Awale Soars Over 100 Percent on Positive Gold Drill Results

Shares of gold explorer Awale Resources (TSXV:ARIC) were up as much as 125 percent following the release of initial drill results for the Empire prospect, located in Cote d’Ivoire. 

The Empire prospect is contained within Awale’s Odienne gold project.

The near-surface, high-grade drill results are from the first two holes of the company’s planned 2,500 meter drill program.

According to an announcement, both holes contain visible gold in extensional quartz, which the company believes is a promising indicator.

“Our systematic exploration methods over the last year have given the team considerable confidence in the geology and potential of the Empire target,” said Glen Parsons, Awale’s CEO.

“Now that drill testing has commenced these initial holes have surpassed expectations. The high-grade intercepts and visible gold in fresh, unweathered rock is extremely rewarding for the team.”

The drill program, which began in early November, isn’t the only time Odienne has been explored. Previously, a joint venture between SODEMI and Randgold Resources performed a first pass of exploration between 1994 and 1996.

Randgold merged with sector major Barrick Gold (TSX:ABX,NYSE:ABX) in late 2018 in a headline-making share deal worth US$18.3 billion. The merger birthed the world’s largest gold company.

Awale has also completed a third drill hole at Empire situated behind hole two as a step back. Hole number three also contains a similar visible gold-bearing brittle ductile zone.

“We look forward to continuing drilling along the three km long soil anomaly that forms the Empire prospect. Step out holes are currently being drilled east of these first three holes and the company expects to have continual results flow and increased understanding for this exciting prospect,” Parsons said in Tuesday’s (November 19) release.

Awale shares were up 133 percent on Wednesday (November 20), trading at C$0.18.

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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.