Cabral Gold Drills 55.1m @ 1.1 g/t Gold Including 5m @ 6.1 g/t Gold, and Identifies a Third Gold-in-Oxide Blanket Within Cuiú Cuiú Gold District

Vancouver, January 27, 2022 - Cabral Gold Inc. (TSXV: CBR) (OTC PINK: CBGZF) ("Cabral" or the "Company") is pleased to provide assay results from an initial 12 RC drill holes and three diamond holes drilled within and above the Central gold deposit within the Cuiú Cuiú gold district in northern Brazil.

Highlights are as follows:

• DDH251, intersected gold-in-oxide mineralization at the Central deposit, and returned
  • 55.1m @ 1.1 g/t gold from 4.9m depth
    including 5m @ 6.1 g/t gold
  • and 15.5m @ 1.7 g/t gold from 65.8m depth
  • and 3.5m @ 0.8 g/t gold from 81.3m depth in un-weathered and highly brecciate and altered intrusive rocks beneath the oxidation

• DDH247, also drilled at Central, returned 11.0m @ 0.7 g/t gold from surface, in gold-in-oxide blanket material, as well as 20.4m @ 0.5 g/t gold and 23.3m @ 0.3 g/t gold in un-weathered and highly brecciate and altered intrusive rocks further down the hole

• Results on an initial 10 shallow RC holes drilled within and around the northern part of the Central deposit, revealed a thin but consistent gold-in-oxide blanket. Results of note include RC259 which returned 26m @ 0.4 g/t gold in oxidized material from surface

Alan Carter, Cabral's President and CEO commented, "The results from the initial drilling at the Central gold deposit clearly demonstrate that we have a significant zone of gold-in-oxide mineralization forming a blanket above the primary Central deposit. This is the third gold-in-oxide blanket identified at Cuiú Cuiú since the initial discovery at MG in April of last year, and these recent discoveries are in addition to the two existing hard-rock deposits with resources at Cuiú Cuiú. At this stage, we do not know the extent of the blanket or how much of this material at Central is in-situ weathered primary gold mineralization, and how much is transported cover material. Nevertheless, both types of material are expected to add significantly to the inventory of potentially leachable gold-in-oxide deposits recently identified at MG and PDM. Additional drilling over the next months is expected to further define the limits of the oxide material at Central, whilst providing further definition of the high-grade zones within the underlying primary deposit at Central."

Central Diamond-Drill Results

The Central gold deposit is located 2.5km SE of the PDM target (Figure 1). Recent drilling at PDM returned 22.4m @ 4.8 g/t gold and 11.9m @ 3.3 g/t gold in altered and brecciated granitic rocks beneath an extensive gold-in-oxide blanket (see press releases dated December 15, 2021 and January 12, 2022).

Two rigs are currently operating at Central: an RC rig drilling shallow holes to test the presence of a near-surface gold-in-oxide blanket; and a diamond rig to better define the high-grade, highly altered, brecciated and sheared zones within the primary basement deposit, as well as to test for a near surface gold-in-oxide blanket.

Figure 1: Map showing the location of the PDM and MG gold-in-oxide blankets and the existing MG and Central primary gold deposits as well as other key targets (yellow circles) within this part of the Cuiú Cuiú district

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A total of eight diamond-drill holes were completed in late 2021. Assay results reported herein are from three holes; DDH247, DDH251 and DDH252 (Figure 2, Table 1). The principal objective of this drilling program is to identify and define the individual higher grade zones within the Central gold deposit, whilst exploring for additional high grade mineralization in parts of the current resource with a historic low drill density. Assays from the remaining five 2021 holes are pending. The current program of diamond drilling at Central involves the completion of 43 holes in total.

The main mineralized area at Central is covered by a flat-lying transported colluvial blanket. This overlies a deep oxidized zone of saprolite basement, wherein the oxidized weathering profile extends to depths of up to 80m into the primary highly altered, breccia-hosted mineralization. Primary gold mineralization extends close to surface within this oxidized weathered zone.

As with the near-surface mineralization at MG and PDM, the oxidized weathered primary material and the overlying colluvial blanket may be amenable to low-cost heap leach processing. The weathered rocks will also likely have lower mining costs than the deeper fresh hard basement rocks.

It is important to recognize that much of the historic drilling at Central was very deep and did not adequately test the mineralized oxidized cover sequence. The initial phase of diamond drilling at Central is focused on defining, and exploring for, higher grade mineralization within 200m of surface that would represent the initial portion of a potential open pit.

