Awalé Announces New Gold Discovery on the Odienné Project
Awalé Announces New Gold Discovery on the Odienné Project
Vancouver, Canada Jan 11 2023 – Awalé Resources Limited (“Awalé” or the “Company”) (TSXV: ARIC) is
pleased to announce a new gold-copper discovery at the BBM Target within the Odienné Project in Côte
d'Ivoire. BBM is a significant new greenfield discovery for the Company and has excellent scope for rapid
expansion. In addition to the new discovery, further significant results with visible gold have been
returned for the Charger Target and new mineralization from the first two scout holes at the Lando Target,
which lies 10km NW of the new BBM discovery and is associated with the same mineralized corridor
(Figures 1 and 2).
BBM Discovery Highlights
• Hole OEDD-59: 44m at 1.1 g/t Au and 0.2% Cu
o Including 32m @ 1.5 g/t Au, 0.3 % Cu and 1.1 g/t Ag (2.12 g/t Au Equivalent) from 68m
o 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
o Including 2m at 5.8 g/t Au, 0.5% Cu and 2.3 g/t Ag.
Four holes for 644m were drilled at BBM on three sections covering a 910m strike of one of the higher
tenor Au/Cu geochemical anomalies within an open 8km long geochemical +20ppb gold in termitaria
trend. All holes intercepted mineralization (Figure s 3 and 4). The broad gold and copper mineralization
and alteration are controlled by a shear zone that is proximal to an intrusive/sedimentary contact that
can be followed along strike for rapid expansion in future drilling.
Charger Highlights
• 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
o 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
The final six holes for 940m at Charger (Figures 5 and 6) were drilled to follow up on previously reported
mineralization and to identify and validate a remodeled structural framework for gold mineralization at
this target. This new model opens volume potential at Charger . Hole OEDD-53 confirmed the down dip
continuity of breccia mineralization, while the mineralization reported for OEDD -52 is significant as it
proves the presence of NE trending mineralization independent of the previously targeted NW
orientations. This NE trend as a significant fluid pathway opens the scope for more high-grade
mineralization at Charger. Newly planned drilling now underway will test this revised framework.
LINK TO FIGURES
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Andrew Chubb, CEO of Awale Resources commented today:
“The BBM discovery is a significant milestone for Awalé – BBM is a blind greenfield discovery with no
previous exploration and has been developed by Awalé from start to finish, and is a credit to the team and
the exploration methods we have developed for the project. We see huge potential to rapidly advance this
target with its 8km of current strike potential. Now that we have clearly delineated this major domain
boundary, we can potentially find new targets between BBM and Lando while we continue to develop
these targets. Initial drilling at Lando is encouraging and warrants further systematic drilling at this target.
Further to this , the final holes drilled at Charger have opened a new mineralized orientation now being
targeted in the current drill program, launched just before Christmas.
These results cap off a year of significant milestone achievements for Awalé where we have now made 3
significant discoveries on the Odienné project in 2023 – bringing us to 4 discoveries in total , a massive
achievement for the Awalé team . Beyond this, we have also made important changes at the board and
management level and brought a significant recapitalization of the company through Orecap taking a 15%
stake and Newmont recent increasing theirs to 15.45% , all setting the company on a strong path for
growth in 2024."
Geological Background
Lando – Shallow mineralization intercepted in the first two scout holes at Lando is highly encouraging.
Lando is 10km NW of BBM, and n ear surface Cu-Au-Ag mineralization of a similar style was intercepted
along the same structural corridor (Figure 2). Table 2 below shows the significant intercepts from these
two drill holes. Further drilling is planned at Lando as the initial program here was cut short by the 2023
wet season.
The two maiden drill holes were completed for 249m, targeting a significant NNW trending 4km long by
1.5km wide gold and copper soil geochemical footprint with point highs of 921ppb Au and 0.2% Cu, which
aligned with coincident Induced Polarization anomalies (see Company news releases dated August 23
2022 and November 28 2022 ). These holes targeted surface rock chip sampling and artisanal gold
workings consisting of quartz breccias with iron oxide fill (rock chip samples up to 4.8 g/t Au)*. Host rocks
are basalts exhibiting high strain and altered to chlorite, silica, epidote with disseminated sulphide and
stringer veining up to 3.0 g/t Au *. Drilling intercepted significant sulphide mineralization with pyrite,
chalcopyrite and molybdenite, the quartz breccias seen in surface artisanal workings were not intercepted
(Figure 5). Significant Cu +/- Au mineralization was intercepted.
