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Cerrado Gold Introduces Gold Production Growth Strategy and Provides Update from Its 2021 Exploration Program at Its Minera Don Nicolás Gold Project in Argentina

09.02.2022  |  Newsfile
  • Dual Stream Production Strategy to add lower grade stream to existing high-grade stream and expected to deliver production of approximately 70,000 ounces of gold ("oz Au") per annum by Q1 2023 and increase gold production capacity up to 90,000 oz Au by late 2023

  • High grade material (cut-off grade of +1.6 grams per tonne gold; "g/t Au") to be processed through current CIL plant anticipated to deliver 40,000-50,000 oz Au per annum

  • Lower grade material (cut-off grade of +0.3 g/t Au) to be processed via planned heap leach operations at both Calandrias and Martinetas expected to add approximately 40,000 oz Au of annual production capacity

  • Underground Potential Paloma Area:

    • Deep drilling to commence at the southern edge of the Sulfuro Vein where a high-grade subvertical shoot has been delineated by historical drilling approximately 125 metres ("m") below the current pit. Drilling in 2022 to target an additional 200m of down plunge extension.
  • 2021 drilling has outlined numerous lower and high-grade resource targets to support the growth strategy

    • Significant tonnage of lower grade material that was previously treated as waste identified to be heap leached (cut-off 0.3 g/t Au)

Toronto, February 9, 2022 - CERRADO GOLD (TSXV: CERT) (OTCQX: CRDOF) ("Cerrado" or the "Company") is pleased to provide an update to its development strategy for gold production growth and to provide the remaining results of its 2021 near mine exploration drill program (12,578 m) at its Minera Don Nicolás ("MDN") Project located in Santa Cruz province, Argentina.

Following recent drilling and a thorough review of the current resources and mine plan at MDN, Cerrado has commenced development plans that should substantially add to the production profile at its MDN operations through a Dual Stream Production Strategy to more fully exploit the entire resource potential. The Dual Stream Production Strategy will focus on processing high-grade material (cut-off 1.6 g/t Au) through the existing CIL plant and the development of heap leach facilities for processing of lower grade material (cut-off 0.3 g/t Au) that is currently treated as waste or stockpiled for future use.

Dual Stream Production Strategy

Previously, lower-grade material at Martinetas (e.g., Cerro Oro and Coyote) was either ignored, treated as waste or sent to a stockpile. Metallurgical test work to date (see press release dated September 1, 2021 for more details) suggests gold recoveries via heap leach operations can economically treat much of this material.

As the results of the recent drill program demonstrate, many high-grade areas have a significant halo and/or internal dilution zone of lower grade material that can now be viewed as ore moving forward. The high-grade stream will process ore through the existing CIL plant with an estimated annual production of 40,000 - 50,000 ounces of gold per annum.

In addition, the Company plans to develop two heap leach operations. The first, as outlined in the press release dated September 1, 2021, will focus on the Las Calandrias and Escondido deposits at the northern perimeter of the property. Production is expected to average approximately 25,000 ounces of gold commencing in Q1 2023 with an initial mine life, prior to additional exploration, of approximately four years. A second heap leach operation is to be developed in the Martinetas mining region to process lower grade material that is either currently being treated as waste or stored in a lower-grade stockpile. Cerrado believes this could be in operation by late 2023 adding a further potential of 15,000 - 20,000 ounces of gold per annum.

Deep Drilling/ Underground Exploration

As part of the plan to process only high-grade material through the CIL plant (cut-off 1.6 g/t Au), Cerrado's drill plan for 2022 will include a strong focus on deeper targeting beyond the extent of current LOM pits. The first area of focus of the deep drilling will be the southern edge of the Sulfuro Vein (Paloma) where a high grade subvertical shoot has already been delineated with historic drilling approximately 125 m below the LOM pit. Drilling will target an additional 200m of down plunge extension.

The move towards underground mining is in keeping with the transitions undertaken at both MDN's neighbouring mines - Yamana's Cerro Morro operation and Anglo American's Cerro Vanguardia mine. Based upon current resources in place, Cerrado's exploration team believes it can readily outline potential resources in excess of 100,000 ounces of gold in underground mineralized material to act as an initial source of feed to the mill.

