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HIGHLIGHTS
34m @ 2.5 grams per tonne ("g/t") gold equivalent ("AuEq."), including 12m @ 3.5 g/t AuEq. from 323m downhole in OEDD-104.
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 Hits 2.5 g/t Gold Eq. over 34 Metres at the BBM Zone, Odienné Project
29m @ 1.2 g/t AuEq., including 14m @ 1.8 g/t AuEq. from 82m downhole in OEDD-103.
Drilling continues to demonstrate excellent continuity over significant width and gold tenor at BBM.
With the success of drilling results, the Company has increased the drill program at BBM from 3000m to 7000m.
Drilling at Charger is progressing to plan, with drilling at Empire to follow suit.
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2025) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to report results from the first two diamond drill holes completed as part of an expanded drill campaign targeting the BBM zone at the Odienné Project in Côte d'Ivoire. The drill program, which began in November 2024, is ongoing, with five holes remaining in the extended campaign. These initial holes were drilled within the previously reported central mineralized zone, where the Company is tightening drill spacing to a 100m grid (refer to drill plan and sections).
"We are excited to report additional excellent results from the BBM target, confirming the robust nature of mineralization at BBM. We are seeing a remarkable consistency in width and grade in this drilling, consistent with those previously reported in the core zone at BBM. These results underscore the potential of this zone.
We are also pleased to announce that the expanded step-out diamond drilling is near completion at BBM. This drilling is focused on expanding the 600m core zone along strike to the southeast and northwest where we believe there is potential to expand the size of BBM. The success of this program has led to an extension beyond the initial 3000m plan, with over 5400m now completed in 19 holes, with 4 holes to be drilled. The deployment of two diamond drill rigs has enabled us to not only advance BBM but also commence drilling at the Charger target. We are also bringing the Empire target back into the exploration pipeline as part of this program. In addition to these diamond drilling advancements, we are actively progressing with the IP geophysics program, with RC drilling set to commence in the coming weeks. This increased level of activity is expected to deliver a steady stream of results to the market throughout this quarter and beyond," Commented Andrew Chubb, CEO of Awalé Resources.
View Video of CEO Andrew Chubb Discussing Results
The Company has expanded the BBM program, completing 5404m of drilling across 19 holes and one re-entry hole. Initial drilling focused on testing continuity within the core of the BBM zone, tightening drill spacing to a 100m grid. Beyond this, drilling has targeted extensions to the defined 600m panel to both the northwest and southeast. Additionally, drilling has commenced at the Charger target, with an initial 1000m planned to validate the new geological fold model, which suggests that broad, high-grade intercepts are concentrated within fold hinges, providing an opportunity to rapidly assess the volume potential of this target.
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)
| HOLE ID | EASTING | NORTHING | RL_M | AZIM_TRUE | DIP | EOH_M | Comments |
| OEDD0103 | 655899 | 1048090 | 450 | 35.00 | -55.00 | 197.43 | Not DGPS |
| OEDD0104 | 655737 | 1048029 | 450 | 35.00 | -55.00 | 452.3 | Not DGPS |
Table 2: Significant Intercepts - (from this program)
| Hole | From (m) | To (m) | Width (m) | Au (g/t) | Cu (%) | Ag (g/t) | Mo (ppm) | AuEq. (80%) | Comp. Trigger (g/t) |
| OEDD0103 | 82 | 111 | 29 | 1.1 | 0.17 | 0.6 | 191 | 1.2 | 0.5 |
| including | 93 | 107 | 14 | 1.7 | 0.25 | 0.9 | 312 | 1.8 | 1.0 |
| and | 99 | 101 | 2 | 3.6 | 0.33 | 1.5 | 103 | 3.3 | 2.0 |
| and | 106 | 107 | 1 | 3.7 | 0.34 | 1.2 | 425 | 3.5 | 2.0 |
| OEDD0104 | 312 | 319 | 7 | 1.6 | 0.13 | 0.7 | 261 | 1.5 | 0.5 |
| Including | 317 | 319 | 2 | 4.0 | 0.20 | 1.0 | 614 | 3.7 | 2.0 |
| OEDD0104 | 323 | 357 | 34 | 1.9 | 0.64 | 2.9 | 416 | 2.5 | 0.5 |
| Including | 326 | 338 | 12 | 2.8 | 0.84 | 3.8 | 704 | 3.5 | 2.0 |
| and | 351 | 354 | 3 | 3.2 | 0.58 | 5.3 | 196 | 3.3 | 2.0 |
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").
