ASE.V · 2023-01-17 12:00:00

Asante Announces Significant GOLD Intercepts from Its Near MINE Exploration Program at South Russel and Aboduabo Prospects

Drill Results

ASANTE ANNOUNCES SIGNIFICANT GOLD INTERCEPTS

FROM ITS NEAR MINE EXPLORATION PROGRAM AT

SOUTH RUSSEL AND ABODUABO PROSPECTS

Vancouver, British Columbia, January 17, 2023 – Asante Gold Corporation (CSE:ASE | GSE:ASG |

FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the "Company") 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

o 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

o 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

o 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 mineralize d

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 fro m 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

o Includes 11.35m @ 4.73 g/t Au

• CHDD3341 - 22.0m @ 1.31 g/t Au

o 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

Hole ID

From To Length Au Elevation

(m) (m) (m) (g/t) (mRL)

MGDD22-103 181 191 10 1.86 107.1

MGDD22-105 171 178 7 3.26 177.2

MGDD22-105 Including 174 178 4 5.24 175.9

MGDD22-115 170 178 8 1.11 133.1

MGDD22-119 1.5 4.5 3 0.75 277.6

MGDD22-119 177 182 5 3.62 122.8

MGDD22-126 183 184 1 0.81 114.8

MGDD22-128 192 193 1 4.89 115.8

MGDD22-130 195 200 5 0.98 105.8

MGDD22-130 229 235 6 0.56 76.2

MGDD22-130 257 261 4 0.69 53.1

MGDD22-182 216 230 14 4.49 79.2

MGDD22-182 Including 218 230 12 5.20 79.8

MGDD22-182 Including 218 225 7 6.68 80.5

MGDD22-193 No significant intercept

MGDD22-194 0 19.5 19.5 1.27 294.9

MGDD22-194 22 43.5 21.5 3.37 275.0

MGDD22-194 Including 24 37.5 13.5 5.05 278.0

MGRCD22-132 78 81 3 0.82 205.9

MGRCD22-132 224.2 228 3.8 0.58 94.2

MGRCD22-133 269 275 6 1.01 38.5

MGRCD22-133 280 284 4 0.78 30.4

MGRCD22-164 114 122 8 1.09 178.3

MGRCD22-164 195 203 8 3.36 110.7

MGRCD22-164 293 301 8 0.79 31.0

MGRCD22-164 302 306 4 1.59 25.4

MGRCD22-192 274 283 9 1.72 30.4

MGRCD22-066 129 131 2 2.02 197.4

MGRCD22-066 174.1 186 11.9 3.22 160.0

MGRCD22-066 Including 180 184 4 7.53 158.5

Hole ID

From To Length Au Elevation

(m) (m) (m) (g/t) (mRL)

*MGRCD22-057 238 242 4 0.68 82.1

*MGRCD22-058 123 133 10 3.51 156.8

*MGDD22-060 279 284 5 5.46 16.7

*MGRC22-061 No significant intercept

*MGRC22-062 13 14 1 1.73 290.6

*MGRCD22-063 129 130 1 0.66 163.5

*MGRC22-064 75 78 3 2.27 285.3

*MGRC22-065 24 41 17 0.74 309.0

*MGRC22-065 Including 24 31 7 0.63 318.4

*MGRC22-065 Including 33 41 8 0.95 309.9

*MGRC22-065 67 70 3 0.74 282.1

*MGRCD22-067 65 67 2 1.80 221.3

*MGRCD22-067 72 91 19 3.18 207.6

*MGRCD22-067 109 111 2 1.02 182.5

*MGRC22-068 33 34 1 0.69 255.5

*MGDD22-069 No significant intercept

*MGDD22-073 1.2 8.7 7.5 0.56 290.1

*MGDD22-073 16.2 19.2 3 1.22 279.1

*MGDD22-073 118 125 7 0.76 189.2

*MGRCD22-070 55 62 7 1.47 286.3

*MGRCD22-070 89 94 5 0.96 257.6

*MGDD22-101 78.8 96 17.2 4.47 197.4

*MGDD22-102 Including 80 85 5 8.02 201.0

*MGRCD22-091 207 215 8 3.21 80.9

*MGRCD21-047 194 210 16 5.75 135.0

*MGRCD21-047 Including 197 204 7 9.18 137.0

*MGRCD22-048 101 103 2 2.53 235.0

*MGRCD22-048 111 115 4 4.00 230.0

*MGRCD22-048 121 129 8 1.80 219.0

*MGRCD22-048 140 142 2 1.39 205.0

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

Hole ID

From To Length Au Elevation

(m) (m) (m) (g/t) (mRL)

CHDD3339 96.5 117.95 21.45 2.99 238.1

CHDD3339 Including 106.6 117.95 11.35 4.73 234.1

CHDD3341 188 210 22 1.31 117.0

CHDD3341 Including 198 210 12 1.72 114.0

CHRC3343D

264.5 268.55 4.05 5.56 74

CHDD3344 58 75.6 17.6 1.20 268

CHDD3345 168 177 9.0 2.93 200

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

Hole ID

From To Length Au Elevation

(m) (m) (m) (g/t) (mRL)

CHRC798D 114 139 25 2.95 219.3

CHRC723 127 150 23 2.56 170.5

CHRC782 83 106 23 2.5 195.8

CHRC720 91 114 23 2.4 237

CHRC714 10 70 60 0.91 272.2

CHRC714 Including 26 57 31 1.21 272.2

CHRC724 61 82 21 1.47 167.2

CHRC1054 99 123 24 4.27 231.4

CHRC791 1 7 6 5.53 331.5

CHRC1052 159 168 9 2.85 162.0

CHRC715 10 20 10 2.44 306.0

CHRC1056 65 70 5 4.78 166.3

CHRC1053 175 181 6 3.41 141

CHRC1063 70 88 18 1.29 160.5

CHRC799 No significant intercept

CHRC801 No significant intercept

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.

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