CEO.CA Chairman's Briefing

Vancouver, British Columbia--(Newsfile Corp. - February 22, 2024) - Cabral Gold Inc. (TSXV: CBR) (OTC PINK: CBGZF)  ("Cabral" or the "Company") is pleased to announce assay results from an additional 13 RC holes testing near-surface oxide material at the Central gold deposit, and nine shallow auger holes from the MG gold deposit, Cuiú Cuiú gold district in northern Brazil. These holes are part of a drill program designed to expand and upgrade the oxide resources at both the Central and MG gold deposits.

Highlights

• RC390 returned 23m @ 1.0 g/t gold from 5m depth in mineralized basement saprolite

• RC391 returned 13m @ 1.4 g/t gold from 51m depth in mineralized basement saprolite. The hole also intersected 4m @ 1.2 g/t gold from 40m depth

• Eleven of the 13 RC holes returned gold values within the weathered material at Central which comprises overlying sediments that form a blanket that is underlain by weathered granitic material or saprolite. Other notable drill results include 3m @ 2.5 g/t gold from 25m depth and 5m @ 1.9 g/t gold from 61m depth in RC387

• Eight of the nine shallow auger holes drilled at the MG gold deposit returned gold values well above the cut-off grade of 0.14 g/t gold, with TR665 returning 19m @ 1.3 g/t gold from surface including 2m @ 8.0 g/t gold

Alan Carter, Cabral's President and CEO commented, "These additional results from the RC drilling at Central and the auger drilling at MG build on earlier drill results that show the widespread presence of gold in the near-surface blanket sedimentary material and the underlying weathered basement rocks or saprolite at concentrations well above the cut-off grade of 0.14 g/t gold which was applied to the most recent resource estimate of July 2022 for this oxide material."

Central RC Drill Results

The Central gold deposit is one of the two main gold deposits identified to date at Cuiú Cuiú. As with the nearby MG gold deposit, the upper portion of the Central gold deposit is extensively weathered resulting in a vertical profile of highly weathered basement saprolite averaging approximately 60m. The weathered mineralized basement saprolite is overlain by sediments which form a blanket. The blanket material contains gold and is derived from the chemical and physical weathering of the underlying saprolite basement gold mineralization.

Whilst the bulk of the gold resources at Central are contained within the underlying primary (un-weathered) basement material (see the NI 43-101 report dated effective July 31, 2022), the overlying oxide material currently contains Indicated Resources of 3.49Mt @ 0.6 g/t gold (65,400oz) and Inferred Resources of 3.36Mt @ 0.4 g/t gold (44,800oz). A significant amount of higher-grade material (greater than 1.75g/t gold) is contained within these resources and the current drill program at Central and MG is designed to expand and delimit these resources within the near-surface saprolite and blanket material.

Cut-off grades of 0.14 g/t gold and 0.26 g/t gold were used for the 2022 open pit resource estimate for blanket/saprolite and fresh-rock mineralization, respectively.

Holes RC386 to RC398 were all drilled within the overall outline of the oxide resource at Central to a maximum depth of 90m (Figure 1).

Figure 1: Map showing Central gold deposit with limits to oxide blanket and underlying mineralized zones in weathered basement saprolite, existing RC and diamond-drill holes and new drill holes, RC386 to RC398 with results. Previous RC holes are also shown with significant results. Terms; g/t = grams / tonne, m = metres

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Section N21095

RC390 was designed to test the north eastern part of this section. Drill results from adjacent sections at Central, for example RC384 which was drilled on section N21198, 100m further north and returned 23m @ 0.9 g/t gold, suggested the presence of gold mineralization in the overlying blanket sediments and primary saprolite material in this area (see press release dated January 11, 2024).

RC390 returned 23m @ 1.0 g/t gold from 5m depth in saprolite, and encountered 3m @ 0.6 g/t gold from surface in the unconformably overlying blanket. This saprolite intercept is interpreted to be the same mineralized zone that was intersected by hole RC384 drilled 100m further north.

Figure 2: Section N21095 through the Central gold deposit showing the near surface gold-in-oxide saprolite layer and overlying blanket sediments assay results for drill hole RC390 and previous RC drill holes. Terms; g/t = grams / tonne, m = metres, ppm = parts per million or grams / tonne

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Section N20845

Hole RC391 was drilled on section N20845 in the southern part of the Central gold deposit. Previous drilling on this section returned remarkably consistent gold values in the overlying blanket soils and sediments of 0.6 to 0.7 g/t gold, for example 18.3m @ 0.7 g/t gold from surface in DDH265 (Figures 1 and 3, Table 1).

