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.
- WORLD EDITIONAustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Awale Resources: Exploration and Discovery of Gold and Copper-Gold Deposits in West Africa
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.
This Awalé Resources profile is part of a paid investor education campaign.*
Click here to connect with Awalé Resources (TSX:ARIC) to receive an Investor Presentation
Awale Resources Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Awale Resources Limited
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 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.
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.
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 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:
- Hole OEDD-59: 44 meters at 1.1 g/t gold and 0.2 percent copper
- Hole OEDD-61: 51.9 meters @ 0.5 g/t gold, 0.27 percent copper and 1.5 g/t silver from 25 meters
- Hole OEDD-62: 18.25 meters at 1.8 g/t gold, 0.3 percent copper and 1.4 g/t silver from 156 meters
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.
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.
Stephen Stewart - Director
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.
Derk Hartman – Director
Derk Hartman holds an MSc degree from Delft University of Technology in the Netherlands and the FT non-executive director diploma from the UK. He has more than 17 years of experience in the mining and banking sectors. He has been associated with BMO Capital Markets in an investment banking role for over 12 years and has rich experience in various domains. Most recently, he served as the CFO of Silver Bear Resources, listed on TSX.
Robin Birchall – Chairman
Robin Birchall holds an MBA degree from the University of Cape Town, an MSc degree from Edinburgh University, a BA degree from Queens University, and a Première Degré en Langues Literature et Civilisation, from Stendahl University. He has two decades of experience in the management and financing of resource companies. Previously, he has been associated with Giyani Metals, Silver Bear Resources, Helium One Global, BMO Capital Markets, and Canaccord Adams.
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.
Andrew Smith – Chief Geologist
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 – 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.
This article was written in collaboration with Couloir Capital.
Awalé Announces Update for Shareholder Participation Right
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
News Provided by Newsfile via QuoteMedia
AWALÉ ANNOUNCES C$10 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT OF UNITS
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company") is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought-deal private placement basis, 16,130,000 units of the Corporation (the "Units") at a price of C$0.62 per Unit (the "Offering Price") for gross proceeds of C$10,000,600 (the "Underwritten Offering").
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
News Provided by Canada Newswire via QuoteMedia
Awalé Resumes Drilling at the Charger Prospect on the Odienné Project Joint Venture
Highlights:
- New drill program is now underway at Charger following up on Awale's recent drill intercept of 26 g/t gold over 57m, including 45.7 g/t gold over 32m from 165m downhole
- A second rig will soon commence drilling at the BBM Prospect to follow up on its 75m @ 2.4 g/t gold equivalent intercept
- Drilling is fully funded by Newmont
Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company"), is pleased to announce the commencement of a 3,000 metre diamond drilling program over the Charger Prospect at the Odienné project. The drilling is planned to follow up to the recently announced 26 gt gold over 57m, including 45.7 gt gold over 32m from 165m downhole in OEDD-83 at the Charger Prospect (see Awale news release March 25 2024). Additionally, a 4000m drill program for the BBM discovery (see Awale news releases January 11 2024 and March 18 2024) will commence with a second diamond drill rig in the ensuing weeks.
Andrew Chubb, CEO of Awalé Resources, stated today,
"With our two recent discoveries on the Charger and BBM prospects, we thought it's critical to resume drilling without delay and follow up on these exciting discoveries. This next phase of drilling marks another step in Awalé's endeavour open a new mining and exploration district in Côte d'Ivoire, the recent results from BBM and Charger underscores our projects potential. We have never doubted the potential of the Odienné district we are excited to launch into this new phase of drilling."
Awalé views Odienné as highly prospective for large-scale Iron Oxide Copper Gold (IOCG) mineral systems. Awalé's exploration approach has now delivered significant discoveries that also include the Empire and Sceptre East with multiple untested pipeline targets that highlight the district scale potential of the project.
About The Charger Prospect
This new intercept of 57m @26 g/t gold in drillhole OED-83 from the recently announced four drillhole program reopens Awalé's original interpretation of broader mineralization where the breccia zones may connect at depth which would rapidly increase the volume of the high grade gold mineralization.
The Charger Prospect is a discovery that has delivered multiple high grade significant intercepts in previous drilling which includes the following high grade intercepts in the breccia pipe to the south of that intercepted in OEDD-83 (see Company news releases dated March 29 2023, and August 21 2023):
- 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 65 m wide zone of mineralization which included
- 12 m @ 4.9 g/t gold from 89m downhole,
- 13m at 1.3 g/t gold from 114m downhole and,
- And 21m @ 1.3 g/t gold from 133m downhole.
- Hole OEDD-53 (50m step back from OEDD-45): 32m @ 1.5g/t Au from 215m downhole
- Including 3m @ 5.2g/t Au from 77m.
Four holes for 699 m were drilled at Charger during this phase, three of these testing a new 3D geologic framework for mineralization at the prospect. Three holes (OEDD-78, OEDD-79 and OEDD-82) did not intercept significant mineralization. However, hole OEDD-83 was specifically targeted to drill through potential mineralization associated with the newly recognized NE structural control. This intercept is 60 m north of the two previously intercepted breccia pipes, and is under the discovery hole (OERC-89) at Charger.
