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.
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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 Cote d’lvoire (Ivory Coast) in West Africa, close to the borders of Guinea and Mali.
Cote d’lvoire has earned a reputation as an attractive investment destination for mining based on several factors. First, its stable regulatory framework mirrors the 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.
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 Target 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 kilometers northwest of the new BBM discovery.
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, from 5.94 percent, following a private placement of nearly C$1 million. This investment will enable Awalé to accelerate the exploration of its wholly owned permits and also 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.
Under the initial phase, Newmont will invest US$5 million in exploration expenditure which will allow it to earn 51 percent interest in the Odienné Project. Under the second phase, the mining giant will make an additional US$10 million in exploration expenditures targeting to define 2 Moz gold resources, and allowing it to earn an additional 14 percent stake in the project. Finally, Newmont has the option to purchase a minority 10 percent interest in the Odienné Project which, if exercised, would increase Newmont's interest to 75 percent. The relationship with Newmont is a key positive for the prospects of the company.
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.
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 Odienné Project has similar geological characteristics to the Carajas Mineral Province and other IOCG provinces that are major suppliers of gold and copper.
The project is located in West Africa and boasts over 300 Moz of gold deposits. There are several 10+ Moz deposits adjacent to the project’s boundaries. Some of the other adjacent deposits are Predictive’s deposit in Guinea, and Centamin’s deposit which is roughly 50 kilometers 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-kilometer Empire Gold Corridor; 2) Sceptre East and Main copper-gold targets; 3) Charger, a high-grade gold-copper discovery; 4) Lando, a 4-kilometer-long copper-gold target; 5) and BBM, a 3.5-kilometer-long copper-gold target.
The first discovery was at Empire, a high-potential gold prospect located around 5 kilometers from Sceptre and other copper-gold targets on the 20-kilometer-long Empire structural corridor. So far, only five kilometers of this trend have been drilled. The key results for this target include - 1) Hole OEDD-2: 27 meters at 3.1 grams per ton (g/t) gold from 43.2 meters, and 2) Hole OEDD-24: 15 meters at 13.1 g/t gold from 69 meters. 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-meter wide zone of mineralization, including 12 meters at 4.9 g/t gold. Some of the key results at Charger include 32 meters @ 3.0 g/t gold, 0.17 percent copper, and 6.6 g/t silver, including 4 meters @ 12.4 g/t gold, 0.7 percent copper, and 30 g/t silver from 78 meters.
The third discovery was at the Sceptre East target that spans around a 1.5-kilometer-long copper-gold-molybdenum-silver anomaly. Sceptre East is part of the large 20 sq. km gold/copper/silver/molybdenum bearing mineralized system, which is 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 meters. Follow-up drilling in Q2 2023 consisted of nine reverse circulation (RC) and three diamond drill holes for a total of 1,730 meters. The key results in the follow-up program include hole OEDD-43, which returned 358.5 meters at 0.34 percent copper equivalent from 6.5 meters 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:
Furthermore, significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometers northwest of the new BBM discovery. Initial drilling at Lando is encouraging and warrants further systematic drilling at this target.
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.
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 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 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 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.
Andrew Smith holds a BSc degree from the University of Aberdeen in Scotland and is a member of the Society of Economic Geologists and the London Geological Society. He has more than 11 years of experience in exploration and mining companies. He has previously worked with Randgold Resources in Senegal and leads the Awalé team in Cote d’Ivoire.
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 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.
This article was written in collaboration with Couloir Capital.
Awalé Resources (TSXV: ARIC) ("Awalé" or the "Company") is pleased to welcome two new members and the appointment of current member Stephen Stewart as Chair of the board of directors. Mr. Robin Birchall and Mr. Derk Hartman will be stepping down from their positions, allowing for Awalé to welcome Mr. Anthony Moreau and Mr. Karl Akueson as new directors.
