Awalé Resources Announces Completion of Drilling at the Odienné Project

Awalé Resources Announces Completion of Drilling at the Odienné Project

Highlights:

  • 21-hole, ~4,000 metre drill program that began in December is now complete, with preliminary assays expected in March
  • Drilling at BBM, Charger and Lando intercepted significant widths of alteration and mineralization
  • A new video is now published highlighting the impressions of this drill program

Awalé Resources Limited. (TSXV: ARIC) (the "Company" or "Awalé") is pleased to announce that we have recently completed a 21 hole 3932m Diamond drill program that commenced in late December 2023. Initial assay results from drilling are expected in March, samples were batch sent to the laboratory during drilling and the BBM target will be reported first followed by Charger and Lando. The drilling at BBM, Charger and Lando has intercepted target alteration and mineralization and results are eagerly anticipated.

Awalé CEO, Andrew Chubb recently returned from a site visit to Cote d'Ivoire and had the following comments:

"I was very happy to be on site to congratulate the team on another well executed program at Odienné. We have intercepted significant widths of target geology at the BBM, Charger and Lando targets. I was great to see the reaction of the team when good geology and planning comes to fruition. We all eagerly await the first results from these three targets"

A video interview with Andrew Chubb on his Impressions of the drilling at the BBM and Charger targets is available here.

The drill program included infill and extension holes (14 holes for 2537 m) at the recently announced BBM discovery (See company News Release dated January 11 2023) where drilling has intercepted mineralization in multiple drill holes with similar alteration and sulfide mineralogy to the discovery holes. Highlights from the BBM discovery included the following:

BBM Discovery Highlights

  • Hole OEDD-59: 44m at 1.1 g/t Au and 0.2% Cu
    • Including 32m @ 1.5 g/t Au, 0.3 % Cu and 1.1 g/t Ag (2.12 g/t Au Equivalent) from 68m
    • Including 3m @ 5.2 g/t Au, 0.3% Cu and 1.5 g/t Ag from 77m
  • Hole OEDD-61: 51.9m @ 0.5 g/t Au, 0.27% Cu and 1.5 g/t Ag (0.9 g/t Au Equivalent) from 25m
  • Hole OEDD-62 (50m step back from OEDD-59): 18.25m at 1.8 g/t Au, 0.3% Cu and 1.4 g/t Ag (2.4 g/t Au Equivalent) from 156m
    • Including 2m at 5.8 g/t Au, 0.5% Cu and 2.3 g/t Ag.

A further 4 holes for 699m were drilled at Charger, testing a new model for NE controls for the formation of the breccias hosting high grade mineralization at this target. The program has confirmed this theory and drill hole OEDD-83 has intercepted at least 65 downhole metres of the target breccia in an untested zone beneath the discovery hole (OERC-89, See Company News Release dated June 14 2021). Highlights from the January 11 news release for Charger included:

  • Hole OEDD-53 (50m step back from previously reported OEDD-45): 32m @ 1.5g/t Au and 1.5 g/t Ag from 215m downhole
    • Including 3m @ 5.2g/t Au from 77m
  • Hole OEDD-52: 4m at 1.1g/t Au from 39m and 4m at 1.1 g/t Au from 72m

Finally a further 3 scout holes were drilled at the Lando target for 697m these holes have also intercepted target geology on the 'western limb' of the 4km long gold/copper/molybdenum geochemical anomaly at this target.

The Awalé-Newmont JV - 'Odienné Project JV'

The Odienné Project JV covers one permit and one application within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, and is subject to an earn-in agreement with Newmont Ventures Limited ("Newmont"); see company news release dated May 31 2022 through which Newmont retains the option to earn-in to a minimum of 65% interest, from Awalé, in the Odienné Project JV in return for USD 15 million of exploration expenditures. Newmont is funding the exploration program and Awalé is managing the Odienné Project JV in the initial three-year phase.

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 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.

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, Cote 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 analysed 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.