Table 1: Significant Intercepts for the last 4 drill holes at the Charger Prospect
Hole | From | To | Width | Au g/t | Cu_% | Mo_ppm | Ag_ppm | East | North | RL | Azi | Dip | Hole Depth (m) |
OEDD-78 | NSV | 647,661 | 1,032,245 | 477 | 15 | -55 | 146.1 | ||||||
OEDD-79 | NSV | 647,641 | 1,032,480 | 483 | 155 | -56 | 182.2 | ||||||
OEDD-82 | 29 | 30 | 1 | 4.8 | 647634 | 1032128 | 475 | 195 | -56 | 110.3 | |||
and | 91 | 92 | 1 | 0.5 | |||||||||
OEDD0083 | 18 | 19 | 1 | 0.4 | 0.00 | 0.2 | 0.0 | 647787 | 1032400 | 476 | 193 | -57 | 260.2 |
and | 91 | 93 | 2 | 2.8 | 0.01 | 4.0 | 0.1 | ||||||
and | 97 | 98 | 1 | 1.1 | 0.02 | 3.8 | 0.5 | ||||||
and | 157 | 159 | 2 | 0.6 | 0.03 | 1.5 | 0.7 | ||||||
and | 164 | 221 | 57 | 26.1 | 0.05 | 2.3 | 5.2 | ||||||
Including | 165 | 197 | 32 | 45.7 | 0.08 | 2.3 | 8.5 | ||||||
Including | 210 | 219 | 9 | 1.6 | 0.00 | 2.7 | 1.4 | ||||||
and | 231 | 239 | 8 | 1.0 | 0.01 | 2.1 | 0.7 | ||||||
Including | 232 | 236 | 4 | 1.7 | 0.01 | 2.3 | 1.0 | ||||||
and | 257 | 260 | 3.2 | 1.3 | 0.01 | 3.2 | 0.2 | ||||||
Including | 259 | 260.2 | 1.2 | 3.1 | 0.01 | 6.0 | 0.4 |
Note: A 0.2 g/t trigger and include internal waste of 3m for delineation mineralized zones. Included intervals are at a 1g/t trigger.
Investors and stakeholders are encouraged to follow Awalé Resources' progress through updates on the Company's website.
The Awalé-Newmont JV - 'Odienné Project JV'
The Odienné Project JV covers one permit and one application within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, and is subject to an earn-in agreement with Newmont Ventures Limited ("Newmont"); see Company News Release dated May 31, 2022) through which Newmont retains the option to earn-in to a minimum of 65% interest, from Awalé, in the Odienné Project JV in return for USD 15 million of exploration expenditures. Newmont is funding the exploration program and Awalé is managing the Odienné Project JV in the initial three-year phase.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on 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.
Quality Control and Assurance
Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Cote d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analysed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis. All fire assay samples returning greater than 5 g/t gold are routinely Screen Fire Assayed, in the case of The Charger prospect lower than 5 g/t samples up and down hole from the high grade interval were also subject to Screen Fire Assays.
Mineralized Interval Calculations
Significant intervals reported in this news release are calculated downhole length weighted intercepts. For the Charger Prospect initial mineralized are calculated at a 0.2 g/t trigger and include internal waste of 3m for delineation mineralized zones. Included intervals are at 0.5, 1g/t and 5g/t trigger values with 3m of internal waste only.
Abbreviations Used in This Release
Ag | silver |
Au | gold |
Au Eq. | Gold Equivalent |
Cu | copper |
Cu Eq. | Copper Equivalent |
g/t | grams per tonne |
km | kilometres |
m | meters |
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.sedar.com. Forward-Looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204457
News Provided by Newsfile via QuoteMedia
Awalé Hits 45.7 g/t Gold over 32m at the Odienné Project
HIGHLIGHTS
26 g/t gold over 57m, 1487 gram meters gold from 164m downhole in OEDD-83
Including 45.7 g/t gold over 32m @ from 165m downhole
Mineralization is consistently high grade throughout the reported interval
One of the highest-grade gold intersections in Africa in decades
A follow-up drill program is scheduled to begin in April, with 25,000 meters planned for 2024
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2024) - Awalé Resources Limited (TSXV: ARIC) (the "Company" or "Awalé") is delighted to report outstanding assay results at the Odienné Project of 45.7 g/t gold over 32m from a new breccia pipe at the Charger target.
Andrew Chubb CEO of Awale Resources commented today,
"This drill hole is absolutely spectacular. I have been looking at gold projects for the last 20 years and have never seen anything like this. Odienné has produced very high-grade mineralization since we started drilling, though we always felt that some special things would come as we continued our work. The harder we press at Odienné, the more it gives back, and we've only just scratched the surface."
Mineralization is consistently high grade throughout the reported interval. Table 1 shows each 1-metre assay within the interval, revealing this intercept's consistent and robust nature. The core is dusted with very fine gold throughout, along with the +1mm gold grains often seen in previous Charger drilling.
LINK TO Charger's Drill Core Photos on OEDD-83
Table 1: Hole OEDD-83 meter sampling for the entire 32m at 45.7 g/t Au mineralization. No large nugget effect carries the interval, just continuous high grade gold mineralization for 32 meters. True width estimated at approximately 75% of the interval reported.
