Awalé Announces Closing of C$11.5 Million "Bought Deal" Private Placement of Units

Awalé Announces Closing of C$11.5 Million "Bought Deal" Private Placement of Units

Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company") is pleased to announce that it has closed the bought-deal private placement initially announced on April 17, 2024 (the "Offering"). The Company issued ‎‎18,549,500 ‎units ("Units") of the Company ‎(which includes ‎2,419,500 ‎Units issued pursuant to the exercise in full of the over-allotment ‎option) ‎at a price of C$0.62 per Unit for aggregate gross proceeds of $11,500,690‎. The Offering was underwritten by Canaccord Genuity Corp. on behalf of a syndicate of underwriters (collectively, the "Underwriters").

Each Unit consists of one common share of the Company ("Common Share") and one-half of one common share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at a price of C$0.80 per Common Share until May 8, 2026.

The net proceeds received from the Offering will be used to advance Awalé's projects in Côte d'Ivoire, as well as for working capital and general corporate purposes. In connection with ‎the Offering, the Company paid the Underwriters a cash commission equal to ‎‎6% of the gross ‎proceeds from the Offering. ‎

The Common Shares and the Warrants issued pursuant to the Offering, and any Common Shares ‎‎issued upon the exercise of Warrants, are subject to a hold period of four months plus one ‎day ‎from the date of closing of the Offering. Completion of the Offering is subject to certain ‎conditions ‎including, but not limited to, the receipt of all necessary regulatory approvals, including ‎ TSX ‎Venture Exchange (the "TSXV") final acceptance. ‎

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Awalé Resources

Awalé is a diligent and systematic mineral exploration company focused on the discovery of large high-grade gold and copper-gold deposits. The Company undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont Ventures Limited covering one permit and one application (the "Odienné Project JV"), where four significant gold and gold-copper-silver-molybdenum discoveries have been made.

The Odienné Project JV is located within Awalé's greater Odienné Copper-Gold Project (the "Project") which consists of 2462 km2 of tenure in the Northwest of Côte d'Ivoire. The Odienné Project JV consists of 400km2 of granted tenure and 400km2 under application, or approximately ⅓ of Awalé's total holding in the district. The Company announced 26 g/t gold over 57m, including 45.7 g/t gold over 32m from 165m downhole at the Charger Prospect and the discoveries have significant scope for growth and resource development. The Project has multiple pipeline prospects that have similar geochemical fingerprints to Iron Oxide Copper Gold (IOCG) and intrusive related mineral systems that offers significant potential for district scale discoveries.

ON BEHALF OF THE BOARD OF
Awale Resources Limited

"Andrew Chubb"

Andrew Chubb, CEO For additional information you are invited to visit the Awalé Resources Limited website at www.awaleresources.com, or contact Andrew Chubb CEO (+356) 99139117, a.chubb@awaleresources.com.

Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-Looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-Looking statements in this news release include but are not limited to statements regarding, expectations about the use of proceeds from the Offering and TSXV final acceptance‎. Although the Company believes any forward-looking statements in this news release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-Looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

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.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES 
OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208380

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Awale Resources Limited (TSXV:ARIC)

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Awalé Uncovers 3.5km Gold Footprint on 100%-Owned Ground and on Trend from the BBM Discovery

Awalé Uncovers 3.5km Gold Footprint on 100%-Owned Ground and on Trend from the BBM Discovery

HIGHLIGHTS

  • Greater than 37ppb gold footprint over a 3.5 kilometre open trend with peak value of 1.3 grams gold.

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Awalé Update: Newmont to Exercise 10% Minority Interest Option on the Odienné Joint Venture

Awalé Update: Newmont to Exercise 10% Minority Interest Option on the Odienné Joint Venture

Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") announces that Newmont Ventures Limited, a wholly owned subsidiary of Newmont Corporation (NYSE: NEM) (TSX: NGT) (ASX: NEM) (PNGX: NEM) ("Newmont"), has provided notice of its intention to acquire the 10% minority equity interest in the Odienné Joint Venture (JV) Project in Côte d'Ivoire (see Figure 1). The minority interest is currently held by the shareholders of Africa New Geological Technologies Côte d'Ivoire SARL ("ANGET"). This notice is in accordance with the Exploration Agreement with Venture Option, signed on May 27, 2022 (see May 31, 2022 news release), and follows Newmont's recent completion of Phase 1 of its Earn-In, which has vested it with a 51% controlling interest in the joint venture.