Mineralized Interval Calculations

Significant intervals reported in this news release are calculated downhole length weighted intercepts. For Charger and BBM target initial intervals are calculated at a 0.3 g/t trigger and include 3m of internal waste but carry 0.5 g/t in included intervals. Included intervals are at 0.5, 1g/t and 5g/t trigger values.

Abbreviations Used in This Release

AgSilver
AuGold
Au Eq.Gold Equivalent
CuCopper
Cu Eq.Copper Equivalent
g/tgrams per tonne
kmKilometres
mMetres

 

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 18 years of experience in international mineral exploration and mining project evaluation.

ON BEHALF OF THE BOARD

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 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 Cote 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.sedar.com. 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/199843

News Provided by Newsfile via QuoteMedia

ARIC:CA
Awale Resources Limited

Awale Resources Limited Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Awale Resources Limited (TSXV:ARIC)

Awale Resources Limited


Keep reading...Show less
Awalé Announces Update for Shareholder Participation Right

Awalé Announces Update for Shareholder Participation Right

Further to the news release of April 17, 2024, Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company") announces further details and an increase regarding the participation right of its current shareholder. The shareholder has the right to maintain its percentage holding post offering. In order to account for the full ‎Underwritten Offering (including the Underwriter Option), a maximum of approximately 3,989,323 Units (as defined herein) at a price of $0.62 ‎per Unit may be issued to this shareholder for proceeds of approximately ‎‎$2,473,380, which is an increase of 1,021,403 ‎Units from the April 17, 2024 news release.‎ There is no assurance the shareholder will exercise the full participation right.‎ The Units are identical to those announced in the April 17, 2024 news release.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
AWALÉ ANNOUNCES C$10 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT OF UNITS

AWALÉ ANNOUNCES C$10 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT OF UNITS

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

Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company") is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought-deal private placement basis, 16,130,000 units of the Corporation (the "Units") at a price of C$0.62 per Unit (the "Offering Price") for gross proceeds of C$10,000,600 (the "Underwritten Offering").

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Awalé Resumes Drilling at the Charger Prospect on the Odienné Project Joint Venture

Awalé Resumes Drilling at the Charger Prospect on the Odienné Project Joint Venture

Highlights:

  • New drill program is now underway at Charger following up on Awale's recent drill intercept of 26 g/t gold over 57m, including 45.7 g/t gold over 32m from 165m downhole
  • A second rig will soon commence drilling at the BBM Prospect to follow up on its 75m @ 2.4 g/t gold equivalent intercept
  • Drilling is fully funded by Newmont

Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company"), is pleased to announce the commencement of a 3,000 metre diamond drilling program over the Charger Prospect at the Odienné project. The drilling is planned to follow up to the recently announced 26 gt gold over 57m, including 45.7 gt gold over 32m from 165m downhole in OEDD-83 at the Charger Prospect (see Awale news release March 25 2024). Additionally, a 4000m drill program for the BBM discovery (see Awale news releases January 11 2024 and March 18 2024) will commence with a second diamond drill rig in the ensuing weeks.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Awalé Hits 45.7 g/t Gold over 32m at the Odienné Project

Awalé Hits 45.7 g/t Gold over 32m at the Odienné Project

HIGHLIGHTS

  • 26 g/t gold over 57m, 1487 gram meters gold from 164m downhole in OEDD-83

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Awalé Hits Multiple Shallow High-Grade Intercepts, Including 2.4 g/t AuEq over 75 Meters at the Odienné Project

Awalé Hits Multiple Shallow High-Grade Intercepts, Including 2.4 g/t AuEq over 75 Meters at the Odienné Project

HIGHLIGHTS:

  • 75m @ 2.4 g/t gold equivalent (Au Eq) from 242m downhole* in OEDD-74
  • 44m @ 2.5 g/t Au Eq from 131m downhole* in OEDD-65
  • 40m @ 1.9 g/t Au Eq from 194m downhole* in OEDD-76
  • 39m @ 1.6 g/t Au Eq from 60m downhole* in OEDD-64
  • Assay results from the Charger target are expected soon
  • A follow-up drill program is scheduled to begin in April