Current resources and future exploration plans are now being considered with this new production strategy in mind to best utilize the current and future resources at MDN. Future resource activity and updates will focus on outlining resources available to both production streams.

Mark Brennan, CEO & Co-Chairman, commented, "We are very excited to introduce this new development strategy that will maximize both resource and production growth at MDN. It has been a challenging yet very interesting period since Cerrado acquired the MDN Mine; the first phase was focused upon ramping up production and cash flows during a very intense COVID operating environment; which the team has very successfully achieved, and now as the next phase, we have a road map to develop what we believe will be the true potential for the MDN mine moving forward."

He continued, "Exploration work to date has identified near mine, high-grade potential targets and has opened up additional lower-grade targets which can be quickly brought into the mine plan. The Dual Stream Production Strategy is expected to provide Cerrado with a platform for continued production growth, operational flexibility and extended mine life at MDN."

2021 Exploration Drill Results

Diamond drill holes ("DDH") from MDN's exploration program were collared at the Baritina and Araña targets in the Paloma area (14 DDH, totalling 943 m); and at the M11 Mara, Gecko and Choique targets in the Martinetas area (47 DDH, totalling 4,709 m), see Figure 1. The focus of the 2021 near mine program has been to delineate new, high grade, mineralized zones and increase the confidence of near surface mineralization that have the potential to quickly be converted into mineable material. All targets are in the proximity of Cerrado's current mining operations, La Paloma and Martinetas pits.

Drill Hole Highlights by target area (all composites are reported as true thickness):

Baritina

PA-D21-85

  • 8.00 m at 1.67 g/t Au, from 46.30 m
    • Including 3.60 m at 2.16 g/t Au from 48.00 m

PA-D21-86

  • 14.62 m at 1.45 g/t Au, from 33.25 m
    • Including 1m at 3.48 g/t Au from 54.60 m

PA-D21-88

  • 3.28 m at 2.69 g/t Au, from 46.95 m

Mara/Armadillo

MA-D21-043

  • 4.79 m at 1.21 g/t Au, from 58.40 m

Choique

CH-D21-049

  • 1.90 m (apparent width) at 7.05 g/t Au, from 44.55 m
    • Including 1.00 m (apparent width) at 13.29 g/t Au from 44.55 m

CH-D21-054

  • 4.60 m at 1.43 g/t Au, from 19.60 m

Gecko

GK-D21-011

  • 1.43 m at 2.85 g/t Au, from 52.50 m

Near Mine Drill Program at MDN

The 2021 exploration drill program at the Minera Don Nicolás Project totalled 12,578 m, commenced in February 2021, and was completed in September 2021. Assays were fully received in November 2021 and all the previously outstanding results are disclosed in this press release, (Table 1. and Figures 1. through 3.).



Figure 1. Plan View Reported Drill Results

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6185/113205_5d059b8954eb6b5a_002full.jpg

The first phase of the program focused on targets adjacent to existing operations at La Paloma and included targets such as Esperanza/Rocio, Baritina, Chulengo and Araña. These areas ranked as high priority targets, and many of them were already included in the resource inventory, summarized in the August 2020 technical report completed by SRK.

Drilling in the La Paloma area was completed in July. Cerrado expects that the Baritina target will add future shallow high-grade feed to the mill and lower grade resources for heap leaching. Follow up at the Arana prospect on the shallow mineralized trends as well as at depth is warranted based on the results received to date.



Figure 2. Plan View Paloma Area Reported Drill Results

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6185/113205_5d059b8954eb6b5a_003full.jpg

The diamond drill rig was subsequently mobilized to the Martinetas area where an additional 4,709 m of drilling was completed in September. The Martinetas area encompasses more than five square kilometres ("km2") of argillic altered rocks that reveal a large fertile epithermal center. Mineralization includes sheeted veins (e.g., Cerro Oro) and discrete veins (Armadillo) which occur in several sectors within the large argillic footprint. Cerrado's strategy at Martinetas has been to systematically explore targets identified within the argillic envelope focussing on permissive structural trends and possible continuities from the known and mined centers (e.g., Choique Southeast).

