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HIGHLIGHTS
Awalé has commenced a 4000m diamond drill program at the BBM and Charger Zones.
Awalé Resources (TSX:ARIC) has a major foothold in the promising gold province of Cote d’lvoire (Ivory Coast) in West Africa, close to the borders of Guinea and Mali. Awalé's Odienné Project spans over 2,462 sq. km in area with seven permits and is located in a region that boasts over 300 million ounces (Moz) of gold deposits.
Cote d’lvoire has earned a reputation as an attractive investment destination for mining due to its stable regulatory framework excellent infrastructure comprising road networks, ports, airports and electricity networks.
The Odienné Project has similar geological characteristics to the Carajas Mineral Province and other IOCG provinces that are major suppliers of gold and copper. Three major discoveries Empire, Charger and Sceptre East were made and in January 2024, the company announced a new discovery in BBM and encouraging results for the Lando target.
Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is funding 100 percent of the exploration on the JV permits. Newmont has the option to earn up to a 75 percent interest in the Odienné Project by funding US$15 million in exploration expenditures.
Company Highlights
- Awalé Resources is a mineral exploration company focused on discovering gold and copper-gold deposits in Côte d’Ivoire (Ivory Coast).
- The company’s flagship Odienné project is located in the northwest Denguèlé Region of Côte d’Ivoire in West Africa.
- The project spans over 2,462 sq. km in area with seven permits and is located in a region that boasts over 300 million ounces (Moz) of gold deposits. The geological setting of the Odienné district is comparable to that of other significant iron oxide copper gold (IOCG) provinces globally, increasing the chances of the Odienné Project becoming the first major IOCG deposit in West Africa.
- The project has made three significant discoveries in 2023 – Empire, Charger and Sceptre East. Moreover, in January 2024, the company announced a new discovery in BBM and encouraging results for the Lando target.
- A key positive for the company is its relationship with Newmont, the world’s leading gold mining company. Newmont increased its stake to around 15.48 percent (previously 5.94 percent) in the company and holds a joint venture agreement on two of the seven permits at Odienné Project.
- Awalé underwent a major overhaul in May 2023, including the appointment of a new CEO and new board. Under the new management led by CEO Andrew Chubb, the company has achieved significant milestones including four new discoveries. The management team is well positioned to steer the company along its growth journey.
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With several significant gold and copper discoveries in recent years, Awalé Resources has built a compelling value proposition that allows investors exposure to West Africa’s rich mineral resource.
Overview
Awalé Resources (TSX:ARIC) is a mineral exploration company focused on high-quality gold and copper-gold deposits. The company’s Odienné project is located in Côte d’lvoire (Ivory Coast) in West Africa, close to the borders of Guinea and Mali.
Côte d’lvoire has earned a reputation as an attractive investment destination for mining, based on several factors. First, its stable regulatory framework mirrors French civil law, and the government has reduced bureaucracy and established transparency. Second, the region has excellent infrastructure comprising road networks, ports, airports, and electricity networks. Third, the country’s attractive geological profile is rich in several minerals including gold, copper, manganese, bauxite and iron. West Africa is widely regarded as a promising gold-producing region with 300 Moz of gold resources. Fourth, its socio-economic environment reflects its diverse economy with a substantial labor force. Lastly, the country offers several tax incentives to attract foreign investors.
Why Awalé Resources is a brand new opportunity
The Odienné project offers Awalé Resources a major foothold in this promising gold province. The project area spans 2,462 sq km over seven permits and is home to several gold and copper-gold discoveries.
The project has seen four significant discoveries, including three in 2023 (Empire, Charger, and Sceptre East) and one in early 2024 (BBM). Empire returned high-grade gold intercepts, while Charger and Sceptre East returned iron oxide copper gold (IOCG) style mineralization.
The BBM target, discovered in January 2024, is a new gold-copper discovery with significant scope for rapid expansion. In addition to the new discovery, further significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometres northwest of BBM.
Another important feature of the company’s bright prospects is its relationship with Newmont, the world’s leading gold company. Newmont increased its stake in Awalé to 15.48 percent in December 2023 following a private placement of nearly C$1 million. This investment will enable Awalé to accelerate the exploration of its wholly owned permits and signals a vote of confidence in the significant potential of Awalé.
Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is funding 100 percent of the exploration on the JV permits. Newmont has the option to earn up to a 75 percent interest in the Odienné project by funding US$15 million in exploration expenditures and defining a gold resource of 2 million ounces.
Under the initial phase, Newmont invested US$5 million in exploration expenditure which will allow it to earn 51 percent interest in the Odienné project. With successful Phase 1 results, including positive drill results and four discoveries, Newmont has progressed to Phase 2 of the earn-in agreement. This is a significant milestone that underscores the ongoing success and potential of the Odienné gold-copper project through which Newmont could earn a further 14 percent interest (for a total 65 percent interest) by spending $10 million in exploration and defining a minimum 2-million-ounce gold resource.
Awalé underwent a major overhaul in May 2023, appointing a new CEO and board. Under the new management, led by CEO Andrew Chubb, the Awalé team is well positioned to lead the company in its future growth endeavors.
Company Highlights
- Awalé Resources is a mineral exploration company focused on discovering gold and copper-gold deposits in Côte d’Ivoire (Ivory Coast).
- The company’s flagship Odienné project is located in the northwest Denguélé Region of Côte d’Ivoire in West Africa.