From | To | Gold g/t | From | To | Gold g/t | |
165 | 166 | 6.9 | 181 | 182 | 35.5 | |
166 | 167 | 12.3 | 182 | 183 | 25.0 | |
167 | 168 | 127.0 | 183 | 184 | 26.2 | |
168 | 169 | 137.6 | 184 | 185 | 8.9 | |
169 | 170 | 171.9 | 185 | 186 | 17.9 | |
170 | 171 | 283.8 | 186 | 187 | 5.4 | |
171 | 172 | 59.0 | 187 | 188 | 5.1 | |
172 | 173 | 67.1 | 188 | 189 | 4.8 | |
173 | 174 | 98.9 | 189 | 190 | 7.0 | |
174 | 175 | 68.4 | 190 | 191 | 11.2 | |
175 | 176 | 34.0 | 191 | 192 | 9.1 | |
176 | 177 | 38.8 | 192 | 193 | 8.2 | |
177 | 178 | 47.4 | 193 | 194 | 3.7 | |
178 | 179 | 66.7 | 194 | 195 | 1.0 | |
179 | 180 | 24.1 | 195 | 196 | 5.5 | |
180 | 181 | 39.0 | 196 | 197 | 6.0 |
Mr. Chubb continued,
"We look forward to continued drilling in 2024 with the drill rigs scheduled to re-start in April, representing our first phase of the 25,000m planned for the year. This drilling will progress the Charger, BBM, and Sceptre discoveries and will scout drill some prospective pipeline targets. Confidence is growing that Odienné has the potential to be a world-class mine camp in Cote d'Ivoire."
About The Charger Zone
This new intercept opens Awale's original interpretation of broader mineralization where the breccia zones may connect at depth (See Cross section in Figure 1 and Conceptual target Figure 2) which would rapidly increase the volume of the high grade gold mineralization.
The Charger Zone is a discovery that has delivered multiple high grade significant intercepts in previous drilling which includes the following high grade intercepts in the breccia pipe to the south of that intercepted in OEDD-83 (see Company new releases dated March 29 2022, August 21 2023 and January 11 2024):
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 65 m wide zone of mineralization which included
12 m @ 4.9 g/t gold from 89m downhole,
13m at 1.3 g/t gold from 114m downhole and,
And 21m @ 1.3 g/t gold from 133m downhole.
Hole OEDD-53 (50m step back from OEDD-45): 32m @ 1.5g/t Au from 215m downhole
Including 3m @ 5.2g/t Au from 77m.
4 holes for 699 m were drilled at Charger during this phase, three of these testing a new 3D geologic framework for mineralization at the target. Three holes (OEDD-78, OEDD-79 and OEDD-82) did not intercept significant mineralization. However, hole OEDD-83 was specifically targeted to drill through potential mineralization associated with the newly recognized NE structural control. This intercept is 60 m north of the 2 previously intercepted breccia pipes, and is under the discovery hole at Charger, OERC-89."
Figure 1: Charger Cross Section OEDD-83.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/202949_1db7df0744071a10_001full.jpg
Figure 2: Conceptual sketch (not to scale) for the charger target showing approximate drill trace of current drilling as well as a deeper conceptual target where pipes intercepted in current drilling may coalesce.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/202949_1db7df0744071a10_002full.jpg
The Awalé-Newmont JV - 'Odienné Project JV'
The Odienné Project JV covers one permit and one application within the greater Odienné Gold-Copper Project, the greater project consists of a further 4 applications and on option agreement which in the Northwest of Côte d'Ivoire, and is subject to an earn-in agreement with Newmont Ventures Limited ("Newmont"); see Company news release dated May 31 2022 through which Newmont retains the option to earn-in to a minimum of 65% interest, from Awalé, in the Odienné Project JV in return for USD 15 million of exploration expenditures. Newmont is funding the exploration program and Awalé is managing the Odienné Project JV in the initial three-year phase.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration Company focused on discovering large high-grade gold and copper-gold deposits. The Company currently undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the "Odienné Project JV") within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, where three significant gold and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries have significant scope for growth with future discovery and resource development drilling. The project has multiple pipeline prospects with similar geochemical fingerprints to Iron Oxide Copper Gold ("IOCG") and intrusive related mineral systems. The 400km2 of granted tenure and 400km2 under application remain underexplored and offer significant upside potential. The Odienné Project JV forms a solid foundation for the Company to continue exploring in a pro-mining jurisdiction that provides significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Cote d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analysed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis. 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 were also subject to Screen Fire Assays.
Mineralized Interval Calculations
Significant intervals reported in this news release are calculated downhole length weighted intercepts. For the Charger target initial mineralized are calculated at a 0.2 g/t trigger and include internal waste of 3m for delineation mineralized zones. Included intervals are at 0.5, 1g/t and 5g/t trigger values with 3m of internal waste only.
Abbreviations Used in This Release
Ag | Silver | |
Au | Gold | |
Au Eq. | Gold Equivalent | |
Cu | Copper | |
Cu Eq. | Copper Equivalent | |
g/t | grams per tonne | |
km | Kilometers | |
m | Meters |
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
"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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202949
News Provided by Newsfile via QuoteMedia
Awalé Hits Multiple Shallow High-Grade Intercepts, Including 2.4 g/t AuEq over 75 Meters at the Odienné Project
HIGHLIGHTS:
- 75m @ 2.4 g/t gold equivalent (Au Eq) from 242m downhole* in OEDD-74
- 44m @ 2.5 g/t Au Eq from 131m downhole* in OEDD-65
- 40m @ 1.9 g/t Au Eq from 194m downhole* in OEDD-76
- 39m @ 1.6 g/t Au Eq from 60m downhole* in OEDD-64
- Assay results from the Charger target are expected soon
- A follow-up drill program is scheduled to begin in April
Awalé Resources Limited. (TSXV: ARIC) (the "Company" or "Awalé") is delighted to report significant assay results at the Odienné Project. The BBM Zone is a grassroots discovery announced in Awale's January 11, 2024 news release. These latest holes followed up on this promising new discovery, and the Company expects to restart drilling in April. These multiple, shallow, broad, high-grade intercepts demonstrate the BBM zone's excellent continuity and scale potential.