RC391 returned 13m @ 1.4 g/t gold from 51m depth. This is interpreted to be the same mineralized zone that was intersected by hole DDH267 which returned 12.8m @ 1.0 g/t gold within unweathered primary basement granitic rocks, and indicates the presence of gold values of +1 g/t in saprolite on this section. These grades are significantly better than grades obtained from other holes that tested the saprolite on this section.

There was no material recovered by drilling in the top 14m of the hole but that interval is expected to be mineralized based on results from adjacent holes, i.e. DDH265 and DDH266 which returned 18.3m @ 0.7 g/t gold and 12m @ 0.7 g/t gold from surface, respectively.

Figure 3: Section N20845 through the Central gold deposit showing the near surface gold-in-oxide saprolite layer and overlying blanket sediments assay results for RC drill hole RC391 and previous diamond drill holes. Terms; g/t = grams / tonne, m = metres, ppm = parts per million or grams / tonne

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¹  No recovery in RC387 from 2-4m, 5-9m, 11-12m and 13-14m.
²  No recovery in RC391 from 0-14m.
³ No recovery in RC392 from 4-22m. Terms; g/t = grams / tonne, m = metres, N.S.V. = no significant values

MG Auger Drill Results

The MG gold deposit is the second of the two main gold deposits that have been identified to date at Cuiú Cuiú. As with the nearby Central gold deposit, the upper portion of the MG gold deposit is extensively weathered resulting in a vertical profile of approximately 60m of highly weathered basement saprolite. The weathered mineralized basement saprolite is overlain by mud, soil and colluvium material which forms a blanket. All of the blanket material contains gold and is derived from the chemical and physical weathering of the underlying saprolite basement gold mineralization.

Whilst the bulk of the gold resources at MG are contained within the underlying primary (unweathered) basement material (see the NI 43-101 report dated effective July 31, 2022), the overlying oxide material currently contains Indicated Resources of 5.78Mt @ 0.5 g/t for 88,300oz, and Inferred Resources of 1.19Mt @ 0.3 g/t for 12,300oz. A significant amount of higher-grade material (greater than 1.75g/t gold) is contained within these resources and the recent RC and auger drill program at MG is designed to expand these resources within the near-surface saprolite and blanket material.

Recent RC drill results from MG reported as part of the current program have returned some very significant results in the oxidized near-surface blanket sediments and underlying saprolite including hole RC343 which returned 27m @ 1.9 g/t gold from surface, RC342 which returned 28m @ 1.8 g/t gold from surface, RC375 which returned 20m @ 1.6 g/t gold from surface including 9m @ 1.7 g/t gold and RC376 which returned 15m @ 1.8 g/t gold from 5m depth (see press releases dated October 12, 2023 and November 29, 2023).

Nine auger holes are reported here with results from TR657 to TR665 (See Table 2 and Figures 4 and 5).

Figure 4. Map showing MG gold deposit with limits to oxide blanket and underlying mineralized zones in weathered basement saprolite with results from auger holes TR658 to TR665. Terms; g/t = grams / tonne, m = metres

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Section 553500

Auger hole TR665 was drilled on section 553500 (Figures 4 and 5, Table 2). Previous diamond and RC drilling on this section had outlined an area of consistent mineralization in the blanket sediments in the order of 0.5 g/t gold, for example, RC315 returned 46m @ 0.5 g/t gold and RC134 which returned 26m @ 0.5 g/t gold).

TR665 was drilled further to the north-east and returned significantly higher gold values than expected including 19m @ 1.3 g/t gold from surface including 2m @ 8.0 g/t gold from 10m depth. The hole ended in mineralization. These results suggest the presence of a zone of higher-grade gold mineralization than previously anticipated on this section in the near-surface blanket sediments.

Figure 5: Section 553500 through the MG gold deposit showing the near surface gold-in-oxide saprolite layer and assay results for recent auger hole TR665, as well as results for previous RC and diamond drill holes. Terms; g/t = grams / tonne, m = metres, ppm = parts per million or grams / tonne

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Table 2: Auger drill results from near surface MG gold-in-oxide blanket / saprolite zone regarding holes TR658 to TR665.
Terms; g/t = grams / tonne, m = metres, N.S.V. = no significant values

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 main gold deposits have so far been defined at the Cuiú Cuiú project which contains National Instrument 43-101 compliant Indicated resources of 21.6Mt @ 0.87 g/t gold (604,000 oz) and Inferred resources of 19.8Mt @ 0.84 g/t gold (534,500 oz) as per the 43-101 technical report dated October 12, 2022.

The Tapajós Gold Province is the site of the largest gold rush in Brazil's history which according to the ANM (Agência Nacional de Mineração or National Mining Agency of Brazil) produced an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer workings 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, MAusIMM and FAIG., 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. 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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