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Awalé Announces Voting Results from Annual General & Special Meeting of Shareholders and Grant of Options and Share Units

Awalé Announces Voting Results from Annual General & Special Meeting of Shareholders and Grant of Options and Share Units

Awalé Resources Limited. (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce the results of voting at its annual general and special meeting of shareholders which was held on September 17, 2024, in Toronto, ON (the "Meeting"). Full details of all the voting results for the 2024 Meeting are available on SEDAR+ at www.sedarplus.ca. The total number of shares represented by shareholders present in person and by proxy at the Meeting was 29,825,288 representing 34.36% of the Company's outstanding shares.

All matters presented for approval at the Meeting were duly authorized and approved, as follows:

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Awalé Hits Multiple High-Grade Intercepts, including 3.3 g/t Gold Eq. over 35 Metres at the BBM Zone, Odienné Project

Awalé Hits Multiple High-Grade Intercepts, including 3.3 g/t Gold Eq. over 35 Metres at the BBM Zone, Odienné Project

HIGHLIGHTS

  • 35m @ 3.3 g/t gold equivalent (Au Eq.) and 17m @ 2.4 g/t Au Eq. in OEDD-89
  • 52m @ 2.0 g/t Au Eq. in OEDD-90
  • 32m @ 2.1 g/t Au Eq. in OEDD-92
  • BBM's strike length expanded from around 400 to over 600 metres, with mineralization defined from surface to 250 metres depth with true widths of up to 50 metres.
  • Assay results are pending for 6 more holes from this drill program, from both BBM and Charger.
  • Awalé will start a new 8,000-metre drill program, fully-funded by Newmont, in Q4/2024.

Awalé Resources Limited. (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce partial results of a follow-up drilling program from the BBM Zone at the Odienné Project in Côte d'Ivoire.

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Awalé Announces Appointment of Key Personnel

Awalé Announces Appointment of Key Personnel

Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce the strategic appointment of personnel, strengthening the Company's leadership team as it advances the Odienné Project in Côte d'Ivoire toward becoming an exceptional mining camp.

Andrew Chubb, CEO of Awalé Resources, commented,

"I am delighted to welcome a group of skilled and seasoned professionals to the Awalé team. Awalé is moving into an exciting new chapter and the addition of their expertise will be instrumental in delivering our exploration efforts across our 100% owned properties, as well as advancing our existing discoveries at Odienné. We are all excited and committed to realizing the full potential of both the Odienné Project and delivering maximum value to our shareholders. These appointments also complement our efforts to strengthen our dedicated team in Côte d'Ivoire, where we are actively promoting and recruiting high quality people."

Andrew Smith - VP Exploration

Mr. Smith is an accomplished economic geologist with over 14 years of exploration and mining experience. Andrew has proven discovery success in both greenfield and near-mine gold exploration. He has well-developed skills in both technical and management roles for exploration and development projects across West Africa and Canada. More recently this has included roles as Director of Exploration Geology for Coeur Mining, Chief Geologist for Awalé Resources, and Exploration Manager for Randgold Resources in Senegal. Andrew has an Honours Degree in Geology and Petroleum Geology from the University of Aberdeen in Scotland, is a Fellow of the Geological Society of London, and member of the Society of Exploration Geologists.

Ardem Keshishian - VP Corporate Development & Investor Relations

Mr. Keshishian brings over 15 years of progressive experience in corporate development, investor relations, finance, and capital markets, specializing in the mining sector. Most recently, Ardem served as VP of Corporate Development and Investor Relations at Moneta Gold, a Canadian gold developer with assets in the Timmins Gold Camp, Ontario, until its merger with Nighthawk Gold. Prior to Moneta Gold, He held roles at Royal Road Minerals, Pollitt & Co., Haywood Securities, and Van Berkom & Associates. He is a CFA® charter holder and holds a Bachelor of Science from Concordia University and a Master of Business Administration from the John Molson School of Business. Ardem will be primarily responsible for the Company's business and corporate development initiatives, including managing Awalé's day-to-day investor communications efforts and relationships with the analyst, broker, and investment communities. His role will be pivotal in driving the Company's growth and ensuring strong stakeholder engagement.