Table 1: Lando Significant Intercepts
Hole ID
From
(m)
To
(m)
Length
(m)
Hole Depth
(m)
Au
(g/t)
Ag
(g/t) Cu %
Mo
(ppm) Easting Northing RL Azimuth
OEDD0046 21.8 47 25.2 130 0.167 1.406 0.13 63 648,725 1,052,489 557 40
OEDD0047 0 66 66 119 0.129 2.176 0.25 113 648717 1052584 540 50
* Rock chip sampling is selective and not necessarily representative of the overall grade of mineralization for these prospects. Significant
intercepts for Lando were calculated using a 500ppm Cu trigger value.
BBM – The BBM target is on a secondary structure parallel to a major domain boundary or 'belt basin
margin' (Figure 2). Silica alteration and sulphide mineralization w ere observed in all holes with in a
significant shear zone at an intrusive/sedimentary contact. The shear occurs at a contact between
intrusive and sedimentary rocks, with granodiorite in the hanging wall and siltstones and mudstones in
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the footwall, strain intensity increases significantly as the drill holes progressed toward this targeted
contact. Sulphides observed include pyrite, pyrrhotite, chalcopyrite and molybdenite. Pyrrhotite
development appears to be dominantly manifest in the hanging wall and footwall of the main mineralized
zones. Further to this infill and extension, geochemistry was completed at BBM and extended the >22ppb
Au in termitaria footprint to 8km. Hematite alteration of K feldspar has also been observed in potassic
alteration zones, consistent with other mineralization at Odienné. The strong silica alteration appears to
overprint this phase in these initial holes. True widths of mineralization are at least 30m in hole OEDD-59.
Future drilling is designed to delineate the higher-grade shoots that are expected to occur within this
structurally controlled mineralization.
Table 2: Significant intercepts for all drilling at BBM
Hole ID
From
(m) To (m)
Length
(m)
Hole
Depth
(m)
Au
(g/t)
Ag
(g/t) Cu %
Mo
(ppm)
Au
Eq.* Easting Northing RL Azimuth
OEDD0059 59 103 44.0 179 1.2 0.9 0.21 232 1.7 656,099 1,047,971 454 36
Including 59.00 64.00 5.0 1 0.1 0.02 22.2 1.0
Including 68.00 100.00 32.0 1.5 1.1 0.31 297.0 2.1
Including 77.00 80.00 3.0 5.2 1.5 0.34 395.9 6.0
OEDD0060 58.21 62.85 4.6 122 0.5 0.6 0.17 130.8 0.9 656,370 1,047,683 464 45
OEDD0061 1.50 3.00 1.5 155 0.7 2.9 0.03 6.4 0.7 655,630 1,048,206 455 25
OEDD0061 25.00 75.90 50.9 0.5 1.5 0.27 16.2 0.9
OEDD0061 116.00 117.10 1.1 2 0.7 0.04 1.7 2.0
OEDD0062 134.70 152.90 18.2 188 0.6 0.6 0.17 193.9 1.0 656,075 1,047,938 453 37
OEDD0062 156.75 175.00 18.2 1.8 1.3 0.31 214.8 2.4
Including 168.75 170.75 2.0 5.8 2.3 0.48 334.3 6.7
* Au Equivalent g/t calculated using following prices: Au of US$1,810/oz, Cu of US$ 3.53/lb, Ag of US$20.1/oz and Mo of
US$40,000/t (average closing price since 2019). Using the following formula : Au+0.000134Cu+0.011Ag+0.0008Mo. Significant
intercepts in the table above are calculated with a 0.5 g/t Au trigger and included 3m of internal waste – with the exception of
the broader 44m interval reported for OEDD -59 which uses a 0.2 g/t trigger but carries >0.5 g/t as an included interval with 3m
waste. Au and Ag rounded to two significant figures, copper to three.
