Pasofino Gold Limited announced the arrival of a drilling rig and crews at the Bukon Jedeh 'gold camp' at the Company's Dugbe Gold Project, Liberia. Drilling at the site is expected to commence in the coming days. Highlights: Access work is complete; drill rig arrives at Bukon Jedeh to commence drilling.

The diamond drilling program will test the best of the historic Reverse Circulation (RC) drilling results, the productive artisanal mine-sites and test new targets at this gold-rich zone. Over recent weeks Pasofino has completed 125 line-km of ground magnetic surveying and geological mapping. Interpretation of the new data suggests that mineralisation is best developed along east-west fold axes (of synforms and antiforms) and helps Pasofino's targeting.

Reverse Circulation (RC) holes drilled in 2012/2013 included some high-grade intervals but largely missed the sites of the current hard-rock pits which have been developed since then. In August 2022, Pasofino visited the some of the pits and collected rock samples which returned up to 31 g/t gold. Pasofino's drilling program will target the pits where gold is extracted from hard-rock focussing on those that have been most productive and produced high grade rock-chip samples.

Holes will also be drilled to twin a selection of the 2012 RC holes. The community leaders in the area have welcomed Pasofino's commencement of work. Since early February, Pasofino completed extensive repairs to the road and bridges leading to the area which serve the community.

In addition to the above, the Company is progressing on the optimization of the 2022 Feasibility Study including the review of power usage and improvements in metallurgical recovery rates. The Company continues to focus on strategic initiatives to move forward with the development of the project and is working with various interested parties to realize the maximum value of Dugbe for all stakeholders. Key Targets: 2012 RC drilling by Equator Resources (Equator) included some excellent intersections but most holes missed the main mineralised zones - holes were positioned on a grid and may have been oriented poorly in relation to the strike and dip of the rocks and mineralisation.

Pasofino has carried out a program of geological mapping and a 125 line-km ground magnetic survey, to better inform the drillhole location and orientation. The interpretation indicates that the most important of the artisanal mines are positioned along the east-west fold axes. Pasofino will target these axes, including holes to be drilled at the following: 99 Steps Pit - no known previous drilling here.

The largest pit in the area. Tubman Hill (TH) Disco Pit - The Company's 2022 rock-chip samples from here averaged 3.2 g/t Au and up to 11 g/t Au. There is only a single 2012 RC hole here and it collared in the mineralisation (oxide) intersecting 4m @ 5 g/t Au.

S/SPMC pit - no known previous drilling here. There are now hard-rock workings to 40 m depth and visible gold is common. The Company's 2022 rock-chip samples from this pit retuned up to 20 g/t Au.

Sekou North Pit - no known previous drilling here. The Company's 2022 rock-chip samples from this pit averaged 2.8 g/t and up to 13 g/t Au. 99 Steps South trench anomalies - Equator Resources 2012 trench results in this area in included intervals such as 152m @ 0.81 g/t Au and 66m @ 1.05 g/t Au[3].

RC holes by Equator gave disappointing results but drilling in this area may require a different azimuth than that used for the previous RC holes. The following 2012 Reverse Circulation holes will be twinned: BRC019: 7 m @ 5.69 g/t Au from 10 m. BRC037: 10 m @ 6.20 g/t Au from 11 m. BRC044: 23m m @ 1.06 g/t Au from 57 m (ended in mineralization).