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Kubi 3D Model Extends Gold Mineralizing System

Vancouver, British Columbia – July 2, 2020 – Asante Gold Corporation (CSE:ASE/ FRANKFURT:1A9/U.S.OTC:ASGOF) ("Asante" or the "Company") has received the results of 3D magnetic modeling completed over our Kubi mining lease, Ashanti Gold Belt, Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with, and interfingers, the western sheared contact of a magnetic high feature that plunges to more than 2km in depth. Link to 3D model video:https://youtu.be/blnBb9ppa9s

In Ghana, Africa's largest gold producer, many big mines are located along north east trending regional shear systems that exceed 250km in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold belt deposits was "gigantic and extended to a least 10km to 15km in depth" (Schmidt Mumm et al 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66 Moz Obuasi mine. This major shear zone cuts Kubi 15km south west of Obuasi. At Obuasi a typical ore shoot contains 3Moz at head grades of 10 to 15g/t gold and plunges to more than 2km in depth. Fine refractory gold occurs in arsenopyrite disseminated with pyrrhotite and pyrite, with free milling coarse gold in late quartz veins.

At Kubi the gold is free milling and occurs within a 1km long by 1m to 15m thick shear bounded 'garnet' zone. Gold is associated with up to 30% garnet and 15% sulfide mineralization including pyrite, pyrrhotite and arsenopyrite, and also occurs as coarse gold in late quartz veins. In the 66,312 metres of diamond core drilling from 226 drill holes used for the Kubi Main Zone mineral resource estimate1, there were 83 drill core assays greater than 10.0 g/t and ranging to 98.1 g/t, highlighting the high-grade potential of the mineralizing fluids.

Douglas MacQuarrie, CEO states "For the first time in 30 years of exploration at Kubi by BHP, Ashanti Goldfields, Nevsun Resources and PMI Gold (now Galiano Gold), magnetic modeling has shown that the structure that hosts the Kubi deposit extends more than 2km below the Kubi pit and could represent a feeder zone to the mineralization. This interpretation suggests that Kubi may be much larger than previously thought, with an exploration potential of 2Moz to a depth of 2km. Further 3D modeling toincorporate additional geophysical and geological information is underway to refine the interpretation."

"Douglas R. MacQuarrie"

President and CEO
2020