Andrew Chubb, CEO of the Company, commented:
"We welcome these changes to our board as the Company transitions to becoming a key player in a new mining frontier in Côte d'Ivoire. I extend my gratitude to Mr. Hartman and Mr. Birchall for their pivotal roles in steering the Company to its current position, where we are well placed to undertake our next growth phase. Mr. Hartman, a co-founder of Awalé, has consistently supported the team, significantly contributing to the Company's growth through successful exploration. Since joining the board in November 2022, Mr. Birchall has played a fundamental role in driving corporate advancements. We wish them both the best with their future endeavors."
"In tandem, we welcome our new board members Mr. Moreau and Mr. Akueson. Karl is a natural resources entrepreneur, Ivorian national residing in Côte d'Ivoire. He is a co-founder of Awalé and has been an advisor to the Company since listing in 2017. His new directorship is integral to raising the Company's profile in Côte d'Ivoire. Tony is CEO and director of American Eagle Gold Corp., where he has played a pivotal role in the corporate advancement of its recent exploration success."
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 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.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on the discovery of large high-grade gold and copper-gold deposits. The Company undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont Ventures Limited covering one permit and one application (the "Odienné Project JV"), where four significant gold and gold-copper-silver-molybdenum discoveries have been made.
The Odienné Project JV is located within Awalé's greater Odienné Copper-Gold Project (the "Project") which consists of 2,462 km2 of tenure in the Northwest of Côte d'Ivoire. The Odienné Project JV consists of 400 km2 of granted tenure and 400km2 under application, or approximately 30% of Awalé's total holding in the district. The Company announced 26 g/t gold over 57 m, including 45.7 g/t gold over 32 m from 165 m downhole at the Charger Prospect and the discoveries have significant scope for growth and resource development. The Project has multiple pipeline prospects that have similar geochemical fingerprints to Iron Oxide Copper Gold (IOCG) and intrusive related mineral systems that offers significant potential for district scale discoveries.
ON BEHALF OF THE BOARD OF
"Andrew Chubb"
Andrew Chubb, CEO For additional information you are invited to visit the Awalé Resources Limited website at www.awaleresources.com, or contact Andrew Chubb CEO (+356) 99139117, a.chubb@awaleresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
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Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company"), is pleased to announce Newmont has progressed to Phase 2 of the Earn-In agreement over the Odienné Joint Venture Project. 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% interest (for a total 65% interest) via 10 million in exploration expenditure and defining a minimum 2 million ounce gold resource.
"This potential investment of up to 10 million USD in exploration expenditure from Newmont paired with our recent $11.5 million CAD equity financing puts Awale on solid footing to continue to deliver exploration success at the Odienné project," said Andrew Chubb, CEO of Awalé Resources.
This advancement is a testament to the Company's successful Phase 1 outcomes, which included positive drill results and four discoveries; most notably from the recent drilling at the Charger and BBM targets which confirmed high-grade mineralization with results such as 45.7 grams per tonne gold over 32m at Charger and 2.4 g/t Gold Equivalent over 75m at BBM (See Company news releases dated March 25, 2024 and March 18, 2024). Simultaneously, Newmont has opted not to participate in Awalé's recent 11.5 million CAD equity financing. This decision allows for potential greater diversification of our investor base while we continue to enjoy the support from Newmont in our joint venture efforts.
The Awalé-Newmont JV - 'Odienné Project JV'
The Odienné Project JV covers one permit and one application within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, and is subject to an earn-in agreement with Newmont Ventures Limited ("Newmont"), a subsidiary of Newmont Corporation, (see Company News Release dated May 31, 2022) through which Newmont retains the option to earn-in to a minimum of 65% interest, from Awalé, in the Odienné Project JV in return for USD 15 million of exploration expenditures and the delivery of a minimum 2 million ounce gold resource. Newmont is currently funding the exploration program and Awalé is managing the Odienné Project JV.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on the discovery of large high-grade gold and copper-gold deposits. The Company undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the "Odienné Project JV"), where four significant gold and gold-copper-silver-molybdenum discoveries have been made.