- The project spans over 2,462 sq. km in area with seven permits and is in a region that boasts over 300 million ounces (Moz) of gold deposits. The geological setting of the Odienné district is comparable to that of other significant iron oxide copper gold (IOCG) provinces globally, increasing the chances of the Odienné Project becoming the first major IOCG deposit in West Africa.
- The project yielded three significant discoveries in 2023 – Empire, Charger, and Sceptre East. Moreover, in January 2024, the company announced a new discovery in BBM and encouraging results for the Lando target.
- A key positive for the company is its relationship with Newmont, the world’s leading gold mining company. Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is a significant shareholder, owning 11.2 percent of the company.
- Under the leadership of CEO Andrew Chubb, the company has achieved significant milestones, including four discoveries, and is well positioned on its growth journey.
Key Project
Odienné Project
The Odienné project is the company’s flagship asset. The project spans over 2,462 sq km and comprises seven permits, of which two are under a JV agreement with Newmont. These permits hold great promise for gold and copper-gold deposits.
The project has similar geological characteristics to the Carajas Mineral Province and other IOCG provinces that are major suppliers of gold and copper. It is in West Africa, which boasts over 300 Moz of gold deposits. There are several +10 Moz deposits adjacent to the project’s boundaries. Other adjacent gold resources include Predictive’s deposit in Guinea, and Centamin’s deposit which is roughly 50 kilometres south of the Odienné project.
The project is characterized by several high-potential targets and discoveries. These include: 1) Empire discovery located along the 20-kilometre Empire Gold Corridor; 2) Sceptre East and Main copper-gold targets; 3) Charger, a high-grade gold-copper discovery; 4) Lando, a 4-kilometre-long copper-gold target; 5) and BBM, a 3.5-kilometre-long copper-gold target.
The first discovery was at Empire, a high-potential gold prospect located around 5 kilometres from Sceptre and other copper-gold targets on the 20-kilometre-long Empire structural corridor.
So far, only five kilometres of this trend have been drilled. The key results for this target include - 1) Hole OEDD-2: 27 metres at 3.1 grams per ton (g/t) gold from 43.2 metres, and 2) Hole OEDD-24: 15 metres at 13.1 g/t gold from 69 metres. Beyond this main target, there is potential for discovering large gold deposits along the east-west corridor.
The second discovery was at Charger, where several phases of drilling have been completed. A total of 11 holes were drilled at Charger with Hole OEDD-45 containing three high-grade intervals within a 65-metre-wide zone of mineralization, including 12 metres at 4.9 g/t gold. Some of the key results at Charger include 32 metres @ 3.0 g/t gold, 0.17 percent copper, and 6.6 g/t silver, including 4 metres @ 12.4 g/t gold, 0.7 percent copper, and 30 g/t silver from 78 metres.
The third discovery was at the Sceptre East target that spans around a 1.5-kilometere-long copper-gold-molybdenum-silver anomaly. Sceptre East is part of the large 20 sq km gold/copper/silver/molybdenum bearing mineralized system, called Sceptre. Discovery drilling commenced at Sceptre East in Q4 2022, and the initial phase comprised a total of seven holes totaling 1,092.2 metres. Follow-up drilling in Q2 2023 consisted of nine reverse circulation (RC) and three diamond drill holes for a total of 1,730 metres. The key results in the follow-up program include hole OEDD-43, which returned 358.5 metres at 0.34 percent copper equivalent from 6.5 metres downhole.
Besides these three discoveries, the company announced a new gold-copper discovery in January 2024 at the BBM target. A total of four holes were drilled at BBM, all of which intersected high-grade gold. The key results were:
- Hole OEDD-59: 44 metres at 1.1 g/t gold and 0.2 percent copper
- Hole OEDD-61: 51.9 metres @ 0.5 g/t gold, 0.27 percent copper and 1.5 g/t silver from 25 metres
- Hole OEDD-62: 18.25 metres at 1.8 g/t gold, 0.3 percent copper and 1.4 g/t silver from 156 metres
Furthermore, significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometres northwest of the new BBM discovery. Initial drilling at Lando is encouraging and warrants further systematic drilling at this target.
Management Team
Andrew Chubb – CEO
Andre Chubb holds a BSc degree from the University of New England, Australia, and is a member of the Australian Institute of Geologists and the Society of Economic Geologists. He is a geologist with more than two decades of experience in exploration and mining in different geographies, including Africa, Europe and Australia. His experience spans different domains including leading large teams, operations and advisory roles. He was involved in leading the Mantra Resources’ Mkuju Project in Tanzania, from exploration through to feasibility and finally to takeover by ARMZ/Uranium One for AU$1.02 billion.
Andrew Smith - VP Exploration
Andrew Smith is an accomplished economic geologist with over 14 years of exploration and mining experience. Smith 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. Smith 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 and Investor Relations
Ardem 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.
Stephen Stewart - Chair of the Board of Directors
Stephen Stewart holds a BA degree from Western University in London, Ontario, an MBA from the University of Toronto, and an MSc degree from the University of Florida. He has more than 18 years of senior leadership experience with several Canadian companies, including Orecap, QC Copper & Gold, Mistango River Resources and Baselode Energy. He is also the founder and chairman of the largest mining-focused charitable organization and fund in Canada, the Young Mining Professionals Scholarship Fund.
