Mr. Alan Carter reports

CABRAL GOLD DRILLS 27M @ 1.9 G/T GOLD FROM SURFACE IN OXIDE MATERIAL AT CUIU CUIU GOLD PROJECT, BRAZIL

Cabral Gold Inc. has released drill results from the initial six RC (reverse circulation) holes that form part of the continuing drill program currently being conducted at both the MG and Central gold deposits within the Cuiu Cuiu gold district in northern Brazil.

Highlights:

• Notable drill intercepts from the initial six RC holes testing the MG gold-in-oxide blanket and saprolite include RC343, which returned 27 metres of 1.9 grams per tonne gold from surface, and RC342, which returned 28 metres of 1.8 grams per tonne gold from surface, including six metres of 7.1 grams per tonne gold;
• The objectives of the current drill program are to: (1) better define and expand the higher-grade portion of the oxide resources within saprolite and blanket material, particularly closer to surface; (2) to improve confidence in the gold-in-oxide resources; and (3) to aid in the mine planning and sequencing as part of the continuing prefeasibility study on trial mining of the gold-in-oxide resources;
• Drilling is continuing with a total of 42 RC holes and nine shallower auger holes completed to date as part of the current drill program; assay results are pending on 12 RC holes and nine power auger holes at MG and 24 RC holes at Central.

Alan Carter, Cabral Gold's president and chief executive officer, commented: "We are very pleased with the initial drill results from the near-surface gold-in-oxide blanket and saprolite at the MG gold deposit. The results clearly show the presence of higher-grade zones of gold mineralization extending from surface, and occurring in areas which were previously considered to be much lower grade. These new drill results will allow us to optimize the resource model of the known gold-in-oxide resources at Cuiu Cuiu with a greater degree of confidence over the next few months. The prefeasibility study on trial mining of the oxide resources will consider the exploitation of these higher-grade zones in the initial years of production utilizing existing trial-mining permits. We look forward to receiving additional drill results in the coming weeks from both of the near surface gold-in-oxide blankets and saprolite at the MG and Central gold deposits."

MG Drill Results

The MG gold deposit is one of the two main gold deposits that have been identified to date at Cuiu Cuiu. 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 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 current drill program at MG is designed to expand these resources within the near-surface saprolite and blanket material. This should also improve confidence in the current oxide gold resources, and thereby aid in mine planning and sequencing as part of the ongoing prefeasibility study regarding trial-mining of the oxide resources, which would most likely involve open-pit mining and heap-leach processing.

It is important to note that the most recent resource estimate prepared by SLR Consulting (Canada) Ltd. used a cut-off gold grade for the near surface oxide material of 0.13 g/t gold which represents the value above which material would have reasonable expectation of being economically viable.

Holes RC342 to RC348 were all drilled within the overall outline of the oxide resource at MG to a maximum depth of 60m (Figure 1).

Hole RC342 was drilled on section E553250 and intersected 28 metres of 1.8 g/t gold from surface including 6 metres of 7.1 g/t gold from 5m depth, in an area which was previously assumed to be much lower grade material (Figure 2, Table 1). This zone is interpreted as the up-dip extension of a significant zone of high-grade mineralization which has been traced on strike and to depth within the underlying primary (unweathered) basement rocks. RC342 also encountered higher-grade blanket material from surface, which can be traced horizontally continuously from RC342 to DDH289A. All of the unconformable blanket shown on the section is mineralized with gold grades above the resource cut off. This blanket material is predominately soil and colluvium.

Hole RC343 was drilled on section E553210, 40m to the west of RC342, and intersected 27 metres of 1.9 g/t gold from surface including 15 metres of 3.3 g/t gold from 15m depth (Figure 3, Table 1). Whilst a higher-grade zone was known to exist within the oxide material at this location, the grades returned from RC343 are higher than anticipated. As is the case on section E553250, the blanket is continuously mineralized across the section, but is much higher grade from RC343 to RC204 where it directly overlies weathered basement saprolite mineralized zones.

Hole RC344 was drilled on section E553150. It is the westernmost hole drilled at MG in this program and intersected several zones of mineralization including 9 metres of 0.8 g/t gold from surface (predominately in blanket material), 9 metres of 0.5 g/t gold from 15m depth and 7 metres of 0.7 g/t gold from 38m depth.

Hole RC346 was drilled on section E553610, which is located within a gap between the current saprolite basement resources as defined in the most recent SLR resource estimate. The overlying blanket mineralization is much thicker in this area than further to the west. RC346 intersected several zones of mineralization including 26 metres of 0.4 g/t gold from surface in the oxide blanket, and in the saprolite basement 9 metres of 1.2 g/t gold from 53m depth (Figure 4, Table 1). This hole indicates the presence of higher-grade basement saprolite mineralization beyond the known higher-grade resources (Figure 1). Figure 4: Section E553610 through the MG gold-in-oxide blanket and underlying oxidized saprolite showing existing drill holes and higher-grade zones (with gold values contoured at 0.15 g/t, 0.3 g/t and 0.9 g/t gold). Note location of section showing RC346 between higher grade bodies. The flat-lying higher-grade zone within the blanket is also shown.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3900/183739_3d7380a2e410f9d2_005full.jpg

Hole RC346 also intersected a zone of moderate grade (10 metres of 0.5 g/t gold) in the colluvial blanket from 11 to 21m depth. This sub-horizontal blanket zone is interpreted to extend from at least RC153 to DDH202 on section E553610 (Figure 4), and has been now traced continuously from west to east more than 250m from section E553508 to section E553750. Grades and widths tend to be highest to the north and to the west. This may prove to be an important zone for the trial-mining operation.

These drill results and those that are pending will allow the generation of a more accurate resource model of the oxide resources at MG and Central which will form the basis of a proposed mine plan. The prefeasibility study on trial mining of the gold-in-oxide resources will consider the exploitation by open-pit mining and heap-leach processing of the higher-grade zones in the initial years of production.

Drilling is ongoing with a total of 42 RC holes and 9 shallower auger holes completed to date as part of the current drill program. Results are currently pending on 12 RC holes and 9 power auger holes at MG and 24 RC holes at Central.

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 main gold deposits have so far been defined at the Cuiu Cuiu 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 Tapajos Gold Province is the site of the largest gold rush in Brazil's history which according to the ANM (Agencia Nacional de Mineracao or National Mining Agency of Brazil) produced 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.

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.

We seek Safe Harbor.