Asante Gold makes significant gold intercepts at Aboduabo

Asante Gold Corporation has announced additional results from its ongoing exploration drilling program at the Aboduabo prospect located on our Bibiani - Chirano mines corridor, Sefwi Greenstone Belt, Ghana.

These latest results extend the footprint of the prospect to the north and include significant intercepts down plunge in multiple mineralized structures, which highlight the strong upside potential of the deposit.

The intercepts are consistent with those previously encountered in both grade and thickness, and gold mineralization remains open along strike and at depth, within favourable geology.

Dave Anthony, President and CEO stated, “The results from our exploration drilling at Aboduabo continue to impress. All drill holes completed to date have intersected mineralization and the latest results continue to demonstrate consistent grade and thickness".

"We now have a mineralized area at Aboduabo that is up to 130 metres wide by one kilometre in length, close to the surface and just five kilometres from our existing mine infrastructure. Based on the strength of the results, we are planning to develop a starter pit at Aboduabo that could be in operation by the fourth quarter of 2023".

"These results, and those previously announced for our Russel South deposit, demonstrate the significant exploration potential of the Bibiani – Chirano Corridor. The Company is aggressively exploring the corridor for new discoveries, to grow our mine and near mine resources and to increase the Life of Mine at both operations.”

The Sefwi Greenstone Belt is host to historically significant gold mining operations including our Bibiani and Chirano mines which have produced +8Moz to date from shear faults and veins. Asante controls a 53km long by up to 5km wide corridor which is transected by the Bibiani and Chirano shear zones. Bibiani and Chirano together have current mineral reserves of ~ 2.8Moz and Measured and Indicated mineral resources of over 4.5Moz.

Aboduabo Prospect

The Aboduabo prospect is located approximately 5km north of the Chirano Mine Process Plant and 10km south of the Bibiani Mine Process Plant.

Aboduabo is 7 km south of our Russel South deposit.

Aboduabo lies within the Bibiani mineralized trend and is hosted in Birimian sedimentary rock sequences.

The Chirano gold deposits are primarily hosted in Birimian volcanic and granitoid sequences along the sub-parallel Chirano trend.

The Company announced initial exploration results at Aboduabo on January 17 and February 8, 2023.

From the start of exploration by Asante, 50 drill holes totaling 11,950m have been completed.

These are focused on mineralization extensions along strike and down plunge.

Highlights

New drill intercepts have extended strike length of mineralization to the north The latest results continue to support an open pit development scenario within a corridor on the Bibiani Shear zone which has a long history of gold production Gold mineralization remains open along strike and to depth within favourable geology Selected intercepts include: CHRC3384D – 36.8m @ 2.56 g/t Au from 280.75m to 317.55m Includes 21.55m @ 3.13 g/t Au from 280.75m to 302.3m CHRC3358D – 29.75m @ 2.04 g/t Au from 187.0m to 216.75m Includes 7.85m @ 5.47 g/t Au from 196.65m to 204.5m CHRC3375D – 47.8m @ 1.76 g/t Au from 287.2m to 335m Includes 26.7m @ 2.06 g/t Au from 287.2m to 313.9m CHRC3377 – 23m @ 2.31 g/t Au from 51m to 74m And 15m @1.24g/t Au from 0m to 15m CHRC3374 – 28.0m @ 1.81 g/t Au from 168.0m to 196.0m Includes 9.0m @ 4.10g/t Au from 168.0m to 177.0m CHRC3366 – 26.0m @ 1.32 g/t Au from 157.0m to 183.0m Includes 11.0m @ 2.43 g/t Au from 172.0m to 183.0m CHRC3367- 36.0m @ 1.22 g/t Au from 163.0m to 199.0m Includes 3.0m @ 4.87 g/t Au from 196.0m to 199.0m CHRC3376 – 12m @ 1.46 g/t Au from 45m to 57m CHRC3387 – 27m @ 1.48 g/t Au from 104m to 131m Drill

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with combined forecast production of approximately 400,000 ounces gold for 2023.

The Company continues with detailed technical studies at its Kubi Gold Project for early production. All mines and projects are located on the prolific Bibiani-Sefwi and Ashanti Gold Belts.

Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana.

Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange.

Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle.

About the Bibiani Gold Mine

Bibiani is an operating open pit gold mining operation situated in the Western North Region of Ghana, with previous gold production of more than 4.5 million ounces.

It is fully permitted with available mining and processing infrastructure on-site, consisting of a newly refurbished 3 million tonne per annum process plant and existing mining infrastructure. Mining re-commenced in late February with the first gold pour announced on July 7, 2022.

Commercial production was announced on November 10, 2022.

About the Chirano Gold Mine

Chirano is an operating open-pit and underground mining operation located in the Western Region of Ghana, immediately south of the Company’s Bibiani Gold Mine. Chirano was developed as a large scale mine by RedBack Mining from 1996 and began production in October 2005.

The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. Gold Equivalent Production in 2021 was 154,668 oz on a 100% basis (source Kinross Gold Corporation).