Pasofino Gold Intersects Gold Zones with over 20 Metres Interval at 'Bukon Jedeh', Dugbe Gold Project in Liberia

Toronto, October 2, 2024 - Pasofino Gold Ltd. (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07A) ("Pasofino" or the "Company") is pleased to announce results of analysis from its maiden diamond core drilling at the Bukon Jedeh 'gold camp' ("Bukon") (see June 3, 2024 press release) and provides an update on other key exploration targets within the Company's Dugbe Gold Project, Liberia, which has a 3.3 Moz Measured and Indicated Mineral Resource Estimate^[1].

Highlights

• 8 of the 11 holes that reached target depth have gold mineralised intervals including:

• BKDD001: 21.3m with an average grade of 0.9 g/t Au from 53.5m downhole
• BKDD004: 4.0m with an average grade of 2.1 g/t Au from 46.5m downhole
• BKDD011: 2.5m with an average grade of 2.2 g/t Au from 43.5m downhole

• BKDD001, the westernmost drill hole on the main trend, indicates a potential 'build-up' of mineralisation towards an interpreted fold closure, a structural feature similar to that controlling the nearby 2.3 Moz Tuzon deposit. Future drilling will aim to test down-dip and along trend from BKDD001, and

• Additional exploration is planned for the DSZ target, situated 4 km along strike from the Tuzon deposit, where a 2021 channel cut into bedrock returned 36m at an average grade of 0.6 g/t Au, though it remains untested by drilling.

Pasofino CEO Warren Greenslade, commented:

"The intersection of gold mineralisation over 20m in length from our maiden drilling program is highly encouraging, especially given the wide spacing between holes. Further work aimed at chasing down the zone in BKDD001 is a key focus, with efforts aimed at targeting the potential fold closure to the west. Additionally, drill testing is also warranted at the DSZ target which returned a wide interval with 0.6 g/t Au from a channel cut into bedrock. DSZ is directly on-trend from our 2.3Moz Tuzon deposit."

Future focus in the west of the area

As shown in Figure 1, Pasofino's drilling program includes several historical RC holes in the area. BKDD001's significance lies in its location-1 km west of BKDD004, which tested the central axis of the target. It may be that the mineralisation is 'building' towards a fold closure interpreted in the west of Bukon based on magnetic and structural mapping.

This geological structure, which controls the nearby Tuzon deposit, suggests that the gold at Bukon may be better developed toward the hinge of a large antiform, similar to Tuzon. At Bukon, future work should focus in the west, beginning with 'stepping-out' from BKDD001, down-dip and along strike. While artisanal mining is less prevalent in this area, the suspected hinge zone may be plunging westward, possibly preventing outcropping. The gold at Bukon is hosted by a pyroxene-bearing gneiss with minor sulphides, very similar to the host-rock at Tuzon.

DSZ Target Offers Additional Potential

Exploration will also include testing broad gold zones encountered at the DSZ target, located only 4 km from the Tuzon deposit. The DSZ target is particularly promising, with a previous channel cut into bedrock yielding 36m at an average of 0.6 g/t Au. Individual 2-metre samples within this interval reached grades of up to 2 g/t Au. This target represents a high-priority drilling prospect for the Company, with the potential to expand on existing resources at Tuzon.

Pasofino remains committed to advancing its exploration efforts at both Bukon and the DSZ target to unlock further potential within the Dugbe Gold Project.

Figure 1. Map showing the Bukon Jedeh gold 'corridor' with Pasofino's drillholes and hard rock pits.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6283/225353_8b13c3a62441e911_001full.jpg

Table 1. Coordinates and azimuth and inclination of Pasofino's drillholes.

BKDD008 failed at 6m depth due to fractured ground.
All hole positions collected using a hand-held GPS.

Table 2. All intersections from the 2024 diamond core drilling

Figure 2. Map showing the Dugbe MDA area and the location of the Bukon Jedeh and DSZ targets relative to the Tuzon and Dugbe F deposits.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6283/225353_8b13c3a62441e911_002full.jpg

SAMPLING PROCEDURE AND QUALITY ASSURANCE AND QUALITY CONTROL (QAQC)

The drillhole collar positions were determined using a handheld GPS. Samples were mostly 1.5m and of half-core. Samples were prepared at Liberia Geochemical Services (Inc. in Monrovia) and sent analysed by SGS in Tarkwa Ghana, a facility compliant to ISO 17025:2005 for the analytical methods used for the samples. All samples were analysed 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.

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 2,078 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 Resources Plc ("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 m at Tuzon and Dugbe 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 Definitive 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.sedar.com and on the Company's website.

In addition to the existing deposits there are many gold prospects within the Project including the Bukon Jedeh area and the DSZ target on the Tuzon-Sackor trend where Pasofino has discovered a broad zone of surface gold mineralisation in trench and outcrop along strike from Tuzon.

In 2019, Hummingbird signed a 25-year Mineral Development Agreement ("MDA") with the Government of Liberia providing the necessary long-term framework and stabilization of taxes and duties. Under the terms of the MDA, the royalty rate on gold production is 3%, the income tax rate payable is 25% (with credit given for historic exploration expenditures), the fuel duty is reduced by 50%, and the Government of Liberia is granted a free carried interest of 10% in the Project.

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 100% of the Dugbe Gold Project (prior to the issuance of the Government of Liberia's 10% carried interest).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 characterised by words such as "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] Measured and Indicated MRE of 3.3 Moz with average grade 1.37g/t Au using a 0.5g/t cut-off grade ("Dugbe Gold Project, Liberia NI 43-101 Technical Report, Effective Date 17 November 2021," prepared by SRK Consulting (UK) Limited

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