Cabral Gold - Drilling Expands Near-Surface Mineralization, Studies Underway to Optimize Economics

• Cabral Gold is a junior gold exploration and development company focused on the Cuiú Cuiú gold project located in northern Brazil.
• The Cuiú Cuiú project contains high-grade gold mineralization in oxides close to surface, amenable to low-cost heap leach processing.
• A pre-feasibility study is underway examining potential low-capex, high-margin starter operation focused on near-surface oxides.
• Additional drilling and metallurgical testwork is aimed at optimizing project scale and economics.
• Infrastructure development and permitting activities ongoing to further de-risk the project.

About Cabral Gold

Cabral Gold Inc. is a junior resource company engaged in the exploration and development of gold properties in Brazil. The company's flagship asset is the Cuiú Cuiú gold project located within the Tapajós region in the state of Pará in northern Brazil.

Cuiú Cuiú contains National Instrument 43-101 compliant indicated resources of 21.6 million tonnes at 0.87 g/t gold for 604,000 ounces of gold and inferred resources of 19.8 million tonnes at 0.84 g/t gold for 534,500 ounces. The project area was the largest historic placer gold camp in the Tapajós gold province, which saw an estimated 30 to 50 million ounces of placer gold production between 1978 and 1995.

CEO Alan Carter commented: "We are making good progress with the pre-feasibility study. The current RC drill program is an important part of this effort and is aimed at identifying additional higher-grade mineralization. We have completed 69 RC holes to date and results are pending on 55 holes, so expect more drill results soon."

He added: "The drilling has returned some excellent higher-grade oxide intercepts. These will be incorporated into a revised resource estimate, which will then inform the mine plan. The positive drill results indicate potential for additional high grade material, which needs to be assessed through more metallurgical testwork to optimize gold recoveries."

Optimizing the High-Grade Cuiú Cuiú Oxide Gold Project

Cabral Gold is currently focused on advancing a potential high grade, low capex heap leach operation at Cuiú Cuiú targeting the extensive near-surface oxide gold mineralization. Ongoing drilling, metallurgical studies and infrastructure development activities aim to establish the viability of a starter operation focused on the oxides as outlined in a pre-feasibility study expected in Q2 2024.

The potential for improved economics by increasing production scale as well as optimizing gold recoveries are being assessed. While requiring more time to properly evaluate these opportunities, successfully capturing greater economies of scale and recoveries could significantly enhance project returns.

Drilling Expands High-Grade Oxide Mineralization

Recent RC drilling results have confirmed and expanded near-surface high grade oxide and saprolite hosted gold mineralization amenable to heap leach processing.

Highlights include:

• 27m @ 1.9 g/t gold from surface at MG
• 16m @ 5.2 g/t gold from 7m depth at Central

These exceptional near-surface results showcase the potential for a low-cost mining operation with minimal pre-strip.

Additional assay results are pending from over 30 completed drill holes targeting further high grade oxide mineralization growth at the Central and MG deposits. A sizable 12 hole reconnaissance drill program at Machichie also has pending assays where previous drilling returned impressive intercepts including 34m @ 5.4 g/t gold from surface.

Optimizing Recoveries & Scale

Ongoing column leach tests on oxide mineralization aim to better define optimal processing parameters and unlock maximum gold recoveries and economics.

Trade-off studies examining expanded production scenarios will assess opportunities to significantly reduce operating costs through greater economies of scale.

The additional metallurgical and infrastructure planning work ties into the pre-feasibility study underway.

Infrastructure & Permitting

Key infrastructure assessments and permitting activites are progressing in support of the pre-feasibility study.

Recent infrastructure progress:

• Geotechnical drilling has commenced to support mine and infrastructure design
• LIDAR surveying completed to precisely delineate topology

Conclusion

Cabral Gold’s Cuiú Cuiú gold project displays significant potential to become an exceptional high grade, low cost open pit heap leach operation in the near-term. Focused on exploiting the extensive oxide blanket, ongoing studies aim to continue optimizing and de-risking what is shaping up to become an impressive gold project.

With gold grades significantly higher than comparable projects, Cuiú Cuiú offers robust economics at a modest capital outlay. As ongoing studies assess opportunities for value enhancement through scale and improved recoveries, investors have ample upcoming catalysts through drill results and study milestones.

Backed by an experienced leadership team, large historic gold endowment and located in a premier Brazilian gold district, Cabral and its Cuiú Cuiú project checks all the boxes. Those seeking leverage to gold prices through an advanced stage, high grade oxide heap leach development opportunity need look no further.