Mr. Dave Anthony reports

ASANTE ANNOUNCES SOUTH RUSSEL MAIDEN RESOURCE AND STARTER PIT DEVELOPMENT AT BIBIANI GOLD MINE

Asante Gold Corp. has released a maiden mineral resource estimate (MRE) for the recently discovered South Russel prospect. Asante plans to develop a starter pit at South Russel which is within the mine lease of its Bibiani gold mine. South Russel is located on the Bibiani shear zone, five kilometres north of the Aboduabo prospect and 3.8 km south of the Bibiani process plant.

Highlights:

• Latest mineral resource definition drilling results confirm consistency of mineralization in the footwall shear:
  • Constrained indicated mineral resources of 2.5 million tonnes at 1.79 grams per tonne for 157,000 ounces of contained gold within an optimal pit shell of $1,850 (U.S.)/oz gold price;
  • MRE for South Russel is supported by approximately 20,000 metres of drilling;
  • Multiple mineralized material shoots with mineralization open along strike and down plunge;
  • MRE confirms a clear high-grade shoot intersected in the footwall domain with an average grade of 8.26 g/t over an interval of 15 m;
  • Additional planned drilling has commenced, to include infill of the inferred mineral resource areas within the constrained shell and also to grow the mineral resources to the south;
• Metallurgical studies completed at South Russel have yielded positive results, consistent with those experienced at the Bibiani gold mine;
• Accelerated starter pit development:
  • Starter pit designs and layout completed in September, 2023;
  • Permitting and community engagement initiated with completion anticipated in October, 2023;
  • Compensation and mining contract engagement scheduled for November, 2023;
  • Infrastructure construction and mining scheduled to commence in December.

Dave Anthony, president and chief executive officer of Asante, stated:

"We are excited about the South Russel development and its potential for further expansion, which supports our efforts to extend the Bibiani open pit life of mine (LOM) from 8.3 years to over 10 years. In just 18 months our exploration team has made remarkable progress with this deposit, transitioning from an initial discovery to establishing a maiden resource. These results affirm our belief in the high prospectivity of the 53 km long Bibiani-Chirano gold corridor for new discoveries and the organic growth of our mines.

"Based upon the strength of the MRE, we are planning to develop a starter pit at South Russel that has the potential to deliver mineralized material by January, 2024. I extend my gratitude to the entire exploration team responsible for the South Russel discovery, as well as our technical services team for their dedication in developing the mine and infrastructure plan."

South Russel estimation approach and parameters

The effective date of the mineral resource estimate (MRE) for South Russell is Aug. 21, 2023. The model was undertaken by the technical team of Mensin Gold Bibiani Ltd. and reviewed by Kwamina Ackun-Wood, the exploration manager and qualified person as defined by National Instrument 43-101.

A database extraction for the South Russel project extents was completed in the Bibiani grid on July 20, 2023. The database used to estimate the MRE of the South Russel deposit consists of 54 diamond drill holes, 77 reverse circulation drill holes and 37 reverse circulations with diamond tails for a total of 20,424.9 metres of drilling. Some of these holes are outside the MRE area and are not used in the estimation process.

Gold grades are estimated within a 3-D block model using ordinary kriging (OK) with up to three estimation passes, progressively relaxing the search ellipsoid and sample requirements for both the footwall (FW) and hangingwall (HW) mineralization. An OK method was used for the estimation as co-efficient of variation (CV) for both the FW and HW domains are 1.56 and 1.76 g/t, respectively. Waste domains are assigned background values of 0.005 g/t.

Factors that may affect the MRE:

• There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant issues that may materially affect the MRE.
• Other relevant factors that may materially affect mineral resources, including mining, metallurgical and infrastructure, are well understood from historical and current mining operations.

Quality assurance/quality control

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 Ltd. 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 atomic absorption 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 Mr. Ackun-Wood, a member of the Australasian Institute of Mining and Metallurgy, and the exploration manager for Mensin Gold Bibiani, a wholly owned subsidiary of Asante, who is a qualified person under NI 43-101.

About Asante Gold Corp.

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.

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