Drilling priorities considered the proximity of the different targets in relation to the current operations. Lateral step outs of known mineralized centers including Cerro Oro, Choique, Armadillo and Mara were identified as areas that contain shallow mineralization amenable to open pit mining and thus could be quickly converted into minable resources.



Figure 3. Plan View Martinetas Area Reported Drill Results

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/6185/113205_5d059b8954eb6b5a_004full.jpg

Detailed geological descriptions of each target are provided in the following link:

(https://www.cerradogold.com/geology)

Summary and follow-up

The 2021 program successfully delineated and increased the confidence on near mine shallow targets both in the La Paloma and Martinetas area. Notably in Paloma, the high grade Chulengo and Baritina refined geological models were integrated into the mine plans. The mine team will complete their pre-mining Reverse Circulation ("RC") infill drilling to optimize sequencing. In a similar fashion, positive results in Choique that extended the mineralized trend for approximately 100 m to the southeast will be followed up by tightly spaced RC drilling by the mine geology team. As part of the new strategy outlined above, the economics of these deposits, specially those in the Martinetas area, is being evaluated by considering synchronous mining, feeding the two possible processing circuits (CIL and Heap Leach).

In other targets such as Araña where continuity was limited within the drilled area, follow up with proper modelling on the shallow mineralised structures and possible deep drilling is warranted. Negative results in shallow areas believed to have been systematically drilled (e.g., M11 and Gecko) will not be part of the next exploration phases.

Table 1. Paloma Area Relevant Intercepts

Baritina

DDH From To Length (m) True Width (m) Au (g/t)
PA-D21-85 0.00 4.65 4.65 2.99 1.35
Including 1.00 2.00 1.00 0.64 2.26
22.80 28.80 6.00 3.86 0.54
36.80 42.50 5.70 3.66 1.10
46.30 58.75 12.45 8.00 1.67
Including 48.00 53.60 5.60 3.60 2.16
and 56.80 58.30 1.50 0.96 2.70
PA-D21-86 4.20 7.20 3.00 1.93 0.66
17.40 30.50 13.10 8.42 0.48
33.25 56.00 22.75 14.62 1.45
Including 54.60 56.00 1.40 0.90 3.48
PA-D21-87 5.20 7.50 2.30 1.48 0.65
9.25 19.60 10.35 6.65 0.82
Including 11.25 12.25 1.00 0.64 1.49
and 17.80 19.60 1.80 1.16 1.40
22.60 24.90 2.30 1.48 0.66
38.85 53.30 14.45 9.29 1.25
Including 41.00 44.00 3.00 1.93 1.42
and 46.40 50.00 3.60 2.31 2.12
and 51.50 53.30 1.80 1.16 2.32
PA-D21-88 3.00 5.00 2.00 1.29 1.60
15.10 18.85 3.75 2.41 0.54
21.45 28.15 6.70 4.31 0.30
29.25 30.10 0.85 0.55 1.39
PA-D21-89 23.70 28.40 4.70 3.02 0.65
Including 27.70 28.40 0.70 0.45 1.17
30.50 43.80 13.30 8.55 1.03
Including 41.00 41.50 0.50 0.32 2.75
44.90 46.20 1.30 0.84 1.91
Including 44.90 45.40 0.50 0.32 3.66
46.95 52.05 5.10 3.28 2.69
Including 46.95 48.40 1.45 0.93 4.07
and 50.00 52.05 2.05 1.32 3.59
53.50 68.00 14.50 9.32 1.10
Including 56.70 57.40 0.70 0.45 2.50
PA-D21-90 13.40 15.70 2.30 1.48 1.86
Including 13.45 14.45 1.00 0.64 3.47
19.80 20.80 1.00 0.64 2.37
25.35 32.00 6.65 4.27 0.70
35.00 51.75 16.75 10.77 1.35
Including 39.40 40.50 1.10 0.71 2.38
and 42.90 45.00 2.10 1.35 2.31
and 50.10 51.75 1.65 1.06 2.79
52.60 53.20 0.60 0.39 0.90
PA-D21-91 29.50 54.60 25.10 16.13 0.86
Including 41.50 45.80 4.30 2.76 1.19
and 46.90 50.00 3.10 1.99 2.47
and 49.00 50.00 1.00 0.64 3.51
PA-D21-92 32.10 33.80 1.70 1.09 0.39
PA-D21-93 22.85 23.85 1.00 0.64 1.18
31.50 35.40 3.90 2.51 0.83
Including 33.70 34.40 0.70 0.45 2.23
38.95 42.50 3.55 2.28 0.61
44.60 45.15 0.55 0.35 1.87
45.70 57.75 12.05 7.75 2.24
and 45.70 46.70 1.00 0.64 2.15
and 48.60 51.00 2.40 1.54 4.37
and 55.70 57.15 1.45 0.93 2.82
PA-D21-94 24.30 25.15 0.85 0.55 0.92
32.00 35.00 3.00 1.93 0.72