Awalé Resources Limited. (TSXV: ARIC) (the "Company" or "Awalé") is delighted to report significant assay results at the Odienné Project. The BBM Zone is a grassroots discovery announced in Awale's January 11, 2024 news release. These latest holes followed up on this promising new discovery, and the Company expects to restart drilling in April. These multiple, shallow, broad, high-grade intercepts demonstrate the BBM zone's excellent continuity and scale potential.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Canada Nickel Announces Exercise of Mann Property Option with Noble

Canada Nickel Announces Exercise of Mann Property Option with Noble

Highlights

  • Canada Nickel acquiring an 80% interest in Mann Property (~11,000 hectares)

  • Includes Mann Northwest, Central and Southeast properties that cover a combined 25 km strike length of nickel-bearing ultramafic rocks

  • Northwest and Central will advance to resource delineation programs while Southeast will be drilled for the first time, all during the 2024 exploration program

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce that it is exercising its option to acquire an 80% interest in the Mann Nickel Property from Noble Mineral Exploration Inc. ("Noble") as Canada Nickel consolidates its interests in bulk tonnage nickel projects east of Timmins, Ontario .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Noble Announces Canada Nickel Exercising its Option on Noble's Mann Township Property

Noble Announces Canada Nickel Exercising its Option on Noble's Mann Township Property

(TheNewswire)

Noble Mineral Exploration Inc.

Highlights

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Heritage Mining Announces Exploration Permit for Flagship Project Drayton Black Lake

Heritage Mining Announces Exploration Permit for Flagship Project Drayton Black Lake

(TheNewswire)

Heritage Mining Ltd.

NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Aston Bay and American West Metals Announce Drilling and Geophysics Underway at the Storm Copper Project, Canada

Aston Bay and American West Metals Announce Drilling and Geophysics Underway at the Storm Copper Project, Canada

Targeting growth through drilling

Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce the commencement of high-impact drilling and exploration activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The program will be conducted by American West Metals Limited ("American West"), who is the operator of the Project. American West has completed the required expenditures to earn an undivided 80% interest in the Project. American West will be solely responsible for funding the program

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Northern Dynasty Makes Annual Filings

Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE American:NAK) ("Northern Dynasty" or the "Company") announces that it has filed its audited Financial Statements, Management Discussion and Analysis, Annual Information Form and Annual Report on Form 40F for the year ending December 31, 2023. The Company also advises that, consistent with previous years, its audited consolidated financial statements for the fiscal year ended December 31, 2023 included in the Company's Annual Report on Form 40F, contained an audit report from its independent registered public accounting firm with a going concern emphasis of matter. Release of this information is required by Section 610(b) of the NYSE American Company Guide. It does not represent any change or amendment to any of the Company's filings for the fiscal year ended December 31, 2023

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Couloir Capital Is Pleased to Announce It Has Initiated Research Coverage on Tinka Resources

Couloir Capital is pleased to announce it has initiated research coverage on Tinka Resources Limited (TSXV: TK) (OTCQB: TKRFF) (BVL: TK) ("TK" or "Company"). The new report is titled "Advancing One of the Largest Undeveloped Zinc Assets in the World."

Report excerpt: "Tinka's flagship property and current focus is one of the largest zinc deposits held by a junior mining company. The 2024 updated PEA further strengthens Ayawilca's potential to become a top-10 global zinc producer. The mine proposal outlines a 21-year operation processing 2 million tonnes of silver, zinc, and lead per year, with an additional tin component for 15 years at a rate of 0.3 million tonnes per year. The updated PEA highlights robust project economics with an after-tax NPV@8% of US$434 million and after-tax IRR of 25.9%."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Awale Resources Limited

Awale Resources Limited Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×