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 geochemistry samples is being carried out at the independent ALS Laboratories in Ghana and Ireland, an ISO 17025 Certified Laboratory. Samples are prepared and stored at the Company's field camps and put into sealed bags until collected by ALS 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 Ireland where the sample is analyzed by 52 element ICP/MS with a 4-Acid 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 as downhole length-weighted intercepts. For the BBM target, initial mineralized zones are calculated at a 0.2 g/t trigger and include up to 5 metres of internal waste for delineating mineralized zones. Included intervals are calculated at 0.5 g/t, 1 g/t, and 2 g/t trigger values, with up to 3 metres of internal waste. Table 1 contains a list of all BBM holes reported in this release. 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). The Formula AuEq = Au (g/t) + ((Cu (ppm) * 0.00014) + (Mo (ppm) * 0.00065) + (Ag (g/t)*0.01225)). An 80% metallurgical recovery is assumed for all metals, as the specific recovery rates for individual metals are unclear, and assuming different recoveries would be premature at this stage.
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 | |
| ppm | Parts 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 Geoscientists (SEG). Mr. Chubb has over 25 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/238800
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Awalé's Transformative 2024 Sets the Stage for an Ambitious 2025
HIGHLIGHTS
Charger Zone: A significant gold target in Awalé's portfolio, marking a transformative achievement in 2024 with some of the highest-grade intercepts in Africa in the last 12 months.
BBM Zone and Trend: Successful delineation and expansion of a significant gold and copper target with district scale potential for growth.
Financial Strength: Well-funded with nearly $10M on hand for 100%-owned property exploration and a robust partnership with Newmont.
Strengthened Leadership: New additions to the Board and Management bring aligned focus, driving Awalé's strategic growth and long-term shareholder value.
District-Scale Potential: Awalé's extensive land package is primed for discovery, supported by our iron oxide copper gold (IOCG) geological model, unlocking untapped opportunities across the region.
2025 Exploration Plan: Robust and comprehensive plan to continue de-risking BBM and Charger targets, and expand exploration focus across a broader regional scale to unlock the full potential of the Odienné project.
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to provide a review of its achievements in 2024 and share its outlook for the first half of 2025. This exciting phase includes commencing drilling on our 100%-owned Fremen property, continuing to de-risk the BBM and Charger targets, and expanding our exploration focus across a broader regional scale to unlock the full potential of the Odienné project. A follow-up update will be provided later in the year to review full-year progress and outline plans for the remainder of 2025.
"On behalf of the Awalé team, I want to thank our investors for their support over the past year. With a solid balance sheet, a valued joint venture partner, and significant milestones achieved in 2024, we have established a strong foundation for an ambitious year ahead. Driven by a disciplined approach to exploration and discovery, we remain confident in our strategy and are steadfast in our commitment to unlocking the full potential of the Odienné project, delivering sustained value to our shareholders. Moreover, we take pride in fostering sustainable development and building meaningful partnerships in the communities where we operate, creating a lasting positive impact in the region," Commented Andrew Chubb, CEO of Awalé Resources.
View video of CEO Andrew Chubb and VP Exploration Andrew Smith discussing upcoming plans
2025 H1 Outlook
Awalé is committed to providing consistent and transparent updates throughout 2025. Our exploration efforts will prioritize key zones, leveraging innovative strategies to drive discovery and advance resource delineation, adding value to our shareholders and local stakeholders.
Key Zones and Targets
Fremen Target (100% Awalé)
- Overview: A new 3.5km-long target, 4km on strike from BBM discovery.