Araña Target

DDH From To Length (m) True Width (m) Au (g/t)
PA-D21-95 28.00 28.50 0.50 0.32 21.20
66.00 67.00 1.00 0.77 0.66
11.48 12.38 0.90 0.58 2.62
including 11.90 12.38 0.48 0.31 4.55
21.05 22.00 0.95 0.61 2.91
24.00 30.00 6.00 3.86 0.76
including 24.00 25.00 1.00 0.64 1.40
and 28.00 29.00 1.00 0.64 1.28
41.00 42.00 1.00 0.98 2.87
58.00 59.20 1.20 ** 2.35
35.80 46.00 10.20 7.21 0.99
including 35.80 36.65 0.85 0.85 2.30
and 40.00 40.55 0.55 0.45 2.33
and 41.20 41.90 0.70 0.68 2.17
and 44.00 45.00 1.00 0.91 1.06
*Partial results received
**No structural features possible from logging - no true width calculated

Composites Cut-off grade 0.3 g/t Au
NSA: No significant Assays

Table 2. Martinetas Area Relevant Intercepts

M11

DDH From To Length (m) True Width (m) Au (g/t)
M11-D15-001 NSA
M11-D21-003 NSA
M11-D15-004 12.00 13.00 1.00 0.82 0.53
26.40 27.10 0.70 0.70 2.02
39.25 40.15 0.90 0.87 0.40
48.15 48.80 0.65 0.63 0.34
71.00 72.00 1.00 0.91 0.42
85.80 87.70 1.90 1.56 0.32
M11-D21-005 15.85 16.45 0.60 0.56 0.31
M11-D21-007 NSA

