Pasofino Gold Provides Results for Trenches on Strike from Tuzon Deposit at Dugbe Gold Project

Toronto, October 23, 2023 - Pasofino Gold Ltd. (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07A) ("Pasofino" or the "Company") is pleased to announce gold mineralisation in trenches at the Dugbe Shear Zone ("DSZ") target which is 5km on trend from the 2.4 Moz Tuzon deposit at its Dugbe Gold Project. The trench results support Pasofino's view that there are ample opportunities to add to the existing Dugbe F and Tuzon deposits.

Highlights

• Channel sample analyses have confirmed gold mineralisation in two new trenches at the DSZ target:

• 10 metres @ 0.7 g/t Au in TZTR101
• 6 metres @ 1.6 g/t Au in TZTR102
• At Tuzon, grades may be lower in trenched(oxidised) material than in fresh drilling samples and so these results are very encouraging.

• Trench results indicate that a mineralised zone of significant scale is present at the DSZ target. Trenches are 120 and 330 m northeast on strike from previous trench TZTR091 which returned 36m with an average grade of 0.6g/t Au^[1].
  
  
• The zone is just 5 km from and on the same trend as the 2.4 Moz (Measured and Indicated) Tuzon deposit and hosted by the same rock-type - the potential for additional new Tuzon-type deposits is clear.
  
  
• Of importance is that structural mapping in the trenches indicates that they are at a closure of an antiformal structure similar to Tuzon. At Tuzon the limbs thicken and are refolded below surface - this is the reason that Tuzon is such a large deposit - the same may be the case at the DSZ target.
  
  
• The DSZ target has not been drill tested. Drilling is the logical next step to test the grade and thickness of the DSZ mineralised zone and the antiformal structure.

Daniel Limpitlaw, CEO, commented; "These results confirm that the zone of mineralization at the DSZ target has a surface expression of over 330 m and that it is on strike from Tuzon and hosted by the same rock-type which indicates the potential for multiple 'Tuzon-like' deposits in the area. The next step at the DSZ target is drilling. There is potentially significant upside in the ground between the Tuzon orebody and the Sackor prospect."

Table 1. Results of the two new trenches at the DSZ target

Figure 1. Map showing all trenches and gold in soil. New trenches TZTR101 and TZTR102 are highlighted. The red-dashed line is the interpreted mineralized trend at the DSZ target.

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Sampling procedure and Quality Assurance and Quality Control (QAQC)

The trench start (collar) positions were determined using a handheld GPS and lidar data for elevation. Trenches were dug to 3 m or to 'refusal' (if bedrock reached). Samples were all 2 m in length and taken from a horizontal channel cut into the trench floor using a rock-saw. The dip of the mineralised rocks is typically steep hence the use of horizontal sampling. Samples were prepared at Liberia Geochemical Services (Inc. in Monrovia) and sent analyzed by SGS in Tarkwa Ghana, a facility compliant to ISO 17025:2005 for the analytical methods used for the samples. All samples were analyzed by fire assay with atomic absorption finish on a sample with 50g nominal weight. A certified standard and a blank were inserted and the results of these QAQC samples are acceptable. All samples were stored and transported to the laboratory securely and accompanied by a company representative until arrival at the laboratory.

Table 2. Collar positions of the trenches. Coordinates are UTM zone 29N, WGS84 datum.

Qualified Persons Statement

Scientific or technical information in this disclosure that relates to exploration results was prepared and approved by Mr. Andrew Pedley. Mr. Pedley is a consultant of Pasofino Gold Ltd.'s wholly-owned subsidiary ARX Resources Limited. He is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is as a Qualified Person under National Instrument 43-101.

About the Dugbe Gold Project

The 2,302 km² Dugbe Gold Project is in southern Liberia and situated within the southwestern corner of the Birimian Supergroup which is host to most West African gold deposits. To date, two deposits have been identified on the Project; Dugbe F and Tuzon discovered by Hummingbird in 2009 and 2011 respectively. The deposits are located within 4 km of the Dugbe Shear Zone which is thought to have played a role in large scale gold mineralization in the area.

A significant amount of exploration in the area was conducted by Hummingbird up until 2012 including 74,497 m of diamond coring. Pasofino drilled an additional 14,584 metres at Tuzon and Dugbe F during 2021. Both deposits have Mineral Resource Estimates dated 17 November 2021 with total Measured and Indicated of 3.3 Moz with an average grade of 1.37 g/t Au, and 0.6 Moz in Inferred. Following the completion of the Feasibility Study in June 2022 a Mineral Reserve Estimate was declared, based on the open-pit mining of both deposits over a 14-year Life of Mine. A technical report for the Dugbe Gold Project was prepared in accordance with National Instrument 43-101 and filed on SEDAR at www.sedarplus.ca and on the Company's website.

Figure 2. Dugbe Gold Project Mineral Development Area and gold deposits and targets with airborne magnetic data background.

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Table 3. Mineral Resource Estimate for the Dugbe Gold Project using a 0.5 g/t Au cut-off grade

Notes:

1) The effective date of the Mineral Resource is 17 November 2021.

2) The Mineral Resource are stated using a 0.5 g/t cut-off grade and within a USD1700/oz gold conceptual pit shell.

4) Figures have been rounded to the appropriate level of precision for the reporting of Mineral Resources.

5) The Mineral Resources are stated as in situ dry tonnes. All figures are in metric tonnes.

6) The Mineral Resource has been classified under the guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council (2014), and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administrators National Instrument 43-101 (NI 43-101).

7) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

About Pasofino Gold Ltd.

Pasofino Gold Ltd. is a Canadian-based mineral exploration company listed on the TSX-V (VEIN). Pasofino, through its wholly-owned subsidiary, owns a 49% economic interest (prior to the issuance of the Government of Liberia's 10% carried interest) in the Dugbe Gold Project (the "Project"). Pasofino has exercised its option to consolidate ownership in the Project by converting Hummingbird Resources Plc's 51% ownership of the Project for a 51% shareholding in Pasofino, such that Pasofino would own 100% of the Project (prior to the government of Liberia's 10% carried interest).

For further information, please visit www.pasofinogold.com or contact:

Lincoln Greenidge, CFO
T: 416 451 0049
E: lgreenidge@pasofinogold.com

Cautionary Statements Regarding Forward-Looking Statements

This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "aim", "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the ability to raise the funds to finance its ongoing business activities including the acquisition of mineral projects and the exploration and development of its projects. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; timing and availability of external financing on acceptable terms and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

^[1] Pasofino announcement dated 18 May 2021

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