- Induced Polarisation ("IP") geophysics to commence in January 2025, with the aim to further delineate the BBM trend.
- 2000m of maiden reverse circulation (RC) drilling planned, with results expected from March 2025.
100% Awalé Permits
- Overview: 1,693km2 untested ground, in the same geology as the four major Awalé discoveries.
- Activities: 2025 will see initial drilling on the Fremen target along with systematic early-stage target generation with mapping and geochemistry surveys and with airborne programs, including magnetic and radiometric surveys.
BBM Zone
- Overview: Drill, develop, and expand the higher-grade shoots within structurally controlled gold-copper mineralization. A broad IP survey to be completed over the BBM zone, targeting strike extents of the initial discovery zone.
- Diamond Drilling Plan: 7000m planned for the BBM zone, including 3000m within the discovery area.
- Timeframe: Diamond drilling started in Q4 2024 and is ongoing, with a regular flow of results expected from January 2025.
BBM Trend
- Overview: Newly identified targets, Boba and Fett, highlight the strike potential of the BBM trend.
- Activities: 150 line-km of IP geophysics is planned to cover over 10km of the BBM trend, followed by up to 7000m of RC drilling.
- Timeframe: IP survey scheduled for completion in January 2025, with RC drilling to follow in February 2025.
- Initial drill results are expected from April 2025.
Charger Zone
- Overview: Following up on the spectacular 2024 gold results; diamond drilling is planned to further delineate and expand this promising zone.
- Diamond Drilling Plan: 2000m planned to test the continuity of a new geology fold model and rapidly advance the volume potential of this target.
- Timeframe: Initial drilling has commenced in early January 2025, with results expected from February 2025.
- Drilling success will drive further diamond drilling in Q1.
Empire Zone
- Overview: Awalé's first and significant gold discovery. Infill diamond drilling is planned, with the aim to bring the target back online for further expansion drilling and development.
- Drill results expected from March 2025.
Lando Target
- Overview: System drilling aims to test the full potential of the largest copper-gold-in-soil anomaly in the joint venture permit.
- Work Plan: Following an orientation pitting program in January 2025, a combination of reverse circulation and diamond drilling will commence in February 2025, with results expected from April 2025.
Odienné West Permit
- Overview: Known mineralized trends and geology are modelled to extend into the Odienné West permit, with early phase greenfield work expected to unlock exploration potential in an underexplored area.
- Activities: 2025 will see early-stage target generation, with mapping and geochemistry surveys along with airborne programs including magnetic, radiometric, and gravity gradient surveys. All exploration is fully funded by Newmont.
Technological and Operational Enhancements
- Portable PPB Lab: On-site deployment to accelerate assay turnaround times and improve decision-making efficiency.
- Geophysics: Comprehensive airborne and ground geophysical surveys to refine targeting across all key zones.
Other Initiatives
- Educational Content: Rolling out materials to explain the geology of Odienné, our targeting methodology, and broader district context.
- Stakeholder Engagement: Maintaining first-mover advantage by building trust and showcasing Awale's vision for the region.
2024 HIGHLIGHTS
2024 was a pivotal year for Awalé marked by key leadership changes that aligned the Company with its strategic vision, efforts to strengthen the balance sheet and ensure financial stability, and significant progress at the Odienné project. These achievements have positioned Awalé as a leader in district-scale exploration, with a clear path toward resource delineation and new discoveries. Key highlights include:
BBM Discovery - 4th discovery at Odienné announced in January. BBM was a significant new greenfield discovery for the Company with excellent scope for rapid expansion.
Highest-Grade Gold Intercepts in Africa - During the year, Charger delivered some of highest-grade intercepts in West Africa over the past 12 months, including 45.7 g/t Au over 32m in hole OEDD-83, 20 g/t Au over 29m in hole OEDD-88, and 14.7 g/t Au over 59m in OEDD-100. Ongoing drill program aims to test new hinge fold thesis, targeting extensions to both grade and volume.