The Odienné Project JV is located within Awalé's greater Odienné Copper-Gold Project (the "Project") which consists of 2462 km2 of tenure in the Northwest of Côte d'Ivoire. The Newmont JV consists of 400km2 of granted tenure and 400km2 under application, or approximately ⅓ of Awalé's total holding in the district. The Company announced 26 g/t gold over 57m, including 45.7 g/t gold over 32m from 165m downhole at the Charger Prospect and the discoveries have significant scope for growth and resource development. The Project has multiple pipeline prospects that have similar geochemical fingerprints to Iron Oxide Copper Gold (IOCG) and intrusive related mineral systems that offer significant potential for district scale discoveries.
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.
ON BEHALF OF THE BOARD OF
"Andrew Chubb"
Andrew Chubb, CEO For additional information you are invited to visit the Awalé Resources Limited website at www.awaleresources.com, or contact Andrew Chubb CEO (+356) 99139117, a.chubb@awaleresources.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Cote d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES.
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Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company") is pleased to announce that it has closed the bought-deal private placement initially announced on April 17, 2024 (the "Offering"). The Company issued 18,549,500 units ("Units") of the Company (which includes 2,419,500 Units issued pursuant to the exercise in full of the over-allotment option) at a price of C$0.62 per Unit for aggregate gross proceeds of $11,500,690. The Offering was underwritten by Canaccord Genuity Corp. on behalf of a syndicate of underwriters (collectively, the "Underwriters").
Each Unit consists of one common share of the Company ("Common Share") and one-half of one common share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at a price of C$0.80 per Common Share until May 8, 2026.
The net proceeds received from the Offering will be used to advance Awalé's projects in Côte d'Ivoire, as well as for working capital and general corporate purposes. In connection with the Offering, the Company paid the Underwriters a cash commission equal to 6% of the gross proceeds from the Offering.
The Common Shares and the Warrants issued pursuant to the Offering, and any Common Shares issued upon the exercise of Warrants, are subject to a hold period of four months plus one day from the date of closing of the Offering. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including TSX Venture Exchange (the "TSXV") final acceptance.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on the discovery of large high-grade gold and copper-gold deposits. The Company undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont Ventures Limited covering one permit and one application (the "Odienné Project JV"), where four significant gold and gold-copper-silver-molybdenum discoveries have been made.
The Odienné Project JV is located within Awalé's greater Odienné Copper-Gold Project (the "Project") which consists of 2462 km2 of tenure in the Northwest of Côte d'Ivoire. The Odienné Project JV consists of 400km2 of granted tenure and 400km2 under application, or approximately ⅓ of Awalé's total holding in the district. The Company announced 26 g/t gold over 57m, including 45.7 g/t gold over 32m from 165m downhole at the Charger Prospect and the discoveries have significant scope for growth and resource development. The Project has multiple pipeline prospects that have similar geochemical fingerprints to Iron Oxide Copper Gold (IOCG) and intrusive related mineral systems that offers significant potential for district scale discoveries.
ON BEHALF OF THE BOARD OF
Awale Resources Limited
"Andrew Chubb"
Andrew Chubb, CEO For additional information you are invited to visit the Awalé Resources Limited website at www.awaleresources.com, or contact Andrew Chubb CEO (+356) 99139117, a.chubb@awaleresources.com.
Forward-Looking Information
This news release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-Looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-Looking statements in this news release include but are not limited to statements regarding, expectations about the use of proceeds from the Offering and TSXV final acceptance. Although the Company believes any forward-looking statements in this news release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-Looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
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Further to the news release of April 17, 2024, Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company") announces further details and an increase regarding the participation right of its current shareholder. The shareholder has the right to maintain its percentage holding post offering. In order to account for the full Underwritten Offering (including the Underwriter Option), a maximum of approximately 3,989,323 Units (as defined herein) at a price of $0.62 per Unit may be issued to this shareholder for proceeds of approximately $2,473,380, which is an increase of 1,021,403 Units from the April 17, 2024 news release. There is no assurance the shareholder will exercise the full participation right. The Units are identical to those announced in the April 17, 2024 news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on the discovery of large high-grade gold and copper-gold deposits. The Company undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the "Odienné Project JV"), where four significant gold and gold-copper-silver-molybdenum discoveries have been made.
