The Company is currently reporting assay results from 19 drill holes (see Tables 1 & 2) completed from February to May 2022 including 15 infill holes and one condemnation drill hole at Serra Alta, and 3 additional exploratory drill holes. As of June 17, 2022 a total of 89 drill holes, totaling 21,460 metres ("m"), have been completed as part of the 2022 program: 78 holes at Serra Alta (infill + condemnation and partial extensions); 6 holes at Gogó da Onça (Exploration); 4 holes at Capitão (Exploration) and 1 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 7 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):

Serra Alta (Infill)

FSA-184

• 65.7m at 1.71 g/t Au from 142.2m
  
  • Including 3.1m at 7.16 g/t Au from 179.3m, and
  • Including 3.6m at 12.04 g/t Au from 191.6m.

FSA-192

• 29.6m at 3.1 g/t Au from 34.7 m
  • Including 3.9m at 16.57 g/t Au from 54.9m
• 7.8m at 8.16 g/t Au from 239.9m

FSA-205

• 57.5m at 1.56 g/t Au from 91.9m

FSA-214

• 15.5m at 6.38 g/t Au from 45.0m
  • Including 3.2m at 21.18 g/t Au from 56.4m

FSA-215

• 82.6m at 1.48 g/t Au from 86.5m

FSA-218

• 21.3m at 2.84 g/t Au from 118.6m

Gogó da Onça

FGO-001

• 20.4m at 0.78 g/t Au from 96.2m
  • Including 2.2m at 2.01 g/t Au from 101.2m

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."

Serra Alta Infill

The main objective of the 15 infill drill holes reported today (11 collared at the East Zone, 1 in Pit Norte and 3 in Pit Sul) is to convert inferred blocks within the model into the Indicated category by closing the drill spacing between holes. (See Figure 1 for drill hole locations, and Figure 2 for relevant cross sections). Results confirm the general continuity of the high-grade domains within the constraining pit shell, both along strike and laterally.

Drill holes FSA-184, FSA-188, FSA-192, FSA-197, FSA-202, FSA-205, FSA-208, FSA-212, FSA-213, FSA-215 and FSA-218 were collared in the East Zone. The East Zone accounts for approximately two thirds of the pit's current constrained resource estimate. The best results (see cross sections in Figure 2) include FSA-184 with 65.7m at 1.71 g/t Au from 142.2 m, including 3.6m at 12.04 g/t Au from 191.6m; FSA-192 with 29.6m at 3.10 g/t Au, from 34.7m, including 3.9m at 16.57 g/t Au from 54.9m; and FSA-218 with 21.4m at 2.8 g/t Au from 118.6m.

Drill holes FSA-214, FSA-216 and FSA-227 were collared in Pit Sul. Drill holes FSA-214 & FSA-216 notably expanded the volume and gold endowment of the previously High-grade domain and are expected to have a positive effect in the resource update.

Drill hole FSA-237, was collared at the western half of Pit Norte, targeting a shallow narrow trend decoupled from the main High-grade domain.

Hole FSZ-002 was collared 170m to the east of the east pit wall of the East Zone. Although narrow, the hole intercepted 2.2m at 0.89 g/t Au from 367.8m. The significance of this intersection is that the hole proved that the granite/volcanic contact is displaced upwards in this far east area, opening possible shallower than expected extensions of mineralized trends to the east.

Gogó da Onça Discovery: Satellite Exploration

Cerrado is pleased to report results of its discovery hole at Gogo. Hole FGO-001 was collared 400m north of the north wall of the Serra Alta PEA open pit. Gogo represents a new structural block bounded by west-east faults analogous to the zones that define the Serra Alta deposit (e.g. East Zone, Pit Norte and Pit Sul).

Hole FGO-001intercepted two shallow relevant intervals: 7.1m at 1.16 Au g/t from 50.7m and 20.4m at 0.78 g/t Au from 96.2m. Mineralization is associated with extensional and shear quartz veins hosted by equigranular granite with potassic alteration, geologically very similar to the permissive intrusive phases at Serra Alta. The intrusive relation of the granite and felsic volcanics, a known control of better endowed mineralized zones in Serrra Alta, is also well defined at Gogo. Furthermore, preliminary lithogeochemical classification based on trace elements (e.g., Nb and Y) shows the same magmatic affinity of the Gogo granite and the Serra Alta lithogeochemical host, reassuring the fertility of this block.

Mineralization is associated with quartz veins that developed denser arrays along a north/south trend, this trend seems truncated by a fault that juxtaposes the altered granite with a less altered intrusive. Interestingly a discrete shear vein was intercepted at 504.0m carrying 1.44 g/t Au for 1.4m, opening a second deeper trend.

Cerrado is progressing the 8th hole at Gogo and plans to drill an additional 2 to 4 holes to complete the first phase of mineralization delineation.

Capitão Drilling

The Capitão 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.

Figure 1. Reported and Ongoing Drill Hole Locations

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7487/128651_3a2110c67429096e_002full.jpg

EAST ZONE

Figure 2. Cross Sections of highlighted Drill Holes*

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7487/128651_3a2110c67429096e_003full.jpg

PIT SUL & GOGÓ DA ONÇA

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7487/128651_3a2110c67429096e_004full.jpg

* Note sections are shown at different scale

Table 1. Drill Hole locations

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

Table 2. Drill Hole Composites - Infill Drilling

Quality Assurance and Quality Control
Analytical work was carried out by ALS international lab (ALS). MDC sent 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 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., 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., 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 and development activities 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 the Company's ability to increase the scale of the Monte Do Carmo resource base and the exploration potential of Gogo North. 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.