VANCOUVER, BC, June 6, 2023 /PRNewswire/ – Awalé Resources Limited (“Awalé” or the “Company”) (TSXV: ARIC) is pleased to announce it has commenced a 2500 metre RC and diamond drill program at its Odienné Project in Cote d’Ivoire.

This program will follow-up on recent discoveries at the Charger and Sceptre East Targets, where significant intrusion related gold-copper mineralisation has been intersected (see Company News Release dated March 29th 2023). The Company also expects to undertake maiden drilling into the much anticipated Lando and Sceptre Main Targets (see Company News Release dated Nov 28^th 2022, and 13^th Jan 2022 ). Additionally, the company completed a permit wide detailed airborne magnetic and radiometric survey last week, with processed data expected in mid-June.

The Odienné JV is a Joint Venture fully funded by Newmont Corporation (“Newmont”) with a 3 million USD budget allocation for 2023.

“The Charger and Sceptre targets are truly exciting new discoveries with significant resource potential. This program will see the first diamond core on these prospects as we begin to test their depth and scale to deliver both high grades and volume in what is now an emerging Mineralized district in Cote d’Ivoire.

As we advance the Sceptre and Charger discoveries toward resource development, we are equally excited to be drilling the first holes at Lando where a 4km long up to 2.5 km wide copper-gold geochemistry footprint that neatly aligns with induced polarized geophysics. Further to this rock chip samples* from the prospect returned grades of up to 4.8 grams per tonne (“g/t”) gold. Lando presents as a high-order drill target where the team has systematically advance the prospect to drill ready status. We are enthusiastic about the potential of Lando to deliver a fourth discovery at the Odienné Project”, said Andrew Chubb, Awalé’s Chief Executive Officer.

Highlights from the Charger and Sceptre East Targets to be drilled in this program include the following,

CHARGER TARGET – High Grade Gold – Silver – Copper Target

Two drill holes targeted intrusive-hosted sulfide mineralization underlying previously untested gossans and new artisanal workings. Highlights include:

 

SCEPTRE EAST TARGET – New Discovery – Large Porphyry/Intrusion Related Gold-Copper Target

Initial scout drilling at Sceptre East focused on an approximately 1km long section of a multi-kilometer combined ground geophysical (Induced Polarization, or IP) and soil ‘Cu-Au anomaly’. Over 500m x 300m of open mineralization has been identified at Sceptre east, with all drill holes ending in mineralization.

 

The Sceptre Main and Sceptre West targets, within an adjacent 3km long soil Cu-Au anomaly, was not tested during this scout drill program.

The Odienné project JV 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 project in return for USD 15M of exploration expenditures. Newmont is funding the exploration program at Odienné and Awalé is managing the project in the initial three-year phase. The JV budget from Newmont for 2023 is USD 3M.

At Sceptre, IP surveys are currently being extended across the entire Sceptre Target area, which will include pole – dipole sections as well as gradient array. Trenches are also being opened along the three mineralized drill sections at Sceptre (649275E, 649575E and 649775E). Follow up drilling has now commenced with a view to expand and complement the previously reported mineralization and push the targets toward resource development drilling. The follow up programs will be accompanied by discovery drilling at the Lando prospect.  These RC and diamond drill programs are expected to be completed before the wet season onset in July.

Airborne magnetic/radiometric survey permitting is now complete with processed data and initial interpretations expected in mid-June – this helicopter borne survey covered the entire permit at a 100m line spacing.  Additionally, a ground gravity survey has commenced this quarter, this survey is planned on a 400m grid spacing and is planned to cover the entire permit. The gravity survey will initially be focused on the known prospects (Sceptre, Charger, Lando) and then expand to cover the entire permit. Detailed geophysics will aid the company in understanding the structural architecture and assist in drill and exploration planning.

*Rock chip sampling is selective and not necessarily representative of the overall grade of mineralization for this prospect.

Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia Ltd. an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company’s field camps and put into sealed bags until collected by Intertek from the Company’s secure Odienné office and transported by Intertek to their 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 1 stream to Intertek Ghana for Fire Ass and a second to Australia where the sample 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.

Significant intervals reported in this news release are calculated downhole length weighted intercepts. For the Sceptre Target broad Mineralized intervals are calculated using a 0.05%Cu lower cut grade and 10m of internal included intervals are calculated using a combination of 0.1%Cu and 0.15g/t Au with 10m and 5m of internal waste respectively. For the Charger Target initial intervals are calculated at a 0.2g/t interval including 3m of internal waste. Included intervals are at a 5g/t Au cut off with no waste.  True widths are unknown as all reported intervals are from RC drilling with a limited number of holes for each prospect.

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

AWALE RESOURCES LIMITED                                                                     

“Andrew Chubb”                                                                                                             

Andrew Chubb, CEO                                                                                      

Awalé is a diligent and systematic mineral exploration company focused on the discovery of 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 (the “Newmont JV“) covering 1 permit and 1 application within the greater the Odienné 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 that follow the same geochemical fingerprint as Iron Oxide Copper Gold (“IOCG“) and intrusive related targets. The 400km² of granted tenure and 400km² under application remains underexplored and offers significant upside potential. The Newmont JV forms a solid foundation for the Company to continue exploring in a pro-mining jurisdiction that offers significant potential for district scale discoveries.

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, 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.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance and that actual results may differ materially from those in forward-looking statements as a result of various factors, including the potential inability to obtain required regulatory approvals and satisfy other applicable closing conditions; possible adverse impacts due the global outbreak of COVID-19; the Company’s inability to generate sufficient cash flow or raise sufficient additional financing requirements; volatility in metals prices; the ability of the Company to retain its key management employees and skilled and experienced personnel; conflicts of interest; litigation or other administrative proceedings brought against the Company; actual or alleged breaches of governance processes or instances of fraud, bribery or corruption; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and Suriname ; equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability to obtain and maintain necessary permits, including environmental authorizations and water use licences; extreme competition in the mineral exploration industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations or failures to comply with the terms of such permits; risks of doing business in Suriname , including but not limited to, labour, economic and political instability and potential changes to and failures to comply with legislation; the Company’s common shares may be delisted from the TSX Venture Exchange if it cannot maintain compliance with the applicable listing requirements; and other risk factors described other filings with Canadian securities regulators, which may be viewed at www.sedar.com . Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether because of new information, future events or results or otherwise.

NEITHER 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.

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SOURCE Awale Resources