The Odienné Project JV is located within Awalé's greater Odienné Copper-Gold Project (the "Project") which consists of 2462 km2 of tenure in the Northwest of Côte d'Ivoire. The Newmont JV consists of 400km2 of granted tenure and 400km2 under application, or approximately ⅓ of Awalé's total holding in the district. The Company announced 26 g/t gold over 57m, including 45.7 g/t gold over 32m from 165m downhole at the Charger Prospect and the discoveries have significant scope for growth and resource development. The Project has multiple pipeline prospects that have similar geochemical fingerprints to Iron Oxide Copper Gold (IOCG) and intrusive related mineral systems that offers significant potential for district scale discoveries.
ON BEHALF OF THE BOARD OF
"Andrew Chubb"
Andrew Chubb, CEO For additional information you are invited to visit the Awalé Resources Limited website at www.awaleresources.com, or contact Andrew Chubb CEO (+356) 99139117, a.chubb@awaleresources.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-Looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-Looking statements in this press release include but are not limited to statements regarding, the Company's presence in Cote d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations, the timing and completion of the Underwritten Offering, the exercise of the shareholder's participation right, the exercise of the Underwriter Option, the use of proceeds of the Offering and the receipt of regulatory approvals for the Offering, including the approval of the TSX Venture Exchange. 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.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206177
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/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company") is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought-deal private placement basis, 16,130,000 units of the Corporation (the "Units") at a price of C$0.62 per Unit (the "Offering Price") for gross proceeds of C$10,000,600 (the "Underwritten Offering").
Each Unit will consist of one common share of the Corporation (a "Unit Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one common share of the Corporation for 24 months from the closing of the Offering at a price of C$0.80 .
The Corporation shall grant the Underwriters an option to purchase up to an additional 2,419,500 Units at the Offering Price for additional gross proceeds of up to C$1,500,090 (the "Underwriter Option") exercisable at any time up to 48 hours prior to the closing of the Offering.
The net proceeds received from the Offering will be used to advance the Corporation's projects in Côte d'Ivoire, as well as for working capital and general corporate purposes.
It is anticipated that closing of the Offering will occur on or about May 8, 2024 or such other date or dates as the Corporation and the Underwriters may agree. The Offering is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. The securities to be issued under the Offering will have a hold period of four months and one day from the applicable closing date in accordance with applicable securities laws.
A current shareholder of the Corporation has a right to conduct a simultaneous offering at the Offering Price for identical securities as the Units ("Participation Right Units"). A maximum of 2,967,920 Participation Unit Rights may be issued to this shareholder for proceeds of approximately $1,840,110 .
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America . The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Awalé is a diligent and systematic mineral exploration company focused on the discovery of large high-grade gold and copper-gold deposits. The Company undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the "Odienné Project JV"), where four significant gold and gold-copper-silver-molybdenum discoveries have been made.
The Odienné Project JV is located within Awalé's greater Odienné Copper-Gold Project (the "Project") which consists of 2462 km 2 of tenure in the Northwest of Côte d'Ivoire. The Newmont JV consists of 400km 2 of granted tenure and 400km 2 under application, or approximately ⅓ of Awalé's total holding in the district. The Company announced 26 g/t gold over 57m , including 45.7 g/t gold over 32m from 165m downhole at the Charger Prospect and the discoveries have significant scope for growth and resource development. The Project has multiple pipeline prospects that have similar geochemical fingerprints to Iron Oxide Copper Gold (IOCG) and intrusive related mineral systems that offers significant potential for district scale discoveries. Cautionary Note Regarding Forward-Looking Information
ON BEHALF OF THE BOARD OF
"Andrew Chubb"
Andrew Chubb , CEO
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-Looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-Looking statements in this press release include but are not limited to statements regarding, the Company's presence in Cote d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com . Forward-Looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Awalé Resources Limited
View original content: http://www.newswire.ca/en/releases/archive/April2024/17/c8549.html
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Highlights
“KalGold is proud to report the first Mineral Resource Estimate at the Kirgella Gift and Providence gold deposits. It totals ~76,000 oz defined at over 1.0 g/t Au from only 3m depth, remains open in several directions, and is considered the first step in defining the full potential of the Kirgella Gift and Providence gold deposits. Pleasingly, we have defined a shallow gold resource at a very low cost to the Company of around A$4.20 per gold ounce.
