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A total of 79 RC holes have been drilled to date to test the MG gold-in-oxide blanket. Results have been reported on a total of 69 RC holes including 20 holes which are reported herein.

Assay results have been received for holes RC207 through RC219, and RC230 to RC236 (Figure 2 and Table 1). Nearly all of these 20 holes returned intervals of gold-in-oxide mineralization within the overlying unconsolidated soils and sediments, and have expanded the surface footprint of the gold-in-oxide blanket at MG by a further 11% (to 40 hectares) from the most recent size estimate of 36 hectares (see press release dated November 9, 2021).

Figure 2: Map showing the outline of the gold-in-oxide blanket and the underlying primary gold deposit at MG and also all of the diamond and RC drill holes completed to date. Results highlighted in yellow are all new and reported in this news release

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Furthermore, these recent tighter spaced RC drill results, together with previously reported results from the gold-in-oxide blanket, indicate the presence of a significant zone of higher grade gold mineralization within the blanket (Figure 3). This higher grade zone extends over at least 700m in an E-W direction and directly overlies the underlying primary gold deposit within granitic host rocks at MG.

Figure 3: Map showing the outline of the gold-in-oxide blanket and the underlying primary gold deposit at MG and also location of all of the diamond and RC drill holes completed to date. The blanket is contoured in terms of grams x meters with the black line enclosing the red area representing the 10gxm contour which defines the higher grade core of the blanket

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The most significant intercepts from the recent RC holes reported here are as follows:

RC210 and RC211 were both drilled on section 553350. The section had no previous drilling and is located in the western central part of the gold-in-oxide blanket (Figures 2 and 4). RC210 is the northern-most hole drilled on the section and returned 46m @ 1.3 g/t gold from surface including 5m @ 3.6 g/t gold from 6m. This result lies within a E-W trending zone of higher grade gold mineralization in the gold-in-oxide blanket. RC211 was drilled approximately 45m to the south and intersected 14m @ 0.4 g/t gold from surface.

Figure 4: Cross-section (line 553350) through the MG deposit and overlying MG gold-in-oxide target, showing assay results from RC drill holes RC210 and RC211

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RC207, RC208 and RC209 were all drilled on section 553250 in the west central part of the gold-in-oxide blanket (Figures 2 and 5). RC209 was located in the center of the section and returned 47m @ 0.7 g/t gold from surface. RC208 was drilled approximately 30m north of RC209 and returned 48m @ 0.5 g/t gold from surface in the gold-in-oxide blanket. RC208 also intersected 40m @ 0.4 g/t gold in the underlying granitic rocks (Figure 5). RC207 is the southernmost hole on the section, and cut 8m @ 0.3 g/t gold from surface, suggesting the blanket thins to the south.

Figure 5: Cross-section (section 553250) through the MG deposit and overlying MG gold-in-oxide target, showing assay results from RC drill holes RC207, RC208 and RC209

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RC212, RC213 and RC214 were all drilled on section 552950 in the western part of the gold-in-oxide blanket (Figure 2). RC213 was the southernmost hole drilled on the section returned 14m @ 0.9 g/t gold from 13m depth as well as 7m @ 0.4 g/t gold from surface. Both intercepts are in the gold-in-oxide blanket, and indicate that the blanket is open to the south. RC213 also intersected 8m @ 0.5g/t gold from 46m depth in the underlying granite and ended in mineralization.

Drill holes RC215, RC216 and RC217 were all completed on section 553150 located in the central western part of the gold-in-oxide blanket at MG. RC216 returned 16m @ 1.2g/t gold from surface, while RC217 returned 12m @ 0.5 g/t gold from surface. Drilling on this section indicates that the gold-in-oxide blanket is still open to both the north and south.

Drill holes RC219, RC230, RC234 and RC235 were all completed at the eastern end of the gold-in-oxide blanket. RC234 returned 20m @ 0.8 g/t gold from 28m depth, including 4m @ 3.7 g/t gold, indicating that the blanket remains open to both the north and northeast.

The RC drilling program has been successful in delimiting and expanding an extensive, near surface zone of blanket mineralization at MG that was not previously recognized, and hence was largely not incorporated in previous resource estimates. Tighter drill spacing has also defined a higher grade east-trending zone within the blanket. All of this material would likely represent pre-strip for any pit exploiting the MG basement mineralization. This oxidized, unconsolidated material could be an important source of additional gold, particularly if it is amenable to lower cost heap leach processing (see also Cabral news release November 9, 2021).

Diamond drilling is ongoing at MG. While this program is designed to test for, and delimit, higher grade basement gold mineralization, these are deeper holes drilled from the north to south. It is possible that some of these diamond holes may encounter additional blanket mineralization as most of these drillholes will be collared in the saprolite sequence directly to the north of the currently defined blanket limits.

Assay results are still pending on an additional ten RC holes which have tested the blanket at MG.

Table 1: Table of drill assay results for reconnaissance RC drill holes at the MG gold-in-oxide target, RC207 to RC219, RC230 to RC236

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 gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24g/t (800,000 oz).

The Tapajós 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. 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. 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.

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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