Update on Odienné JV initial drilling Scout RC and Diamond Drilling Intersects key indicator Copper and Molybdenum Sulfide Mineralization at the Odienné Project
Update on Odienné JV initial drilling
Scout RC and Diamond Drilling Intersects key indicator Copper and Molybdenum Sulfide
Mineralization at the Odienné Project
January 17 2023 ‐ Vancouver, BC ‐ Awalé Resources Limited (“Awalé” or the “Company”) (TSXV: ARIC) is
pleased to provide the following update on the recently‐completed scout drilling at the Sceptre East and
Charger Targets, Odienné Project, Côte d’Ivoire (Figure 1). A total of nine holes for 1,292.2m were
completed over initial geophysical and geochemical targets (see Company News Release dated December
20, 2022), with seven holes having intersected significant alteration and sulfide mineralization. Assays are
pending.
Highlights
An initial seven hole for 1,092.2m drill program at Sceptre East has confirmed silica‐sericite
alteration and sulfide mineralization associated with a highly‐fractured and deformed porphyritic
intrusive. This intrusive phase has been intersected over approximately 1km in strike and remains
open to both the east and west of the current drilling.
Sulfide mineralization in four of the seven holes at Sceptre East consist of quartz‐veinlet‐hosted
chalcopyrite and molybdenite as well as disseminations within a broader fracture envelope. At
this early stage the observed alteration and sulfide assemblage is interpreted to be part of a larger
intrusive related mineralized system at Sceptre.
A further two holes for 200m were completed at Charger and successfully intersected polymetallic
sulfide mineralization within an intrusive host which lies beneath previously reported gossan
material and new artisanal workings (see Company News Release dated October 13, 2022).
Follow‐up ground geophysics and drilling is planned for Q1, 2023, at both Sceptre East and Charger, in
addition to at the adjacent 5km‐long Sceptre Main soil copper‐gold (“Cu‐Au”) anomaly which remains
untested as yet through drilling.
View Attached Figures: https://www.awaleresources.com/_resources/maps/2023_01_15_Drill-Completion_Figures.pdf
Sceptre East:
A total of seven holes for 1,092.2m (Figure 2) were drilled at Sceptre East in order to gain an initial
understanding of the geology of approximately 1 km strike of the previously‐reported 2km long
ground geophysical (Induced Polarization, or “IP”) and surface soil Cu‐Au anomaly (see Company
News Release dated November 1, 2022).
Four of the seven holes drilled display encouraging silica‐sericite alteration associated with pyrite
± chalcopyrite + molybdenite sulfide mineralization, with the three other holes displaying
significant potassic alteration (biotite and potassium feldspar) and are interpreted by the
Company to be part of a wider alteration zonation within the large Sceptre mineralized system.
Mineralization is associated with chalcopyrite and molybdenite bearing silica veins as well as
disseminations within a wider fracture network.
Drillhole OERD125 was targeted on a high‐order IP chargeability anomaly (Figure 3) and
intersected sulfide mineralization in two main downhole zones;
o From surface, extensive pyrite‐molybdenite‐chalcopyrite mineralization is hosted within
a sheared and fractured porphyritic intrusive, and
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o Subsequently pyroclastic and porphyritic intrusive‐hosted sulfide (pyrite ± chalcopyrite)
mineralization, with total sulfide content locally reaching 20%. This high sulfide content
is the interpreted contributor to this high order chargeability anomaly.
Holes OERC0128‐130 were drilled along a section located 500m to the east of OERD125 (Figure 4).
All three holes intersected extensive sulfide mineralization (quartz veinlet‐hosted and
disseminated chalcopyrite + molybdenite) and alteration within a fractured porphyritic intrusive.
This mineralization / alteration system remains open in all directions.
At this locality, potassic alteration with hematite similar to the Charger alteration system has also
been observed within and proximal to the mineralized zones.
Charger:
Two holes for 200m were drilled along the same section at Charger in order to test for primary
sulfide mineralization under previously reported gossan (see Company News Release dated
October 13, 2022)
Drillhole OERC‐131 intersected an 18m downhole interval of alteration and polymetallic
mineralization (pyrite, chalcopyrite, galena, ± sphalerite ± pyrrhotite), whilst drillhole OERC132
intersected a further 25m downhole interval of the same mineralization approximately 35m down
dip of OERC‐131. These zones are demagnetized chlorite/clinopyroxene ± hematite alteration
zones (Figure 5).
Magnetite/chlorite alteration zones are typically located in both the hanging wall and footwall of
the Charger mineralization.
Company CEO Glen Parsons commented today:
“Awalé and the Newmont JV team are excited to have the first seven scout holes drilled into the
Sceptre East Anomaly which forms part of the larger >20km2 highly anomalous gold and copper
Sceptre mineralized system. Initial observations from the drilling at Sceptre East show that we have
intercepted an alteration and mineralized system with extensive chalcopyrite and molybdenite
mineralization, and which remains open in all directions. These initial holes at Sceptre East have only
tested a fraction of the broader 5km long Sceptre Cu‐Au in soil anomaly. We eagerly await results for
what has the potential to be a large new discovery in Côte d’Ivoire, following which the company
anticipates recommencing drilling as soon as possible in this 1st quarter of 2023.
Furthermore, the two holes drilled at Charger have both intercepted wide zones of mineralization
behind a surface gossan in a new artisanal zone. This drilling has also opened the potential scale of
mineralization at Charger.
We look forward to receiving all pending results and the continued drilling at these targets, as well as
the new Lando and BBM targets to the north.”
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 project in return for USD 15M of exploration
expenditures. Newmont is sole funding the exploration program at Odienné and Awale is managing the
project in the initial 3 year phase.
Next Steps
At Sceptre, the Company plans to expand the IP survey area including additional as well as deeper sensing
pole‐dipole sections in early 2023. This will be closely followed by a new phase of drilling including both
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follow‐up and infill in the current drill area as well as extension scout drilling along strike. At Charger, deep
IP is also planned which will be followed by further drilling.
A regional magnetic/radiometric (100m line spacing) and gravity gradiometry (300m line spacing) survey
is currently expected to be flown at end of Q1, 2023.
Further IP will also be undertaken at the Lando prospect as well as initial trenching to prepare this target
for its maiden drill program in Q2, 2023.
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: 604.314.6270.
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 exploration success to date has culminated in a fully‐funded earn‐in Joint Venture with
Newmont (the “Newmont JV”) covering the Odienné Project in the Northwest of Côte d’Ivoire 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 200km2 of granted tenure and 400km2 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 scale
discoveries. Awalé is currently in the process of completing the Acquisition of Colossal, a private company
with a highly prospective gold exploration portfolio in Suriname, which provides an excellent strategic fit
and future growth potential for Awalé.
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
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
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forward‐looking statements. Forward‐looking statements in this press release include but are not limited
to statements regarding the closing of the Acquisition and Private Placement, the Company's presence in
Suriname and ability to achieve results, creation of value for Company shareholders, achievements under
the Newmont JV, 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.
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, including the potential inability to obtain required regulatory
approvals and satisfy other applicable closing conditions; possible adverse impacts due the global outbreak
of COVID‐19; the Company's inability to generate sufficient 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; conflicts of interest; litigation or other administrative
proceedings brought against the Company; actual or alleged breaches of governance processes or
instances of fraud, bribery or corruption; exploration, development and mining risks and the inherently
dangerous nature of the mining industry, and the risk 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; changes in national and local government legislation,
taxation, controls, regulations and political or economic 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 regulations 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 current 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 and political instability and potential changes to and
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 disclaims 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) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.