The Kirgella and Providence mineral resource estimate is comparable to other deposits within the Laverton Tectonic Zone and is considered typical of the region. This is particularly true of some of the constituent deposits at Ramelius Resources’ (ASX:RMS) Rebecca Gold Project, around 20 km to the south along strike.
KalGold now has defined a total resource base of 214,300 oz of gold. The increased resource base enables KalGold to commence high level mining optimisation studies to assess pathways to production. KalGold looks forward to continuing to progress its work in the Pinjin area with the aim of significantly growing this initial JORC Code (2012) resource and defining a suite of additional shallow resources.”
First Gold MRE at KalGold’s Pinjin Project
The Inferred MRE of 2.34 Mt @ 1.0 g/t Au for 76,400 oz Au has been defined at a 0.5 g/t gold cut-off from the Company’s recent drill focus on the shallow portion of the Kirgella Gift and adjacent Providence gold deposits (see Table 1), combined with thoroughly validated historic datasets. Work continues on both deposits, with gold mineralisation open at depth and along strike between the two. This MRE is expected to form the basis of future updates as drilling and exploration continues.
Table 1 – Kirgella Gift and Providence Mineral Resource at a 0.5 g/t gold cut-off Note totals may not sum due to rounding.Click here for the full ASX Release
This article includes content from Kalgoorlie Gold Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
HIGHLIGHTS
Commenting on the acquisition Managing Director Mr Mathew Walker stated, “We are delighted to have secured a significant land holding that has prospectivity confirmed by a strong presence of artisanal mining activity. Uganda has a well established gold mining industry and regulatory protocols that add to the appeal of the acquisition. We look forward to the commencement of field activities in the immediate term.”
MUBENDE GOLD PROJECT
The Mubende Gold Project is an extensive landholding of 202 square kilometers that covers a series of metasediments, predominantly characterized by meta-wacke’s and phyllitic slates, with occasional interbedded quartzite units and mafic volcanics. Late-stage granites have intruded the metasediments, mainly in the southern part of the license.
Figure 1: Regional Map with locations of Sifang licenses.
At the Bukuya prospect, wall rock consists of metapelitic units with vertical foliation trending NW in most shafts, turning EW in the northern artisanal shafts. Mineralization appears confined to a deformation zone within the metapelites and hosts three subsets of veins exploited by artisanal workers. The first subset includes quartz veins with hematite mineralization, iron-oxide staining, and goethite/limonite-filled vugs, seen in southern shafts with NW trending foliation. The second subset comprises metallic veins of blueish-grey and black ferro-manganese mineralisation with botryoidal textures and specular hematite, found in northern shafts with EW trending foliation. The third set comprises massive milky white quartz veins.
These veins are described in more detail below.
Type 1 (Iron-rich quartz veins): These are quartz veins that show varying degrees of ferro(-manganese) mineralisation. Mineralisation occurs as hematite (red), specular hematite (dark silver/black), and a lesser degree of manganese (botryoidal, blue-grey to black). Vugs filled with limonitic material is often seen in these veins and is interpreted to represent leached out sulphides. These veins are seen in the SE of the Bukuya site. They are typically decimetre to metre scale and are foliation concordant (vertical to subvertical with dominantly NW trend).
Click here for the full ASX Release
This article includes content from eMetals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
