ARIC.V · 2022-09-07 12:00:00

Awalé Extends its Exploration Footprint in the Odienné District, Côte d’Ivoire

Corporate Updates

September 7,2022 - Vancouver, BC - Awalé Resources Limited (“Awalé” or the “Company”) (TSXV: ARIC)

is pleased to announce that as part of its first -mover advantage and strategy in northeast Côte d’Ivoire,

the Company has applied for a further 2 exploration permits located to the northwest of, and along trend

from, the Odienné Iron Oxide Copper Gold ("IOCG") Joint Venture (F igure 1). The Odienné Project is

subject to an earn in joint venture agreement (“JV”) with Newmont Ventures Limited (“Newmont”) ( see

Company News Release dated May 31, 2022)

Both new applications are 100% owned by Awalé and sit outside of the JV area (Figure 2) . The two

applications add a further 643.7 square kilometers (sq. km) of highly prospective but underexplored

ground to the current 1 ,092km2 of exploration applications and 725.6km2 of granted tenure in the

Odienné district (Table 1).

Link to figures: https://www.awaleresources.com/_resources/maps/2022-09-07-NewAppln-Figs.pdf

Table 1: List of Awalé Permits in the Odienné district.

Permit Type Permit Number Area – Square

Status

PR – 419 “Odienné

399.2 Newmont JV

Application PR – 904 “Odienné West” 399.5 Newmont JV

Turaco Option Granted Permit PR – 840 “Sienso” 326.4 Turaco Option

100% Awale

Resources

New Application Seydou 393.2 100% Awalé

New Application GB 250.5 100% Awalé

Application Samataguilla 396.5 100% Awalé

Application Tienko 296 100% Awalé

Company CEO Glen Parsons commented today:

“The Awalé team is extremely excited on the Odienné Project and district as a whole -

following our high- grade gold Empire Discovery, the Sceptre and Charger IOCG discoveries

and subsequent completion of the Odienné JV over part of this area. We have further

capitalised on our first mover advantage in the district with these two new 100% Awalé

owned permit applications. We are delighted to have been able to add a further 643 sq km

of tenure in what we think has great potential to be a new gold - copper producing district in

Côte d’Ivoire. These applications sit outside of the Odienné J V area with Newmont but

complement Awalé’s 100% owned permit focus in a district whi ch has a similar geological

setting. Awalé’s work to date on the Odienné Project has shown potential to host two primary

target styles for world-class discoveries: i) the gold -rich Empire corridor in the south and ii)

the recently defined Sceptre and Charger IOCG copper -gold targets which have the potential

for significant scale.”

The Odienné JV

The Odienné project 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 65% interest, from Awalé, in the project in return for USD 15M of exploration expenditures.

Newmont is sole funding the exploration program at Odienné during the earn in period.

Turaco Option Agreement

Awalé entered an option to purchase agreement with Turaco Gold Limited over the PR 840 “Sienso”

permit (Company News Release dated July 19 2022 ). Under the Agreement Awalé resources can take

100% of the permit through an initial option payment of 30% of the contract value with and option on the

remining 70% after the successful first renewal of the Permit in mid-2023.

Background on Odienné Project

Awalé Resources entered a exploration earn -in and joint venture agreement with th e Newmont

Corporation in May 2022 . The Odienné Project currently has two primary targets for world -class

discoveries: i) the gold -rich Empire corridor and ii) the recently defined Sceptre Iron Oxide Copper Gold

("IOCG") target, while the remaining 200 km 2 of granted tenure and 400 km 2 under application remains

underexplored and has significant IOCG potential – see recent release announcing the Lando Geochem

discovery (Company News Release dated 23rd August 2022). Based on the regional geological setting of

Odienné along with the soil/termitaria data from the Sceptre prospect, and the initial drill results from

the adjacent Charger prospect (see Company news releases dated 22 nd July 2021 and 13th Jan 2022 and

figure 2), the Company interprets the geological setting of the Odienné district to be comparable to that

of other significant IOCG provinces globally. IOCG deposits are significant contributors to global copper

and gold inventories, and the Company considers the Odienné project to contain significant potential for

the discovery of the first major IOCG deposit in west Africa.

Background on IOCG deposits and similarities to the Odienné district.

Precambrian IOCG provinces globally (e.g., Olympic Dam - Gawler Craton, Australia and Carajás -

Amazonian Craton, Brazil) are important sources of copper and gold, and are characterized by their

association with iron -oxides such as hematite and magnetite. These IOCG deposits formed during brief

episodes of extension that postdated accretion of Pal eoproterozoic terranes onto an Archean craton

nucleus (Hayward and Skirrow 2010, Porter 2010) Figures 4 and 5 depict the crustal setting of both the

provinces and Figure 6 includes Odienné location and as a comparison.