All holes were mineralized and intercepted target geology. Mineralization remains open in all directions.
Andrew Chubb, CEO of Awale Resources, commented today:
"We are delighted with these assays from the follow-up program at the BBM target. The mineralization is robust and we have now confirmed plunging high grade mineralization over 500m of strike, which remains open in all directions. The consistently high-grade gold mineralization encountered in multiple drill holes underscores the prospectivity of our exploration area and highlights the substantial value it holds for our Company and stakeholders."
The gold and copper mineralization and alteration are controlled by a shear zone that follows an intrusive/sedimentary contact. Drilling now covers 2 km of strike along this shear zone, which sits within a high tenor, and open 8km long geochemical gold in termitaria trend. This drilling has been completed on 8 sections with a minimum spacing of 150 m between sections and up to 500m step-outs to the SE and NW (Figure 1). All holes have intercepted mineralization (Figure 2 & 3 cross sections and Figure 4-long section). All assay results from 14 holes for 2537 m drilled at BBM have been returned.
LINK TO BBM's OEDD-74 Drill Core Photos
With an established robust geologic framework, the Company can progress with a targeted drilling program to scope size potential, geological and grade continuity of the mineralization as well as test for new parallel shoots along the 8km of open strike.
A full table of significant intercepts for the program is given in Table 1 below.
Figure 1: BBM Location with drill area zoom on the right. Map to left shows the >8km of strike potential between the BBM and Lando targets.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/202083_6756dbe48452cb3b_001full.jpg
Figure 2: Drill section looking NW through A-A' in figure 1. Red hatch shown mineralization zone with >50m true width.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/202083_6756dbe48452cb3b_002full.jpg
Figure 3: Cross Section B-B' through the Discovery line at BBM.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/202083_6756dbe48452cb3b_003full.jpg
Figure 4: Gram Metre Equivalent Long Section L-L'. Approximately 500m strike of high grade mineralization in initial drilling.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/202083_6756dbe48452cb3b_004full.jpg
Table 1: List of significant values for all drill holes at BBM
Hole | From | To | Width | AuEq g/t | Au g/t | Cu_% | Mo_ppm | Ag_ppm | EAST | NORTH | RL | Azi | Dip | Hole Depth | Au_gm | AuEq_gm |
OEDD0059 | 59 | 103 | 44 | 1.7 | 1.2 | 0.24 | 230 | 0.9 | 656099 | 1047971 | 454.8 | 36 | -51 | 179.2 | 53 | 75 |
Including | 68 | 87 | 19 | 2.5 | 1.9 | 0.26 | 411 | 1 | 36 | 48 | ||||||
Including | 95 | 99 | 4 | 3.2 | 1.9 | 0.89 | 218 | 3.3 | 8 | 13 | ||||||
OEDD0060 | 49.65 | 66.00 | 16.35 | 0.6 | 0.4 | 0.13 | 85 | 0.4 | 656370 | 1047683 | 464.9 | 45 | -52 | 122 | 6 | 10 |
OEDD0061 | 25 | 78.1 | 53.1 | 0.9 | 0.5 | 0.27 | 16 | 1.5 | 655630 | 1048206 | 455.2 | 25 | -52 | 155.15 | 27 | 48 |
Including | 37.65 | 39.9 | 2.25 | 1.6 | 1.6 | 0.03 | 6 | 0.1 | 4 | 4 | ||||||
Including | 53.63 | 54.65 | 1.02 | 3.1 | 2 | 0.75 | 81 | 5.5 | 2 | 3 | ||||||
and | 116 | 117.1 | 1.1 | 1.7 | 1.6 | 0.04 | 2 | 0.7 | 2 | 2 | ||||||
OEDD0062 | 130.9 | 181.4 | 50.5 | 1.3 | 0.9 | 0.18 | 155 | 0.8 | 656075 | 1047938 | 454 | 37 | -60 | 188.33 | 45 | 66 |
Including | 157.7 | 160.55 | 2.85 | 2.3 | 1.6 | 0.48 | 78 | 1.7 | 5 | 7 | ||||||
Including | 163.7 | 174 | 10.3 | 3.3 | 2.6 | 0.32 | 302 | 1.5 | 27 | 34 | ||||||
OEDD0063 | 175 | 179.3 | 4.3 | 1.6 | 0.7 | 0.64 | 30 | 1.2 | 655607 | 1048149 | 456 | 35 | -55 | 257.3 | 3 | 7 |
OEDD0063 | 217 | 246 | 29 | 1 | 0.7 | 0.21 | 53 | 0.8 | 20 | 29 | ||||||
Including | 221.64 | 230 | 8.36 | 2.3 | 1.5 | 0.48 | 63 | 2 | 13 | 19 | ||||||
OEDD0064 | 47 | 50 | 3 | 1.5 | 1.1 | 0.27 | 53 | 1.5 | 655979 | 1048060 | 451 | 35 | -55 | 134.43 | 3 | 5 |
OEDD0064 | 60 | 99 | 39 | 1.6 | 1.1 | 0.30 | 226 | 0.8 | 41 | 63 | ||||||
OEDD0064 | 60 | 82 | 22 | 2.2 | 1.7 | 0.25 | 184 | 0.8 | 37 | 48 | ||||||
Including | 72 | 74 | 2 | 6.5 | 5.7 | 0.40 | 355 | 1.7 | 11 | 13 | ||||||
OEDD0065 | 131 | 175 | 44 | 2.5 | 1.4 | 0.60 | 413 | 2.5 | 655949 | 1048016 | 450.2 | 35 | -55 | 209.51 | 62 | 110 |