Anthony Moreau – Director
Anthony Moreau is the CEO and Director of American Eagle Gold and also serves as a Director of QC Copper & Gold, Orecap Invest, and Mistango River Resources. He was formerly with IAMGOLD, where he held various roles in Business Development and Innovation. Anthony is also the leader of the Young Mining Professionals Toronto. He also co-founded the YMP Scholarship Fund, which has raised over $1.25 million since its inception seven years ago. Anthony is a Queen's School of Business graduate and a Chartered Financial Analyst (CFA).
Karl Akueson – Director
Karl Akueson is an Ivorian born natural resources entrepreneur who co-founded Awalé Resources following a career in metals and mining investment banking at BMO Capital Markets in London. He recently founded and is the current CEO of Switch Metals, a private exploration company focused on technology metals in Cote d'Ivoire. Karl is based in Abidjan. He is a graduate from Imperial College Royal School of Mines - MSc Metals and Energy Finance, and the University of Manchester - MEng Chemical Engineering.
Charles Beaudry – Director
Charles Beaudry holds a BSc degree in geology from the University of Ottawa and a master's degree in geology from McGill University. He has three decades of experience in business development, exploration, and project management. Previously, he has been associated with IAMGOLD and Noranda-Falconbridge-Xstrata.
John Scott - Principal Geologist
Dr. John 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. Scott specializes in practical mentorship to upskill field teams, target generation, identifying mineralization controls, and developing robust geologic models at deposit, district and country scales. He 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. Scott 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.
Kirmat Noormohamed - Exploration Manager
Kirmat 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. She holds a BSc from Abilene Christian University in the US, and is currently completing her MBA at University of Illinois.
Sharon Cooper - CFO
Sharon Cooper is qualified as a chartered accountant, with over 10 years of experience in accounting and auditing roles for mining and mining-related companies. Before Awalé, she was associated with Ernst and Young and several junior exploration and mining companies.
Karl Akueson – Local Advisor
Karl Akueson holds an MSc degree in chemical engineering from the University of Manchester and MSc in metals and energy finance from the Royal School of Mines. He is a co-founder of the company and has served as an advisor since listing. He has also worked with BMO Capital Markets in London.
Awalé Commences 4000-Metre Diamond Drilling Program at the BBM and Charger Zones, Odienné JV Project
BBM drilling to focus on both expanding and confirming the 600m mineralized core toward the NW and SE.
Charger drilling will test the new high-grade model for continuity and expansion.
Drilling is fully funded by Newmont.
Vancouver, British Columbia--(Newsfile Corp. - December 5, 2024) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce the commencement of drilling at the BBM and Charger Zones within the Odienné Joint Venture ("OJV") in Côte d'Ivoire. The 4000-metre ("m") diamond drilling program is the final phase of 2024 and is fully funded by Newmont. Drilling is expected to continue into 2025, with both diamond and reverse circulation drilling.
Highlighted results from the previous program included:
59m @ 14.7 grams per tonne ("g/t") gold ("Au") from 96m downhole in OEDD-100 at Charger (see November 11, 2024 news release)
29m @ 20 g/t Au from 149m downhole in OEDD-88 at Charger (see July 31, 2024 news release)
35m @ 2.2 g/t Au, 0.48% copper ("Cu"), 567 part per million ("ppm") molybdenum ("Mo"), and 1.9 g/t silver ("Ag") in OEDD-89 from 318m downhole at BBM (see September 9, 2024 news release)
"This program is anticipated to build on the success of the most recent phase of drilling, where BBM continues to demonstrate robust grade continuity and Charger delivers some of highest-grade intercepts in West Africa over the past 12 months. Both these Zones are interpreted to have significant expansion potential and drilling is expected to continue throughout the 2025 dry season. We anticipate other high priority drill ready targets such as Lando, Empire, and the BBM satellites to come into play during the 2025 field season. In addition to the JV drill program, we aim to drill the first holes on our 100%-owned Fremen target in Q1 2025 and commence exploration activities on our other 100%-owned permits. The Awalé team is excited to move forward on what we believe will be another successful field season," Andrew Chubb, CEO of Awalé Resources, commented today.
Three thousand metres (3000m) are planned to test the continuity of the BBM zone as well as expand the 600m defined panel to the northwest and southeast, with one thousand metres (1000m) allocated for Charger to test the new geology fold model where the broad high-grade intercepts are hosted within fold hinges (see November 11, 2024 news release) and rapidly advance the volume potential of this target.
About the Charger Zone
The Charger Zone is one of four grassroots discoveries made by Awalé at Odienné. Charger is a discovery that has delivered multiple high-grade results from drilling which includes the following high-grade intercepts in a breccia to the south of that intercepted in OEDD-83 and OEDD-100 (see news releases from March 29, 2023, August 21, 2023, March 25, 2024, July 31, 2024, and November 11, 2024):
OEDD-83: 57m @ 26 g/t Au from 164m downhole
Including 32m @ 45.7 g/t Au from 165m downhole
OEDD-88: 29m @ 20 g/t Au from 149m downhole
Including 8m @ 39.5 g/t Au from 149m downhole
OEDD-84: 70m @ 1.2 g/t Au from 143m downhole
OEDD-100: 59m @ 14.7 g/t Au from 140m downhole
OEDD-85: 21m @ 1.7 g/t Au from 177m downhole and 10m @ 7.8 g/t Au from 202m downhole
OERC-132: 32m @ 3.0 g/t Au from 74m downhole
Including 4m @ 12.4 g/t Au from 78m downhole
OEDD-45 (step back from OERC 132) contains 3 high-grade intervals within a 65m wide zone of mineralization which included
12m @ 4.9 g/t Au from 89m downhole,
13m @ 1.3 g/t Au from 114m downhole, and
21m @ 1.3 g/t Au from 133m downhole
Hole OEDD-53 (50m step back from OEDD-45): 32m @ 1.5 g/t Au from 215m downhole
Including 3m @ 5.2g/t Au from 77m downhole
The company has also determined the true width of the breccia between holes OEDD-83 and OEDD-100 to be over 30 metres, and the intercept in OEDD-88 being a further 25 metres away from OEDD-100. This drilling has established a 200-metre corridor of breccia mineralization where high-grade mineralization is thought to be controlled by folding and hosted in the hinge zone of these folds. Moreover, the Company has gained a clearer understanding of the unique and complex characteristics of the Charger target, presenting an opportunity to test the fold model within the current corridor as well as step-out and test for other parallel zones.