These periods of extension and miner alization in the Gawler craton were characterized by bimodal

volcanism and plutonism characterized by the Gawler range volcanics and the Hiltaba Suite plutons. The

Olympic dam province hosts Carapateena ( Proven and Probable Reserve 220 Mt at 1.1% Cu, 0.45g/t Au,

4.4 g/t Ag – Oz Minerals Mineral Reserves statement June 2020) and Prominent Hill (Proven and Probable

reserves of 62 Mt at 0.9% Cu, 0.6 g/t Au and 2.5 g/t Ag – Oz Minerals Resources and Reserves statement

June 2021) along with the giant Olympic Dam deposit (Proven and Probable Reserves of 448Mt @ 1.88%

Cu, 0.69 g/t Au, 4 g/t Ag, 0.57 kg/tonne U3O8– BHP Annual report 2021) – Olympic Dam has a current

projected mine life of some 43 years and has been operating since 1988*.

The Carajás IOCG province is developed on the NE margins of Southern Amazonian Craton, although older

than the Gawler has a similar setting is similar with accreted terranes, bimodal volcanism and plutonism

and similar age to the Leo-Man Craton in west Africa. The deposits are located within the east-southeast

trending 150 km long Itacaiúnas Shear Belt, which cuts obliquely across the bimodal, but mainly mafic to

intermediate volcanism which overlies the Mesoarchaean granitoid nucleus of the Amazonian craton

(Porter 2010). Combined, all the Carajás deposit have been estimated to contain combined resources of

>8 Gt @ 0.9 wt.% Cu and 0.2 g/t Au (Xavier et al., 2010)*.

Awalé has now adopted an IOCG model as the setting of the Odienné Project which consists of a suite of

volcanic and volcaniclastic rocks of basaltic to felsic composition that are synchronous or intruded by a

series of late plutons. The Odienné Project sits on the margins of an interpreted deep seated major crustal

structure where Paleoproterozoic rocks have accreted on to an Archean nucleus (Man Craton) that

extends from Côte d’Ivoire westward into Guinea for over 200km. Recent studies by Grenholm et. al.

(2019) show that a large igneous intrusive province has formed along this paleosuture zone, and this

province extends through Odienné.

The similarities in Odienné crustal setting to the Major Olympic Dam and Carajás IOCG provinces in

Australia and Brazil are convincing. The Sceptre and Sceptre East and Charger Prospects are associated

with a sequence of late bimodal intrusions likely coeval undeformed bimodal volcanic rocks along with

hematite breccia within magnetite altered diorite at the Charger prospe ct. When paired with the Cu Au

and Silver (Ag) mineralization and polymetallic zonation containing pathfinder elements typically

associated with IOCG systems (including bismuth, silver, molybdenum, and tungsten) all provides

compelling evidence for the comparison to the major global IOCG provinces.

*References made to mines and analogous deposits provide context to the prospectivity for the Odienné

Project but are not indicative that the Odienné Project host similar tonnages or grades of mineralization.

References

BHP Annual Report 2021, section 4.6 Resources and reserved pp 245, https://www.bhp.com/-

/media/documents/investors/annual-

reports/2021/210914_bhpannualreport2021.pdf?sc_lang=en&hash=15F0B58BC27ADFA860F0BE29B61E

199D

Grenholm, M, Jessell, M, Thébaud, N. A geodynamic model for the Paleoproterozoic (ca. 2.27–1.96 Ga)

Birimian Orogen of the southern West African Craton – Insights into an evolving accretionary-collisional

orogenic system, Earth-Science Reviews, Volume 192, 2019, Pages 138-193.

OZ Minerals Ltd, Mineral Resource and Reserve Statement and Explanatory notes, Prominent Hill, 30

June 2021. https://www.ozminerals.com/ArticleDocuments/362/20211116-

2021ProminentHillMineralsResourceAndOreReserveStatement-

ASXRelease.pdf.aspx?Embed=Y

OZ Minerals Ltd, Mineral Resource and Reserve Statement and Explanatory notes, Carapateeena, 30

June 2020.

https://www.ozminerals.com/ArticleDocuments/364/201116_ASX_Release_OZL_Carrapateena

_MROR_Final.pdf.aspx?Embed=Y

Porter, T.M., 2010 - Current Understanding of Iron Oxide Associated-Alkali Altered

Mineralised Systems: Part II, A Review; in Porter, T.M., (ed.), Hydrothermal Iron Oxide

Copper-Gold and Related Deposits: A Global Perspective, v. 3 - Advances in the

Understanding of IOCG Deposits; PGC Publishing, Adelaide, pp 33-106.

Xavier, R.P., Monteiro, L.V.S., Souza Filho, C.R., Torresi, I., Carvalho, E.R., Dreher, A.M.,

Wiedenbeck, M., Trumbull, R.B., Pestilho, A.L.S. and Moreto, C.P.N., 2010 - The Iron

Oxide Copper-Gold Deposits of the Carajás Mineral Province, Brazil: an Updated

and Critical Review; in Porter, T.M., (ed.), Hydrothermal Iron Oxide Copper-Gold and

Related Deposits: A Global Perspective, v. 3 - Advances in the Understanding of IOCG

Deposits; PGC Publishing, Adelaide, pp. 285-306.

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 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 more than 18 years of experience in international minerals exploration and mining

project evaluation.

ON BEHALF OF THE BOARD

AWALÉ RESOURCES LIMITED.

“Glen Parsons”

Glen Parsons, President and CEO

For additional information you are invited to visit the Awalé Resources Limited website at

www.Awaléresources.com, or contact Karen Davies, Head of Investor Relations at Tel: 604.314.6270

End

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 f orward-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

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