Mara/Armadillo

DDH From To Length (m) True Width (m) Au (g/t)
MA-D21-034 42.00 43.20 1.20 1.13 0.52
49.30 50.30 1.00 0.94 2.58
52.60 53.50 0.90 0.85 1.64
78.00 79.50 1.50 1.41 0.52
82.00 86.00 4.00 3.98 0.56
including 84.00 85.00 1.00 1.00 1.24
86.80 87.65 0.85 0.85 0.35
91.50 92.50 1.00 1.00 0.36
108.40 109.40 1.00 1.00 0.61
MA-D21-035 NSA
MA-D21-036 NSA
MA-D21-037 72.00 72.80 0.80 0.77 0.66
96.15 98.80 2.65 2.40 1.21
including 96.15 97.15 1.00 0.98 1.85
MA-D21-038 45.50 45.95 0.45 0.45 1.28
50.45 53.15 2.70 1.91 0.73
Including 52.10 53.15 1.05 0.74 1.35
MA-D21-039 NSA
MA-D21-040 NSA
MA-D21-041 NSA
MA-D21-042 73.50 73.90 0.40 0.40 0.57
MA-D21-043 46.45 48.00 1.55 1.53 0.51
58.40 65.85 7.45 4.79 1.21
Including 63.60 65.00 1.40 0.90 2.93
Including 63.60 64.20 0.60 0.39 4.36
MA-D21-044 NSA
MA-D21-045 20.00 20.70 0.70 0.66 0.82
24.00 25.00 1.00 0.94 0.40
26.00 27.00 1.00 0.98 0.42
MA-D21-046 49.00 50.00 1.00 0.87 1.62
56.00 57.00 1.00 0.91 0.89
76.00 78.00 2.00 1.99 0.49
MA-D21-047 NSA
MA-D21-048 1.50 3.50 2.00 1.93 0.37
9.00 10.00 1.00 1.00 0.83
MA-D21-049 NSA
MA-D21-050 NSA
MA-D21-051 27.55 28.60 1.05 1.01 0.31
31.30 32.00 0.70 0.68 0.32
45.25 48.40 3.15 3.10 0.57
45.75 46.25 0.50 0.49 1.33
52.80 55.95 3.15 3.10 0.50
61.50 62.00 0.50 0.50 1.05
63.00 64.00 1.00 1.00 0.40
69.00 69.60 0.60 0.59 1.02
MA-D21-052 140.00 142.00 2.00 1.81 0.35
142.75 146.00 3.25 2.66 1.15
including 145.30 146.00 0.70 0.57 2.83
MA-D21-053 10.00 11.00 1.00 1.00 0.42
12.60 14.00 1.40 1.39 0.35
19.20 19.70 0.50 0.50 0.42
20.30 21.40 1.10 1.06 0.35
22.40 22.90 0.50 0.43 0.44
23.65 24.20 0.55 0.54 0.49
24.90 25.40 0.50 0.49 0.47
29.00 31.00 2.00 1.73 0.31
MA-D21-054 28.00 35.00 7.00 6.89 0.36
42.00 43.70 1.70 1.54 1.08
including 42.95 43.70 0.75 0.68 1.94
44.45 45.20 0.75 0.68 0.61
AR-D21-012 18.85 21.75 2.90 2.80 0.96
including 19.85 20.75 0.90 0.87 1.22
AR-D21-013 NSA
AR-D21-014 NSA

