Galiano Gold Inc. (TSX: GAU) (NYSE American: GAU) is pleased to provide an update on the 2023 drilling results at Abore following completion of an infill program at the Asanko Gold Mine, located in Ghana, West Africa. This drill program is highlighted by the discovery of a new high grade zone in the southern portion of the deposit and better than expected results spanning the entire 1,600 metre strike length of Abore.

The Abore infill drilling programme consisted of 84 holes totalling 22,470 metres. It was designed to convert Inferred Mineral Resources below the current Mineral Reserve pit shell¹ to the Indicated Mineral Resource category and evaluate the potential to optimize and/or expand the pit. Earlier positive results from this campaign were highlighted in a news release “Galiano Gold Provides Asanko Gold Mine 2023 Exploration Program Update” (see press release dated October 25, 2023).

This program resulted in the discovery of a new high grade zone within the southern portion of Abore which was intersected in four drill holes over approximately 120 metres of strike length as shown in a series of cross sections in Figures 2 to 5 below. Intercepts in this zone are amongst the best ever intercepted at the AGM and include:

• Hole ABPC23-224: 45 metres @ 12.4 g/t gold from 191m
• Hole ABPC23-226: 37 metres @ 10.6 g/t gold from 199m
• Hole ABPC23-239: 54 metres @ 3.3 g/t gold from 207m
• Hole ABPC23-228: 41 metres @ 3.3 g/t gold from 191m

This new zone of mineralization is hosted primarily within the Abore granite and is characterized by significant hydrothermal alteration along with high density quartz veining, intense localized brecciation, disseminated arsenopyrite and visible gold. It remains open along strike in both directions and is untested at depth. A follow-up drill program is currently underway to test the extent of this zone.

Robust mineralization was also intersected across the deposit as demonstrated by the following highlighted intercepts:

• Hole ABPC23-246: 18 meters @ 8.2 g/t gold from 172m
• Hole ABPC23-259: 24 meters @ 5.4 g/t gold from 263m
• Hole ABPC23-223: 27 meters @ 4.2g/t gold from 246m
• Hole ABPC23-228: 41 metres @ 3.3 g/t gold from 191m
• Hole ABPC23-213: 20 meters @ 4.5 g/t gold from 166m
• Hole ABPC23-241: 23 meters @ 3.8 g/t gold from 156m
• Hole ABPC23-249: 19 meters @ 4.0 g/t gold from 273m

“These excellent results demonstrate that Abore has significant upside potential beyond the current Reserves,” stated Chris Pettman, Galiano’s Vice President of Exploration. “Seeing significant intervals of high grade gold along the entire 1,600 metre strike length of the deposit, and the discovery of the new high grade south zone, gives us confidence that Abore will continue to grow and add considerable value to the AGM life of mine.”

Matt Badylak, Galiano’s President and Chief Executive Officer added, “The results of this program are expected to affect the size and geometry of the Abore Reserve pit. The impact this will have on Mineral Reserves and ore delivery in 2024 is currently being evaluated through pit optimization and redesign. The Company plans to update Abore Mineral Resources and Mineral Reserves and provide 2024 production and cost guidance following the completion of this work in April.”

Abore is located directly on the haul road approximately 13 kilometres north of the AGM’s processing plant and has current Measured and Indicated Resources of 477,000 ounces @1.16 g/t gold and Inferred Resources of 131,000 ounces @1.14 g/t gold, as described in the Technical Report entitled “NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana” with an effective date of December 31, 2022, and is available on SEDAR+¹.

The deposit sits along the Esaase shear corridor, which also hosts the Esaase deposit, and forms part of the northeast striking Asankrangwa gold belt. The geology of the deposit is characterized by a sedimentary sequence composed primarily of siltstones, shales and thickly bedded sandstones that has been intruded by a granite which lies parallel to the shear and dipping steeply to the northwest. The majority of mineralization is constrained to the granite, hosted in west dipping quartz vein areas developed primarily along the eastern margin of the granite/sediment contact.

