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 Aboduabo prospect located on our Bibiani – Chirano mines corridor, Sefwi Greenstone Belt, Ghana.

Latest drill results have intersected high grade shoot extensions in multiple zones down-plunge of the defined +1km strike length of Aboduabo mineralization. Previous announcements by the Company (see press releases of January 17, 2023, February 8, 2023 and April 6, 2023) have highlighted the significant intercepts and potential of this deposit, located along the Bibiani Shear Zone. To date, 88 holes totaling 21,000m have been completed testing lateral extensions and upgrading geologic confidence in previously tested zones. Field mapping has been initiated along the trend to identify new targets for future growth.

Highlights

• CHRC3406 intersected a high gold grade shoot extension of significant interest, grading 8.73 g/t over 20.5m.
• Step-out drilling has intersected consistently wide, significant gold mineralization within metasedimentary shear zones.
• Selected intercepts include:
  • CHRC3406D – 20.5m @ 8.73 g/t Au from 222 to 242.5m
  • CHRC3420D – 10.1m @ 5.83 g/t Au from 214.7 to 224.8m
  • CHRC3405D – 17.15m @ 4.27 g/t Au from 274.5 to 291.65m
    • Includes 7.7m @ 8.94 g/t Au from 274.5m to 282.2m
  • CHRC3386D – 30m @ 2.81 g/t Au from 120m to 150m
    • Includes 24m @ 3.16 g/t Au from 126m to 150.0m
  • CHRC3400D – 26.6m @ 2.27 g/t Au from 166.35m to 192.95m
    • Includes 8.3m @ 4.2 g/t Au from 169.7m to 178.0m
  • CHRC3411D – 65.0m @ 1.41 g/t Au from 46.0m to 111.0m
    • Includes 24.20m @ 2.47 g/t Au from 46.0m to 70.2m
  • CHRC3441D- 46.70m @ 1.90 g/t Au from 380.3.0m to 427.0m
    • Includes 10.0m @ 4.37 g/t Au from 402.1m to 413.0m

Dave Anthony, President and CEO stated, “Results from the exploration drill program at Aboduabo continue to support our assessment that the deposit remains open and has potential to develop into long life open pit mine and future underground mine. We look forward to expanding the Aboduabo footprint with our field mapping program.”

Aboduabo Prospect

The Aboduabo prospect is located approximately 5km north of the Chirano Process Plant and 10km south of the Bibiani Process Plant. Aboduabo is 7 km south of our Russel South deposit. It 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.

Drill Results

Table 1: Summary drill results from the Aboduabo Prospect

Notes:

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

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

Figure 2: Plan view map of Aboduabo showing collar locations and recent drill results.

(* Previously reported results.)

Figure 3: Long Section view map of Aboduabo Gram Metre plot and selected drill results showing upside potential at depth.

(* Previously reported result.)

Figure 4: Drill Core photo of high-grade gold in vein hosted metasedimentary unit.

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 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 ALS-Kumasi, 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.

Qualified Person Statement

Scientific and technical information contained in this news release has been reviewed and approved by Kwamina Ackun-Wood, a member of the Australasian Institute of Mining and Metallurgy, and the Exploration Manager for Mensin Gold Bibiani Ltd. and by Daniel Apau, a member of the Australasian Institute of Geoscientists, and the Exploration Manager for Chirano Gold Mines Limited, and by Dave Anthony, P.Eng., Mining and Mineral Processing, President and CEO of Asante, all of whom are “qualified persons” under NI 43-101.

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 and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration 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. The Company 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 mine 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. Asante commenced mining in late February 2022 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.sedarplus.ca) on September 1, 2022.

About the Chirano Gold Mine

Chirano is an operating open pit and underground mine located in the Western Region of Ghana, immediately south of the Company’s Bibiani Gold Mine. Chirano was first explored and developed in 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.

For additional information relating to the mineral resource and mineral reserve estimates for the Chirano Gold Mine, please refer to Asante’s press releases dated October 15, 2022 and May 15, 2023 and the technical report filed on its SEDAR profile (www.sedarplus.ca).