Awalé Resources Recommences Drilling at the Odienné Copper Gold Project.
Awalé Resources Recommences Drilling at the Odienné Copper Gold Project.
Vancouver, BC, Canada June 6th, 2023 – Awalé Resources Limited (“Awalé” or the “Company”) (TSXV:
ARIC) is pleased to announce it has commenced a 2500 metre RC and diamond drill program at its Odienné
Project in Cote d’Ivoire.
This program will follow-up on recent discoveries at the Charger and Sceptre East Targets, where
significant intrusion related gold-copper mineralisation has been intersected (see Company News Release
dated March 29th 2023 ). The Company also expects to undertake maiden dril ling into the much
anticipated Lando and Sceptre Main Targets (see Company News Release dated Nov 28 th 2022, and 13 th
Jan 2022 ). Additionally, the company completed a permit wide detailed airborne magnetic and
radiometric survey last week, with processed data expected in mid-June.
The Odienné JV is a Joint Venture fully funded by Newmont Corporation (“Newmont”) with a 3 million
USD budget allocation for 2023.
“The Charger and Sceptre targets are truly exciting new discoveries with significant resource potential.
This program will see the first diamond core on these prospects as we begin to test their depth and scale
to deliver both high grades and volume in what is now an emerging Mineralized district in Cote d’Ivoire.
As we advance the Sceptre and Charger discoveries toward resource development, we are equally excited
to be drilling the first holes at Lando where a 4km long up to 2.5 km wide copper-gold geochemistry
footprint that neatly aligns with induced polarized geophysics. Further to this rock chip samples* from the
prospect returned grades of up to 4.8 grams per tonne (“g/t”) gold. Lando presents as a high-order drill
target where the team has systematically advance the prospect to drill ready status. We are enthusiastic
about the potential of Lando to deliver a fourth discovery at the Odienné Project", said Andrew Chubb,
Awalé's Chief Executive Officer.
Highlights from the Charger and Sceptre East Targets to be drilled in this program include the following,
CHARGER TARGET – High Grade Gold - Silver - Copper Target
Two drill holes targeted intrusive-hosted sulfide mineralization underlying previously untested gossans
and new artisanal workings. Highlights include:
Hole From (m) to (m) Width (m) Au (g/t) Ag (g/t) Cu (%)
OERC-132 74 106 32 3 6.6 0.17
Including 78 82 4 12.4 30 0.7
SCEPTRE EAST TARGET – New Discovery - Large Porphyry/Intrusion Related Gold-Copper Target
Initial scout drilling at Sceptre East focused on an approximately 1km long section of a multi-kilometer
combined ground geophysical (Induced Polarization, or IP) and soil ‘Cu-Au anomaly’. Over 500m x 300m
of open mineralization has been identified at Sceptre east, with all drill holes ending in mineralization.
2
Hole From (m) to (m) Width (m) Cu Eq.* Au (g/t) Cu (%) Ag (g/t) Mo (ppm)
OERC-128 6 126 (EOH) 120 0.29 0.14 0.13 1.5 82
Including 39 52 13 0.43 0.3 0.12 1.6 146
and 78 126 48 0.36 0.11 0.21 2.2 102
OERC-129 11 132 (EOH) 121 0.42 0.21 0.18 2.4 136
Including 30 50 20 0.46 0.3 0.13 1.7 183
and 72 94 22 0.93 0.5 0.43 6.6 171
OERC-130 5 138 (EOH) 133 0.43 0.15 0.13 1.6 312
Including 14 52 38 0.46 0.21 0.13 1.7 284
and 62 90 28 0.48 0.21 0.14 1.9 296.1
* Calculated using Following Prices Au-1737/Oz, Cu 3.6/lb, Ag 21/Oz and Mo 40,000/ tonne (average closing price since 2019)
Using the following formula - Cu+0.7Au+0.0087Ag+0.0006Mo
The Sceptre Main and Sceptre West targets, within an adjacent 3km long soil Cu-Au anomaly, was not
tested during this scout drill program.
The Odienné JV
The Odienné project JV 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 pr oject in return for USD 15M of exploration
expenditures. Newmont is funding the exploration program at Odienné and Awalé is managing the project
in the initial three-year phase. The JV budget from Newmont for 2023 is USD 3M.
Next Steps
At Sceptre, IP surveys are currently being extended across the entire Sceptre Target area, which will
include pole – dipole sections as well as gradient array. Trenches are also being opened along the thr ee
mineralized drill sections at Sceptre (649275E, 649 575E and 649775E). Follow up drilling has now
commenced with a view to expand and complement the previously reported mineralization and push the
targets toward resource development drilling. The follow up programs will be accompanied by discovery
drilling at the Lando prospect. These RC and diamond drill programs are expected to be completed before
the wet season onset in July.
