Awalé Completes Nearly 5,000m Drill Program With Assays Pending

VANCOUVER, BC, July 27, 2023 /PRNewswire/ - Awalé Resources Limited ("Awalé" or the "Company") (TSXV: ARIC) is pleased to provide an exploration update on the Odienné Project JV in Côte d'Ivoire. With Newmont funding a 3 million USD budget for 2023, the Company has undertaken an aggressive exploration campaign in the first half of the year at Odienné, that has culminated in 4859 m of drilling completed. The Company awaits a strong flow of results from this reverse circulation (RC) and diamond drilling (DD) which was completed on July 17, 2023.

This drilling followed up on the Sceptre East and Charger discoveries, as well as scout drilling three new targets at Lando, Sceptre Main and BBM (Figure 1).

"Awalé has gained significant momentum at Odienné over the first half of 2023, and we look forward to converting this into market traction as the drill results are soon to come. We are excited about the visuals from the follow-up drilling at Sceptre East and Charger and the maiden holes drilled at the Lando, Sceptre Main and BBM Targets. 

We eagerly await assay results from this phase of drilling, which will include the holes drilled at Charger which have been reported to contain visible gold. Alongside the follow up drilling at Sceptre East and Charger we expect new breakthroughs from scout drilling at the three new targets drilled, where significant alteration and sulfide mineralization has been intercepted," said Andrew Chubb, Awalé Resources CEO.

A summary of completed exploration in the first half of 2023 is as follows:

• Two Phases of drilling totaling 4859 m in 33 holes over 5 zones at the Odienné East permit.
  • New discovery at Sceptre East and high grade gold intercepted at Charger in a discovery drilling phase for these targets (see Company news release dated March 29 2023)
  • Assays Pending for Phase 2 and 3 including;
    • Follow up drilling at the Scepter East and Charger targets
    • Scout drilling at three new targets – Lando, Sceptre Main and BBM
  • Results flow expected from early August
• Airborne geophysics – Permit wide 100m line spaced detailed magnetic and radiometric survey (see Company news release dated July 13 2021)
• Ground geophysics
  • IP – 8km² of Gradient array and Pole Dipole surveys at Sceptre Main, Sceptre East and Lando
  • Gravity - permit wide 400m x 400m grid (90% complete)

LINK TO FIGURES AND DRILL CORE PHOTOS

Results pending on 1715.5 m of drilling in 11 reverse circulation (RC) and diamond drill (DD) holes. Drilling was planned as follow-up to previously reported OERC-89 and OERC-132. Two of the follow-up holes (OEDD-44 and OEDD-45 ) have intercepted visible gold (see Company news release dated June 21 2023) in step-back drilling to previously reported holes OERC-89 and OERC-132 where drilling targeted intrusive-hosted sulphide mineralization underlying previously untested gossans and new artisanal workings (Figure 2). Significant intercepts from the previously reported drilling included the following (see Company news releases dated March 29 2023 and July 22 2021).

Results pending for follow up drilling of 11 RC and DD holes for 1597.5 m on a previously reported discovery where initial scout drilling focused on an approximately 1km long section of a multi-kilometer combined ground geophysical (Induced Polarization) and soil 'Cu-Au geochemical anomaly' (see Company news release dated March 29 2023). Over 500m x 300 m of open mineralization was recognized during the discovery drilling phase identified at Sceptre East, with all drill holes ending in mineralization (see results previously reported below). This phase of drilling included step out and step back holes from the discovery drilling and has again intercepted copper and molybdenum veining similar to the discovery drilling (Figure 3)

Results pending for five Scout DD holes completed for 653.5 m (Figure 4). The holes were planned to understand and tenor of high-grade polymetallic mineralization with grades of up to 26.7 g/t Au and 11.0 g/t Au  in rock chip sampling* of artisanal working two shear zones that have been mapped over 1.6km of strike. Drilling has intercepted disseminated and quartz vein hosted sulphide mineralization.