Kirmat Noormohamed - Exploration Manager

Ms. Noormohamed is an Exploration Geologist with technical and operational skills developed through more than 25 years in company and consulting roles within the mining and exploration industry across multiple countries in Africa. She has extensive experience from greenfield exploration to feasibility studies as part of diverse teams within multinational companies such as Anglo American, AngloGold Ashanti, Falconbridge, Redback Mining, Kinross Gold, and Teranga Gold where she has led and been part of teams discovering over 2.5 million ounces of gold. Kirmat holds a BSc from Abilene Christian University, United States of America and is currently completing her MBA at University of Illinois.

John Scott - Principal Geologist

Dr. Scott is a results-focused exploration geologist, with more than 27 years of experience within teams that have delivered numerous discoveries and significant business growth in both near-mine and greenfield settings internationally. John's career as a seasoned technical lead has spanned North America, Sub-Saharan Africa, the Middle East, Southeast Asia, and Australasia. John specializes in practical mentorship to upskill field teams, target generation, identifying mineralization controls, and developing robust geologic models at deposit, district and country scales. John holds a Bachelor of Science with Honors (First Class) from the University of Adelaide, Australia as well as a PhD in Structural Geology from the University of Otago, New Zealand. John is also a Fellow of the Society of Economic Geologists and a Member of both the Australasian Institute of Mining and Metallurgy, and the Society for Geology Applied to Mineral Deposits.

About Awalé Resources

Awalé is a diligent and systematic mineral exploration Company focused on discovering large high-grade gold and copper-gold deposits. The Company currently undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the "Odienné Project JV") within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, where three (3) significant gold and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries have significant scope for growth with future discovery and resource development drilling. The Project has multiple pipeline prospects with similar geochemical fingerprints to Iron Oxide Copper Gold ("IOCG") and intrusive related mineral systems. The 400km2 of granted tenure and 400km2 under application remain underexplored and offer significant upside potential. The Odienné Project JV forms a solid foundation for the Company to continue exploring in a pro-mining jurisdiction that provides significant potential for district-scale discoveries.

AWALÉ Resources Limited
On behalf of the Board of Directors

"Andrew Chubb"
Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
a.chubb@awaleresources.com

Ardem Keshishian, VP Corporate Development & Investor Relations
+1 (416) 471-5463
a.keshishian@awaleresources.com

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Forte Minerals Completes Miscanthus Acquisition from Globetrotters Resource Group

Forte Minerals Completes Miscanthus Acquisition from Globetrotters Resource Group

Forte Minerals Corp. ("Forte"or the"Company") (CSE:CUAU)(OTCQB:FOMNF)(Frankfurt:2OA), a Canadian exploration company focused on developing copper and gold assets in Peru, is pleased to announce the completion of its acquisition of the Miscanthus Property (the "Property") a high-sulphidation epithermal gold-silver and porphyry copper-molybdenum-gold prospect in central Peru from Globetrotters Resource Group Inc. ("Globetrotters"), as initially announced on October 23, 2024

The Property consists of 4 Concessions: Totaling 3,200 hectares, which was transferred to Forte's Peruvian subsidiary, Cordillera Resources Perú S.A.C and includes an approved DIA drilling permit for up to 40 platforms over 172 hectares, significantly lowering permitting risk.

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Red Metal Resources Provides Corporate Update and Announces Financing

Red Metal Resources Provides Corporate Update and Announces Financing

Red Metal Resources Ltd. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company") is pleased to provide a corporate update and announce a financing.

Red Metal has executed a Definitive Agreement on claims in Quebec, see news release dated October 30, 2024, and Company views these claims as a foundation. Red Metal intends to expand and grow the mineral claims that are within the Timiskaming Graben Formation near the town of Ville Marie. Meanwhile, the Company will look to continue its work on its flagship post discovery copper project in Chile.

