Awalé Hits 20 G/T Gold over 29m at the Charger Prospect, Odienné Project
Awalé Hits 20 G/T Gold over 29m at the Charger Prospect, Odienné Project
HIGHLIGHTS
• 20 g/t gold over 29m, 580 gram meters gold from 149m downhole in OEDD-88
➢ Including 39.5 g/t gold over 8m from 149m downhole
• OEDD-88's mineralization is w ell distributed across the reported intersection without any
significant nugget effect
• Mineralization is 50m SSW of previously reported 46 g/t gold over 32m in OEDD-83
• Drilling confirms these breccia zones are linked to OEDD-83 mineralization, indicating potential
for increased high-grade gold volume with further drilling
• Three holes of the first five holes reported from Charger have intercepted the target breccia
zone, which also included:
➢ 70m @ 1.2 g/t gold from 143m in OEDD-84 and
➢ 21m @ 1.7 g/t Au from 177m and 10m @7.8 g/t Au from 202m in OEDD-85
Vancouver, BC, July 31 st, 2024 , Awalé Resources Limited (ARIC -TSX.V) (the "Company" or "Awalé") is
delighted to report further outstanding assay results of 20 g/t gold over 29 meters from follow up drilling
to the previously reported 45.7 g/t gold over 32m in hole OEDD-83 at the Odienné Project.
Andrew Chubb, CEO of Awale Resources, commented today,
"Follow up drilling at Charger ha s confirmed continuity of outstanding high grade breccia
mineralization at Charger. Three of the five holes drilled testing the breccia's western extensions
have successfully demonstrated a west by southwest extension and plunge to the mineralization.
We look forward to continuing to drill test this high grade target. We also anticipate more exciting
results from the successful 6,897m drill program completed over the BBM and Charger targets in
the coming months ahead . Awalé continues to build the potential of the Odienné project to be a
world-class mine camp in Cote d'Ivoire. As I have mentioned before, the harder we press at Odienné,
the more it gives back, and we’re only just scratching the surface. "
Like OEDD-83, mineralization in OEDD-88 consistently has a high grade throughout the reported interval.
Table 1 shows each 1 -metre assay from the reported interval in OEDD -88, confirming consistent and
robust mineralization. True widths of the reported mineralization are interpred to be approximately 70%
of the downhole interval. We look forward to recommencing drilling after the wet season abates with a
further 12-15,000 metres planned for 2024.
LINK TO Charger's Drill Core Photos on OEDD-88
Table 1: Hole OEDD -88 meter sampling for the entire 29m at 20 g/t Au mineralization . No significant
nugget effect carries the interval.
From To Au g/t
From To Au g/t
149 150 66.1 164 165 21.0
150 151 20.1 165 166 23.8
151 152 22.9 166 167 1.9
152 153 92.67 167 168 0.0
153 154 43.2 168 169 24.5
154 155 42.7 169 170 8.9
155 156 11.2 170 171 0.0
156 157 16.8 171 172 21.4
157 158 9.3 172 173 10.6
158 159 0.1 173 174 21.5
159 160 27.3 174 175 11.0
160 161 7.7 175 176 4.2
161 162 29.4 176 177 11.8
162 163 6.4 177 178 7.9
163 164 16.4
Background on Recent Drilling at the Charger Zone
Nine holes for 2,953m (Figure 1) were drilled at Charger in two phases for this campaign, with five holes
for 1,295 m reported in this release and a further four holes for 1,659 m completed at the end of the
drilling program. The initial five holes were targeted around the previously reported OEDD-83 intercept.
Holes drilled to the west (OEDD-84, OEDD-85 and OEDD-88) all intercepted target breccia, while the step
east (OEDD -86) and the step back (OEDD -87) intercepted peripheral alteration similar to other holes
drilled close to the breccia zone, suggesting the breccia mineralization plunges toward the west and south
from OEDD-83. A full table of significant intercepts is shown in Table 2 below, as well as a cross section
for holes OEDD-88 and OEDD-85 (Figure 2).
This drilling has also confirmed that the breccia zones intercepted in previous drilling can be connected to
the OEDD-83 mineralization demonstrating the potential to increase in volume of the high grade gold
mineralization with further drilling. In addition to this, Awalé has begun to analyze the clast size and matrix
fill style of the breccia mineralization. The matrix fill in in OEDD-88 is silica (quartz) dominant – which was
previously interpreted as a weaker style of mineralization. This also opens the scope for further high grade
mineralization within the same body. Zones with smaller clast sizes may indicate high fluid flow/pressure
and correlate with higher grade mineralization within the breccia.
