Cabral Gold Inc. ('Cabral' or the 'Company') (TSXV: CBR) is pleased to provide initial results from reconnaissance surface sampling within the largely unexplored eastern part of the Cuiu Cuiu Project area which resulted in the identification of a new and previously unknown high-grade target called Alonso.

Cabral commenced work on the project in early 2018 and completed two drill programs during 2019 which resulted in at least two high-grade discoveries at Machichie (3.4m @ 36.9 g/t gold) and Morro de Lua (2.8m @ 19.5 g/t gold). In addition, recent drilling completed during late 2019 at the MG and Central deposits returned 7.6m @ 18.5 g/t gold and 5.6m @ 13.0 g/t gold and has clearly demonstrated the continuity of high-grade mineralization down-dip and along strike.

Alonso Target

In parallel with these drilling efforts, Cabral's exploration team have continued to explore the wider district via a combination of regional soil sampling, shallow auger sampling and basic prospecting of drainages. The focus of this work has been on the determination of a source for coarse angular gold nuggets in the Cilmar area located 9km to the NNE. The identification of the Alonso target 3km SE of the MG deposit was a direct result of these regional exploration efforts.

The presence of a significant WSW trending magnetic anomaly and the recent identification of placer gold in the main drainage at Alonso drew Cabral's geologists to the area. The Cabral team identified the presence of extensive angular quartz vein boulder float with visible gold over an interval of 30m beside the drainage. Twenty-three samples of this float material were collected and returned gold values of 11.6 to 200.3 g/t gold. No samples returned less than 11.6 g/t gold. The concentration of angular quartz vein float material with visible gold suggests that the source could be very close by.

Regional soil sampling of this eastern part of the Cuiu Cuiu Project area during 2007 was completed at 1km E-W line spacing and resulted in a single anomalous sample of 25ppb gold approximately 140m west of the discovery occurrence. Follow up sampling has also identified identical boulders of quartz vein float material on surface from 100 to 950m WSW of the Alonso discovery occurrence associated with the pronounced WSW-trending magnetic anomaly. Assay results are pending on these float samples. More recently stream sediment sampling of streams draining the western extension of the magnetic anomaly has resulted in highly anomalous gold counts and coarse gold nuggets in the pan within stream sediments 1 to 1.5km west of the Alonso discovery occurrence, possibly suggesting it could be a significant mineralized structure.

Future Work

Cabral's exploration team is working to determine the size of the footprint of the Alonso target and is engaged in a detailed soil sampling grid over the target as well as more detailed stream sediment sampling. Shallow auger drilling may also be required in advance of drilling in the event that post-mineral cover is identified over the area.

About Cabral Gold Inc.

The Company is a junior resource company and is engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company owns the Cuiu Cuiu gold project located in the Tapajos Region within the state of Para in northern Brazil.

The Tapajos 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. Cuiu Cuiu was the largest garimpo in the Tapajos and produced an estimate 2Moz of placer gold historically.

Contact:

Tel: 604.676.5660

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 in the company's supervised exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps and rejects are returned to the Company and archived. Drilling results are reported as down-hole length weighted intersections. Gold counts in pan concentrates from drainage samples are derived from a set volume (20 litres) of sands and gravels.

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