NEWS RELEASE TSX-V:VEIN

PASOFINO GOLD PROVIDES FURTHER RESULTS FOR THE DUGBE F INFILL DRILLING PROGRAM

TORONTO, ONTARIO 31 May 2021 - Pasofino Gold Limited ("Pasofino" or the "Company") (TSXV: VEIN) (OTCQB:

EFRGF) (FSE: N07) is pleased to announce that it has received results from a further 18 holes drilled at the Dugbe F deposit. The drill results continue to prove the consistency of the grade throughout the deposit. Dugbe F is one of two deposits on the Dugbe Gold Project, in which the Company has an option to earn a 49% economic interest (prior to the issuance of the Government of Liberia's 10% carried interest).

Highlights

  • Of the 36 infill holes drilled within the deposit 'footprint' at Dugbe F since the start of the program in January, 34 have intersected the main mineralised layer, supporting the continuity of this extensive and shallow gold mineralised 'sheet' which is approximately 2.5 km in length and up to 1.3 km wide.
  • Results of the intersections of the gently dipping mineralised layer in 18 'new' holes include the following:
    1. 13.2 m grading 2.03 g/t gold from 29.1 m in DFDC373 o 32.4 m grading 0.85 g/t gold from 66.0 m in DFDC364 o 12.0 m grading 1.79 g/t gold from 83.0 m in DFDC357 o 22.4 m grading 1.0 g/t gold from 89.7 m in DFDC362 o 11.4 m grading 1.25 g/t gold from 11.0 m in DFDC372 o 10.7 m grading 1.27 g/t gold from 2.0 m in DFDC354
  • The Dugbe F drilling program was completed on the 21st April 2021. 6,850 m were drilled for 80 holes. Results have been received for approximately half of these. Sampling and analyses continue. The drillholes are aimed at 'upgrading' a large portion of the Inferred Mineral Resource Estimate (MRE) to Indicated. The current Inferred MRE is 16.3 Mt with an average grade of 1.57 g/t Au containing 823 k oz of gold. The existing Indicated MRE of 273 k oz gold, with an average grade 1.46 g/t.
  • At the nearby 2 Moz (Indicated MRE) Tuzon deposit 12 exploration /resource holes have been completed since early April, the first of which should be ready to report within days. Drilling at Tuzon has been for infill and 'step-out' on the existing deposit.

Ian Stalker, CEO, commented; "The continuity of the Dugbe F mineralization continues to deliver with 95% of the infill holes within the deposit footprint intersecting mineralization. All were drilled into the existing Inferred MRE which suggests that we may achieve a strong conversion. Meanwhile, we have drilled 12 exploration and resource holes at the 2 Moz (Indicated MRE) Tuzon deposit, the first of which we anticipate will be reported within days".

Table 1. All intersections from the additional 18 new drillholes with assay results. Drillholes are estimated to be

close to true thickness (within approximately 10-15%).

BHID

From (m)

To (m)

Interval (m)

Grade Au (g/t)

DFDC354

2.0

12.6

10.7

1.27

DFDC355

11.3

19.8

8.5

0.92

DFDC357

83.0

95.0

12.0

1.79

DFDC361

88.0

90.0

2.0

1.33

DFDC362

72.8

79.1

6.2

1.38

and

89.7

112.1

22.4

1.00

DFDC363

51.3

59.7

8.5

0.64

DFDC364

66.0

98.4

32.4

0.85

including

90.1

96.5

6.4

2.11

DFDC365

37.6

51.0

13.4

0.66

DFDC366

74.5

80.4

5.9

1.72

DFDC369

15.2

19.7

4.5

0.79

DFDC370

6.0

10.9

4.9

1.13

DFDC371

0.0

8.0

8.0

1.31

DFDC372

11.0

22.4

11.4

1.25

DFDC373

29.1

42.4

13.2

2.03

DFDC353

NSI - outside of deposit

DFDC356

NSI - outside of deposit

DFDC358

NSI

DFDC359_GT*

124.5

132.0

7.5

0.57

*geotechnical hole.

Figure 1. Plan view map showing the Dugbe F deposit and drillholes.

Figure 2. Cross section through the southern part of Dugbe F as shown in figure 1 (Line of Section 1). New intersections highlighted yellow.

Figure 3. Cross section through the central part of Dugbe F as shown in figure 1 (Line of Section 1). New intersections highlighted yellow.

Dugbe F deposit

The deposit length as defined by the dimensions of the conceptual pit is 2.5 km (figures 2 and 3). The width of the deposit ranges from 1.3 km in the south to 200-300 m in the north. Figures 1 to 3 illustrate the nature of the deposit, it being an undulating gently dipping sheet which outcrops for its entire length along its western side and dips gently eastwards. The mineralized layer is mostly continuous except where cut by cross-cutting pegmatite intrusions or where it comes to surface and has been eroded (figure 3). The eastward sloping topography has the effect of minimizing the depth to the mineralized layer in some areas which would support a favorable strip ratio if mined. The host rock is orthopyroxene gneiss with increased sulphide content (visible pyrrhotite, arsenopyrite and pyrite) and seems to be a largely stratiform layer close to the contact with overlying quartz biotite gneiss.

The Infill Drilling program

Since 21 January 2021 approximately 6,850 meters have been drilled at Dugbe F for the completion of 80 drillholes. These new holes are positioned between existing holes to increase the density intersections within the areas of the deposit that fall within a conceptual mining pit-shell. The objective is to upgrade a large portion of the Inferred Mineral Resource Estimate to Indicated, to increase the resource base that will be used for the Feasibility Study. The results of the infill drilling to date are encouraging supporting both grade and continuity. The current Inferred Mineral Resource Estimate at Dugbe F is 16.3 Mt with an average grade of 1.57 g/t Au and has contained gold of 823 k oz. The Indicated Mineral Resource Estimate at Dugbe F currently stands at 5.8 Mt with an average grade of 1.46 g/t Au containing 273 k oz gold.

Figure 4. Dugbe Gold Project Mineral Development Area.

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Pasofino Gold Limited published this content on 31 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2021 12:27:02 UTC.