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. Awalé has continued to expand the potential of the BBM discovery with further intersections along strike from the initial discovery holes. Results also show there is increasing grade with depth. The Company has completed 3 phases of drilling (see news releases from March 18, 2024, September 9, 2024, and November 18, 2024).
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. This fold geometry, along with the frequency of the folds, can have a significant impact on the grade and volume of 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 grade continuity within the distinct silica-biotite alteration system. The fold model suggests the potential for parallel 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-kilometre 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).
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.
Awalé's Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold 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 the special high-grade cases at Charger lower than 5g samples up and down hole from the high-grade interval in OEDD-88, OEDD-83 and OEDD-100 were also subject to Screen Fire Assays. As a further QC precaution at Charger 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. For the Charger target initial mineralized are calculated at a 0.5 g/t trigger and include internal waste of 3m for delineation mineralized zones.
Abbreviations Used in this Release
| Ag | Silver |
| Au | Gold |
| Cu | Copper |
| g/t | Grams per tonne |
| km | Kilometres |
| m | Metres |
| Mo | Molybdenum |
| ppm | Part per Million |
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
+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/232527
News Provided by Newsfile via QuoteMedia
Awalé Hits 2.7 g/t Gold Eq. over 27 Metres at the BBM Zone, Odienné Project
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
News Provided by Newsfile via QuoteMedia
Awalé Hits 14.7 g/t Gold over 59 Metres at the Charger Zone, Odienné Project
HIGHLIGHTS
14.7 g/t gold ("Au") over 59 metres ("m"), or 868-gram-metres gold, from 96m downhole, including 22.4 g/t Au over 21m from 143m downhole in Hole OEDD-100.
OEDD-100 is a 'scissor' hole collared:
200m southwest of hole OEDD-83, which previously returned 26 g/t Au over 57m; and
25m east of OEDD-88, which previously returned 20 g/t Au over 29m.
Awalé has reported three of the highest-grade intercepts in West Africa over the past 12 months.
Uniform mineralization across reported intersection, with no nugget effect.
Results confirm a very high-grade gold zone with strong continuity and significant resource potential, with a 200m-long corridor identified.
Vancouver, British Columbia--(Newsfile Corp. - November 11, 2024) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to report the final four holes from the Charger target at the Odienné Project, including 14.7 g/t Au over 59m in drill hole OEDD-100. Today's results mark the culmination of a successful drilling campaign, highlighted by the previously reported intercept of 26 g/t Au over 57 metres in hole OEDD-83 and 20 g/t Au over 29m in hole OEDD-88.
"We have now established the breccia's true width at over 30 metres, within a 200-metre strike length of breccia mineralization, and the very high-grade gold is concentrated in fold hinges within this corridor. Importantly, our understanding of Charger's structure has evolved, allowing us to test our new fold model within the current corridor and step out to explore potential parallel zones. With this refined structural model, we're confident in continuing our success at Charger.
We are very pleased with the latest results and the successful outcome of this drill campaign, which delivered multiple high-grade hits at Charger and drilling through 100m of the target breccia body at depth. These holes established both grade and geological continuity of the breccia mineralization. The 14 g/t Au over 59m in hole OEDD-100 has exhibited the same grade consistency across the reported interval as the previous high-grade hits. We have also ramped up our new field season last week, commencing a 4000m diamond drill program at BBM and Charger," commented Andrew Chubb, CEO of Awalé Resources.
LINK TO Charger's Drill Core Photos with Gold Grade on OEDD-100
LINK TO Charger Hi-res Figures
Uniform Mineralization
As with drill holes OEDD-83 and OEDD-88, OEDD-100 delivered consistently high-grade gold mineralization throughout the reported interval. The Core Photos show the gold grade consistency within the 1-metre assays from the reported interval in OEDD-100, reinforcing the consistent and robust mineralization in this hole along with the previously reported high-grade intervals in OEDD-83 and OEDD-88.
Figure 1: 3D Plan View for the Charger Zone; showing logged breccia distribution in red, and the corridor of breccia mineralization trending from southwest to northeast. Red lines highlight a 200m mineralized Corridor, folding has been identified in drilling both within and outside this corridor, there is opportunity to find parallel corridors, and multiple fold hinges within each corridor.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/229444_176619bed46f5a33_002full.jpg
New Charger Structural Interpretation: A Folded Model
The high-grade breccias are now understood to be controlled by folding within the Charger Intrusive, with very high-gold grades developing in the fold hinge(s). The Company has now separated gold results pertaining to interpreted hinge and limb zones, with interpreted fold hinges displaying significantly higher gold results than the limb zones (see Table 1) with average gold grade in the hinge zone at 735-gram x metres versus 38-gram x metres in the limbs. The Company will be drill testing the fold model within the current corridor as well as step-out and test for other parallel zones starting in late Q4 2024 into Q1 2025.
