Mr. Alan Carter reports

CABRAL GOLD DRILLS 30M @ 2.6 G/T GOLD IN OXIDIZED MATERIAL FROM SURFACE AT MACHICHIE

Cabral Gold Inc. has released assay results from an additional 12 reverse circulation holes testing near-surface oxide material at the Machichie Main zone, Cuiu Cuiu gold district in northern Brazil. These holes are part of a drill program designed to better define and quantify the saprolite and blanket gold-in-oxide mineralization at the Machichie target, which is located just 500 metres northwest of the MG gold deposit and could have an impact on the current plans for trial-mining oxide material in that area.

Highlights:

• RC409 returned 30 m at 2.6 grams per tonne gold from surface in mineralized basement saprolite material, including 12 m at 5.6 g/t gold from 11 m depth.
• RC418 returned nine m at 4.3 g/t gold in mineralized fresh rock from 41 m depth, including two m at 18.6 g/t gold at the start of the nine m interval.
• RC414 returned 13 m at 1.6 g/t gold from surface in mineralized saprolite, including six m at 2.8 g/t gold from four m depth.
• Other significant new mineralized saprolite drill intercepts include seven m at 2.7 g/t gold from seven m depth in hole RC411, 15 m at 0.6 g/t gold from surface in hole RC412 and 18 m at 0.6 g/t gold from surface in hole RC413.

Alan Carter, Cabral's president and chief executive officer, commented: "These additional RC drill results from Machichie confirm the presence of a significant zone of near-surface gold-in-oxide mineralization at Machichie which appears to overlay another primary gold deposit. Further drilling will be required to fully define the limits to both the weathered gold-in-oxide mineralized material and the underlying hard-rock mineralized zone which was the focus of previous drilling. Both of these zones remain open along strike and to depth. The proximity of Machichie to the MG gold deposit has significant positive implications for the overall near-surface gold-in-oxide resources which are amenable to heap leaching at Cuiu Cuiu, as well as the underlying resource base in fresh intrusive basement rocks."

Machichie RC drill results

The Machichie target is located 500 m northwest of the MG gold deposit. Previous diamond drilling testing the Machichie Main zone identified an east-trending, steeply north-dipping mineralized zone which is persistent along strike for at least 900 m (see press release dated Oct. 24, 2022). The Machichie Main zone comprises several parallel high-grade core zones surrounded by a low-grade alteration envelope. The geology at Machichie is very similar in style to the nearby MG and Central gold deposits as well as the PDM discovery.

As at Central, MG and PDM, the upper portion of the basement mineralized zone at Machichie has weathered over millions of years, creating a layer of soil and saprolite (weathered bedrock) which also appears to contain gold. Previous drilling has largely been focused on testing the underlying fresh basement mineralization. During those earlier programs, several holes encountered gold in oxidized weathered material above the primary basement gold mineralization, but the distribution was poorly defined due to lack of drilling.

The current RC drill program at Machichie was designed to identify and better define higher-grade zones within the gold-in-oxide material that could add to the current gold-in-oxide resource at Cuiu Cuiu and could positively impact plans for trial mining. The results from the initial nine RC holes drilled as part of the current program were very encouraging (see press release dated Jan. 25, 2024), and included 23 m at 1.1 g/t gold from surface in RC399 and 23 m at 0.5 g/t gold from surface in RC402. Assay results included in the current press release pertain to drill holes RC408 through RC419.

Section 553230

Drill holes RC409 and RC410 were drilled on section 553230 in the eastern part of the Machichie Main zone. The holes were designed to follow up on the higher-grade zone of gold-in-oxide mineralization intersected previously in RC hole RC041 which previously returned 19 m at 0.9 g/t.

Hole RC409 was drilled from north to south and intersected 30 m at 2.6 g/t gold from surface in mineralized sediments and basement saprolite, including 12 m at 5.6 g/t gold from 11 m depth. This interval also includes a six m at 8.7 g/t gold from 16 m depth. This mineralized zone is interpreted to be the same as that intersected in RC399 which returned 23 m at 1.1 g/t gold on section 553180, 50 m to the west (see press release dated Jan. 25, 2024).

Drill hole RC410 was drilled 25 m to the north of RC409 and intersected a second mineralized zone returning 16 m at 0.3 g/t gold from surface and six m at 1.9 g/t gold from 20 m depth. Both mineralized zones were intercepted on section 553180 by RC400 and RC401.

Section 552790

Holes RC417 and RC418 were both drilled on section 552790, which had only one previous drill hole, RC058, which returned one m at 2.5 g/t gold from 87 m in basement rocks (see press release dated March 31, 2021). Both new holes were drilled north to south, and were designed to test the near-surface extension of the mineralized zone previously encountered in RC058.

RC417 cut the same mineralized interval higher up in oxidized sediments and saprolite and returned 10 m at 0.5 g/t gold from surface. RC418 encountered the same zone slightly deeper, at the base of the weathered profile, returning five m at 0.3 g/t gold in basement saprolite, and nine m at 4.3 g/t gold from 41 m depth, including two m at 18.6 g/t gold from 41 m in mineralized fresh basement rock.

Section 552900

Holes RC413 to RC416 were all drilled on section 552900. Previous diamond drilling on this section defined two mineralized zones in basement granitic rocks (see press releases dated March 31, 2021, and Oct. 24, 2022). DDH299 returned 7.6 m at 4.7 g/t gold and DDH312 returned 10.6 m at 0.4 g/t gold, again in basement granitic rocks at depth. The near-surface oxidized material had not been previously tested.

RC413 and RC414 confirmed gold mineralization extends to surface within oxide weathered material. RC413 cut 18 m at 0.6 g/t gold from surface in basement saprolite, including six m at 2.8 g/t gold from four m, RC414 intersected 13 m at 1.6 g/t gold from surface in mineralized basement saprolite.

The current drill results from Machichie together with those previously reported (press release dated Jan. 25, 2024) confirm the presence of gold in weathered basement saprolite mineralization extending to surface from depth, and containing zones of higher-grade mineralization. Machichie is located just 500 m northwest of the MG deposit. The thickness, depth of weathering profile and lateral extent of this zone at Machichie have not yet been well defined. The identification of this higher-grade gold-in-oxide material at Machichie could have significant positive implications for the continuing prefeasibility study aimed at trial mining and heap-leach processing of the near-surface gold-in-oxide resources at Cuiu Cuiu.

Results are still pending on 13 RC holes from Central and nine shallower power-auger holes at MG.

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-per-cent 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 21.6 million tonnes at 0.87 g/t gold (604,000 ounces) and inferred resources of 19.8 Mt at 0.84 g/t gold (534,500 oz) as per the NI 43-101 technical report dated Oct. 12, 2022.

We seek Safe Harbor.