BBM Growing and Remains Open - 6,808m in 28 holes have confirmed the system is open at depth with the higher-grade core growing to 600m and remaining open. The BBM trend has now been expanded to over 15km, from 100%-owned Fremen target in the south to the newly identified Boba and Fett targets in the north.
New Gold Footprint Discovery at 100%-Owned Fremen Target - In October, the Company announced that it uncovered a new and open 3.5km long > 37 parts per billion gold in termitaria footprint with a peak value of 1.3 g/t 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.
Financial Strength - The Company is well-funded with $10 million in cash, following an $11.5 million capital raise in April 2024, allocated to advance 100%-owned properties and partnership with Newmont, which is funding all exploration work on joint venture claims.
Strengthened Leadership Team - Additions of Anthony Moreau and Karl Akueson to the Board of Directors, along with the appointment of Stephen Stewart as Chairman, as part of a strategic leadership transition. The management team further bolstered with the additions of Andrew Smith as VP Exploration, Ardem Keshishian as VP Corporate Development, and John Scott as Principal Geologist. At the request of the TSXV, the Company is clarifying Ardem Keshishian's role as VP Corporate Development and not VP Corporate Development and Investor Relations.
New Exploration Permit - In Q4, the Company was granted an exploration permit for PR-904 ("Odienné West"), unlocking expanded opportunities within the emerging gold and copper district.
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").
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 geochemistry samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are prepared and 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.
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 25 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/236945
News Provided by Newsfile via QuoteMedia
Awalé Expands BBM Trend to Over 15km with Additional Newly Defined Targets Boba and Fett
HIGHLIGHTS
- BBM trend now extends over 15km, from Awalé's 100%-owned Fremen target in the south to the Boba and Fett targets in the north.
- Boba and Fett have been defined along strike from BBM, highlighting the fertile and open BBM trend.
- 150 line-km of Induced Polarization ("IP") geophysics is planned to cover the entire BBM trend and is scheduled for completion in January.
- An additional up to 7,000 metre drill program will begin in February following the completion of these IP surveys.
Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce a significant expansion of the BBM gold trend to over 15 kilometres ("km"). This underscores the potential of the BBM trend, which now extends from the 100%-owned Fremen target in the south to the newly defined Boba and Fett targets in the north. These newly identified targets highlight the potential of this highly prospective region, and with active drilling underway and a large-scale IP geophysical survey planned, the Company is on the path of defining this new district. The upcoming survey aims to refine targets for a 7,000-metre reverse circulation drill campaign, setting the stage for optimized exploration on the BBM trend.
"The new Boba and Fett targets complement the recently announced Fremen footprint on our 100%-owned Awalé permit - The fertile BBM structure continues to reveal multiple gold-in-soil anomalies, with the trend now extending over 15 kilometres. The upcoming IP survey will help refine drill targets and guide the design of a focused drill program for the new year, with up to 7,000 metres of reverse circulation drilling along this highly prospective structure. We are thrilled to begin drilling on our 100%-owned property, a much-anticipated milestone for Awalé, as we simultaneously continue to progress the BBM and Charger targets," commented Andrew Chubb, CEO of Awalé Resources.
View Video of CEO Andrew Chubb's discussion of these new targets
Figure 1: The 15km-Long BBM Shear - A 15km trend with Fremen to the south, BBM, and the new Boba and Fett targets to the north. See Figure 2 for Inset A.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/234447_f34bfc702420da9e_002full.jpg
Figure 2: The Boba and Fett Targets - Gold in soil and termite mound sampling combined.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/234447_f34bfc702420da9e_003full.jpg
Detailed soil and termitaria sampling over the Boba and Fett targets defined two > 15 parts per billion ("ppb") gold-in-soil anomalies, with high-order core anomalies at > 41ppb gold and peak values of 655 parts per million ("ppm") and 1350ppm respectively. Lines are now being cleared for commencement of an IP geophysics survey, which when complete will cover the entirety of the trend from the 100%-owned Fremen target (see October 22, 2024 news release) through to the Boba and Fett targets.
