Cabral Gold Reports Multiple Intercepts at the MG Gold Deposit, Cuiú Cuiú District, Brazil, Including 17.6m @ 4.1 g/t gold and 18.1m @ 4.3 g/t gold

Vancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - Cabral Gold Inc. (TSXV: CBR) (OTC PINK: CBGZF)("Cabral" or the "Company") is pleased to provide assay results from two recently completed diamond drill holes and four RC holes at the MG gold deposit, within the Cuiú Cuiú golddistrict in northern Brazil. Results continue to show higher grades in basement zones as well as strong gold mineralization within the weathered, oxide cover sequence.

Highlights are as follows:

• DDH-215 drilled at MG returned 17.6m @ 4.1 g/t gold from 149.0m depth including 4.3m @ 11.3 g/t gold and 18.1m @ 4.3 g/t goldfrom 198.9m depth including 1.0m @ 45.1 g/t gold. Both intercepts were returned from the sub-vertically dipping MG gold deposit which underlies the recently identified gold-in-oxide blanket

• The second significant intercept of 18.1m @ 4.3 g/t gold returned from DDH-215 appears to be a new footwall zone, located south of the main MG gold deposit that has not been encountered in previous holes

• Drill results from four RC holes (RC65-RC68) drilled on the same section at MG and 300m to the west of DDH-215, returned encouraging results in gold-in-oxide blanket and saprolitized, oxidized basement material, including 51m @ 0.8 g/t gold from surface in RC-65, 75m @ 0.6 g/t gold from surface in RC-66 (of which 47m was gold-bearing oxide blanket material), and 18m @ 1.4 g/t gold from surface in RC-68 which also returned 20m @ 0.9 g/t gold from 24m depth

Alan Carter, Cabral's President and CEO commented, "The latest diamond-drill results from the MG gold deposit confirm that we have significant high-grade mineralization at depth within the main MG gold deposit and a new zone of high-grade mineralization in the footwall which has not been previously encountered. Furthermore, recent results from four RC holes drilled on a north-south section 300m west of where we recently intercepted 60m @ 3.5 g/t gold, confirm that the overlying gold-in-oxide blanket is extensive and of good grade. These results continue to demonstrate that we have significant zones of high-grade gold mineralization at depth at MG and excellent widths and grades of near surface oxide material in the overlying gold-in-oxide blanket."

MG Diamond Drilling

Assay results were returned on two additional diamond-drill holes (DDH-215 and DDH-216), which were recently completed at MG as part of the current diamond-drill program designed to define the limits to the high-grade zones within the existing MG and Central deposits at Cuiú Cuiú. Both holes were drilled on the same section (553610), which is located 50m west of section 553655, where recently reported diamond-drill holes, DDH208, DDH209, DDH210 and DDH211 were drilled (Figure 1) (see press releases dated April 15 and April 29, 2021).

DDH-214 which recently returned 60m @ 3.5 g/t gold including 2.6m @ 64.6 g/t gold from 40m depth was drilled 50m to the east of section 553655.

DDH-215 and DDH-216 were both drilled from north to south and were designed to test the up-dip and down-dip continuity of the main zone of high-grade basement mineralization previously intercepted at depth in DDH-202 (see press release dated January 20, 2020), which returned 14.2m @ 6.7 g/t gold, and in hole CC-50 which intersected 36m @ 2.0 g/t gold (Table 1, Figure 2).

DDH-215 was drilled approximately 40m north of DDH-202, and returned 17.6m @ 4.1 g/t gold from 149.0m depth including 4.3m @ 11.3 g/t gold from 149.0m (Table 1, Figure 2) which is interpreted to be the same mineralized zone that was encountered last year in DDH-202 and in hole CC-50.

In addition to the above intercept, DDH-215 also intercepted a second mineralized zone at depth which returned 18.1m @ 4.3 g/t goldfrom 198.9m depth including 1.0m @ 45.1 g/t gold from 210.5m (Table 1, Figure 2). This zone appears to be a new footwall zone, located south of the main MG gold deposit that had not been encountered in earlier holes.

DDH-216 was drilled approximately 25m south of DDH-202 and returned 39m @ 0.3 g/t gold from 2m depth including 19.0m @ 0.5 g/t gold from 16.0m depth in the overlying gold-in-oxide blanket before intersecting 9.0m @ 1.0 g/t gold at 81.0m depth which is interpreted to be the up-dip extension of the main MG deposit (Table 1, Figure 2).

Figure 1: Map showing the outline of the MG gold deposit (in red) and the interpreted outline of the recently identified and overlying mineralized oxide blanket (in beige). Results from DDH 215 and 216 drilled on line 553655 are shown in yellow together with RC results from holes RC-65 to RC-68 drilled on line 553310 which are also shown in yellow

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3900/86875_5f3db054a45f1b84_002full.jpg

Figure 2: Cross-section (line 553655) through the MG gold deposit, showing the gold-in-oxide blanket and recent drill results from holes DDH 215 and 216

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3900/86875_5f3db054a45f1b84_003full.jpg

Table 1: Drill results for section 553610 including recent results from holes DDH-215 and DDH-216

MG RC Drilling

As reported on May 19, 2021, following the identification of the significant gold-in-oxide mineralized blanket at MG, the larger RC rig has been re-assigned to drill off the near surface gold-bearing mineralized blanket and has completed four holes on a section which is located 300m west of the area that is currently being targeted by the diamond drilling.

Four RC holes (RC65 - RC68) were drilled on section 553310 at MG, located approximately 300m to the west of DDH-215. (Figure 1) The only previous hole on this section was historic diamond-drill hole CC-46 which intersected 8m @ 1.4 g/t gold and 38.8m @ 0.9 g/t gold in oxides, and 28.4m @ 1.3 g/t gold within the underlying basement MG deposit (Table 2, Figure 3).

RC65 was drilled 40m to the north of CC-46 and intersected 51.0m @ 0.8 g/t gold most of which is gold-bearing oxide blanket and weathered mineralized material (Table 2, Figure 3). Hole RC-66 was drilled 40m north of RC-65 and returned 75.0m @ 0.6 g/t gold from surface, the top 47m of which is gold-bearing oxide blanket material. Similarly, RC-68 was drilled to the south from the same platform as CC-46 and intersected 18.0m @ 1.4 g/t gold from surface and 20m @ 0.9 g/t gold from 24.0m depth(both in oxide material) and 19.0m @ 0.3 g/t from 61.0m depth in hard rock material. This final mineralized interval in RC-68 was unexpected and may suggest the presence of another mineralized zone in the footwall of the MG deposit at this location. Unfortunately, RC-66 was terminated early due to drilling difficulties and failed to test the interpreted footwall basement material as planned (Figure 3).

Figure 3: Cross-section of N-S section line 553310 through the MG gold deposit and the gold-in-oxide blanket and weathered basement showing recent drill results from holes RC-65 to RC-68

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/3900/86875_5f3db054a45f1b84_004full.jpg

Table 2: Drill results for section 553310 including recent results from holes RC-65 to RC-68

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 placer gold camp 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, P. Geo. FAusIMM and AIG., 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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