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Awalé Hits Multiple Shallow High-Grade Intercepts, Including 2.4 g/t AuEq over 75 Meters at the Odienné Project

18.03.2024  |  Newsfile

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

Vancouver, March 18, 2024 - Awalé Resources Ltd.. (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

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.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


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