A change in the regolith regime moving northward from BBM has been observed, where outcrop diminishes, and laterite starts to form a thin veneer over the underlying geology. This veneer is variable and is reflected in the tenor of the anomalies. This also results in a smaller number of termite mounds to sample and a significant portion of these anomalies are from soil sampling (Table 1).
Table 1: Summary Statistics for Gold in Geochemistry by Sample Type
| Count | Min | Max | Mean | Med. | SD | 25th | 50th | 75th | 90th | 95th | 98th | |
| Fett | ||||||||||||
| Soil | 867 | -1 | 655 | 16.8 | 5 | 48.2 | 1.0 | 5.0 | 15.0 | 32.4 | 54.7 | 123.4 |
| Termite | 168 | -1 | 196 | 8.2 | 4 | 19.4 | 2.0 | 4.0 | 7.0 | 13.0 | 22.3 | 54.6 |
| Boba | ||||||||||||
| Soil | 845 | -1 | 1350 | 18.0 | 10 | 56.4 | 6.0 | 10.0 | 16.0 | 29.0 | 45.8 | 97.7 |
| Termite | 174 | 0 | 412 | 7.9 | 3 | 32.4 | 2.0 | 3.0 | 7.0 | 11.0 | 19.4 | 31.0 |
| Fremen | ||||||||||||
| Soil | 623 | 0.5 | 465 | 12.1 | 2 | 28.9 | 0.5 | 2.0 | 14.0 | 32.0 | 53.0 | 92.1 |
| Termite | 320 | 0 | 1180 | 10.8 | 1 | 67.6 | 0.5 | 1.0 | 4.0 | 25.0 | 48.1 | 66.0 |
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 geochemistry samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are prepared and 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.
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 25 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/234447
News Provided by Newsfile via QuoteMedia
Awalé Commences 4000-Metre Diamond Drilling Program at the BBM and Charger Zones, Odienné JV Project
HIGHLIGHTS
Awalé has commenced a 4000m diamond drill program at the BBM and Charger Zones.
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
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New Murchison Gold Limited
Investor Insight
For investors with an eye on mining stocks, New Murchison Gold (ASX:NMG) presents a unique opportunity. The company's shallow, high-grade Crown Prince gold deposit, significant land package in the prolific Murchison goldfields, and strategic alliance with established Australian gold producer Westgold Resources position it as a noteworthy contender in the Western Australian gold exploration space. As NMG continues to navigate the path to production, its journey is one that astute investors will watch with keen interest.
Overview
Within the heart of Australia's Murchison gold district, a region host to more than 35 Moz gold endowment (historic production and current resources), stands New Murchison Gold, a forward-thinking gold explorer with a clear strategy to maximise shareholder value driven by a highly experienced management team. The company’s value proposition centres on growing and de-risking its shallow, high-grade Crown Prince gold deposit (part of the company’s Garden Gully gold project) and a strategic alliance with established Australian gold producer Westgold Resources (ASX:WGX), offering a clear pathway to production and cash flow generation.
The Westgold alliance has resulted in a binding ore purchase agreement with Big Bell Gold Operations, a wholly owned operating subsidiary of Westgold Resources. The agreement will underpin production from NMG’s Crown Prince deposit in 2025, and will see the company delivering 30 kt to 50 kt of ore to Westgold per month.Key Project
Garden Gully
New Murchison Gold's flagship Garden Gully gold project is located 20 km northwest of Meekatharra, Western Australia. The project boasts a 677 sq km tenement package that covers the Abbotts Greenstone Belt. The project includes granted mining leases and Native Title agreements in place over the Crown Prince, Abbotts and Lydia prospects. Garden Gully is in close proximity to a number of operating gold mines and existing gold processing facilities.
New Murchison Gold has a strong pipeline of exploration and development prospects at Garden Gully, with the most advanced being Crown Prince.
