Vancouver - Cabral Gold Inc. (TSXV: CBR) (OTC PINK: CBGZF) ('Cabral' or the 'Company') is pleased to provide assay results from an initial 12 RC drill holes and three diamond holes drilled within and above the Central gold deposit within the Cuiu Cuiu gold district in northern Brazil.

Highlights are as follows

DDH251, intersected gold-in-oxide mineralization at the Central deposit, and returned 55.1m @ 1.1 g/t gold from 4.9m depth including 5m @ 6.1 g/t gold and 15.5m @ 1.7 g/t gold from 65.8m depth and 3.5m @ 0.8 g/t gold from 81.3m depth in un-weathered and highly brecciate and altered intrusive rocks beneath the oxidation

DDH247, also drilled at Central, returned 11.0m @ 0.7 g/t gold from surface, in gold-in-oxide blanket material, as well as 20.4m @ 0.5 g/t gold and 23.3m @ 0.3 g/t gold in un-weathered and highly brecciate and altered intrusive rocks further down the hole

Results on an initial 10 shallow RC holes drilled within and around the northern part of the Central deposit, revealed a thin but consistent gold-in-oxide blanket. Results of note include RC259 which returned 26m @ 0.4 g/t gold in oxidized material from surface

Alan Carter, Cabral's President and CEO commented, 'The results from the initial drilling at the Central gold deposit clearly demonstrate that we have a significant zone of gold-in-oxide mineralization forming a blanket above the primary Central deposit. This is the third gold-in-oxide blanket identified at Cuiu Cuiu since the initial discovery at MG in April of last year, and these recent discoveries are in addition to the two existing hard-rock deposits with resources at Cuiu Cuiu. At this stage, we do not know the extent of the blanket or how much of this material at Central is in-situ weathered primary gold mineralization, and how much is transported cover material. Nevertheless, both types of material are expected to add significantly to the inventory of potentially leachable gold-in-oxide deposits recently identified at MG and PDM. Additional drilling over the next months is expected to further define the limits of the oxide material at Central, whilst providing further definition of the high-grade zones within the underlying primary deposit at Central.'

Central Diamond-Drill Results

The Central gold deposit is located 2.5km SE of the PDM target. Recent drilling at PDM returned 22.4m @ 4.8 g/t gold and 11.9m @ 3.3 g/t gold in altered and brecciated granitic rocks beneath an extensive gold-in-oxide blanket.

Two rigs are currently operating at Central: an RC rig drilling shallow holes to test the presence of a near-surface gold-in-oxide blanket and a diamond rig to better define the high-grade, highly altered, brecciated and sheared zones within the primary basement deposit, as well as to test for a near surface gold-in-oxide blanket.

A total of eight diamond-drill holes were completed in late 2021. Assay results reported herein are from three holes; DDH247, DDH251 and DDH252. The principal objective of this drilling program is to identify and define the individual higher grade zones within the Central gold deposit, whilst exploring for additional high grade mineralization in parts of the current resource with a historic low drill density. Assays from the remaining five 2021 holes are pending. The current program of diamond drilling at Central involves the completion of 43 holes in total.

The main mineralized area at Central is covered by a flat-lying transported colluvial blanket. This overlies a deep oxidized zone of saprolite basement, wherein the oxidized weathering profile extends to depths of up to 80m into the primary highly altered, breccia-hosted mineralization. Primary gold mineralization extends close to surface within this oxidized weathered zone.

As with the near-surface mineralization at MG and PDM, the oxidized weathered primary material and the overlying colluvial blanket may be amenable to low-cost heap leach processing. The weathered rocks will also likely have lower mining costs than the deeper fresh hard basement rocks.

It is important to recognize that much of the historic drilling at Central was very deep and did not adequately test the mineralized oxidized cover sequence. The initial phase of diamond drilling at Central is focused on defining, and exploring for, higher grade mineralization within 200m of surface that would represent the initial portion of a potential open pit.

Holes DDH251 and DDH252 were both drilled on section N20970. DDH251 was drilled to the north-east and returned 55.5m @ 1.1 g/t gold in saprolite oxidized basement material from 4.9m depth, including 5.0m @ 6.1 g/t gold from 44.2m depth, and 15.5m @ 1.7 g/t gold from 65.8m depth. The hole also intersected 3.5m @ 0.8 g/t gold in un-weathered highly altered basement rocks from 81.3m depth, directly beneath the weathered and oxidized rocks. The hole ended shortly thereafter at 86.7m depth, and likely terminated in the mineralized basement zone, leaving the mineralized zone open to the NE.

Hole DDH252 was drilled to the SW in the opposite direction, away from the known mineralized zone and was designed to test for parallel zones. It failed to intersect any significant mineralization apart from a narrow 3.0m interval of colluvial blanket from surface which averaged 0.2 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 Cuiu Cuiu gold district located in the Tapajos Region, within the state of Para in northern Brazil. Two gold deposits have so far been defined at Cuiu Cuiu and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90 g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24 g/t (800,000 oz).

The Tapajos 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. Cuiu Cuiu was the largest area of placer workings in the Tapajos and produced an estimated 2Moz of placer gold historically.

Contact:

Tel: 604.676.5660

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.

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