Figure 2: 3D Long Section looking northwest through the Charger breccia mineralization, again the red zones are breccia intercepted in drilling, along with OEDD-99 which has intercepted 100m of breccia - the system is open at depth as well as along strike.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/229444_176619bed46f5a33_003full.jpg
Table 1: Weighted-Average Gold Grades in Interpreted Hinges and Limbs*.
| Hole ID | From (m) | To (m) | Interval (m) | Gold g/t | GxM | Fold Geometry |
| OEDD0083 | 165 | 205 | 56 | 26.00 | 1456 | Hinge |
| OEDD0085 | 177 | 196 | 21 | 1.70 | 36 | Hinge |
| OEDD0088 | 149 | 178 | 29 | 20.00 | 580 | Hinge |
| OEDD0100 | 143 | 199 | 59 | 14.70 | 867 | Hinge |
| Average | 735 | |||||
| OEDD0045 | 89 | 100 | 11 | 5.41 | 59.51 | Limb |
| OEDD0045 | 117 | 127 | 10 | 1.86 | 18.60 | Limb |
| OEDD0083 | 210 | 219 | 9 | 1.56 | 14.04 | Limb |
| OEDD0083 | 232 | 236 | 4 | 1.77 | 7.08 | Limb |
| OEDD0085 | 203 | 212 | 9 | 8.68 | 78.12 | Limb |
| OERC0132 | 74 | 82 | 8 | 7.29 | 58.32 | Limb |
| OERC0132 | 96 | 107 | 11 | 2.63 | 28.93 | Limb |
| Average | 38 | |||||
| *The intercepts reported in the Table 1 may not be the same as previously reported, as they have been selected based on geology and broken down to 'Hinge' or 'Limb' zones. | ||||||
Figure 3: Cross Section showing inferred fold hinge controlling high-grade gold mineralization in drill holes OEDD-83 and OEDD-100. Note the lower grade sections in the limbs from the deeper mineralization in OEDD-83 - See the 'limb' intercepts shown in Table 1 with 56m at 26 g/t Au in the hinge and 9m at 1.6 g/t Au and 4m at 1.8 g/t Au in the limbs.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/229444_176619bed46f5a33_004full.jpg
Figure 4: 2D Plan View, Charger drill collars over simplified geology, drill holes from this release highlighted in red.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/229444_176619bed46f5a33_005full.jpg
Table 2: All Significant Intercepts from this Phase of Drilling at the Charger Zone.
| Hole | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | Cu (ppm) | Mo (ppm) | GxM Au | Depth (m) | Easting | Northing | RL | Azi. | Dip |
| OEDD0084 | 64.0 | 65.0 | 1.0 | 0.7 | 1.9 | 425 | 2 | 1 | 179.2 | 647690 | 1032316 | 472 | 155 | -55 |
| OEDD0084 | 69.0 | 139.0 | 70.0 | 1.2 | 2.3 | 611 | 2 | 84 | ||||||
| including | 118.0 | 119.0 | 1.0 | 5.4 | 2.0 | 568 | 1 | 5 | ||||||
| and | 143.0 | 144.0 | 1.0 | 1.0 | 0.5 | 42 | 1 | 1 | ||||||
| OEDD0085 | 55.0 | 56.0 | 1.0 | 0.8 | 0.8 | 117 | 1 | 1 | 260.0 | 647759 | 1032374 | 471 | 186 | -55 |
| and | 64.0 | 69.0 | 5.0 | 0.4 | 0.5 | 274 | 8 | 2 | ||||||
| and | 117.0 | 118.0 | 1.0 | 1.9 | 0.2 | 82 | 2 | 2 | ||||||
| and | 137.0 | 138.0 | 1.0 | 1.3 | 0.3 | 121 | 14 | 1 | ||||||
| and | 149.0 | 152.0 | 3.0 | 0.4 | 0.1 | 90 | 15 | 1 | ||||||
| and | 163.0 | 164.0 | 1.0 | 0.7 | 0.4 | 102 | 8 | 1 | ||||||
| and | 177.0 | 198.0 | 21.0 | 1.7 | 2.2 | 122 | 2 | 36 | ||||||
| Including | 178.0 | 179.0 | 1.0 | 5.6 | 2.8 | 144 | 2 | 6 | ||||||
| and | 202.0 | 212.0 | 10.0 | 7.8 | 4.8 | 144 | 3 | 78 | ||||||
| Including | 207.0 | 211.0 | 4.0 | 16.8 | 8.7 | 219 | 3 | 67 | ||||||
| and | 222.0 | 223.0 | 1.0 | 1.5 | 1.3 | 299 | 2 | 2 | ||||||
| and | 242.0 | 243.0 | 1.0 | 0.5 | 0.2 | 95 | 1 | 1 | ||||||
| and | 248.0 | 249.0 | 1.0 | 0.4 | 0.2 | 126 | 1 | 0 | ||||||
| OEDD0086 | 81.0 | 82.0 | 1.0 | 0.4 | 0.1 | 58 | 2 | 0 | 293.0 | 647818 | 1032414 | 474 | 190 | -55 |
| and | 111.0 | 112.0 | 1.0 | 1.5 | 0.2 | 143 | 3 | 2 | ||||||
| OEDD0087 | 125.0 | 126.0 | 1.0 | 0.7 | 0.1 | 28 | 3 | 1 | 344.3 | 647796 | 1032437 | 476 | 193 | -55 |
| and | 145.0 | 146.0 | 1.0 | 0.5 | 0.3 | 128 | 1 | 1 | ||||||
| and | 222.0 | 223.0 | 1.0 | 0.6 | 0.1 | 45 | 1 | 1 | ||||||