Including | 134 | 140 | 6 | 5 | 3.9 | 0.64 | 371 | 2.5 | 23 | 30 | ||||||
Including | 146 | 155 | 9 | 3.4 | 1.9 | 0.55 | 1063 | 2 | 17 | 31 | ||||||
OEDD0066 | 18 | 25.5 | 7.5 | 1.5 | 0.7 | 0.58 | 20 | 0.8 | 655512 | 1048297 | 457.3 | 35 | -55 | 92.2 | 5 | 11 |
Including | 20.5 | 21.5 | 1 | 2.9 | 2.1 | 0.50 | 90 | 0.9 | 2 | 3 | ||||||
and | 75 | 76 | 1 | 2.4 | 2.4 | 0.01 | 3 | 0.5 | 2 | 2 | ||||||
OEDD0067 | 147.00 | 176.00 | 29.00 | 0.6 | 0.3 | 0.11 | 142.1 | 0.5 | 656325 | 1047619 | 464.5 | 35 | -55 | 206.2 | 9 | 16 |
OEDD0068 | 96 | 192 | 96 | 0.747 | 0.345 | 0.000 | 41.8 | 1.400 | 655468 | 1048237 | 458.8 | 35 | -55 | 239.3 | 33 | 72 |
85.00 | 93.00 | 8.00 | 0.4 | 0.2 | 0.10 | 16 | 0.4 | 2 | 3 | |||||||
96.00 | 142.00 | 46.00 | 0.7 | 0.3 | 0.24 | 62 | 1.0 | 13 | 31 | |||||||
Hole | From | To | Width | AuEq g/t | Au g/t | Cu_% | Mo_ppm | Ag_ppm | EAST | NORTH | RL | Azi | Dip | Hole Depth | Au_gm | AuEq_gm |
153.00 | 192.00 | 39.00 | 1.0 | 0.5 | 0.35 | 23 | 2.1 | 19 | 39 | |||||||
OEDD0069 | 55.00 | 87.00 | 32.00 | 0.4 | 0.2 | 0.05 | 153.9 | 0.3 | 656673 | 1047344 | 461.6 | 35 | -55 | 113.3 | 8 | 14 |
OEDD0070* | 91 | 100 | 10 | 0.14 | 0.12 | 0.10 | 2 | 0.1 | 655294 | 1048466 | 452.6 | 35 | -55 | 110.2 | ||
OEDD0071 | 108.00 | 115.00 | 7.00 | 0.5 | 0.5 | 0.0 | 45 | 0.1 | 656640 | 1047306 | 460.9 | 35 | -55 | 179.3 | 3 | 4 |
OEDD0072 | 110.00 | 112.00 | 2.00 | 0.38 | 0.27 | 0.07 | 143.5 | 8.5 | 657639 | 1045558 | 465.1 | |||||
OEDD0073 | 19 | 56.5 | 37.5 | 1.8 | 0.5 | 0.77 | 344 | 1.7 | 19 | 68 | ||||||
Including | 52 | 56 | 4 | 5 | 1.4 | 2.18 | 950 | 3.4 | 6 | 20 | ||||||
OEDD0074 | 242 | 317 | 75 | 2.4 | 1.8 | 0.34 | 267 | 1.2 | 655911 | 1047965 | 448.8 | 33 | -58 | 338.21 | 132 | 181 |
Including | 242 | 294 | 52 | 2.5 | 1.7 | 0.36 | 307 | 1.3 | 88 | 130 | ||||||
Including | 272 | 273 | 1 | 6.3 | 5.6 | 0.46 | 193 | 2.3 | 6 | 6 | ||||||
Including | 281 | 282 | 1 | 9.4 | 8 | 0.67 | 644 | 2.8 | 8 | 9 | ||||||
Including | 300 | 317 | 17 | 3 | 2.4 | 0.35 | 235 | 1.2 | 41 | 51 | ||||||
Including | 305 | 306 | 1 | 6.7 | 5.5 | 0.65 | 381 | 2.8 | 6 | 7 | ||||||
Including | 308 | 309 | 1 | 6.3 | 5.2 | 0.69 | 232 | 2.4 | 5 | 6 | ||||||
OEDD0075* | 72 | 86 | 14 | 0.33 | 0.1 | 0.15 | 23 | 0.6 | 655854 | 1048203 | 448 | 215 | -55 | 152.3 | ||
OEDD0076 | 39.25 | 41.00 | 1.75 | 2.5 | 1.9 | 0.43 | 32 | 3.5 | 655766 | 1048079 | 449.8 | 35 | -55 | 254.20 | 3 | 4 |
and | 194 | 234 | 40 | 1.9 | 1.5 | 0.21 | 118 | 1.0 | 62 | 77 | ||||||
Including | 219 | 231 | 12 | 4.7 | 4.0 | 0.36 | 322 | 1.7 | 48 | 57 |
The Awalé-Newmont JV - 'Odienné Project JV'
The Odienné Project JV covers one permit and one application within the greater Odienné Gold-Copper Project, the greater project consists of a further 4 applications and on option agreement which in the Northwest of Côte d'Ivoire, and is subject to an earn-in agreement with Newmont Ventures Limited ("Newmont"); see company news release dated May 31 2022 through which Newmont retains the option to earn-in to a minimum of 65% interest, from Awalé, in the Odienné Project JV in return for USD 15 million of exploration expenditures. Newmont is funding the exploration program and Awalé is managing the Odienné Project JV in the initial three-year phase.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. The Company currently undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the "Odienné Project JV") within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, where three significant gold and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries have significant scope for growth with future discovery and resource development drilling. The project has multiple pipeline prospects with similar geochemical fingerprints to Iron Oxide Copper Gold ("IOCG") and intrusive related mineral systems. The 400km2 of granted tenure and 400km2 under application remain underexplored and offer significant upside potential. The Odienné Project JV forms a solid foundation for the Company to continue exploring in a pro-mining jurisdiction that provides significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Cote d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analysed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.
