Cabral Drills More High-Grade Gold at the Central Zone at Cuiu Cuiu

Vancouver, February 5, 2020 - Cabral Gold Inc. (TSXV: CBR) ("Cabral" or the "Company") is pleased to provide additional drill results from the Phase II diamond drilling program at the Cuiú Cuiú Project. The program was designed to test the continuity of high-grade zones at both the MG (Moreira Gomes) and Central gold deposits. These results are from four holes at the Central deposit where historic drilling returned 34 separate drill intercepts (41 samples) above 10g/t gold, including 12 assays over 1oz/t gold.

Highlights

• Drill hole 204-19 was designed to test the continuity of high-grade mineralization within the northern part of the Central deposit and returned 17.3m @ 2.1 g/t gold from 128.5m depth including 6.0m @ 4.9 g/t gold from 130.5m

• Drill hole 205-19 intersected an upper and a lower mineralized zone and returned 39.6m @ 1.3 g/t gold from 126.6m including 3.6m @ 6.0 g/t gold and 2m @ 5.0 g/t gold. The lower mineralized zone returned 62.6m @ 0.8 g/t gold from 187.4m depth including 0.7m @ 10.7 g/t gold, 2.8m @ 5.4 g/t and 0.5m @ 12.0 g/t gold

• Drill hole 206-19 intersected 38.5m @ 1.5 g/t gold including 1.5m @ 6.0 g/t and 1.6m @ 8.6 g/t gold.

Alan Carter, President & CEO stated, "These recent drill results from the Central deposit at add to the recent results from the nearby MG zone, which confirmed that high-grade mineralization is continuous at depth and along strike. These results suggest that the same is likely to be true at Central, which is highly encouraging as we work towards defining a high-grade resource on the project."

Background

Gold mineralization at Cuiú Cuiú occurs within broad deformed and altered mineralized corridors within granitic rocks. Within these broad zones, distinctive, narrower higher-grade structural zones occur. Historic drill programs completed between 2008 and 2012 were designed to identify bulk-tonnage resources amenable to large-scale open-pit exploitation. As a result, very little attention was directed towards following up the many higher-grade intervals encountered in those programs (of the 180 historic holes completed from 2008 - 2012, a total of 60 intercepts returned values of greater than 10 g/t gold (see press release dated April 29, 2019).

The diamond drill program completed during Q4 2019 was aimed specifically at acquiring additional drill information from several zones of high-grade mineralization which are apparent within the MG and Central deposits. Recent drill results from MG include 7.8m @ 18.5 g/t gold and 5.6m @ 13.0 g/t gold and more importantly provide further proof of at least two high-grade zones within the MG deposit.

These recent results are the first drill results from the current Phase II drill program that Cabral has reported from the Central deposit and the first holes drilled at Central since 2012.

Phase II Drill Results from Central

Four diamond drill holes (204-19 to 207-19) were completed at the Central deposit as part of the Phase II drill campaign and were designed to target three zones of high-grade gold mineralization (Figure 1) which had been identified in previous drilling. All assay results have now been received from these new holes at Central and are shown in Table 1.

Figure 1: Map showing location of recently completed drill holes (204-19, 205-19, 206-19 and 207-19) at the Central deposit at Cuiú Cuiú

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Drill hole 204-19 was drilled in the northern-most high-grade target (Figure 1) and returned 17.3m @ 2.1 g/t gold from 128.5m depth including 6.0m @ 4.9 g/t gold from 130.5m (Table 1, Figure 2). The hole was designed to test the down dip-extension of higher-grade mineralization intersected in hole 65-10 which cut 6.0m @ 6.7g/t gold and confirmed the continuation of this higher-grade zone at depth.

Hole 205-19 was drilled in the southern-most high-grade target, down-dip of hole 32-08 which returned 23.8m @ 8.2g/t gold and was designed as a scissor hole to hole 15-07 which cut several high-grade sections including, 2m @ 8.0 g/t and 6.7m @ 11.2 g/t gold. Hole 205-19 intersected two broad zones of gold mineralization comprising 39.6m @ 1.3 g/t gold from 126.6m depth including 3.6m @ 6.0 g/t, 0.6m @ 5.1 g/t and 2m @ 5.0 g/t gold. These high-grade zones appear to correlate both up-dip and down-dip with the high-grade zones intersected in holes 15-07 and 32-08. A lower zone of mineralization was also intersected and is open at depth and returned 62.6m @ 0.8 g/t gold including 0.7m @ 10.7 g/t, 2.8m @ 5.4 g/t and 0.5m @ 12.0 g/t gold (Table 1, Figure 3). These higher-grade sections within the lower interval are interpreted to correlate with intercepts of 1.2m @ 36.1 g/t in hole 16-07, 1.9m @ 10.0 g/t in hole 15-07 and 0.5m @ 23.8 g/t in hole 38-08.

Table 1: Primary basement mineralization intersected in Phase II drilling program

Hole 206-19 was drilled 125m NW of hole 205-19 (Figure 1) and was designed as a scissor hole to hole 13-07 which cut several high-grade zones including 10.6m @ 17.7 g/t, 2m @ 8.4 g/t, 1m @ 13.5 g/t and 4.0m @ 20.9 g/t gold. The hole returned 38.5m @ 1.5 g/t gold from 91.5m depth, including 1.5m @ 6.0 g/t and 1.6m @ 8.6 g/t gold (Table 1, Figure 4), confirming the extension of at least two of the four high grade zones intersected in hole 13-07.

Hole 207-19 was drilled north of the most northerly high-grade zone at Central outside the current boundaries of the known gold deposit to test a new area with elevated gold values on surface but failed to intersect any significant values beneath.

Figure 2: Cross-section showing hole 204-19 at the Central deposit. New results are highlighted

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Figure 3: Cross-section showing hole 205-19 at the Central deposit. New results are highlighted

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Figure 4: Cross-section showing hole 206 with drill results at Central. New results are highlighted

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About Cabral Gold Inc.

The Company is a junior resource company and is engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company owns the Cuiú Cuiú gold project located in the Tapajós Region within the state of Pará in northern Brazil.

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 garimpo in the Tapajós and produced an estimate 2Moz of placer gold historically.

FOR FURTHER INFORMATION PLEASE CONTACT:

"Alan Carter"
President and Chief Executive Officer
Cabral Gold Inc.

Tel: 604.676.5660

Dr Adrian McArthur, B.Sc. Hons, PhD. FAusIMM., 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 in the company's supervised exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps and rejects are returned to the Company and archived. Drilling results are reported as down-hole length weighted intersections.

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