The Charger Zone is a discovery that has delivered multiple high grade intercepts in previous drilling which
includes the following high grade intercepts in the breccia to the south of that intercepted in OEDD -83
and OEDD-88 (see Company new releases dated March 29 2022, August 21 2023, January 11 2024 and
March 25 2024).
• OEDD-83: 57m @ 26 g/t from 164m downhole
o Including 45.7 g/t gold over 32m @ from 165m downhole
• OERC-132: 32m @ 3.0 g/t Au from 74m downhole.
o Including 4m @ 12.4 g/t Au from 78m downhole.
• OEDD-45 (step back from OERC 132) contains 3 high grade intervals within a 65 m wide zone of
mineralization which included
o 12 m @ 4.9 g/t gold from 89m downhole,
o 13m at 1.3 g/t gold from 114m downhole and,
o And 21m @ 1.3 g/t gold from 133m downhole.
• Hole OEDD-53 (50m step back from OEDD-45): 32m @ 1.5g/t Au from 215m downhole
o Including 3m @ 5.2g/t Au from 77m.
The second phase of the drilling consisted of 4 holes, with three of these holes testing a demagnetization
model where the ground magnetics completed over the prospect were processed to highlight a low
magnetic response. this low-magnetic response interpreted to reflect the alteration around the breccia
zone (alteration is magnetite destructive) and one of these holes was successful in intercepting breccia at
depth from 340 to 440m downhole. Hole OEDD-100 was drilled as a scissor to the OEDD-83 intercept and
also intercepted breccia. Results from these holes and a complete set of assay results from BBM Zone will
be released upon their receipt from the lab.
Table 2: Significant interceps for drillholes OEDD-84 to OEDD-88 reported in this release.
Hole From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
Cu
(ppm)
Mo
(ppm)
Depth
(m) Easting Northing RL Azi. Dip
OEDD0084 64 65 1.00 0.7 1.9 424.8 1.5 179.15 647690 1032316 472 155 -55
OEDD0084 69 139 70.00 1.2 2.3 611.1 1.6
including 118 119 1.00 5.4 2 567.7 0.7
143 144 1.00 1.0 0.5 42.3 0.5
OEDD0085 55 56 1.00 0.8 0.8 116.5 1.3 260 647759 1032374 471 186 -55
64 69 5.00 0.4 0.5 273.9 7.8
117 118 1.00 1.9 0.2 82.0 1.5
137 138 1.00 1.3 0.3 120.6 13.9
149 152 3.00 0.4 0.1 89.9 14.7
163 164 1.00 0.7 0.4 102.1 8.3
177 198 21.00 1.7 2.2 121.9 2.1
Including 178 179 1.00 5.6 2.8 144.0 2.0
202 212 10.00 7.8 4.8 144.0 2.5
Including 207 211 4.00 16.8 8.7 218.8 3.3
222 223 1.00 1.5 1.3 299.1 1.8
242 243 1.00 0.5 0.2 94.7 1.2
248 249 1.00 0.4 0.2 126.4 0.8
OEDD0086 81 82 1.00 0.4 0.1 58.2 2.2 293 647818 1032414 474 190 -55
OEDD0086 111 112 1.00 1.5 0.2 143.1 2.5
OEDD0087 125 126 1.00 0.7 0.1 27.9 2.6 344.26 647796 1032437 476 193 -55
OEDD0087 145 146 1.00 0.5 0.3 127.8 0.9
OEDD0087 222 223 1.00 0.6 0.1 44.9 0.9
OEDD0088 149 178 29.00 20.0 6.7 634.5 1.6 218.23 647709.7 1032176 472.973 13.2 -55
Including 149 157 8 39.5 20.5 2,210.0 3.2
Figure 1: Plan View over simplified Geology, Charger Zone.
Figure 2: Cross section of breccia mineralization in holes OEDD-85 and OEDD-88. This section
was drilled approximately 25 meters west of OEDD-83
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 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.
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.
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. All fire assay samples returning greater than 5 g/t gold are
routinely Screen Fire Assayed, in this special case lower than 5g samples up and down hole from the high
grade interval in OEDD-88 were also subject to Screen Fire Assays. As a further QC precaution due to
visible gold presence, Intertek was requested to insert a quartz wash between each sample in the
mineralised interval, ensuring no sample contamination in the preparation process.
Mineralized Interval Calculations
Significant intervals reported in this news release are calculated downhole length weighted intercepts.
For the Charger target initial mineralized are calculated at a 0.3 g/t trigger and include internal waste of
3m for delineation mineralized zones.
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 Kilometers
m Meters
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 20 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
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
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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.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
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