Mineralized Interval Calculations
Significant intervals reported in this news release are calculated downhole length weighted intercepts. For the BBM target initial mineralized are calculated at a 0.2 g/t trigger and include internal waste for of delineation mineralized zones. Included intervals are at 0.5, 1g/t and 5g/t trigger values with 3m of internal waste only. Table 1 Contains a list of all BBM holes - including OEDD-70 and OEDD-75 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 |
Au Eq. | 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 18 years of experience in international mineral exploration and mining project evaluation.
ON BEHALF OF THE BOARD
"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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202083
News Provided by Newsfile via QuoteMedia
AGNICO EAGLE ANNOUNCES ELECTION OF DIRECTORS
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") today announced that, at the annual and special meeting of shareholders held on April 26, 2024 (the "Meeting"), the eleven candidates listed in the management information circular dated March 22, 2024 were duly elected as directors of Agnico Eagle.
Detailed results of the vote are set out below:
Nominee | Votes For | Votes | Total Votes | Percentage | Percentage |
Leona Aglukkaq | 345,810,574 | 7,905,702 | 353,716,276 | 97.76 % | 2.24 % |
Ammar Al-Joundi | 348,633,995 | 5,082,282 | 353,716,277 | 98.56 % | 1.44 % |
Sean Boyd | 327,124,554 | 26,591,722 | 353,716,276 | 92.48 % | 7.52 % |
Martine A. Celej | 344,447,452 | 9,268,675 | 353,716,127 | 97.38 % | 2.62 % |
Jonathan Gill | 351,510,623 | 2,205,653 | 353,716,276 | 99.38 % | 0.62 % |
Peter Grosskopf | 342,297,960 | 11,418,166 | 353,716,126 | 96.77 % | 3.23 % |
Elizabeth Lewis- Gray | 351,584,844 | 2,131,281 | 353,716,125 | 99.40 % | 0.60 % |
Deborah McCombe | 351,059,706 | 2,656,571 | 353,716,277 | 99.25 % | 0.75 % |
Jeffrey Parr | 343,875,954 | 9,840,322 | 353,716,276 | 97.22 % | 2.78 % |
J. Merfyn Roberts | 340,576,908 | 13,139,368 | 353,716,276 | 96.29 % | 3.71 % |
Jamie C. Sokalsky | 343,002,463 | 10,713,813 | 353,716,276 | 96.97 % | 3.03 % |
Biographical information on all directors is available at www.agnicoeagle.com .
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia , Finland and Mexico . It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States . Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
View original content: https://www.prnewswire.com/news-releases/agnico-eagle-announces-election-of-directors-302129096.html
SOURCE Agnico Eagle Mines Limited
News Provided by PR Newswire via QuoteMedia
AGNICO EAGLE ANNOUNCES ELECTION OF DIRECTORS
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") today announced that, at the annual and special meeting of shareholders held on April 26, 2024 (the "Meeting"), the eleven candidates listed in the management information circular dated March 22, 2024 were duly elected as directors of Agnico Eagle.
Detailed results of the vote are set out below:
Nominee | Votes For | Votes | Total Votes | Percentage | Percentage |
Leona Aglukkaq | 345,810,574 | 7,905,702 | 353,716,276 | 97.76 % | 2.24 % |
Ammar Al-Joundi | 348,633,995 | 5,082,282 | 353,716,277 | 98.56 % | 1.44 % |
Sean Boyd | 327,124,554 | 26,591,722 | 353,716,276 | 92.48 % | 7.52 % |
Martine A. Celej | 344,447,452 | 9,268,675 | 353,716,127 | 97.38 % | 2.62 % |
Jonathan Gill | 351,510,623 | 2,205,653 | 353,716,276 | 99.38 % | 0.62 % |
Peter Grosskopf | 342,297,960 | 11,418,166 | 353,716,126 | 96.77 % | 3.23 % |
Elizabeth Lewis- Gray | 351,584,844 | 2,131,281 | 353,716,125 | 99.40 % | 0.60 % |
Deborah McCombe | 351,059,706 | 2,656,571 | 353,716,277 | 99.25 % | 0.75 % |
Jeffrey Parr | 343,875,954 | 9,840,322 | 353,716,276 | 97.22 % | 2.78 % |
J. Merfyn Roberts | 340,576,908 | 13,139,368 | 353,716,276 | 96.29 % | 3.71 % |
Jamie C. Sokalsky | 343,002,463 | 10,713,813 | 353,716,276 | 96.97 % | 3.03 % |
Biographical information on all directors is available at www.agnicoeagle.com .
