Asante Gold Corporation (CSE:ASE) (GSE:ASG) (FRANKFURT:1A9) (U.S.OTC:ASGOF) is pleased to announce results from its ongoing exploration drilling program at the South Russel and Aboduabo prospects located on our Bibiani – Chirano mines corridor on the Sefwi Greenstone Belt in Ghana.

The Sefwi Greenstone Belt is host to significant gold mining operations including the Bibiani and Chirano mines which have produced +8Moz to date. Asante controls 53 km strike length of the corridor which includes the Bibiani and Chirano shear zones, where gold mineralization is typically hosted in shear faults and veins. The Company’s Bibiani and Chirano gold mines have current mineral reserves of ~ 2.8Moz and Measured and Indicated resources of over 4.5Moz. The immediate exploration focus for Asante is to aggressively explore our proven mineralized trends to discover new mineable deposits and grow our mine and near mine resources and mine life.

South Russel Prospect

The Company previously outlined the strike length of gold mineralization at South Russel as 200m, in its press release of August 17, 2022. New drilling results have now extended it to 500m. Drill intercepts confirm high grade mineralization from surface, consistent in width and grade to previous intercepts. The gold mineralized system remains open along strike and to depth. The South Russell prospect is located just 2 km south of the Bibiani Process Plant.

Highlights

• Recent drill intercepts include 21.5m down hole grading 3.37 g/t Au; of which 13.5m grades 5.05 g/t
• Footprint of gold mineralization now tested and confirmed amounts to approximately 500m strike length and remains open along strike and to depth
• Assay results continue to confirm significant intercepts from surface
• All drill results are outside of the current mine plan mineral resource
• Follow-up drill holes are planned to the south and north along strike of the recent intercepts
• Selected intercepts include:
  • MGDD22-194 – 21.5m @ 3.37 g/t Au from 22.0m to 43.5m
    • Includes 13.5m @ 5.05 g/t Au from 24m to 37.5m
  • MGDD22-182 – 14m @ 4.49 g/t Au from 216m to 230m
    • Includes 12m @ 5.20 g/t Au from 218m to 230m
  • MGRCD22-066 – 11.9m @ 3.22 g/t Au from 174.1m to 186m
    • Includes 4m @ 7.53 g/t Au from 180m to 184m
  • MGRCD22-164 – 8m @ 3.36 g/t Au from 195m to 203m
  • MGDD22-105 – 7m @ 3.26 g/t Au from 171m to 178m
  • MGDD22-119- 5m @ 3.62 g/t Au from 177m to 182m
  • MGDD22-103 – 10m @ 1.86 g/t Au from 181m to 191m

Aboduabo Prospect

The Aboduabo prospect is located approximately 5km north of the Chirano Process Plant and 10 km south of the Bibiani Process Plant. It lies within the Bibiani trend, is hosted in Birimian sedimentary rock sequences, and is different in style compared to the Chirano gold deposits which are hosted in Birimian volcanic and granitoid sequences along the sub parallel Chirano trend.

The historical exploration of the Aboduabo project comprised of 54 holes that delineated a mineralized strike of 1.3km and 500 meters wide. Significant gold assays. at shallow depth from surface, were noted in previous drilling programs. Some of the historical drill results include:

Highlights

• 24m down grading hole 4.31 g/t Au
• 25m down hole grading 2.95 g/t Au
• 23m down hole grading 2.65 g/t Au
• 23m down hole grading 2.41 g/t Au
• 32m down hole grading 2.17 g/t Au from CHRC1054 CHRC798D CHRC723 CHRC720 and CHCH009A respectively (see Figure 4).

Exploration activities at Aboduabo were initiated immediately after our recent acquisition of Chirano, with drill results acquired to date confirming that the mineralized system at Aboduabo is open for extension at depth and along strike. Drill results from the first hole of the current program have intersected 21.5m @ 2.99 g/t Au including 11.35m @ 4.73 g/t Au. The current drilling program was initiated in September 2022 and has been accelerated as Asante intends to prepare a maiden resource by Q4 2023 and, if warranted a starter pit soon thereafter.