Table 1: 2023 Abore drilling intercepts table^2,3

Notes:

1. See Sections 14.2 and 15.3 of “NI 43-101 Technical Report and Feasibility Study for the Asanko Gold Mine, Ashanti Region, Ghana” with an effective date of December 31, 2022, which is available on the Company’s website and filed on SEDAR, for description of Abore Mineral Resource estimate and assumptions used in preparing the Abore Reserve and$1800 resource shells.
2. Intervals reported are hole lengths with true width estimated to be 80%-95%
3. Intervals are not top cut and are calculated with the assumptions of >0.5 g/t and <3m of internal waste

Qualified Person and QA/QC

Chris Pettman P. Geo, Vice President Exploration of Galiano, is a Qualified Person as defined by NI 43-101 (as defined below) and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Pettman is responsible for all aspects of the work including the Data Verification and Quality Control/Quality Assurance programs and has verified the data disclosed, by reviewing all data and supervising its compilation. There are no known factors that could materially affect the reliability of data collected and verified under his supervision. No quality assurance/quality control issues have been identified to date. Mr. Pettman is not independent of Galiano.

Certified Reference Materials and Blanks are inserted by Galiano into the sample stream at the rate of 1:14 samples.  Field duplicates are collected at the rate of 1:30 samples. All samples have been analysed by Intertek Minerals Ltd. in Tarkwa, Ghana with standard preparation methods and 50g fire assay with atomic absorption finish. Intertek Minerals Ltd. (“Intertek”) does its own introduction of QA/QC samples into the sample stream and reports them to Galiano for double checking. Higher grade samples are re-analysed from pulp or reject material or both. Intertek is an international company operating in 100 countries and is independent of Galiano. It provides testing for a wide range of industries including the mining, metals, and oil sectors.

About Galiano Gold Inc.

Galiano is focused on creating a sustainable business capable of value creation for all stakeholders through production, exploration and disciplined deployment of its financial resources. The Company operates and manages the Asanko Gold Mine, which is located in Ghana, West Africa. Galiano is committed to the highest standards for environmental management, social responsibility, and the health and safety of its employees and neighbouring communities.

Figure 1: Plan map of Abore with highlighted drilling showing high grade intervals from 2023 drilling across entire strike length of the Abore deposit. (CNW Group/Galiano Gold Inc.)

Figure 2: Cross section 1 showing location of mineralized intercepts in holes ABPC23-226 and ABPC23-248 below the $1,800 MII shell at the southern end of Abore deposit. (CNW Group/Galiano Gold Inc.)

Figure 3: Cross section 2 showing location of new high grade zone discovery in hole ABPC23-228. (CNW Group/Galiano Gold Inc.)

Figure 4: Cross section 3 showing location of new high grade zone discovery in hole ABPC23-224 and ABPC23-239 immediately below the $1,800 MII shell. (CNW Group/Galiano Gold Inc.)

Figure 5: Cross section 4 showing current northern extent of new high grade zone discovery in hole ABPC23-239 as well as string mineralization in hole ABPC23-218. (CNW Group/Galiano Gold Inc.)

Figure 6: Cross section 5 through southern portion of Abore main pit demonstrating significant minerlization intercepted within and immediately below the $1,800MII shell in holes ABPC23-214 and ABPC23-223 (CNW Group/Galiano Gold Inc.)

Figure 7: Cross section through Abore main pit demonstrating significant minerlization intercepted within and below the $1,800MII shell in holes ABPC23-193, ABPC23-206 and ABPC23-259. (CNW Group/Galiano Gold Inc.)

Figure 8: Cross section 7 through northern Abore pit showing mineralized intervals below the current Reserve pit and within the $1,800MII shell in holes ABPC23-203 and ABPC23-246, demonstrating high grade minerlization is present at depth along the entire length of the Abore deposit. (CNW Group/Galiano Gold Inc.)