Cabral Gold Inc. announced that it has extended its RC drilling program at the Cuiú Cuiú gold district, located in Para state in northern Brazil. This follows a successful recent round of drilling designed to both upgrade and increase the grade of mineralization within the near-surface blanket and saprolite oxidized material at both the Central and MG gold deposits. Highlights: Cabral is planning a focused RC drilling program directed at the following areas: The Machichie Main zone target which is 500m north of the MG gold deposit.

Recent drilling within the Machichie Main zone returned excellent results in the oxide material including 30m @ 2.6 g/t gold, suggesting the presence of additional higher grade oxide material. Previous drilling and trenching at Machichie identified an E-W trending mineralized zone extending over 900m which remains open. The Machichie NE target where limited drilling returned positive results including 8m @ 3.3 g/t and 9m @ 2 g/t gold.

Machichie NE is located just 200m north-east of the Machichie target and 650m north of the MG gold deposit. The Machichie West target where trenching identified a sheeted vein system that has never been drill tested. Surface trenching from Machichie West included intervals of 96.5m @ 0.6 g/t, and 138m @ 0.5 g/t gold within an area of 300 x 500m.

The Pau da Merenda target which hosts inferred resources in the oxide material but is open along strike and at depth. Previous drill results include 47.1m @ 1.8 g/t gold, 8.5m @ 5.1 g/t gold, 40m @ 2.2 g/t gold, 46m @ 1.2 g/t gold, and 13m @ 4.6 g/t gold. The Baixao da Onca and Mutum targets which are both previously untested.

Surface trenching at both locations returned excellent gold grades within oxidized saprolite material including 32m at 1.0 g/t gold at Mutum and 14.7m @ 2.6 g/t gold at Baixao da Onca. Since initiating the 2023 drill program using the Cabral-owned RC rig, a total of 78 RC holes have been completed at the Central and MG gold deposits, and the Machichie target. Results include 27m @ 1.9 g/t gold at MG (see press release dated October 12, 2023), 16m @ 5.2 g/t gold at Central and 30m @ 2.6 g/t gold at Machichie.

The results from this drill program are currently being used to revise and upgrade resource models that will be utilized in mine planning process that is ongoing and part of the PFS. In view of the encouraging drill results from the Machichie target in particular where there is currently no resource due to insufficient density of previous drilling, management has elected to extend and expand the drill program at the Machichie target, as well as drill a number of additional holes at the Machichie NE, Pau da Merenda and Jerimum Baixo targets. The previously untested Machichie West, Baixao da Onca and Mutum targets will also be tested.

The Machichie main zone target is located just 500m north of the MG gold deposit (Figure 1). Previous drilling and trenching at the Machichie Main zone identified an E-W trending mineralized zone extending over 900m, which is parallel to the MG gold deposit. Previous drilling and trenching returned significant gold values including 34m @ 5.4 g/t, 6.4m @ 11.6 g/t, 45m @ 1.0 g/t and 62.8m @ 0.9 g/t in drilling and 5m @ 8.3 g/t and 9.5m @ 5.3 g/t gold in trenching.

Recent drilling suggests the presence of distinct higher-grade gold mineralized zones within the saprolite (e.g. 30m @ 2.6 g/t gold) which extend into the underlying primary bedrock. Additional holes are planned to further define these zones. Drilling is also planned at the Machichie NE target located 200m NE of the Machichie Main zone.

Limited previous drilling at this target returned positive results including 8m @ 3.3 g/t in fresh basement rocks and 9m @ 2 g/t gold within blanket sediments. The mineralization is open to the east and at depth. Previous drilling suggests up to 60m of weathered saprolite at Machichie NE, with mineralization extending into the primary bedrock.

Drilling is also planned at the Machichie West target which appears to be a sheeted vein system that has never been previously drill tested. Previous surface trenching from the area returned intervals of 96.5m @ 0.6 g/t and 138m @ 0.5 g/t gold within an area of 300 x 500m. Cabral plans to also conduct further drilling at Pau da Merenda ("PDM"), a broad area of mineralization located along strike 1km NW of the Central deposit.

PDM hosts an inferred resource within saprolite with drill highlights include 47.1m @ 1.8 g/t gold and 8.5m @ 5.1 g/t gold, 40m @ 2.2 g/t gold, 46m @ 1.2 g/t gold, and 13m @ 4.6 g/t gold. PDM remains open along strike and at depth. The Company also plans to drill the previously untested Mutum and Baixao da Onca targets where surface trenching returned excellent gold grades within oxidized saprolite material.

The Mutum target has similarly never been drill tested and is located 600m SE of the PDM discovery. Historic surface trenches at Mutum returned values including 32m @ 1g/t gold, 25.5m @ 0.9 g/t gold and 16.5m @ 0.9 g/t gold within a zone of weathered stockwork quartz vein mineralization. The Baixao da Onca target is located 1.5km east of the MG gold deposit within the main TZ lineament as defined by airborne magnetic data.

Surface trenching of a weathered vein system at Baixao da Onca returned 14.7m @ 2.6 g/t gold. The target has never been drill-tested. The RC drilling program is currently in progress and is expected to continue for several months.

An update on the PFS being conducted by Ausenco Brazil, which is aimed at determining the economic viability of the near-surface gold-in-oxide material at Cuiú Cuiú, will be provided in the coming weeks.