Choique

DDH From To Length (m) Vein dip Hole dip True Width (m) Au (g/t)
CH-D21-047 11.25 14.40 3.15 30 50 3.10 0.96
including 12.40 14.40 2.00 30 50 1.97 1.23
53.40 54.40 1.00 60 50 0.94 0.32
62.70 63.30 0.60 55 50 0.58 0.31
CH-D21-048 12.05 12.55 0.50 40 50 0.50 0.54
17.85 18.40 0.55 40 50 0.55 0.45
25.30 26.40 1.10 55 50 1.06 0.40
32.20 33.30 1.10 60 50 1.03 0.35
35.95 37.50 1.55 30 50 1.53 0.34
38.95 39.85 0.90 ** 50 0.90 0.80
40.70 41.50 0.80 50 50 0.79 0.50
47.10 47.75 0.65 55 50 0.63 0.33
CH-D21-049 0.30 8.05 7.75 ** 50 ** 0.74
including 0.30 2.30 2.00 ** 50 ** 1.51
and 7.25 8.05 0.80 ** 50 ** 1.20
29.00 30.90 1.90 ** 50 ** 7.05
including 29.90 30.90 1.00 ** 50 ** 13.29
51.25 53.20 1.95 ** 50 ** 0.39
CH-D21-050 19 19.7 0.7 ** 50 ** 0.40
20.7 22.6 1.9 ** 50 ** 0.72
26.1 27.1 1 ** 50 ** 0.38
31.6 32.9 1.3 ** 50 ** 0.39
34.5 35.2 0.7 ** 50 ** 0.45
37.4 40.9 3.5 ** 50 ** 0.47
42.7 45.4 2.7 ** 50 ** 1.00
including 44.55 44.95 0.4 ** 50 ** 4.26
and 44.55 45.4 0.85 ** 50 ** 2.60
CH-D21-051 NSA
CH-D21-052 54 55.3 1.3 ** 50 ** 0.75
54.75 55.3 0.55 ** 50 ** 1.5
CH-D21-053 19.3 20 0.7 ** 50 ** 0.36
44.15 44.5 0.35 83 50 0.26 0.31
50.45 53.6 3.15 86 50 2.19 0.39
including 52.4 53.6 1.2 ** 50 ** 0.62
60 64.2 4.2 ** 50 ** 0.34
69.6 71.2 1.6 63 50 1.47 0.60
CH-D21-054 1 2 1 ** 50 ** 0.33
14.45 15.35 0.9 70 50 0.78 0.38
19.6 24.6 5 63 50 4.60 1.43
including 20.65 23.6 2.95 63 50 2.72 2.25
and 22.7 23.6 0.9 63 50 0.83 6.01
26.5 27.9 1.4 63 50 1.29 1.73
including 26.5 27.2 0.7 63 50 0.64 2.96
30.45 31.1 0.65 63 50 0.60 3.53
46.4 46.9 0.5 80 50 0.38 1.11
CH-D21-055 15 16 1 ** 50 ** 0.53
19 19.75 0.75 ** 50 ** 0.33
23.6 24.4 0.8 ** 50 ** 0.32
CH-D21-056 21.7 25 3.3 85 50 2.33 0.85
including 21.7 23.5 1.8 85 50 1.27 1.45
and 22.6 23.5 0.9 85 50 0.64 2.67
29.5 31.9 2.4 65 50 2.18 0.48
30.9 31.4 0.5 65 50 0.45 1.28
36.5 39.1 2.6 89 50 1.71 0.34
41.8 42.65 0.85 75 50 0.70 0.33
44 44.6 0.6 89 50 0.39 0.34
CH-D21-057 NSA
CH-D21-058 NSA
CH-D21-059 28.45 29.25 0.8 80 50 0.61 0.34
CH-D21-060 NSA
CH-D21-061 3.5 5.3 1.8 ** 50 ** 0.33
CH-D21-062 NSA
CH-D21-063 NSA
CH-D21-064 NSA

Gecko

DDH From To Length (m) Vein dip Hole dip True Width (m) Au (g/t)
GK-D21-001 15.65 18.25 2.60 65 50 2.36 0.60
28.00 29.00 1.00 55 50 0.97 0.30
GK-D21-002 12.00 14.00 2.00 60 50 1.88 0.82
19.00 20.00 1.00 55 50 0.97 0.60
24.00 26.00 1.00 * 50 1.00 0.39
78.00 78.70 0.70 55 50 0.68 0.35
GK-D21-003 NSA
GK-D21-004 NSA
GK-D21-005 85.00 86.00 1.00 25 50 0.97 0.35
GK-D21-006 NSA
GK-D21-007 NSA
GK-D21-008 NSA
GK-D21-009 NSA
GK-D21-010 10.00 11.00 1.00 75 50 0.82 1.38
GK-D21-011 52.50 53.95 1.45 30 50 1.43 2.85
including 53.30 53.95 0.65 30 50 0.64 5.28
GK-D21-012 NSA
GK-D21-013 NSA

Table 1a. Collars of Reported Drill Holes from Paloma Area

Target Hole ID Easting Northing Elevation Depth Azimuth Dip
Baritina PA-D21-85 2594860 4713127 151.3 74 270 50
Baritina PA-D21-86 2594860 4713137 151.8 56 270 50
Baritina PA-D21-87 2594859 4713144 151.6 71 270 50
Baritina PA-D21-88 2594855 4713151 151.8 50 270 50
Baritina PA-D21-89 2594879 4713128 146.3 92 270 50
Baritina PA-D21-90 2594878 4713152 146.7 77 270 50
Baritina PA-D21-91 2594863 4713118 149.2 71 270 50
Baritina PA-D21-92 2594850 4713103 147.3 41 270 50
Baritina PA-D21-93 2594879 4713119 145.7 86 270 50
Baritina PA-D21-94 2594860 4713112 148.7 65 270 50
Araña PA-D21-95 2595623 4713615 161.7 74 310 50
Araña PA-D21-96 2595637 4713630 168.5 65 310 50
Araña PA-D21-97 2595650 4713647 175.9 59.2 310 50
Araña PA-D21-98 2595670 4713656 178.3 62 310 45

