Awalé Delineates a Fourth New 3.5km long Soil Copper Anomaly at the BBM Prospect, Odienné Joint Venture, Côte d’Ivoire
Awalé Delineates a Fourth New 3.5km long Soil Copper Anomaly at the BBM Prospect,
Odienné Joint Venture, Côte d’Ivoire
October 25, 2022 - Vancouver, BC - Awalé Resources Limited (“Awalé” or the “Company”) (TSXV: ARIC) is
pleased to provide the following update on ongoing exploration activities at the Odienn é gold-copper
project in C ôte d’Ivoire (Figures 1 and 2) . The Odienné Project is subject to an earn in joint venture
agreement (“JV”) with Newmont Ventures Limited (“Newmont”).
New soil and termitaria sampling at the BBM Prospect (Figure 3) , which is located approximately 13 km
northeast of the Sceptre target, has delineated a 3.5km long > 50ppm (80 th percentile) copper (“Cu”)
anomaly with a 2 km >104ppm Cu core (98 th percentile). The BBM copper anomaly has been defined
through pXRF analyses and is also associated with elevated values of both molybdenum and arsenic. The
BBM prospect sits adjacent and parallel to an interpreted belt-basin margin which is a typical setting for
gold mineralization in west Africa.
These latest results are indicative of a fourth significant copper target at the Odienné JV with similarities
to the nearby Sceptre, Charger and Lando targets (Figure 2). Total cumulative strike length of these four
Cu-Au anomalies now exceeds 13km. Both Sceptre and Charger are gold anomalous , with recent drilling
at Charger return ing high grade gold intercepts along with significant Cu values ( see Company News
Release dated 16th August 2022). The Company announced the commencement of ground geophysical
surveys over the Sceptre and Charger anomalies on Oct 13th, 2022.
The current work program is being funded by Newmont as part of an earn-in JV agreement through which
Newmont retains the option to earn-in to a minimum 65% interest, from Awalé, in the Odienné project in
return for the sole funding of USD 15M in exploration (see Company News Release dated May 31, 2022).
Awalé is the project manager for the initial 3-year phase.
View Attached Figures: https://www.awaleresources.com/_resources/images/2022-10-24-BBm-Figs-Final.pdf
Company CEO Glen Parsons commented today:
“The BBM target is yet another new and exciting Iron Oxide Copper Gold (“ICOG”) target with
encouraging copper grades and we await the gold and multi -element ICP results. The
footprint and geochemistry of the BBM prospect is consistent with the Sceptre, Charger and
Lando targets and the proposed IOCG setting at Odienné . Furthermore, the proximity to an
interpreted major basin margin structure is also favourable.
These new results from the BBM target in concert with the previously announced Lando,
Sceptre, Charger targets and Empire discovery confirm the significant scale of the mineralized
system at Odienne. This success is directly attributable to the team’s sound and systematic
exploration approach.
To date t he Odienne JV has dis covered orogenic gold mineralization in the Empire Corridor,
and four distinct large copper plus gold targets . The real potential and scale of Awalé’s
Odienne district focus and first mover advantage is only just being recognized (refer Figure 5).
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We are rapidly approaching the impending drill program at the Sceptre and Charger targets
in early December , which will commence o nce results from our ground geophysical surveys
are received.
We continue to focus on both new target potential and the existing target pipeline to meet
the JV objectives, as per our agreement with Newmont and we look forward to further positive
results. “
*Notes:
• A Handheld InnovX Vanta X-Ray Fluorescence Analyzer or pXRF was used for the analysis reported in
this release. pXRF analysis is considered indicative of metal grades. All samples reported air dried and
sieved to -80 mesh before analysis.
The BBM Prospect
The BBM (‘Belt Basin Margin’) prospect has a significant size and tenor copper geochemical footprint, like
Sceptre or Lando. The mineralization sits close to a high strain contact to the east which is interpreted by
company geologists to be a major domain boundary between volcanics and volcaniclastic rocks to the east
and deep-water sedimentary rocks to the west. Belt/Basin margins are considered highly prospective in
west Africa with several large gold camps located along and close to these boundaries. Approximately 500
samples collected from this pXRF anomaly have been sent for 52 element ICP and gold analysis . Results
are expected in 4 to 6 weeks. Based on observed geology and setting, both the Lando and BBM prospects
are expected to be gold anomalous along with the anomalous copper geochemistry reported in this
release.
Further to this, a 6km extension to th e BBM anomaly is now held by the Company through the recently
acquired Sienso permit from Turaco (see company news release dated July 19th 2022). The Sienso permit
has broad spaced - c.1km soil sample lines covering the permit area which were completed by Resolute in
2020 and 2021 (Figure 4).
Next Steps
The company is working toward finalizing a drilling program in late Q4. The recently commenced Induced
Polarization (‘IP’) ground geophysics – consisting of targeted surveys ( gradient array and pole dipole
sections) at both Charger and Sceptre are considered a final phase of work necessary to complete drill
planning and targeting. The surveys are expected to be complete in the next fortnight and results to follow
soon after. Upon completion the IP will contribute to planning of scout drilling in December. At the BBM
prospect the Company awaits ICP/MS multielement analysis in the next 4 to 6 weeks
About Awalé Resources
Awalé is an exploration company focused on the discovery of large high-grade gold and copper-gold
deposits. The Company currently undertakes exploration activities in the underexplored parts of Côte
d'Ivoire. Awalé's success to date at the Odienné Project in the Northwest of Côte d'Ivoire has culminated
in a fully funded earn-in Joint Venture with Newmont (the "Newmont JV") covering the Odienné Project
where two primary targets for world-class discoveries have been made: i) the gold-rich Empire corridor
and ii) the recently defined Charger, Sceptre and now Lando Iron Oxide Copper Gold ("IOCG") targets.
Parts of the remaining 200km 2 of granted tenure and 400km 2 under application remains underexplored
and offers significant IOCG potential. The Newmont JV forms the solid foundation for the Company to
continue looking at new opportunities in new jurisdictions which offers significant potential for district
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scale discoveries. Awalé is currently in the process of completing the acquisition of Colossal Gold
Resources, a private company with a highly prospective gold exploration portfolio in Suriname, which
provides an excellent strategic fit and future growth potential for Awalé.
Quality Control and Assurance
pXRF analysis is completed by the company with an Innov-X Vanta Handheld XRF Analyser, samples are
hand crushed and dried where necessary and sieved to - 80 mesh (passing 170 micron) and analysed for
90 seconds using 3beam ‘soil mode’. Standards are used in the stream every 50 analyses; field duplicates
are also routinely analysed.
Laboratory analytical work for auger/soil and termitaria geochemical samples is being carried out at the
independent Intertek Laboratories Australia Ltd. an ISO 17025 (2017) Certified Laboratory. Samples are
stored at the Company’s field camps and put into sealed bags until collected by Intert ek from the
Company’s secure Bondoukou or Odienné office and transported by Intertek to their laboratory in Tarkwa,
Ghana for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to
better than 85%, passing a 75-micron screen, this pulp sample is then shipped to Australia where 10-gram
split is analysed by ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material
(standards) are being used to monitor laboratory performance during the analysis.
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
AWALE RESOURCES LIMITED.
“Glen Parsons”
Glen Parsons, President and CEO
For additional information you are invited to visit the Awalé Resources Limited website at
www.awaleresources.com, or contact Karen Davies, Head of Investor Relations at Tel: +1 604.314.6270
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 forward- looking information except as required
by applicable law.
Cautionary Statement
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