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia , Finland and Mexico . It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States . Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
View original content: https://www.prnewswire.com/news-releases/agnico-eagle-announces-election-of-directors-302129096.html
SOURCE Agnico Eagle Mines Limited
View original content: http://www.newswire.ca/en/releases/archive/April2024/26/c4022.html
News Provided by Canada Newswire via QuoteMedia
Top Stories This Week: Gold Consolidates as Stagflation Risks Rise, Copper Breaks US$10,000
The gold price corrected this week, even falling briefly below US$2,300 per ounce. While that's down from levels of over US$2,400 earlier this month, most experts aren't concerned about the yellow metal's price activity.
I asked Craig Hemke of TFMetalsReport.com about the recent pullback, and he said that it's completely normal — he noted that nothing ever goes straight up, and emphasized that a "two steps forward, one step back" pattern is healthy.
With that said, Hemke does see strong upside potential for the precious metal in 2024. He said there are a lot of technical targets that line up with US$2,650 or US$2,700, and said that's probably the next point to watch for. While those heights won't necessarily be achieved this year, he thinks gold could finish the period at US$2,400 or US$2,500.
"Let’s just say, maybe we can finish the year at US$2,400, US$2,500. That would be a pretty good year, that would be 20 percent — that would double what the average has been since the turn of the century” — Craig Hemke, TFMetalsReport.com
Gold's price activity comes against a backdrop of interesting economic data.
Friday (April 26) brought the latest personal consumption expenditures (PCE) price index numbers out of the US, and they show that the all-items gauge rose 2.7 percent year-on-year and 0.3 percent from the previous month. PCE is the US Federal Reserve's preferred measure of inflation, and it's in focus as the central bank gears up to meet next week.
Attracting perhaps even more attention was Thursday's (April 25) GDP report, which shows that the US economy grew at an annualized rate of 1.6 percent during Q1, down from 3.4 percent in Q4 of last year. With inflation still not in line with the Fed's 2 percent goal, experts are now concerned that a stagflationary scenario could be building.
Bullet briefing — Anglo rejects BHP, copper hits US$10,000
Anglo rejects BHP's US$39 billion offer
Major diversified miner BHP (ASX:BHP,LSE:BHP,NYSE:BHP) turned heads this week when it made a US$39 billion takeover offer for Anglo American (LSE:AAL,OTCQX:AAUKF), another global powerhouse.
"The combined entity would have a leading portfolio of large, low-cost, long-life Tier 1 assets focused on iron ore and metallurgical coal and future facing commodities, including potash and copper" — BHP
BHP has touted potential synergies, but Anglo American doesn't see it the same way — the company quickly rejected the proposal, calling it "opportunistic" and saying it fails to value its prospects.
BHP is widely expected to make another bid.
Copper price hits US$10,000
A tie up between BHP and Anglo American would create the world's largest copper miner, and the possible deal has directed even more attention to the red metal. Copper has been in focus since mid-March, when Chinese smelters announced plans to work together to cut output. The move came on the back of reduced supply of the red metal, which forced the smelters to drastically reduce treatment and refining charges.
Since then, there's been broader recognition of copper's tight supply and demand fundamentals, and this week brought prices to US$10,000 per metric ton for the first time in two years. While Chinese demand could be a pain point, usage from the green energy transition is expected to boost copper in the years to come.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Falco Resources: Canadian Explorer in the Rouyn-Noranda Mining Camp
Falco Resources (TSXV:FPC) focuses on developing gold and base metal projects in the Rouyn-Noranda region of Quebec, an established mining camp with a long history of exploration and development. The camp has historically produced 19 million ounces (Moz) of gold and 2.9 billion pounds (Blbs) of copper, and yet it is still under-explored for gold.
Falcon’s principal property, Horne 5 project, holds 67,000 acres or nearly 67 percent of the total area of the entire mining camp and is located under the former Horne mine which produced 11.6 Moz of gold and 2.5 Blbs of copper. The 2021 feasibility study on the Horne 5 project suggests strong project economics with a total mine life of 15 years, after-tax NPV at 5 percent of US$761 million, and a payback period of 4.8 years, assuming gold prices at $1,600/oz. At the current gold prices of over $2,300/oz, the project economics will be even better.
Falco Resources operating license and indemnity agreement (OLIA) with Glencore Canada will enable Falco to utilize a portion of Glencore's lands. The agreement entails establishing a technical committee comprising two representatives from Glencore and two from Falco, tasked with safeguarding the uninterrupted operations of Glencore’s Horne copper smelter. Additionally, a parallel strategic committee will be formed. Glencore will nominate one representative to join Falco's board of directors.
The successful completion of the OLIA, coupled with life-of-mine copper-zinc concentrate offtake agreements with Glencore, positions Falco to advance its Horne 5 project towards construction. The company is advancing with the permitting and financing processes for the project.