Coordinates Projection: Gauss‐Kruger, Faja Meridiana 2

Table 1b. Collars of Reported Drill Holes from Martinetas Area

Target Hole ID Easting Northing Elevation Depth Az Dip
Choique CH-D21-057 2621155 4691453 150.339 71 20 50
Choique CH-D21-058 2621193 4691444 152.226 77 20 50
Choique CH-D21-059 2620488 4691497 155.91 62 0 50
Choique CH-D21-060 2620488 4691529 161.986 50 0 50
Choique CH-D21-061 2620806 4691460 154.563 80 180 50
Choique CH-D21-062 2620805 4691387 149.008 80 180 50
Choique CH-D21-063 2620805 4691375 148.198 80 360 50
Choique CH-D21-064 2620805 4691448 155.006 101 0 50
Gecko GK-D21-001 2621533 4692035 160.87 92 0 50
Gecko GK-D21-002 2621533 4692075 165.66 101 0 50
Gecko GK-D21-003 2622291 4692101 152.77 80 0 50
Gecko GK-D21-004 2622677 4692176 161.28 80 45 50
Gecko GK-D21-005 2622649 4692204 168.07 89 45 50
Gecko GK-D21-006 2622624 4692235 169.9 80 45 50
Gecko GK-D21-007 2622744 4692156 150.34 71 25 50
Gecko GK-D21-008 2622735 4692133 149.06 104 25 50
Gecko GK-D21-009 2621535 4692004 154.37 131 0 50
Gecko GK-D21-010 2621617 4692031 153.89 59 0 55
Gecko GK-D21-011 2621434 4692015 155.55 68 0 55
Gecko GK-D21-012 2622390 4692079 153.25 80 0 55
Gecko GK-D21-013 2622191 4692091 160.76 65 0 55
M11 M11-D21-003 2620758 4692539 161.967 122 345 55
M11 M11-D21-004 2620682 4692515 155.252 200 345 55
M11 M11-D21-005 2620741 4692598 166.925 146 0 50
M11 M11-D21-006 2620741 4692748 154.383 119 0 50
M11 M11-D21-007 2620792 4692847 157.47 50 325 50
Mara MA-D21-034 2619697 4691281 133.12 122 25 50
Mara MA-D21-035 2619699 4691106 138.897 119 25 50
Mara MA-D21-036 2619734 4691182 135.617 119 25 50
Mara MA-D21-037 2619763 4691245 130.967 125 25 50
Mara MA-D21-038 2619850 4691321 134.984 95 10 50
Mara MA-D21-039 2619792 4691068 134.568 119 25 50
Mara MA-D21-040 2619821 4691130 138.23 125 25 50
Mara MA-D21-041 2619848 4691191 137.92 119 25 50
Mara MA-D21-042 2619876 4691252 135.922 185 10 50
Mara MA-D21-043 2619889 4691314 137.545 119 10 50
Mara MA-D21-044 2619900 4691371 138.93 137 10 50
Mara MA-D21-045 2619910 4691431 142.79 122 10 50
Mara MA-D21-046 2619921 4691496 138.8 128 10 50
Mara MA-D21-047 2620082 4691202 145.59 71 10 50
Mara MA-D21-048 2620220 4691422 143.92 68 0 50
Mara MA-D21-049 2620267 4691464 150.47 62 0 50
Mara MA-D21-050 2620267 4691531 152.48 86 180 50
Mara MA-D21-051 2619899 4691370 139.06 83 180 50
Mara MA-D21-052 2619840 4691258 134.063 170 10 50
Mara MA-D21-054 2619798 4691310 132.59 110 10 50
Mara MAR-T21-037 2619750 4691398 134.333 87 10 50

