Awalé Resources Announces Completion of Drilling at the Odienné Project

Highlights:

• 21-hole, ~4,000 metre drill program that began in December is now complete, with preliminary assays expected in March
• Drilling at BBM, Charger and Lando intercepted significant widths of alteration and mineralization
• A new video is now published highlighting the impressions of this drill program

Vancouver, February 29, 2024 - Awalé Resources Ltd.. (TSXV: ARIC) (the "Company" or "Awalé") is pleased to announce that we have recently completed a 21 hole 3932m Diamond drill program that commenced in late December 2023. Initial assay results from drilling are expected in March, samples were batch sent to the laboratory during drilling and the BBM target will be reported first followed by Charger and Lando. The drilling at BBM, Charger and Lando has intercepted target alteration and mineralization and results are eagerly anticipated.

Awalé CEO, Andrew Chubb recently returned from a site visit to Cote d'Ivoire and had the following comments:

"I was very happy to be on site to congratulate the team on another well executed program at Odienné. We have intercepted significant widths of target geology at the BBM, Charger and Lando targets. I was great to see the reaction of the team when good geology and planning comes to fruition. We all eagerly await the first results from these three targets"

A video interview with Andrew Chubb on his Impressions of the drilling at the BBM and Charger targets is available here.

The drill program included infill and extension holes (14 holes for 2537 m) at the recently announced BBM discovery (See company News Release dated January 11 2023) where drilling has intercepted mineralization in multiple drill holes with similar alteration and sulfide mineralogy to the discovery holes. Highlights from the BBM discovery included the following:

BBM Discovery Highlights

• Hole OEDD-59: 44m at 1.1 g/t Au and 0.2% Cu
  • Including 32m @ 1.5 g/t Au, 0.3 % Cu and 1.1 g/t Ag (2.12 g/t Au Equivalent) from 68m
  • Including 3m @ 5.2 g/t Au, 0.3% Cu and 1.5 g/t Ag from 77m
• Hole OEDD-61: 51.9m @ 0.5 g/t Au, 0.27% Cu and 1.5 g/t Ag (0.9 g/t Au Equivalent) from 25m
• Hole OEDD-62 (50m step back from OEDD-59): 18.25m at 1.8 g/t Au, 0.3% Cu and 1.4 g/t Ag (2.4 g/t Au Equivalent) from 156m
  • Including 2m at 5.8 g/t Au, 0.5% Cu and 2.3 g/t Ag.

A further 4 holes for 699m were drilled at Charger, testing a new model for NE controls for the formation of the breccias hosting high grade mineralization at this target. The program has confirmed this theory and drill hole OEDD-83 has intercepted at least 65 downhole metres of the target breccia in an untested zone beneath the discovery hole (OERC-89, See Company News Release dated June 14 2021). Highlights from the January 11 news release for Charger included:

• Hole OEDD-53 (50m step back from previously reported OEDD-45): 32m @ 1.5g/t Au and 1.5 g/t Ag from 215m downhole
  • Including 3m @ 5.2g/t Au from 77m
• Hole OEDD-52: 4m at 1.1g/t Au from 39m and 4m at 1.1 g/t Au from 72m

Finally a further 3 scout holes were drilled at the Lando target for 697m these holes have also intercepted target geology on the 'western limb' of the 4km long gold/copper/molybdenum geochemical anomaly at this target.

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 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 Charger and BBM target initial intervals are calculated at a 0.3 g/t trigger and include 3m of internal waste but carry 0.5 g/t in included intervals. Included intervals are at 0.5, 1g/t and 5g/t trigger values.

Abbreviations Used in This Release

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

AWALE RESOURCES LIMITED

"Andrew Chubb"

Andrew Chubb, CEO

For additional information, you are invited to visit the Awalé Resources Ltd. 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/199843