Company Highlights
- Falco Resources is a Canadian explorer of base and precious metals focused on developing its mineral properties in the Rouyn-Noranda region in Quebec, Canada.
- The company holds 67,000 acres of mining claims in the Rouyn-Noranda mining camp, accounting for nearly 67 percent of the entire mining camp.
- Rouyn-Noranda has a long history of mining and exploration. The area has established infrastructure and has been host to 50 former producers, including 20 base metal mines and 30 gold mines.
- Falco’s principal asset is the Horne 5 project which is a gold project with significant base metal by-products. It is located under the former Horne Mine which produced 11.6 Moz of gold and 2.5 billion pounds of copper.
- The Horne 5 is a world-class deposit containing 7.6 Moz gold equivalent in measured and indicated resources and 1.7 Moz gold equivalent in inferred resources.
- The Horne 5 project represents a robust, high-margin, 15-year underground mining project with attractive economics. The 2021 feasibility study indicates after-tax NPV at 5 percent of US$761 million and after-tax IRR of 18.9 percent.
- The operating lease and indemnity agreement (OLIA) with Glencore coupled with EIA admissibility receipt from the government body positions Falco to advance its Horne 5 project towards construction.
This Falco Resources profile is part of a paid investor education campaign.*
Click here to connect with Falco Resources (TSXV:FPC) to receive an Investor Presentation
Antilles Gold Takes Up Second $1.0 Million Convertible Note
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that it has exercised its option to take up a second A$1.0M Convertible Note from Patras Capital Pte Ltd on the same commercial terms as the first A$1.0M Convertible Note which was issued on 8 March 2024.
The basic terms of the second Convertible Note are as follows;
Principal Amount | A$1,000,000 |
Maturity Date | 30 April2026 |
Interest | NIL |
Discount to Principal Amount | A$100,000 (in lieu of interest) |
Early Repayment | At the Company’s option at 110%of any outstanding balance of the Convertible Note within the first year after issue, and 115% in the second |
Conversion | TheNote holder may convert all or partof any outstanding amount of the Convertible Note at a conversion price equal to: i)$0.04 per share; or ii)A 10% discount to the numericaverage of the lowest 5 daily VWAP’s in the 15 trading days prior to conversion which can not be less than $0.015 per share |
Security | 40,000,000 AAU shareson the issueof the Convertible Note which can be applied to any conversion. |
Law & Jurisdiction | Queensland |
Antilles Gold has sufficient placement capacity under Listing Rule 7.1, or 7.1A for the second Convertible Note.
The Company has issued 27,000,000 AAU shares at $0.02 each to Patras Capital as Security Shares for the second Convertible Note from existing capacity under Listing Rule 7.1A.
The balance of the Security Shares (13,000,000) will be issued in due course.
The majority of the funds raised will be applied to subscribing for shares in the Cuban joint venture company, Minera La Victoria, for it to continue pre-development activities for the Nueva Sabana gold-copper mine.
Click here for the full ASX Release
This article includes content from Antilles Gold, 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.
March 2024 Quarterly Report
Astral Resources NL (ASX: AAR)(Astral or the Company) is pleased to report on its activities during the quarter ended 31 March 2024 (the Quarter).
HIGHLIGHTS
Mandilla Gold Project – near Kalgoorlie, WA
- Assays results reported for the final three holes of the six-hole/1,832 metre Theia diamond drilling (DD) program completed during November 1.
- The Theia DD program was targeting extensional and in-fill mineralisation at the Theia deposit.
- Planning underway for further drilling programs and commencement of Mandilla Pre-Feasibility Study.
Feysville Gold Project – near Kalgoorlie, WA
- Assay results reported for the three-hole/495 metre DD program completed at the Kamperman prospect during the previous Quarter 2.
- A total of 4,924 metres of drilling completed during the Quarter, inclusive of:
- oA 67-hole/2,248 metre regional air-core (AC) Program on prospecting licences P26/4351-4353;
- oA three-hole/217 metre slimline reverse circulation (RC) program at the Kamperman Prospect; and
- oA 19-hole/2,459 metre RC program at the Kamperman Prospect.
- Assay results from the AC Program and slimline RC Program reported during the Quarter 3.
- Assay results from the Kamperman RC Program reported during and subsequent to the end of the Quarter 4, 5.
Corporate
- Cash of approximately $0.62 million as at 31 March 2024.
- Mr Mark Connelly elected Chair following the resignation of Mr Leigh Warnick as Director.
- Share placement of 140 million shares at $0.05 per share to raise $7 million (before costs) announced on 28 March 2024 (Placement), with funds received after Quarter’s end.
- Directors of the Company subscribed for an additional 2.1 million shares at $0.05 per share, subject to the approval of shareholders at a meeting to be held on 20 May 2024 (Director Participation Shares).
- Astral is now well-funded to pursue its various exploration programs and commence the Mandilla Pre-Feasibility Study.
Figure 1 – Project Location Map
MANDILLA GOLD PROJECT
The Mandilla Gold Project (Mandilla) is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia (Figure 1).
Mandilla is covered by existing Mining Leases which are not subject to any third-party royalties other than the standard WA Government gold royalty.
The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.
Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.
Click here for the full ASX Release
This article includes content from Astral Resources, 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.
Latest News
Awale Resources Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.