Cabral Gold Drills Three New High-Grade Veins 300m North of MG Gold Deposit

Vancouver, October 6, 2021 - Cabral Gold Inc. (TSXV: CBR) (OTC: CBGZF) ("Cabral" or the "Company") is pleased to provide assay results from six follow-up RC holes recently drilled at the Machichie SW target located 300m north of the MG gold deposit and recent gold-in-oxide blanket discovery, and 180m south of the main Machichie zone within the Cuiú Cuiú gold district in northern Brazil.

Highlights are as follows:

• Results have been received from six follow-up RC drill holes recently completed at the Machichie SW target where six high-grade veins were previously identified. Recent drilling has identified three new high-grade veins bringing the total number of mineralized structures at Machichie SW to nine

• Significant results include 1m @ 18.5 g/t gold, 2m @ 3.5 g/t gold, 3m @ 2.8 g/t gold, and 1m @ 18.3 g/t gold. Recent drill results indicate down-dip continuity of grade in several of the high-grade veins at Machichie SW

• This new drilling was designed to follow-up limited previous drilling targeting several veins at Machichie SW that had returned high-grade gold values including; 3.4m @ 36.9 g/t gold, 3m @ 13.2 g/t gold, and 3.3m @ 7.4 g/t gold

Alan Carter, Cabral's President and CEO commented, "The recent drilling at the Machichie SW vein array has increased the number of known NE trending high-grade veins from six to nine and more importantly is demonstrating down-dip continuity of high gold grades. The Machichie SW target area is critically important because it is located midway between the MG gold deposit (300m to the south) and the recently identified E-W trending mineralized zone at Machichie 180m to the north. We look forward to the results of additional drilling on this target as we continue to outline the dimensions of the various veins at Machichie SW"

Machichie SW RC Drilling

The Machichie SW target is located midway between the MG gold deposit (300m to the south) and the main E-W trending mineralized zone at Machichie 180m to the north (Figure 1).

Figure 1: Map showing the location of the Machichie SW vein array relative to the MG and Central gold deposits and the MG and Pau de Merenda (PDM) gold-in-oxide blanket targets together with the distribution of historic placer gold workings

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3900/98737_e3ecd935540ac95d_002full.jpg

In 2020 Cabral identified a NE-trending high grade vein array comprised of at least six individual vein structures at Machichie SW target. Six follow-up RC holes were recently drilled to test for the presence of additional parallel veins, and to determine the down-dip continuity of high-grade gold mineralization encountered in surface trenches and several earlier drillholes.

A total of six holes were previously drilled at this target testing several veins. Previous drill results include 3.4m @ 36.9 g/t gold including 0.7m @ 162.7 g/t gold, 3m @ 13.2 g/t gold including 1.0m @ 36.7 g/t gold, and 3.3m @ 7.4 g/t gold (Figure 2).

Prior to the most recent drilling, only six NE trending veins had been identified in this area, which from west to east are Filao de Amor, Machichie SW, Zezinho, Hamilton Novo, Maranahao W and Maranahao E.

In this initial follow-up program, an additional six holes were drilled within the Machichie SW target area (RC197 to RC202). Multiple mineralized zones were intersected in five of the six holes, notably 2m @ 3.5 g/t gold from 32.0 to 34.0m 1m @ 18.5 g/t gold from 51.0 to 52.0m and 3m @ 2.8 g/t gold from 95.0 to 98.0m in RC199, 1m @ 18.3 g/t gold from 51.0 to 52.0m depth in RC201, and 1m @ 3.3g/t gold from 38.0 to 39.0m in RC202 (Table 1).

These results indicate the presence of three new high-grade vein structures within the Machiche SW target area, bringing the total number of mineralized structures at Machichie SW to nine. A second vein was intercepted in the Filao de Amor structure, and two more veins 50m to the SE of Filao do Amor and 70m NW of the Machichie SW mineralized vein. The drill intercept in hole RC201 of 1m @ 18.3 g/t gold appears to be the up-dip continuation of the previous drill intercept of 3.3m @ 7.4 g/t gold indicating the continuity of grade up and down-dip.

Figure 2: Detailed map showing the location of the known NE trending veins at Machichie SW target together with previous and new drill intercepts

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3900/98737_e3ecd935540ac95d_003full.jpg

Table 1: Table of drill assay results for follow-up RC drill holes at the Machichie SW gold target, RC197 to RC202

Drilling Update

MG Diamond Drilling

Diamond drilling designed to define the high-grade zones within the primary basement MG gold deposit continues. Assay results are pending on five holes.

MG Gold-in-Oxide Blanket Drilling

RC drilling designed to define the extent of the recently identified gold-in-oxide blanket at MG is continuing. The original 74-hole drill program has been expanded to 86 holes, and thus far 77 holes have been completed with assay results pending on 37 holes.

Pau de Merenda RC and Diamond Drilling

Results are pending on ten RC holes drilled to define the limits of the gold-in-oxide blanket at Pau de Merenda (PDM) where recent drilling returned 40m @ 2.2 g/t gold (see press releases dated August 10 and August 26, 2021). Results to date indicate the presence of a near surface blanket at least 300 x 800m in lateral size.

Results are also pending on one diamond-drill hole from a planned six holes at Pau de Merenda which are designed to test for the presence of a primary gold deposit in the basement intrusive rock underlying the gold-in-oxide blanket. Several historic drill holes suggest the presence of an underlying mineralized zone in the intrusive rocks with historic holes returning values of 30m @ 1.1 g/t gold, 47m @ 1.8 g/t gold and 9m @ 5.1 g/t gold.

Alonso Reconnaissance Diamond Drilling

Results are currently pending on three diamond drill holes and drilling is also in progress at the Alonso target which is located 3km SE of the MG gold deposit. Twenty-three samples of this boulder float material previously returned gold values of 11.6 to 200.3 g/t gold (see press release dated February 11, 2020). Shallow follow-up RC drilling conducted during late 2020 however failed to determine the source of the boulders due to high water in-flows at the time of drilling.

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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