Coordinates Projection: Gauss‐Kruger, Faja Meridiana 2

Quality Assurance and Quality Control

Analytical work was carried out Alex Stewart international, Argentina S.A. Labs (ASI). The facilities of the prep lab and assay lab are in San Julian, 184 Km from MDN mine operations. MDN sends out 10% of samples to check at ALS international labs (ALS) with the prep lab located in Mendoza and assay labs in Lima, Peru and Vancouver, Canada. In the main laboratory ASI (Mendoza), the samples are systematically analyzed for gold (ppm) and silver (ppm) by fire assay (Au4-50 + AgICP-AR-39) regarding the over limits with fire assay results greater than 10 ppm, a second assay is applied including gravimetric finishing (FA50GRAV), with respect to silver, analyzes greater than 200ppm are carried out by AgFA50GRAV.

ASI has routine quality control procedures which ensure that every batch of samples includes three sample repeats, two commercial standards and blanks. Cerrado used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program. The Reference material used are from CDN Resource Laboratories Ltd. Included in the batches following MDN internal protocols.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, P.Geo., Vice President, Exploration for Cerrado Gold Inc., who is a Qualified Person as defined in NI 43-101.

Minera Don Nicolás Overview

Minera Don Nicolás is located 1,625km southwest of Buenos Aires, Argentina in the Deseado Massif region in the mining-friendly province of Santa Cruz. The project is comprised of several exploration concessions totaling 333,400 ha. The largest regional centre is Comodoro Rivadavia, which provides logistical and other support for the operations.

MDN Project is situated within the world renowned Deseado Massif where the underlying geology of the region is dominated by rhyolitic and andesitic volcanic and tuffaceous volcaniclastic lithologies of Middle to Upper Jurassic age (130 to 170 ma). It is criss-crossed by numerous extensive fault and fracture zones, which served as conduits for hydrothermal activity during periods of Jurassic volcanism. The result of this activity is a widespread network of shallow level mineralized "epithermal" fissure veins, breccias, and stock-work systems, many of which carry potentially economic Au and Ag mineralization. The Deseado Massif region is host to several epithermal gold-silver deposits and several multi-million-ounce gold deposits, including Cerro Vanguardia (Anglo Gold), Cerro Negro (Newmont GoldCorp), Cerro Morro (Yamana).

In February 2012, Minera IRL published a Full Feasibility Technical Report in accordance with NI 43-101 (Filed on SEDAR, Minera IRL Ltd., Feb 16, 2012). Construction of the facilities was completed in 2017 and initial production began December 2017.

Current mining operations are conducted in two areas, the high grade La Paloma deposit and the Martinetas deposits, approximately 30km apart. Ore is processed through a 1,000 tpd CIL plant located near the Martinetas pit. The project currently supports 325 employees and contractors on a fly-in fly-out basis. Mineral Don Nicolás has strong regional and local community backing having signed agreements with the two neighboring communities.

Cerrado acquired the MDN Project property in March 2020 and undertook a fundamental review of the resource database and based upon a significant geological re-interpretation, engaged SRK to conduct an independent NI 43-101 updated resource technical report (August 2020) which is available on the Cerrado Gold website and SEDAR.

Mark Brennan
CEO and Co Chairman
Tel: +1-647-796-0023
mbrennan@cerradogold.com

Nicholas Campbell, CFA
Director, Corporate Development
Tel.: +1-905-630-0148
ncampbell@cerradogold.com

About Cerrado Gold

Cerrado Gold is a public gold producer and exploration company with gold production derived from its 100% owned Minera Don Nicolás mine in Santa Cruz province, Argentina. It also owns 100% of the assets of Minera Mariana in Santa Cruz province, Argentina. The company is also undertaking exploration at its 100% owned Monte Do Carmo project located in Tocantins, Brazil. For more information about Cerrado Gold please visit our website at: www.cerradogold.com.

Disclaimer

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, all statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "should", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado Gold. In making the forward- looking statements contained in this press release, Cerrado Gold has made certain assumptions, including, but not limited to ability of Cerrado to expand its drilling program at its Minera Don Nicolas Project and increase its resources. Although Cerrado Gold believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado Gold disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113205


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Cerrado Gold Inc.
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