Airborne magnetic/radiometric survey permitting is now complete with processed data and initial
interpretations expected in mid-June – this helicopter borne survey covered the entire permit at a 100m
line spacing. Additionally, a ground gravity survey has commenced this quarter, this survey is planned on
a 400m grid spacing and is planned to cover the entire permit. The gravity survey will initially be focused
on the known prospects (Sceptre, Charger, Lando) an d then expand to cover the entire permit. Detailed
geophysics will aid the company in understanding th e structural architecture and assist in drill and
exploration planning.
*Rock chip sampling is selective and not necessarily representative of the overall grade of mineralizat ion for this
prospect.
Quality Control and Assurance
Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Gha na
and Australia Ltd. an ISO 17025 (2017) Certified La boratory. Samples are stored at the Company’s field
3
camps and put into sealed bags until collected by Intertek from the Company’s secure Odienné office and
transported by Intertek to their preparation labora tory 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 1 stream to Intertek Ghana for Fire Ass
and a second to Australia where the sample analysed by 52 element ICP/MS with an Aqua Regia digest.
Blanks, duplicates, and certified reference materia l (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 Sceptre Target broad Mineralized intervals are calculated using a 0.05%Cu lower cut grade and
10m of internal included intervals are calculated using a combination of 0.1%Cu and 0.15g/t Au with 10m
and 5m of internal waste respectively. For the Char ger Target initial intervals are calculated at a 0. 2g/t
interval including 3m of internal waste. Included i ntervals are at a 5g/t Au cut off with no waste. T rue
widths are unknown as all reported intervals are from RC drilling with a limited number of holes for each
prospect.
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 Geologis ts
(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.
About Awalé Resources
Awalé is a diligent and systematic mineral explorat ion company focused on the discovery of large high-
grade gold and copper-gold deposits. The Company cu rrently 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 (the " Newmont JV ") covering 1 permit and 1 application within the
greater the Odienné Project in the Northwest of Côt e 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 that follow the same ge ochemical fingerprint as Iron Oxide Copper Gold
(" IOCG ") and intrusive related targets. The 400km 2 of granted tenure and 400km 2 under application
4
remains underexplored and offers significant upside potential. The Newmont JV forms a solid foundation
for the Company to continue exploring in a pro-mini ng jurisdiction that offers significant potential f or
district scale discoveries.
Forward-Looking Information
This press release contains forward-looking informa tion 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 limit ed
to statements regarding, the Company's presence in Cote d’Ivoire and ability to achieve results, creat ion
of value for Company shareholders, achievements und er the Newmont JV, planned drilling,
commencement of operations. Although the Company be lieves any forward-looking statements in this
press release are reasonable, it can give no assura nce that the expectations and assumptions in such
statements will prove to be correct.
The Company cautions investors that any forward-looking statements by the Company are not guarantees
of future results or performance and that actual results may differ materially from those in forward-looking
statements as a result of various factors, includin g the potential inability to obtain required regula tory
approvals and satisfy other applicable closing conditions; possible adverse impacts due the global outbreak
of COVID-19; the Company's inability to generate su fficient cash flow or raise sufficient additional
financing requirements; volatility in metals prices; the ability of the Company to retain its key management
employees and skilled and experienced personnel; co nflicts of interest; litigation or other administra tive
proceedings brought against the Company; actual or alleged breaches of governance processes or
instances of fraud, bribery or corruption; explorat ion, development and mining risks and the inherentl y
dangerous nature of the mining industry, and the ri sk of inadequate insurance or inability to obtain
insurance to cover these risks and other risks and uncertainties; property and mineral title risks including
defective title to mineral claims or property; chan ges in national and local government legislation,
taxation, controls, regulations and political or ec onomic developments in Canada and Suriname ;
equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure
for its mineral properties; environmental regulatio ns and the ability to obtain and maintain necessary
permits, including environmental authorizations and water use licences; extreme competition in the
mineral exploration industry; delays in obtaining, or a failure to obtain, permits necessary for curre nt or
future operations or failures to comply with the terms of such permits; risks of doing business in Suriname
, including but not limited to, labour, economic an d political instability and potential changes to an d
failures to comply with legislation; the Company's common shares may be delisted from the TSX Venture
Exchange if it cannot maintain compliance with the applicable listing requirements; and other risk factors
described other filings with Canadian securities regulators, which may be viewed at www.sedar.com . Any
forward-looking statement speaks only as of the date on which it is made and, except as may be required
by applicable securities laws, the Company disclaim s any intent or obligation to update any forward-
looking statement, whether because of new information, future events or results or otherwise.
Cautionary Statement
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED
IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPT S RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.