Charger Target
Results have been returned for all 11 drill holes at Charger for 1715.5m of drilling. Drilling was planned as
follow-up to previously reported drill holes, OERC-89 and OERC-132. Previous announcements discussed
two particular follow-up holes (see Company news release dated 21 August 2023) OEDD-44 and OEDD-
45, which intercepted visible gold and hole OEDD-45 returned 65m of downhole mineralization , which
included 12m at 4.9 g/t Au, 12m at 1.3 g/t Au and 21m at 1.3 g/t Au. Hole OEDD-53 reported in this release
has intercepted visible gold and 32m at 1.5 g/t gold, the same breccias as OEDD-45, confirming down dip
continuity of this mineralization. The previous drilling has targeted intrusive -hosted sulphide
mineralization underlying gossans and new artisanal workings – this mineralization has now been
confirmed in two lodes. Importantly this phase of drilling began to target a new potentially mineralized
orientation oblique to the WNW trends. OEDD-52 targeted one of the larger interpreted structures with
this orientation and intercepted a mineralized sheared diorite at the contact with overlying volcanics –
this hole has returned 4m at 1.1 g/t Au and is particularly significant showing that this NE orientation is
mineralized. This new orientation and the potential of confluence between the NE and WNW trends are
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being tested in the current drilling (see Company news release dated 27 December 2023). A full table of
significant intercepts is included below.
Hole ID From (m) To (m)
Length
(m)
Hole
Depth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(ppm)
Mo
(ppm) Easting Northing RL Azi.
OEDD0038 50.00 54.00 4.00 57 1.12 0.48 173.8 5.4 647790.9 1032306 468 292
OEDD0040 40.00 41.00 1.00 135 0.81 0.00 0.0 0.0 647754.9 1032249 472 18
OEDD0044 0.00 8.00 8.00 233 0.4 0.5 208 3.3 647620.6 1032081 473 13
OEDD0044 103.00 104.00 1.00 1.67 0.69 145.5 1.4
OEDD0044 109.00 110.00 1.00 0.65 0.77 129.8 1.4
OEDD0044 170.00 176.00 6.00 0.52 1.01 186.6 1.4
OEDD0044 183.00 187.35 4.35 2.15 0.60 92.1 1.6
OEDD0044 194.00 195.00 1.00 0.94 0.37 45.8 4.5
OEDD0044 205.00 207.00 2.00 2.03 0.47 74.9 1.8
OEDD0045 89.00 101.00 12.00 212 4.93 0.36 61.2 1.7 647686.2 1032183 476 13
Including 89.00 97.50 8.50 5.50 0.30 58.6 1.5
and 99.00 100.00 1.00 6.02 0.60 58.9 1.9
OEDD0045 116.00 127.00 11.00 1.50 0.83 388.4 1.5
OEDD0045 133.00 154.00 21.00 1.32 1.13 427.9 1.4
OEDD0045 211.00 212.00 1.00 0.92 0.11 69.1 2.9
OEDD0048 62.00 63.00 1.00 98 0.75 0.23 81.2 1.4 647630.8 1032247 477 13
OEDD0049 57.00 59.00 2.00 80 1.98 0.35 213.5 2.5 647551.7 1032204 478 17
OEDD0050 212.29 215.50 3.21 233 0.56 1.92 988.5 1.4 647529.9 1032126 476 16
OEDD0051 13.00 14.00 1.00 95 0.67 0.59 196.7 4.5 647828 1032255 470 13
OEDD0051 23.75 26.00 2.25 0.56 0.67 310.6 52.1
OEDD0052 39.00 43.12 4.12 152 1.10 0.74 83.4 1.0 647677.8 1032407 479 155
OEDD0052 72.00 76.00 4.00 1.07 0.23 84.2 1.4
OEDD0053 136.50 137.50 1.00 278 0.52 0.27 88.4 2.2 647641.6 1032139 475 13
OEDD0053 168.50 173.50 5.00 0.88 0.55 212.5 1.5
OEDD0053 188.50 189.50 1.00 2.18 0.30 94.6 1.3
OEDD0053 215.50 252.50 37.00 1.42 0.55 167.3 1.3
Including 244.50 248.50 4.00 5.14 0.61 116.5 1.4
OEDD0053 266.50 267.50 1.00 0.75 0.49 318.4 1.3
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OERC0081 24.00 25.00 1.00 64 0.56 0.00 0.0 0.0 647755.2 1032147 471 292