Results pending for two maiden drill holes completed for 249m, targeting a significant NNW trending 4km long by 1.5km wide gold and copper soil geochemical footprint with point highs of 921ppb Au and 0.2% Cu, which aligned with coincident Induced Polarization anomalies (see Company news releases dated August 23 2022 and November 28 2022) . Initial holes targeted surface rock chip sampling and artisanal gold workings consisting of quartz breccias with iron oxide fill (rock chip samples up to 4.8 g/t Au)*. Host rocks are basalts exshibiting high strain and altered to chlorite, silica, epidote with disseminated sulphide and stringer veining up to 3.0 g/t Au*. Drilling has intercepted significant sulphide mineralization with pyrite, chalcopyrite and molybdenite, the quartz breccias seen in surface artisanal workings were not intercepted (Figure 5).

* Rock Chip sampling is selective and not necessarily representative of the overall grade of mineralization for these prospects.

Results pending for four scout DD holes totaling 644 m on three broad (400 m) spaced sections targeted potential Au-Cu mineralization on a 4km long Cu/Au/Mo geochemical footprint (see Company news release dated October 25 2022). Silica alteration and sulphide mineralization was observed in all holes within in a significant shear zone at an intrusive/sedimentary contact. Sulphides observed include pyrite, pyrrhotite, chalcopyrite and molybdenite (Figure 6).

As the full wet season is now on us, the team will remain active in logging and interpretation of the recently completed drill program ready for the interpretation and planning of next phase subsequent to  the inflow of assay results from the recently completed program . A 400m mesh gravity survey is now 90% complete and is expected to be finished the end of July. Strong news flow is expected to commence in the next weeks as results are returned from the laboratory for the earlier holes drilled at Sceptre East, Sceptre Main, Lando, BBM and the previously reported visible gold at Charger (see Company News release dated June 21 2023).

The Odienné Project JV covers one permit and one application within the greater Odienné Copper-Gold Project 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. The budget for 2023 allocated by Newmont for the Odienné Project JV is USD 3 million.

As part of a new and comprehensive marketing strategy emphasising our presence on social media platforms, we invite you to connect with us on Twitter and subscribe to our YouTube channel, as well click on the following links that have been released in recent weeks.

1. Awalé Resources CEO Andrew Chubb leads a webinar that explains Awalé's renewed focus on defining a new world-class copper-gold district in West Africa: https://bit.ly/43IV5HF

2. Awalé Resources CEO Andrew Chubb speaks to journalist Thomas Warner about the latest developments at the Company's Odienné copper-gold project in West Africa's Côte d'Ivoire: https://bit.ly/3OetDM6

3. Awalé Resources CEO Andrew Chubb speaks to director Stephen Stewart about the story and vision behind the Odienné project: https://bit.ly/3rKe3R1

Awalé is looking forward to keeping stakeholders and interested parties well informed through informative and helpful content on these and other platforms.

Awalé is a diligent and systematic mineral 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 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 that have similar geochemical fingerprints to Iron Oxide Copper Gold ("IOCG") and intrusive related mineral systems. The 400km² of granted tenure and 400km² under application remains underexplored and offers significant upside potential. The Odienné Project JV forms a solid foundation for the Company to continue exploring in a pro-mining jurisdiction that offers significant potential for district scale discoveries.

Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and 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 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.

Significant intervals reported in this news release are calculated downhole length weighted intercepts. For the Sceptre target broad mineralised intervals are calculated using a 0.05%Cu lower cut grade with 10 m of internal included waste, higher grade 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 Charger target initial intervals are calculated at a 0.2g/t interval including 3m of internal waste. Included intervals are at a 5g/t Au cut off with no waste.  True widths are unknown as all reported intervals are from RC drilling with a limited number of holes for each prospect.

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 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, [email protected].      

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 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 Company 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.sedar.com. 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 required by applicable securities laws. 

Neither the 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.

SOURCE Awale Resources