Crown Prince deposit
The Crown Prince deposit has an updated mineral resource estimate of 2.2 Mt at 3.9 g/t gold for 279 koz, which includes an indicated resource estimate of 226 koz at 4.6 g/t Au. (81 percent of the total MRE). The total also includes the maiden resource for the Southeastern Zone (SEZ) of 1 Mt at 5.2 g/t gold for 164 koz (discovered in late 2022).
The resource is shallow, delineated from surface, remains open at depth and along strike, and located within a 300 m x 200 m area demonstrating strong open pit mining potential. There is significant resource growth potential at new mineralised zones at the northeastern end of SEZ and Crown Prince East (350 m from SEZ).
New Murchison Gold also published strong metallurgical performance from advanced test work at Crown Prince with high recovery of gold through gravity and cyanide leach test work, reporting overall gold recovery rates ranging from 98.2 to 99.8 percent.
Recent high-grade gold intersections at SEZ
Westgold Strategic Alliance
New Murchison Gold announced a strategic alliance and $6 million placement with Australian gold producer Westgold Resources.
The Westgold transaction provides a clear pathway to commercialising Crown Prince in a strong gold price environment, validates the quality of the deposit and enables New Murchison Gold to leverage Westgold’s internal resources, intellectual property and infrastructure to accelerate development.
The primary aim of the strategic alliance is to fast track the development of New Murchison Gold’s Crown Prince deposit into production. As part of the strategic alliance, New Murchison Gold and Westgold has entered into a binding ore purchase agreement (OPA) with Westgold subsidiary Big Bell Gold Operations, for gold produced at Crown Prince. Under the agreement, NMG will deliver 30 kt to 50 kt of ore to Westgold per month with no fixed term. Crown Prince is located only 33 km from Westgold’s 1.6 – 1.8 Mtpa Bluebird Mill.
In addition to the OPA, the strategic alliance may also encompass other strategic collaboration initiatives such as access to Westgold’s expertise and infrastructure. Upon completion of the strategic placement, Westgold will be an 18.7-percent shareholder (undiluted basis) and have the right, but not the obligation to a New Murchison Gold board seat and an equity participation right.
Proceeds from the strategic placement and current cash will allow New Murchison Gold to fast track further resource development, project development and mining proposal workstreams at Crown Prince and continue systematic regional exploration across Ora’s commanding 677 sq km tenure.
Major players are increasingly partnering with junior explorers to secure access to high-grade, quality gold resources. New Murchison Gold's collaboration with Westgold epitomises this movement, setting a blueprint for mutual success in the industry.
Key Focus
The near-term focus for New Murchison Gold will be further resource growth and rapidly advancing project development and mining proposal workstreams at Crown Prince:
- Crown Prince Drilling: Further delineating new high-grade mineralised zones at the north-eastern end of SEZ and Crown Prince East (350 metres from SEZ) and resource definition drilling along strike and below 100 metre vertical depth
- Crown Prince Resource: Updated Mineral Resource Estimate expected in September of 2024.
- Crown Prince Development: progress detailed technical programs, preliminary project development and mining proposal workstreams and agree on an ore purchase agreement and other strategic collaboration initiatives with Westgold
- Regional: Continue systematic regional exploration programs across Ora’s commanding 677 sq km tenure package
Management Team
New Murchison Gold is led by a team of experienced professionals with a diverse set of skills and expertise. At the helm of the company's operations is CEO Alex Passmore, a qualified geologist with extensive corporate finance experience to guide New Murchison Gold's strategic plan. The board is chaired by Rick Crabb, with extensive experience in the legal and mining sectors providing invaluable governance and oversight.
Supporting the company's governance structure, Malcolm Randall serves as a non-executive director, bringing a wealth of knowledge from his tenure in the resource sector, including 25 years at Rio Tinto. Frank DeMarte, director and company secretary, contributes over 39 years of mining industry experience in areas of financial management governance and secretarial practice.
The collective experience of New Murchison Gold's board and management is a cornerstone of the company's success, positioning it to capitalise on the opportunities within the Garden Gully project and beyond.
For further information on New Murchison Gold's strategic initiatives and investment opportunities, sign up for a free investor kit.
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