gold (ppm) by metallic screen (Au-SCR24). Randomly the ICP (Inductively coupled plasma mass spectrometry) is done for trace elements in 4 acids (hydrofluoric, perchloric, nitric and hydrochloric) digestion (ME-MS-61). ALS has routine quality control procedures which ensure that every batch of samples includes three sample repeats and at least two commercial standards and one blank. 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., ITAK (Instituto de Tecnologia August Kekulé Ltda. and OREAS).

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, P.Geo., Vice President, Exploration for Cerrado Gold Inc., who is a Qualified Person as defined in National Instrument 43-101.

Mark Brennan
CEO and Co Chairman
Tel: +1-647-796-0023
[email protected]

David Ball
Vice President, Corporate Development
Tel.: +1-647-796-0068
[email protected]

About Cerrado
Cerrado is a Toronto based gold production, development and exploration company focused on gold projects in the Americas. The Company is the 100% owner of both the producing Minera Don Nicolás mine in Santa Cruz province, Argentina and the highly prospective development project, Monte Do Carmo located in Tocantins State, Brazil.

At Minera Don Nicolas, Cerrado is maximising asset value through further operation optimization and continued production growth. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package.

At Monte Do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through Feasibility and production. The Serra Alta deposit Indicated Resources of 541 kozs of contained gold and Inferred Resources of 780 kozs of contained gold. The Preliminary Economic Assessment demonstrates robust economics as well as the potential to be one of the industry’s lowest cost producers. Cerrado also holds an extensive and highly prospective 82,542 ha land package at Monte Do Carmo.

For more information about Cerrado 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. In making the forward-looking statements contained in this press release, Cerrado has made certain assumptions, including, but not limited to continuing progress of the Feasibility Study and infill drilling at MDC. Although Cerrado 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 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.