Vancouver, British Columbia, July 6, 2020 – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX, NYSE American: GAU) (formerly Asanko Gold Inc.) is pleased to announce an update from its 2020 exploration program underway at the Asanko Gold Mine (“AGM”), located in Ghana, West Africa. The AGM is a 50:50 joint venture (“JV”) with Gold Fields Ltd (JSE, NYSE: GFI), which is managed and operated by Galiano. The previously announced 2020 exploration program at the AGM (see news release dated May 5, 2020) consisting of approximately 36,000m of Diamond (DD) and Reverse Circulation (RC) drilling, has been underway with four drill rigs and is now approximately 40% completed. This news release provides an update on the drilling and results for the Abore open pit.

Highlights
•Drilling highlights (see Table 1 for details): •Hole 029: 28 meters @ 4.9 g/t gold (from 75m to 103m)
•Hole 024: 6 meters @ 24.3 g/t gold (from 70m to 76m)
•Hole 018: 3 meters @ 11.3 g/t gold (from 48m to 51m)
•Hole 005: 9 meters @ 3.6 g/t gold (from 106m to 115m)
•Hole 013: 16 meters @ 1.9 g/t gold (from 84m to 100m)

•Mineralization extended at the north end of the main pit and in the north pit, open along strike with a follow-up drill program planned this quarter
•Inferred Mineral Resources infill drilled and confidence in Indicated Mineral Resources in main pit improved
•Initial drilling program at Abore complete with 5,662 meters consisting of 3,331 meters of RC and 2,331 meters of DD
•Core logging complete with 80% of samples submitted and 77% of sample results received

“Our second set of drill results from our 2020 exploration program were promising. They extend the known mineralization at Abore to the north and justify planned further drilling that will continue to test for mineralization along strike,” said Greg McCunn, Chief Executive Officer. “Abore plays an important role in our objective of replacing depletion in 2020 and 2021 and the recent drill results at Abore add to the drill results from the Akwasiso pit. We expect Abore and Akwasiso to be the main sources of ore supplementing our Esaase pit in H2 2020 and through 2021 and we believe that we have shown the potential for resource expansion at both pits with our drill program.”

The Abore pit is located about 13km north of the processing plant, on the Esaase ore haul road and was mined by a previous operator in the early 2000’s. Mining operations are scheduled to resume at Abore in late 2021 and the purpose of the current drill program was to upgrade Inferred Mineral Resources to Indicated Mineral Resources and test extensions of the orebody to the north. Mineral Reserves and Resources1 at the Abore deposit as at December 31, 2019 were as follows:
•7 Mt of Indicated Resources at 1.46 g/t gold (221 koz contained gold), and
•9 Mt of Inferred Resources at 1.69 g/t gold (48 koz contained gold), including
•8 Mt of Probable Reserves at 1.42 g/t gold (127 koz continued gold).

The current drilling program (3,315 meters of RC drilling and 2,347 meters of DD over 32 holes) appears to have successfully provided infill drilling in the main pit area, targeting an upgrade to Inferred Mineral Resources and improved confidence in Indicated Mineral Resources. In addition, hole 024 delineated an extension of the mineralization to the north end of the main pit with 6 meters at 24.3 g/t gold intercepted and hole 029 also defined an extension of the mineralization in the north pit with 28 meters at 4.9 g/t gold intercepted. Mineralization is open along strike to the north-east of the north pit and a follow up drill program is planned during this quarter.

With approximately 77% of the results returned so far, key intercepts are shown in Table 1. Estimates of the contribution of this material to the Mineral Resources and Reserves at the AGM, if any, will become part of the end-of-year updated Resource Estimate expected to be dated December 31, 2020 and published in Q1 2021.

Table 1. Key intercepts in Current Abore Drill Holes
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