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HIGHLIGHTS
27m @ 2.7 grams per tonne ("g/t") gold equivalent (AuEq.), including 12m @ 3.9 g/t AuEq. from 435m downhole in OEDD-98.
10m @ 2.8 g/t AuEq. within 22m @ 2 g/t AuEq. from 454m downhole in OEDD-97.
Deeper drilling shows the BBM system remains open at depth and down plunge, with mineralization defined from surface to over 330 metres vertical depth.
Awalé has recently commenced a 4000m diamond drill program, fully funded by Newmont as part of a broader campaign that will continue throughout 2024 and into 2025.
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2024) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce results from the final two 525-metre ("m") deep holes of a 6,808-metres in 28 holes follow-up drilling program at the BBM Zone within the Odienné Joint Venture ("OJV") in Côte d'Ivoire. These holes have intercepted mineralization at a planned depth exceeding 330m below surface (see Figure 1 - Drill Plan View, Figure 2 - Cross Section, and Figure 3 - Cross Section).
"The BBM drill program has exceeded our expectations as we report the final two holes, which test the down-plunge continuity of this discovery. The highlighted intercept of 27 metres at 2.7 g/t AuEq. including 12m at 3.9 g/t AuEq. in hole OOEDD-98 is significant, and confirms the system is open at depth with the higher-grade core of BBM growing to 600 metres and remaining open.
A new interpretation of the drill data has introduced a fold model within the BBM mineralized shear, this can have a meaningful impact on grade and volume within the core zone of this discovery. We are still learning about BBM as drilling has been broadly spaced with only 6,808m drilled in 28 holes. We are excited to see drilling resume as we continue to explore the potential scale and significance of the BBM target." commented Andrew Chubb, CEO of Awalé Resources.
LINK TO BBM's OEDD-98 Drill Core Photos
About the BBM Zone
BBM is an Awalé grassroots discovery (see January 11, 2024 news release). Gold and copper mineralization and alteration in the BBM system are controlled by a northwest striking shear zone that follows an intrusive/sedimentary contact. This shear zone lies parallel to an interpreted major crustal boundary and forms an 8-kilometre-long geochemical gold trend in termitaria and soil. The 6,808 metres of drilling in 28 holes completed to date have intercepted the target shear zone and covers only 2 kilometres of an 8-kilometre trend (see Figure 5). Awalé has continued to expand the potential of the BBM discovery with further intersections along strike from the initial discovery holes. The included interval of 12m at 3.9 g/t AuEq. (see Core Photos) continues to show there is increasing grade with depth. The Company has now completed 3 phases of drilling and has just commenced the fourth this drill season (see March 18, 2024 news release and September 9, 2024 news release).
Mineralization at BBM is steeply dipping (70 to 80 degrees) with a gentle plunge (45 to 55 degrees) toward the northwest. Recent interpretation suggests this plunge is controlled by isoclinal folding withing the BBM shear (see Cross Sections in Figure 2 and Figure 3 and Long Section in Figure 4). This fold geometry, along with the frequency of the folds, can have a significant impact on the grade and volume of mineralization.
The final two holes reported in this release were part of a program which consisted of 3,627 metres drilled across 10 diamond holes and 2 diamond tails (hole extensions from previous drilling, targeting footwall mineralization).
Alteration at BBM is dominated by silica and biotite with pyrite, chalcopyrite, and molybdenite as the main sulphide species. Recently, a fold model for control on the plunging mineralization has taken precedence over the footwall splay model previously discussed. What were previously considered as mineralized fingers of granodiorite are now interpreted to be fold hinges or 'knuckles'. Current drilling will test this hypothesis and understanding the fold geometry and the controls on higher grade gold can have a positive effect on both the grade and volume of mineralization at BBM.
Drilling completed to date has consistently confirmed strong grade continuity within the distinct silica-biotite alteration system. The fold model suggests the potential for parallel higher-grade shoots within a core zone of robust mineralization that now exceeds 600m in length with an open vertical depth of 330m, true widths of the mineralized envelope are up to 50m. Mineralization also remains open outside the BBM discovery zone, with potential for other plunging shoots within the initial 2 km discovery as well as satellite discoveries along strike. The Company will continue with further step-out and infill drilling throughout the 2024-2025 field season. Prior to drilling the extension targets, an Induced Polarization ("IP") program is planned to aid in drill targeting in the satellite areas northwest of the BBM zone. This IP survey on the Joint Venture permits will complement and be completed alongside the IP planned over the 100%-owned Awalé 'Sienso' permit which abuts the BBM discovery zone (see October 22, 2024 news release).