| and | 149.0 | 178.0 | 29.0 | 20.0 | 6.7 | 635 | 2 | 580 | 218.2 | 647710 | 1032176 | 473 | 13 | -55 |
| Including | 149.0 | 157.0 | 8.0 | 39.5 | 20.5 | 2210 | 3 | 316 | ||||||
| OEDD0099 | 306.0 | 307.0 | 1.0 | 0.7 | 0.1 | 55 | 1 | 1 | 554.4 | 647597 | 1031979 | 471 | 13 | -55 |
| and | 343.0 | 344.0 | 1.0 | 0.7 | 0.2 | 49 | 2 | 1 | ||||||
| and | 349.0 | 354.0 | 5.0 | 0.5 | 0.4 | 112 | 2 | 3 | ||||||
| and | 372.0 | 373.0 | 1.0 | 0.9 | 0.3 | 160 | 2 | 1 | ||||||
| and | 422.0 | 425.0 | 3.0 | 0.8 | 1.7 | 50 | 2 | 2 | ||||||
| OEDD0100 | 96.0 | 97.0 | 1.0 | 0.8 | 0.9 | 777 | 1 | 1 | 233.2 | 647735 | 1032201 | 474 | 13 | -55 |
| and | 140.0 | 199.0 | 59.0 | 14.7 | 5.2 | 219 | 4 | 868 | ||||||
| Including | 143.0 | 164.0 | 21.0 | 22.4 | 7.5 | 123 | 2 | 470 | ||||||
| OEDD0101 | 1.50 | 3.0 | 1.5 | 0.7 | 0.2 | 92 | 6 | 1 | 370.9 | 647514 | 1031999 | 473 | 13 | -55 |
| OEDD0102 | 4.0 | 5.0 | 1.0 | 0.6 | 0.2 | 53 | 1 | 1 | 500.3 | 647675 | 1032344 | 477 | 155 | -55 |
| and | 186.0 | 187.0 | 1.0 | 3.8 | 4 | |||||||||
| and | 194.0 | 207.0 | 13.0 | 2.7 | 35 | |||||||||
| and | 211.0 | 219.0 | 8.0 | 13.3 | 106 | |||||||||
| and | 230.0 | 231.0 | 1.0 | 0.7 | 1 |
Background on the Charger Zone
The Charger Zone is one of four grassroots discoveries Awalé has made on its Odienné project. Charger is a discovery that has delivered multiple high-grade results from drilling which includes the following high-grade intercepts in a breccia to the south of that intercepted in OEDD-83 and now OEDD-100 (see news releases January 11, 2023, March 29, 2023, August 21, 2023, March 25, 2024 and July 31, 2024):
OEDD-83: 57m @ 26 g/t Au from 164m downhole
Including 32m @ 45.7 g/t Au from 165m downhole
OEDD-88: 29m @ 20 g/t Au from 149m downhole
Including 8m @ 39.5 g/t Au from 149m downhole
OEDD-84: 70m @ 1.2 g/t Au from 143m downhole
OEDD-100: 59m @ 14.7 g/t Au from 140m downhole
OEDD-85: 21m @ 1.7 g/t Au from 177m and 10m @ 7.8 g/t Au from 202m downhole
OERC-132: 32m @ 3.0 g/t Au from 74m downhole
Including 4m @ 12.4 g/t Au from 78m downhole
OEDD-45 (step back from OERC 132) contains 3 high-grade intervals within a 65m wide zone of mineralization which included
12m @ 4.9 g/t Au from 89m downhole,
13m @ 1.3 g/t Au from 114m downhole, and
21m @ 1.3 g/t Au from 133m downhole
Hole OEDD-53 (50m step back from OEDD-45): 32m @ 1.5 g/t Au from 215m downhole
Including 3m @ 5.2g/t Au from 77m downhole
The company has also determined the true width of the breccia between holes OEDD-83 and OEDD-100 to be over 30 metres, and the intercept in OEDD-88 being a further 25 metres away from OEDD-100. This drilling has established a 200-metre corridor of breccia mineralization where high-grade mineralisation is thought to be controlled by folding and hosted in the hinge zone of these folds. Moreover, the Company has gained a clearer understanding of the unique and complex characteristics of the Charger target, presenting an opportunity to test the fold model within the current corridor as well as step-out and test for other parallel zones.
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, 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 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 Charger target initial mineralized are calculated at a 0.3 g/t trigger and include internal waste of 3m for delineation mineralized zones.
Abbreviations Used in this Release
| Au | Gold | |
| 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/229444
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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.
The 'Sienso' gold footprint is next door to the BBM discovery - only 4km away.
Was revealed by the same Termite Mound sampling methodology used at BBM.
The 'Sienso' trend remains open to the south.
'Sienso' is situated within 100% Awalé owned property.
