Asante Gold Corporation announced a Maiden Mineral Resource Estimate for the recently discovered South Russel prospect ("South Russel"). 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, 5.0 km 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 2.5Mt @ 1.79g/t for 157koz of contained gold within an optimal pit shell of USD 1,850/oz gold price; MRE for South Russel is supported by approximately 20,000m 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 8.26g/t over an interval of 15m; 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 2023. South Russel Estimation Approach and Parameters; The effective date of the Mineral Resource Estimate (MRE) for South Russell is August 21, 2023. The model was undertaken by the technical team of Mensin Gold Bibiani Limited and reviewed by Kwamina Ackun-Wood, the Exploration Manager and Qualified Person as defined by NI 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 3D 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 hanging wall (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.