Current Drill Highlights

• CHDD3339 – 21.5m @ 2.99 g/t Au
  • Includes 11.35m @ 4.73 g/t Au
• CHDD3341 – 22.0m @ 1.31 g/t Au
  • Includes 12.0m @ 1.72 g/t Au
• CHRC3343D – 4.05m @ 5.56 g/t Au
• CHDD3344 – 17.6m @ 1.2 g/t Au
• CHDD3345 – 9m @ 2.93 g/t Au
• Assay results continue to confirm significant intercepts near surface
• All drill results are not included in the current mine mineral resource
• Follow-up drill holes are planned to test depth extensions of the recent intercepts

Dave Anthony, President, and CEO stated,

“We are pleased to report the assay results from our exploration drilling program at South Russel and Aboduabo where drilling to advance the two targets to resource stage is continuing.

Strike length of South Russel mineralization has been extended from 200m to 500m supporting our view that the 53 km long Bibiani – Chirano gold corridor is very prospective for discovery of new resources and remains key to the organic growth of the two mines.

Asante plans to initiate a Feasibility Study after the maiden resource has been prepared, to consider development of a starter pit. We anticipate a starter pit will be initiated in Q4 2023.

Exploration activities at both mines have achieved significant success over the past 12 months. Drilling at the Walsh satellite pit at Bibiani increased reserves currently being mined from about 20,000 ounces to over 100,000 ounces. Brownfields exploration drilling completed in 2022 proximal to the existing pits at Chirano have also delivered positive results, in line with our intention to replace reserves currently being mined at Chirano. We remain on track at both mines, to complete exploration drilling to extend Life of Mine to +10 years.”

Details of Drill Results

Table 1: Summary drill results from the South Russel Prospect

True widths are estimated at 80% of intercept lengths and are based on oriented core measurements where available.

* Previously released result.

Table 2: Summary 2022 drill results from the Aboduabo Prospect

Notes:

1. Intervals reported are down hole lengths with true width estimated to be 80%
2. Length-weighted averages from uncapped assays with assumptions of 0.5g/t cut off and <3m internal waste

Table 3: Summary 2005 – 2006 drill results from the Aboduabo Prospect

Figure 1: Aeromagnetic map of the Bibiani – Chirano Gold Corridor, principal Asante gold deposits and recent significant intercepts at the South Russel and Aboduabo prospects.

 Figure 2: Plan view map of the South Russel (mine grid) showing collar locations and selected intercepts.

 Figure 3: South Russel – Geology cross-section looking north (mine grid) showing recent drill intercepts and planned follow-up holes.

 Figure 4: Plan view map of Aboduabo showing collar locations and selected intercepts with recent drill results in red text.

 Figure 5: Aboduabo – cross-section looking north showing historical and recent drill intercepts.

QA/QC

Asante employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface drilling was conducted by GTS Drilling Services and Toomahit Drill Limited and was supervised by the Asante exploration teams.  Selected drill core intervals were sawn in half with a diamond blade saw. Half of the sampled core was left in the core box and the remaining half was bagged and sealed. Asante utilizes accredited laboratories, and the samples were transported to either ALS-Kumasi, SGS or the Intertek laboratory in Tarkwa, Ghana. Gold was analyzed by 50-gram fire assay with AA-finish. Certified reference material (CRM) standards and coarse blank material are inserted every 20 samples. Drill intercepts cited do not necessarily represent true widths, unless otherwise noted.

About Asante Gold Corporation

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 of 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 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. Additional information is available on the Company’s website at www.asantegold.com.

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 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 commenced in late February with the first gold pour announced on July 7, 2022.  Commercial production was announced November 10, 2022.

For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to Asante’s press releases dated July 18, 2022 and September 1, 2022 and the technical report filed on its SEDAR profile (www.sedar.com) on September 1, 2022.

About the Chirano Gold Mine

Chirano is an operating open-pit and underground mining operation located in 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).