Awalé Resources Defines Priority IOCG Targets at Sceptre East for Drill Testing

VANCOUVER, BC, Nov. 1, 2022 /PRNewswire/ - Awalé Resources Limited ("Awalé" or the "Company") (TSXV: ARIC) is pleased to announce that initial results from the ground geophysical surveys ("Induced Polarization" or "IP") undertaken at the Sceptre East Iron Oxide Copper Gold "IOCG" Target on the Odienné Project in Cote d'Ivoire have now been received (Figure 1). The IP surveys have identified extensive chargeability anomalies, interpreted by the Company to represent buried sulfide-bearing bodies. The chargeability highs are spatially coincident with copper-gold geochemical anomalies and represent compelling priority drill targets. Initial scout drilling of these targets is currently expected to begin in December 2022.

The chargeability anomalies are high order (>30 to 35 Mv/V) in both 2D surface surveys (the main anomaly covering a surface area of some 2km x 0.5km, Figure 3) and 3D sections (Figure 4). These substantial anomalies are interpreted to represent sulfides amassing on structural trends and coincident with previously reported copper and gold anomalism (see Company News Releases dated Jan 13^th 2022 and August 16^th 2022 ). The 2D chargeability anomalies are reflected in the 3D sections which show the anomalies are continuous at depth and up to 200m wide.

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 Awalé's Company News Release dated May 31, 2022). Awalé is the project manager for the initial 3-year phase.

Company CEO Glen Parsons commented today:

"We are extremely excited to see how the results of the IP Survey coincide so strongly with the defined copper gold geochemical anomalies previously reported at the Sceptre target. These significant chargeability anomalies represent excellent drill targets for the impending drill campaign in December.

The Sceptre mineralisation is interpreted to be hosted within intermediate intrusive rocks, these rocks are generally not chargeable and as such these anomalies are interpreted to be a result of significant sulfide accumulations that are interpreted to be associated with gold and copper mineralization. This next phase of discovery drilling is now even more eagerly anticipated.

These targets place Awalé in the position to drill test anomalies that have potential to deliver Tier 1 discoveries for the company and developing the Odienné district into a new mineralised province in West Africa."

The IP survey program has been expanded, with two 3D sections added to the program at Sceptre, and an additional survey has been added over the Lando target some 17 km to the north of the Sceptre target. Company geologists will now fine tune a targeted drill program at Sceptre and budget permitting, some holes will be planned for the Charger and Lando targets.

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 200km² of granted tenure and 400km² under application remains underexplored and offers significant IOCG potential. The Newmont JV forms the solid foundation for Awalé to continue looking at new opportunities in new jurisdictions which offer significant potential for district 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.

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 Intertek 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 25-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.

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 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                                                                                            

This news release contains "forward-looking information or statements" within the meaning of applicable securities laws including without limitation, the operation of a geophysical survey program and subsequent drilling and the expected outcomes and results, other statements relating to the technical, financial and business prospects of the Company and its properties, and other matters.. 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.

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.

SOURCE Awale Resources