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Bold Ventures Receives Assays up to 16.3 gpt Au at its Wilcorp Property

Bold Ventures Receives Assays up to 16.3 gpt Au at its Wilcorp Property

Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") announces that it has received assays ranging from

The 16.3 gpt Au sample corresponds to a 10 cm quartz vein in an old pit and stripped area, 35 meters northeast of a 2012 sample which returned 14.4 gpt Au. Additional sampling 100 meters further south yielded gold results up to 892 ppb Au from intermediate schist with quartz-ankerite veining in outcrop, 25 meters west of a 2012 sample which returned 462 ppb Au. An angular boulder of intermediate schist with quartz veining 45 meters east of the 2012 sample returned 110 ppb Au. See Figure 1 for thematic Au results across the property to date, and Table 1 below for sample descriptions and all Au results from the site visit.

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Noble Minerals Announces Drilling Results from Noble Minerals-Canada Nickel Joint Venture

Noble Minerals Announces Drilling Results from Noble Minerals-Canada Nickel Joint Venture

(TheNewswire)

Noble Mineral Exploration Inc.

Highlights

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Vertex Minerals Limited  Quarterly Activities Report

Vertex Minerals Limited Quarterly Activities Report

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) has identified major benefits for utilising pre-concentration technology at its Reward high grade gold mine.

Ore sorting pre-concentration test work was initiated with leading ore sorting provider TOMRA with outstanding results.

94kg of sample from the low-grade stockpile at Reward Gold Mine (Reward) was sorted. The following results were reported;

- Head grade to Sorter weighted average grade (WAG) = 3.70 g/t gold,

- Ore grade WAG after sorting = 16.22g/t gold (337.20% increase on grade),

- Ore/waste split after sorting = 19.31kgs Ore vs 74.54kgs Waste (79% mass reduction),

- Gold lost to waste fraction = 0.03grams (>90% efficiency)

Refurbishment of the plant is well underway, and Vertex anticipates that the plant will be re-installed at Hill End later this year. The Company anticipates production will commence in January 2025.

Vertex acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource.

ORE SORTER TEST WORK AND IMPLEMENTATION INTO THE HILL END GRAVITY PLANT

Pre-concentration technology initiated at the Hill End Gravity Plant to separate highgrade ore from waste before it enters the processing plant.

By processing only high-grade ore, energy consumption can be reduced, water consumption will be halved leading to lower operating costs and reduction of the carbon footprint.

The small sorting unit will be simply incorporated in the existing plant being refurbished by Gekko.

Previous scoping test results from TOMRA suggested that the Greywacke country rock can be efficiently and effectively separated from the high-grade quartz carrying the gold leading to significant head grade uplift and reduced material to be processed.

Test Results

94kg of sample from the low-grade stockpile at Reward Gold Mine (Reward) was sorted.

The following results are reported;

- Head grade to Sorter weighted average grade (WAG) = 3.70 g/t gold,

- Ore grade WAG after sorting = 16.22g/t gold (337.20% increase on grade),

- Ore/waste split after sorting = 19.31kgs Ore vs 74.54kgs Waste (79% mass reduction),

- Gold lost to waste fraction = 0.03grams (>90% efficiency)

ACQUISITION OF A LM90 UNDERGROUND DRILL RIG

Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource.

The Vertex team are planning diamond drill programs for the following:

- Below the current JORC-2012 Reward Resource with the aim of expanding upon the existing resource;

- Fosters Exploration Target; and

- South Star prospect area

Acquisition of the LM90 follows an extensive review of the mineralisation potential below the Reward resource, which has only been drilled up to 50m below the Amalgamated Adit. This area targeted is referred to as the 'Reward mid depths' as it is located just 80m to ~200m below the Amalgamated Adit. Refer to Figure 1*

Upon commissioning of the LM90 drill rig, Vertex have planned eight drill holes to target the high-grade Fosters Exploration target.

The LM90 has several advantages well-suited to Vertex's requirements, including:

- The ability to work on surface and underground;

- Safe, Semi-automated, with a rod-handler system which allows for less manual handling;

- Allows greater flexibility in drilling over a number of resource and exploration areas; and

- LM 90 rigs are well-established in the industry as safe and reliable underground drill rigs.

Vertex acquiring its own rig has many advantages;

- Per-metre drill costs will be significantly less than hiring an external drill contractor

- More control and accuracy over precision of drilling.

- Works well with Job sharing

- Reduces pressure on Mining crew to have drill cuddy availability

- The LM90 rig will be accounted for as an asset on the Vertex balance sheet

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/CHF6G92O



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

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