Awalé Resources Ltd. Defines New 2 Kilometer Gold in Soil Anomalies at the Yanti Prospect, Bondoukou Project

VANCOUVER, Nov. 8, 2018 - Awalé Resources Limited ("Awalé" or the "Company") (TSXV: ARIC) is pleased to announce extensive gold in soil anomalies identified at the Yanti prospect within the Bondoukou project in northeast Côte d'Ivoire. The target area was identified from an initial stream sediment sampling and reconnaissance mapping programs where rock chip sampling in abandoned artisanal mine sites returned gold values of up to 25.7 grams per tonne*.

Sampling was completed on a 200x50 metre grid with 400 metre spaced extension lines. In all 1229 samples were collected and analysed for gold, a handheld XRF was used for multielement geochemistry. A broad zone 2km x 1km zone of >20ppb of anomalism was defined by the program with a peak value of 2.8 grams per tonne gold* (figure 2). The anomalism both extends and connects the artisanal mining locations where cover is either shallow or non-existent, outside this central zone geology becomes dominated by transported lateritic material that may mask any soil anomalism. Work will continue on the prospect with auger drilling to penetrate the cover sequence as well as detailed mapping and infill sampling for drill targeting and planning.

View link for attached Figures:
http://www.awaleresources.com/_resources/maps/Yanti__soil__anomaly_figures.pdf


CEO Glen Parsons commented today:

"The Bondoukou project is fast developing into a highly prospective gold play with leveraged potential to produce multiple gold deposits at the Bondoukou gold camp.

Work completed to date at Bondoukou continues to produce exciting results with new gold anomalies being discovered. These gold anomalies as well as the recent drilling results at Fako and Casino highlight multiple zones of gold mineralization along 80 km of mineralized structural trends and over the three granted Bondoukou permits. These recent results from the Yanti Prospect, 40km to the north of the mineralized Awari Shear Zone confirm this.

Planned works in the 4th quarter and early 2019 will better define these anomalies for ultimate drill testing in the new year.

Encouragingly this work continues to highlight the efficacy of the company's systematic and active approach to exploration, which we believe will culminate in high grade economic discoveries."

* Descriptive Statistics for Rock and Soil Samples at the Yanti Prospect in parts per billion, rock chip samples are selected samples and are not necessarily representative of the mineralization hosted on the property

                 Rock Samples   Soil Samples
Mean                   889.19          14.72
Median                      9              8
Minimum                     0              0
Maximum                25,700          2,874
Range                  25,700          2,874
Number of Samples          77          1,208

Background on Bondoukou

The Yanti soil anomaly trends northwest but contains internal north to northeast orientations reflecting the broader geological framework that has been proposed for the greater Bondoukou project area. The Bondoukou project is characterised by early pre or eo-Eburnean northwest structures overprinted north to northeast trending structures of the Eburnean orogeny. This protracted tectonic history has developed multiphase deformation and mineralisation throughout the project area which continues to be revealed with ongoing exploration at the project.

This relationship between earlier structures being overprinted by the Eburnean orogeny has been highlighted in recent exploration (auger, RC and diamond drilling) along the northwest trending Awari Shear (See releases 02 Feb. and 08 Aug. 2018). The Yanti prospect displays similar structural relationships some 40 kilometres to the north of the Awari Shear. This framework is interpreted in the aerial magnetic surveys over the Yanti Prospect and is now reflected in this soil survey, the company is targeting zones where the north to northeast trending Eburnean structures cross cut the older northeast structures, these targets may also be associated with late intrusions which play a role in numerous gold deposits in west Africa. This geological framework has similarities with the Essakane and Mana gold camps in Burkina Faso, as well as Ity and Tongon in Côte d'Ivoire. The company is excited about ongoing exploration on the project and looks forward to economic discoveries at Bondoukou.

The local geology of the prospect is dominated by metamorphosed sediments and volcanosediments which range to highly sheared in the artisanal mining areas, workings trend roughly north-south to south west with shallow dips to the west, tourmaline bearing quartz veins have been observed in the workings (table 1 contains greater than 5 grams per tonne gold rock samples from these veins).


Table 1: Selected Rock chip samples greater than 5 grams per tonne gold, Yanti Prospect.

East        North    RL   Lithology   Au (grams/tonne)
545,303   962,590   297      Quartz       7.62
545,608   962,106   289      Quartz       8.31
545,758   961,945   289      Quartz      16.25
547,492   961,580   252      Quartz       25.7

*Rock chip samples are selected samples and are not necessarily representative of the mineralization hosted on the property.


Quality Control and Assurance

Analytical work for geochemical samples and rock chip samples is being carried out at the independent ALS Laboratories Canada Ltd. an ISO 17025 (2005) Certified Laboratory. Samples are stored at the company's field camps and put into sealed bags until delivered by the company to the ALS preparation laboratory in Yamoussoukro, Côte d'Ivoire, where samples are prepared for shipping to Canada. Samples are logged in the tracking system, weighed, dried and finely crushed to better than 70%, passing a 2 mm screen. A split of up to 1,000 g is taken and pulverized to better than 85%, passing a 75-micron screen, and a 50-gram split is analyzed by fire assay or Aqua Regia with an AA finish. Blanks, duplicates and certified reference material (standards) are being used to monitor laboratory performance during the analysis.


ON BEHALF OF THE BOARD, AWALE RESOURCES LIMITED.

"Glen Parsons"
Glen Parsons, President and CEO



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 Operating Officer and holds a 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 17 years of experience in international minerals exploration and mining project evaluation.


Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward-looking information except as required by applicable law.


Cautionary Statement

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



For further information:

For additional information you are invited to visit the Awalé Resources Limited website at www.awaleresources.com, or contact Karen Davies, Head of Investor Relations at Tel: 604.314.6270