Drill collar locations and full table of significant intercepts for the program are provided in Table 1 and Table 2 below.
Table 1: BBM Drilling Collar Cable - (from this program)
| HOLEID | EASTING | NORTHING | RL_M | AZIM_TRUE | DIP | EOH_M | Comments |
| OEDD0065 | 655949.04 | 1048015.91 | 450.19 | 35.00 | -55.00 | 209.51 | DD Tail from 66m (NSV) |
| OEDD0073 | 655796.27 | 1048113.92 | 448.95 | 35.00 | -55.00 | 107.30 | DD Tail from 209m |
| OEDD0089 | 655813.07 | 1047963.67 | 445.71 | 31.20 | -57.47 | 410.00 | |
| OEDD0090 | 655993.81 | 1047946.69 | 450.68 | 35.00 | -55.00 | 317.27 | |
| OEDD0091 | 656138.39 | 1047853.14 | 455.30 | 35.00 | -55.00 | 194.20 | |
| OEDD0092 | 655702.70 | 1048073.71 | 451.07 | 35.00 | -55.00 | 335.30 | |
| OEDD0093 | 655379.89 | 1048249.71 | 458.08 | 35.00 | -55.00 | 278.27 | |
| OEDD0094 | 655518.24 | 1048148.92 | 457.56 | 35.00 | -55.00 | 398.30 | |
| OEDD0095 | 655305.16 | 1048288.12 | 458.20 | 35.00 | -55.00 | 284.15 | |
| OEDD0096 | 656212.45 | 1047770.64 | 460.13 | 35.00 | -55.00 | 191.18 | |
| OEDD0097 | 655771.52 | 1047907.10 | 448.81 | 35.00 | -55.00 | 524.00 | |
| OEDD0098 | 655709.29 | 1047942.84 | 451.40 | 35.00 | -55.00 | 525.92 |
Table 2: Significant Intercepts - (from this program)
| Hole | From (m) | To (m) | Width (m) | Au (g/t) | Cu (%) | Ag (g/t) | Mo (ppm) | AuEq. (g/t) | Au gm | AuEq. gm | Comp Trigger (g/t) |
| OEDD0073 | 147.00 | 173.00 | 26 | 0.6 | 0.16 | 0.5 | 131 | 0.9 | 15 | 23 | 0.2 |
| including | 150.00 | 152.00 | 2 | 0.9 | 0.14 | 0.6 | 14 | 1.1 | 2 | 2 | 0.5 |
| including | 160.00 | 173.00 | 13 | 0.8 | 0.24 | 0.8 | 230 | 1.3 | 11 | 17 | 0.5 |
| OEDD0089 | 318.00 | 353.00 | 35 | 2.2 | 0.48 | 1.9 | 567 | 3.3 | 77 | 114 | 0.5 |
| Including | 319.00 | 325.00 | 6 | 2.3 | 0.27 | 1.0 | 1071 | 3.5 | 14 | 21 | 2 |
| Including | 330.00 | 353.00 | 23 | 2.5 | 0.60 | 2.3 | 365 | 3.6 | 59 | 83 | 1 |
| and | 377.00 | 394.00 | 17 | 1.8 | 0.30 | 0.9 | 195 | 2.4 | 31 | 41 | 0.5 |
| Including | 384.00 | 390.00 | 6 | 3.1 | 0.55 | 1.6 | 353 | 4.1 | 19 | 25 | 2 |
| OEDD0090 | 181.00 | 233.00 | 52 | 1.5 | 0.21 | 0.9 | 234 | 2.0 | 80 | 104 | 0.2 |
| Including | 212.00 | 231.00 | 19 | 2.6 | 0.31 | 1.1 | 246 | 3.2 | 50 | 62 | 2 |
| OEDD0091 | 120.00 | 173.00 | 53 | 0.6 | 0.13 | 0.6 | 130 | 0.9 | 34 | 48 | 0.2 |
| and | 134.00 | 169.00 | 35 | 0.8 | 0.14 | 0.6 | 158 | 1.1 | 28 | 39 | 0.5 |
| OEDD0092 | 84.00 | 89.00 | 5 | 0.7 | 0.46 | 1.5 | 18 | 1.3 | 4 | 7 | 0.5 |
| Including | 84.00 | 85.00 | 1 | 2.7 | 1.82 | 6.1 | 38 | 5.2 | 3 | 7 | 1 |
| and | 278.00 | 310.00 | 32 | 1.5 | 0.36 | 1.3 | 138 | 2.1 | 48 | 67 | 0.50 |
| Including | 287.00 | 302.00 | 15 | 2.4 | 0.38 | 1.3 | 181 | 3.0 | 35 | 45 | 1.00 |
| OEDD0093 | 199.00 | 233.00 | 34 | 0.6 | 0.59 | 3.0 | 40 | 1.5 | 22 | 51 | 0.20 |
| Including | 180.00 | 182.00 | 2 | 2.5 | 1.16 | 4.8 | 36 | 4.1 | 5 | 8 | 1.00 |