Vancouver, British Columbia--(Newsfile Corp. - October 22, 2024) - Awalé Resources Limited. (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce it has uncovered a new and open 3.5 kilometre ("km") long > 37 parts per billion ("ppb") gold in termitaria footprint with a peak value of 1.3 grams per tonne ("g/t") gold ("Au"). The program was completed within Awalé's 100%-owned 'Sienso' permit next door to the BBM discovery which lies 4km along strike to the northwest (see Figures 1 and 2).
"This new find at Sienso was made using the same termite mound sampling method that led to the BBM discovery. Termite mounds are great exploration tools as they provide in-situ sample from deep in the ground to be analysed for gold and other metals. This methodology has proven effective in our terrain, and we are delighted termitaria sampling has uncovered another large gold footprint at such an early stage of exploration on our 100%-owned ground. The discovery hole at BBM was drilled under a 1.2 g/t termitaria sample, so we are excited to follow-up this new target given its proximity and similar characteristics to BBM. With the seasonal rains soon subsiding, we will proceed with an Induced Polarization ("IP") geophysics program over this anomaly. If the geophysical results support the anomaly we will drill this target at the earliest opportunity."- Commented Andrew Chubb, CEO of Awalé Resources.
Awalé completed a soil and termitaria survey in 2 phases: initially at a 400m x 50m spacing, followed by infill to a 200m x 50m spacing. All samples were analysed with a portable X-Ray Fluorescence (pXRF) machine and samples were selected for gold analysis after mapping the anomalous pathfinder elements. Higher tenor anomalism within the 3.5km trend is coincident with a bend in the structural trend, similar to the BBM discovery. Additionally, there are coincident late intrusive rocks spatially associated with the change in strike that also show similarities to the BBM discovery.
Figure 1: Awalé Permits in NW Côte d'Ivoire - Showing new geochemistry area as red box in Awalé's 100%-owned Sienso permit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/227361_1e463f5b945a2829_002full.jpg
Figure 2: New 3.5km long > 37 ppb Gold footprint in Awalé's 100%-owned Sienso Permit. A direct extension of the BBM disvovery.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/227361_1e463f5b945a2829_003full.jpg
100%-Owned Awalé
Sienso's gold footprint is part of Awalé Resources' 100%-owned ground. The Company's Odienné Project consists of five (5) permits spanning 1,693 km2, all 100% Awalé owned - comprising the permits shown in orange in Figure 1. The Awalé-Newmont Joint Venture ("OJV") consists of two additional permits contiguous within the Odienné Project and cover a total area of 796 km2 (hatched permits in Figure 1). Awalé manages all exploration activities at 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.
Next Steps for the Sienso Permit
In this quarter, the Company will conduct IP geophysics over the new target area. If the results from the program align with the geochemical anomaly, an initial drill program will follow in Q1 2025. Surface Termitaria and Soil geochemistry will continue along the open southern extensions of the anomalies mentioned in this release as well as new programs along parralel structural targets further east within the Sienso permit area.
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 undertaken in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project spanning 2,489 km2 in seven permits.
Quality Control and Assurance
pXRF analysis is completed by the company with an Innov-X Vanta Handheld XRF Analyser, samples are hand crushed and dried where necessary and sieved to -80 mesh (passing 170 micron) and analysed for 90 seconds using 3beam 'soil mode'. Standards are used in the stream every 50 analyses; field duplicates are also routinely analysed. Selected samples are sent to the laboratory where analytical work for soil and termitaria geochemical samples is being carried out at the independent Intertek Laboratories Australia Ltd. 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 laboratory in Tarkwa. Samples are logged in the tracking system, weighed, dried, and pulverized to better than 85%, passing a 75-micron screen. Samples were fire assayed with an AAS finish. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.
Abbreviations Used in this Release
| Au | Gold | |
| g/t | Grams per tonne | |
| ppb | parts per billion | |
| km | Kilometre | |
| m | Metre |
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/227361
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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.
Andrew Chubb, CEO of Awalé Resources, commented:
"This JV level investment places a spotlight in the prospective nature of the Odienné District, highlighting not only the Joint Venture, but Awalé's 100% owned ground in the district. We look forward to our continued partnership with Newmont alongside this increased stake in the JV project and delivering new results from our properties along strike from the JV ground."
Figure 1: Awalé Resources permits in the Odienné district - 2463 square kilometres in seven permits, with approximately one-third (1/3) of this (800 square kilometres) joint ventured with Newmont.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/226604_3ae2ae0474100b53_002full.jpg
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 regions of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in joint venture with Newmont Ventures Limited ("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 gold, gold-copper, and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries offer significant potential for growth with future discovery and resource development drilling. The Odienné Project JV has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems. The 400 km² of granted tenure and 400 km² under application remain underexplored and present substantial upside potential. The Odienné Project JV forms a solid foundation for the Company to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries. The greater Odienné Copper-Gold Project includes an additional four applications and an option agreement.
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.ca. 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/226604
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Additional High Priority Antimony Targets Identified over 10km Corridor at Yallalong Project
Highlights
- Ground geophysical survey over the identified 10km antimony corridor at Yallalong is complete and final data has been processed and interpreted.
- Detailed interpretation of the geophysical data integrated with previous drilling data significantly expands the scale of the exploration model for high-grade antimony mineralisation at Yallalong.
- 14 new, high priority, structural targets analogous to the high-grade Discovery Target have been identified and will be evaluated in the next drilling campaign.
The geophysics has identified 14 new structural antimony targets at Yallalong analogous to the Discovery Target, where historic drilling intercepted high-grade antimony.