Holes DDH251 and DDH252 were both drilled on section N20970 (Figures 2 and 3). DDH251 was drilled to the north-east and returned 55.5m @ 1.1 g/t gold in saprolite oxidized basement material from 4.9m depth, including 5.0m @ 6.1 g/t gold from 44.2m depth, and 15.5m @ 1.7 g/t gold from 65.8m depth. The hole also intersected 3.5m @ 0.8 g/t gold in un-weathered highly altered basement rocks from 81.3m depth, directly beneath the weathered and oxidized rocks (Figure 3). The hole ended shortly thereafter at 86.7m depth, and likely terminated in the mineralized basement zone, leaving the mineralized zone open to the NE.

Hole DDH252 was drilled to the SW in the opposite direction, away from the known mineralized zone and was designed to test for parallel zones. It failed to intersect any significant mineralization apart from a narrow 3.0m interval of colluvial blanket from surface which averaged 0.2 g/t gold.

Figure 2: Map showing the outline of the Central gold deposit and the drill holes completed to date including historic diamond-drill holes, and recent RC and diamond-drill holes with results reported as part of this press release

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Table 1 showing the drill results from the diamon- drill holes DDH247, DDH251 and DDH252

Figure 3: Section N20970 through the Central deposit showing the location of DDH251 and DDH252. Results are pending on DDH258. Section also shows historic drill holes which were drilled oblique to section with total interval from hole. Sect. Interv. = Section Interval extending 12.5m in both directions and at 90 degrees from section plane

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Hole DDH247 was drilled on section N20845, near the SW corner of the known Central deposit, as currently outlined (Figure 2). It intersected 11m @ 0.7 g/t gold from surface (Table 1, Figure 4) which is interpreted to be gold-in-oxide blanket material in transported sedimentary and colluvial overburden. The lateral extent of the blanket is unknown at this time, as similar blanket material was not sampled in historic holes to the NE or to the SW on this section.

Hole DDH247 also intersected 10.9m @ 0.2 g/t gold in oxidized primary basement material (saprolite) from 28.6m depth. Below the weathered rocks, DDH247 intersected 20.4m @ 0.5 g/t gold from 90.8m depth and 23.3m @ 0.3 g/t gold from 122.4m depth in unweathered highly altered and brecciated intrusive rocks.

Figure 4: Section N20845 through the Central deposit showing the location of DDH247. Note upper section of 11m @ 0.7 g/t gold in colluvial gold-in-oxide blanket. Section also shows historic drill holes which were drilled oblique to section with total interval from hole. Sect. Interv. = Section Interval extending 12.5m in both directions and at 90 degrees from section plane

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Central RC Drill Results

Results were also returned on an initial ten shallow RC holes completed in late 2021 within, and around, the northern end of the primary Central deposit. The objective of this drilling was to determine whether there are indications of mineralized gold-in-oxide near surface blanket material in the northern part of the Central deposit, similar to that found at MG and PDM.

The ten exploration RC holes reported here (RC251 to RC254, RC254B, RC255 to RC259) were drilled on three NE-SW trending sections over an area of approximately 350m x 300m (Figure 2). Seven of the ten holes returned indications of a thin, low-grade gold-in-oxide blanket over the northern part of the primary Central gold deposit. Highlights include 26m @ 0.4 g/t gold from surface in RC259 and 14m @ 0.2 g/t gold from 23.0m depth in RC252 (Figure 2). Interestingly, hole RC259 is the most northerly of these RC drill holes which may indicate the presence of higher grades and thicknesses within the blanket to the north.

The RC drilling program at Central is ongoing with results pending on an additional eight holes. A further eight holes are planned.

Drilling Update

As noted above, an extensive diamond drilling program is in progress at the primary Central gold deposit. Assay results are currently pending on five holes completed in 2021, from a total program of 43 planned diamond-drill holes at Central. These are designed to further define the high-grade zones at Central.

RC drilling at Central is also in progress above the northern end of the Central gold deposit. This 2022 program is aimed at further defining the extent of the gold-in-oxide blanket material intersected in several of the RC holes drilled over the northern part of the primary Central deposit and in recent diamond-drill holes over the southern end of the Central deposit (as described above).

Diamond drilling is also in progress at the recently discovered mineralized zone in basement granitic rocks at the PDM target located 2.5km NW of Central, and at the primary MG deposit located 5km SE of Central (see press release dated January 12, 2022).

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 @ 0.90 g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24 g/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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