OERC0081 31.00 32.00 1.00 0.52 0.00 0.0 0.0
OERC0082 15.00 18.00 3.00 72 0.53 0.00 0.0 0.0 647726.9 1032158 472 292
OERC0082 69.00 72.00 3.00 0.52 0.00 0.0 0.0
OERC0083 0.00 1.00 1.00 56 0.58 0.00 0.0 0.0 647694.8 1032172 473 293
OERC0084 26.00 27.00 1.00 72 0.82 0.00 0.0 0.0 647666.8 1032183 474 293
OERC0084 39.00 41.00 2.00 0.75 0.00 0.0 0.0
OERC0084 61.00 62.00 1.00 0.83 0.00 0.0 0.0
OERC0086 6.00 7.00 1.00 60 1.57 0.00 0.0 0.0 647607.3 1032208 476 293
OERC0087 33.00 37.00 4.00 60 0.63 0.00 0.0 0.0 647579.1 1032219 477 293
OERC0087 45.00 47.00 2.00 1.30 0.00 0.0 0.0
OERC0087 53.00 54.00 1.00 0.72 0.00 0.0 0.0
OERC0088 42.00 43.00 1.00 66 2.46 0.00 0.0 0.0 647732.3 1032329 471 292
OERC0089 2.00 3.00 1.00 60 1.12 0.00 0.0 0.0 647789.5 1032304 468 292
OERC0089 14.00 34.00 20.00 2.73 17.61 767.2 4.3
Including 14.00 18.00 4.00 5.89 8.00 560.7 1.9
and 28.00 33.00 5.00 5.53 59.33 2358.9 6.1
OERC0089 38.00 39.00 1.00 0.93 0.00 0.0 0.0
OERC0089 50.00 51.00 1.00 2.28 0.00 0.0 0.0
OERC0091 4.00 18.00 14.00 120 0.83 0.00 0.0 0.0 647844.6 1032281 467 292
OERC0092 63.00 64.00 1.00 75 0.61 0.00 0.0 0.0 647667.3 1032357 476 112
OERC0094 0.00 2.00 2.00 60 0.66 0.00 0.0 0.0 647526.1 1032069 473 292
OERC0095 0.00 4.00 4.00 70 0.61 0.00 0.0 0.0 647554.3 1032058 472 292
OERC0096 0.00 4.00 4.00 69 0.58 0.00 0.0 0.0 647582.2 1032047 472 292
OERC0096 17.00 18.00 1.00 2.07 0.00 0.0 0.0
OERC0097 0.00 3.00 3.00 70 0.61 0.00 0.0 0.0 647610.1 1032036 471 292
OERC0098 0.00 1.00 1.00 61 0.67 0.00 0.0 0.0 647637.9 1032025 470 292
OERC0116 22.00 23.00 1.00 80 0.52 0.00 0.0 0.0 647851.5 1032401 474 180
OERC0116 47.00 48.00 1.00 2.35 0.00 0.0 0.0
OERC0123 3.00 4.00 1.00 84 0.69 0.00 0.0 0.0 647881.5 1032266 466 292
OERC0123 63.00 65.00 2.00 0.95 0.00 0.0 0.0
OERC0124 51.00 54.00 3.00 100 0.59 0.00 0.0 0.0 647780.9 1032340 469 198
OERC0131 3.00 12.00 9.00 62 0.83 1.79 480.6 1.2 647705.5 1032259 473 15
6
OERC0131 18.00 21.00 3.00 0.68 11.59 2603.2 2.2
OERC0131 23.00 25.00 2.00 0.56 3.49 636.8 1.8
OERC0131 31.00 34.00 3.00 0.81 13.05 196.7 2.2
OERC0131 36.00 43.00 7.00 0.51 8.88 215.5 1.9
OERC0131 44.00 49.00 5.00 0.52 5.58 154.5 2.2
OERC0132 65.00 66.00 1.00 138 0.88 0.25 69.3 2.0 647695.7 1032221 473 15
OERC0132 74.00 106.00 32.00 2.95 6.60 1714.6 2.5
Including 74.00 83.00 9.00 6.55 17.40 4000.6 3.4
OERC0132 114.00 115.00 1.00 1.62 0.14 96.8 6.2
OERC0143 68.00 71.00 3.00 112 2.99 0.69 129.4 5.2 647640.5 1032140 475 15
Including 69.00 70.00 1.00 8.18 1.18 191.5 3.8
OERC0143 80.00 83.00 3.00 0.97 0.44 194.3 3.5
OERC0144* 8.00 12.00 4.00 102 0.57 0.78 151.0 0.4 647626 1032080 473 15
OERC0144 99.00 101.00 2.00 0.55 1.00 105.6 13.3
OERC0145 0.00 1.00 1.00 120 1.17 0.28 181.9 6.4 647748.5 1032196 473 15
* Hole not drilled to depth, redrilled from surface with OEDD-44
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 fu ture 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 400km 2 of granted tenure and 400km 2 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
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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
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 Limited website at
www.awaleresources.com, or contact Andrew Chubb CEO (+356) 99139117,
Forward-Looking Information
8
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 Compa ny 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.