Octava’s Managing Director Bevan Wakelam stated, "The new gravity data redefines the exploration model for high grade antimony at Yallalong. It explains the presence of anomalous antimony along the structural corridor and predicts potential hot spots along it. It is exciting to consider the possibility of a continuous system extending under cover for more than 10 kilometers and having a method to pinpoint the most prospective zones. Planning work is already underway for drilling of these new targets "
Antimony
The Yallalong project is located ~ 220km to the northeast of the port town of Geraldton in Western Australia. The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north- south striking mineralised corridor.
Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect had previous drilling and recorded high-grade antimony intercepts over a strike length of ~300m, including 7m @ 3.27% Sb.
A detailed geophysical survey was undertaken to identify underlying structures, such as shears and faults, which act as conduits to mineralising fluids. It also outlines key lithological boundaries. These factors are important in the formation of antimony deposits worldwide.
Interpretation of the geophysical data and the historic drilling has re-defined the exploration model for high grade antimony at Yallalong. Fourteen new targets analogous to the Discovery Target have been identified and will be evaluated through planned drilling. See Figure 1.
Figure 1. Summary structural interpretation and with existing and newly identified Sb targets at Yallalong.
Atlas Geophysics conducted the gravity survey using a 100m x 100m grid pattern, with additional measurements on a 50m x 50m grid over the Discovery Target. NewGen Geo, a geophysical consultancy, carried out the gravity data processing and interpretation.
Click here for the full ASX Release
This article includes content from Octava Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ore Purchase Agreement with Westgold Resources Unlocks Gold Production from Crown Prince
HIGHLIGHTS
- New Murchison Gold (NMG) and Westgold Resources (Westgold) have entered into an Ore Purchase Agreement (OPA) which will underpin production from NMG’s Crown Prince deposit near Meekatharra, Western Australia in 2025.
- Subject to final regulatory permitting, under the OPA, NMG will commence mining from a new open pit operation at Crown Prince with a targeted commencement date of mid-2025.
- Ore will be hauled 33km by road to the Bluebird Gold Processing Plant, part of Westgold’s Murchison Gold Operations at Meekatharra.
- Ore will be sold to Westgold in several parcels (Ore Parcels) totalling 30-50kt per month with each Ore Parcel certified for grade, moisture and recovery from sampling at the Crown Prince site and a recovery factor agreed for each mining bench from test work replicating the Bluebird Mill circuit.
- The OPA has no fixed term although NMG envisages that most of Crown Prince ore is likely to be processed in an “Initial Period” which runs over the first 24 months of the agreement. Thereafter ore tonnages are to be agreed on a rolling three-month basis once production forecasts have been completed by NMG and Westgold has confirmed mill availability.
- Westgold will purchase ore from NMG based on contained gold in each Ore Parcel at the prevailing AUD gold price in the month the Ore Parcel is collected (minus processing costs and a capital recovery charge). Westgold must promptly collect Ore Parcels that are available for collection.
- The OPA is subject to shareholder approval (Listing Rule 10.1 requirement) at a general meeting of NMG shareholders to be held in late January or early February 2025.
- NMG and Westgold have also entered into an ancillary agreement (Licence and Access Water Discharge Deed) which facilitates NMG’s potential dewatering requirements at Crown Prince.
Alex Passmore, NMG’s CEO commented: "We are very pleased to announce the Ore Purchase Agreement with Westgold as it sees both companies working together to support the development of NMG’s Crown Prince deposit in a capitally efficient manner.
We see this Agreement as beneficial to all shareholders with Westgold acquiring additional high grade oxide ore feed to supplement its Meekatharra operations and NMG transitioning to a producer for modest capital.
The Bluebird Processing Plant owned by Westgold is ideal for NMG due to its close proximity and well-matched metallurgical process. We believe the robust frameworks and protocols we have put in place in this Agreement aligns both operational teams to a common goal of maximizing operational efficiency.
We thank the Westgold team for the technical and commercial work that has led to this Agreement and look forward to working collaboratively in making the development of Crown Prince a success”
Crown Prince is located to the north of Meekatharra, around 33km via road to the Bluebird Gold Processing Plant (Bluebird) owned and operated by BBGO. Westgold and NMG have been working collaboratively on the OPA to manage technical risks and to share economic synergies which are available via the partnering of production from the Crown Prince deposit and milling at Bluebird.
Key Terms of the OPA are outlined in the Table below and will be explained fully in a Notice of Meeting to be sent to NMG shareholders in December. The NMG shareholder meeting is likely to be held in late January or early February 2025. As a result of Westgold’s 18.7% ownership of NMG, it is deemed a related party under the ASX Listing Rules and so the OPA includes a condition precedent of NMG obtaining shareholder approval under Listing Rule 10.1.
BDO Corporate Finance Australia Pty Ltd (BDO) has been engaged to provide an opinion and Independent Expert’s Report to accompany the Notice of Meeting to assist shareholders in their considerations of whether or not to approve the OPA moving into operation.
Should the conditions precedent be met (shareholder approval) the OPA will come into effect with NMG expecting mining approvals to be received in early April 2025. Once mining operations commence, and ore stockpiles are built up, it is anticipated that first Ore Parcel sales will occur in September 2025.
The company is working towards an ore reserve estimate to provide further detail on the economics of the project which is to be released shortly.
Plan of Access and Water Infrastructure - Crown Prince
Authorised for release to ASX by the Board of New Murchison Gold Limited.
Click here for the full ASX Release
This article includes content from New Murchison Gold Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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