| and | 211.00 | 232.00 | 21 | 0.8 | 0.74 | 3.9 | 40 | 1.9 | 17 | 40 | 0.50 |
| Including | 215.00 | 216.00 | 1 | 1.4 | 0.94 | 3.8 | 27 | 2.8 | 1 | 3 | 1.00 |
| Including | 220.00 | 221.00 | 1 | 3.8 | 1.02 | 6.4 | 132 | 5.3 | 4 | 5 | 1.00 |
| Including | 228.00 | 229.00 | 1 | 1.5 | 0.33 | 2.6 | 18 | 2.0 | 2 | 2 | 1.00 |
| OEDD0094 | 241.00 | 257.00 | 16 | 0.7 | 0.37 | 0.9 | 146 | 1.3 | 12 | 21 | 0.50 |
| Including | 245.00 | 246.00 | 1 | 1.9 | 0.21 | 0.6 | 93 | 2.3 | 2 | 2 | 1.00 |
| Including | 252.00 | 253.00 | 1 | 1.1 | 0.54 | 1.0 | 99 | 1.9 | 1 | 2 | 1.00 |
| Including | 256.00 | 257.00 | 1 | 1.2 | 1.03 | 3.3 | 85 | 2.7 | 1 | 3 | 1.00 |
| and | 298.00 | 317.00 | 19 | 0.8 | 0.14 | 0.5 | 69 | 1.0 | 15 | 19 | 0.50 |
| Including | 298.00 | 303.00 | 5 | 1.1 | 0.20 | 0.6 | 146 | 1.5 | 6 | 8 | 1.00 |
| Including | 307.00 | 311.00 | 4 | 1.1 | 0.20 | 0.5 | 30 | 1.4 | 4 | 6 | 1.00 |
| and | 333.00 | 354.00 | 21 | 0.9 | 0.28 | 0.9 | 196 | 1.4 | 18 | 29 | 0.50 |
| Including | 337.00 | 349.00 | 12 | 1.1 | 0.32 | 1.0 | 231 | 1.7 | 13 | 21 | 1.00 |
| and | 353.00 | 354.00 | 1 | 1.8 | 0.35 | 1.3 | 43 | 2.3 | 2 | 2 | 1.00 |
| OEDD0095 | 185.00 | 204.00 | 19 | 0.3 | 0.36 | 1.4 | 24 | 15.5 | 6 | 16 | 0.20 |
| Including | 192.00 | 193.00 | 1 | 0.6 | 0.81 | 3.5 | 63 | 1.7 | 1 | 2 | 0.50 |
| Including | 203.00 | 204.00 | 1 | 1.2 | 0.36 | 1.5 | 7 | 1.7 | 1 | 2 | 0.50 |
| and | 212.00 | 213.00 | 1 | 0.6 | 1.11 | 3.8 | 35 | 2.2 | 1 | 2 | 0.50 |
| Hole | From (m) | To (m) | Width (m) | Au (g/t) | Cu (%) | Ag g/t) | Mo (ppm) | AuEq. (g/t) | Au gm | AuEq. gm | Comp Trigger (g/t) |
| and | 217.00 | 218.00 | 1 | 0.6 | 0.72 | 2.9 | 46 | 1.6 | 1 | 2 | 0.50 |
| and | 238.00 | 239.00 | 1 | 0.6 | 0.22 | 2.4 | 5 | 1.0 | 1 | 1 | 0.50 |
| OEDD0096 | 126.00 | 137.00 | 11 | 0.3 | 0.15 | 0.4 | 178 | 7.0 | 3 | 7 | 0.20 |
| Including | 132.00 | 133.00 | 1 | 0.5 | 0.25 | 0.7 | 68 | 0.9 | 1 | 1 | 0.50 |
| and | 141.00 | 162.00 | 21 | 0.9 | 0.17 | 0.8 | 114 | 26.2 | 20 | 26 | 0.20 |
| Including | 144.00 | 146.00 | 2 | 2.2 | 0.38 | 1.5 | 227 | 5.8 | 4 | 6 | 1.00 |
| Including | 152.00 | 161.00 | 9 | 1.4 | 0.17 | 0.9 | 95 | 15.2 | 12 | 15 | 0.50 |
| Including | 156.00 | 159.00 | 3 | 2.9 | 0.32 | 1.6 | 112 | 10.4 | 9 | 10 | 2.00 |
| OEDD0097 | 446.00 | 476.00 | 30 | 1.1 | 0.28 | 0.7 | 83 | 1.5 | 33 | 46 | 0.2 |
| including | 454.00 | 476.00 | 22 | 1.4 | 0.35 | 0.9 | 107 | 2.0 | 31 | 44 | 0.5 |
| including | 461.00 | 471.00 | 10 | 2.1 | 0.46 | 1.2 | 137 | 2.8 | 21 | 28 | 2 |
| and | 519.00 | 524.00 | 5 | 1.3 | 0.00 | 0.2 | 6 | 1.4 | 7 | 7 | 0.5 |
| OEDD0098 | 435.00 | 462.00 | 27 | 1.9 | 0.40 | 1.4 | 279 | 2.7 | 52 | 72 | 0.5 |
| including | 435.00 | 445.00 | 10 | 1.34 | 0.25 | 0.92 | 241 | 1.9 | 13 | 19 | 1 |
| including | 449.00 | 461.00 | 12 | 2.86 | 0.59 | 1.95 | 338 | 3.9 | 34 | 47 | 1 |
| and | 482.00 | 498.00 | 16 | 1.0 | 0.23 | 0.8 | 129 | 1.4 | 16 | 23 | 0.5 |
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,489 km2 across seven permits. This includes 796 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont") (see May 31, 2022 news release).
Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Côte d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analyzed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis. All fire assay samples returning greater than 5 g/t gold are routinely Screen Fire Assayed, in this special case lower than 5g samples up and down hole from the high-grade interval in OEDD-88 were also subject to Screen Fire Assays. As a further QC precaution due to visible gold presence, Intertek was requested to insert a quartz wash between each sample in the mineralized interval, ensuring no sample contamination in the preparation process.
Mineralized Interval Calculations
Significant intervals reported in this news release are calculated downhole length weighted intercepts. For the BBM target initial mineralized are calculated at a 0.2 g/t trigger and include up to 5 metres internal waste for of delineation mineralized zones. Included intervals are at 0.5 g/t, 1 g/t, and 2 g/t trigger values with 3m of internal waste only. Table 1 Contains a list of all BBM holes drilled this program - including extensions to OEDD-65 and OEDD-73 which contain mineralized intervals at less than the 0.2 g/t Au trigger value. True Widths are estimated to be 70% of the downhole widths.
Au Equivalent Calculations
Au Equivalent is calculated using the following parameters in USD: Au - 1910/Oz (Troy), Cu 3.80/lb, Mo 40,000/Tonne, and Ag 23.40/Oz (Troy). Prices are 12 month average for 2023 closing price, and the Formula AuEq = Au (g/t) + ((Cu (ppm) * 0.00014) + (Mo (ppm) * 0.00065) + (Ag (g/t)*0.01225)) assuming 100% recovery rates.
Abbreviations Used in this Release
| Ag | Silver | |
| Au | Gold | |
| AuEq. | Gold Equivalent | |
| Cu | Copper | |
| Cu Eq. | Copper Equivalent | |
| g/t | Grams per tonne | |
| km | Kilometres | |
| m | Metres |
Qualified Person
The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company's Qualified Person as defined by National Instrument 43-101. Mr. Chubb is the Company's Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG), and is a Member of the Society of Economic Geologists (SEG). Mr. Chubb has over 20 years of experience in international mineral exploration and mining project evaluation.
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
The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.
Forward-Looking Information
This press 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 press release include but are not limited to statements regarding, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230353
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