VANCOUVER, BC, Oct. 13,
2022 /CNW/ - Awalé Resources Limited
("Awalé" or the "Company") (TSXV:
ARIC) is pleased to report that a ground geophysics (Induced
Polarization, or 'IP') survey has commenced at the Odienné
gold-copper Joint Venture ("JV") project in Cote D'Ivoire (Figure 1). The Odienné Project
is subject to an earn in joint venture agreement with Newmont
Ventures Limited ("Newmont") (see Company News Release dated
May 31, 2022).
The IP survey will cover the core of the 2.2 km long Sceptre
East and the high grade Charger Iron Oxide Copper Gold ("IOCG")
targets (see Company News Release dated 16th
August 2022), and will allow for the
prioritization of these targets for a scout drill program expected
to commence in December 2022 (Figures
2, 3 and 4). Results from the IP program are expected to be
completed and reported in November
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/maps/2022-10-12-IP-Commence-Figures.pdf
Company CEO Glen
Parsons commented today:
"We are pleased to announce the continued
drive toward exploration success at Odienné with the commencement
of this IP program. We are eager to complete this phase of
geophysics for the JV to finalise an initial scout drill program at
Sceptre and follow up drilling at
Charger, both of which are scheduled for the end of Q4.
In recent months Awalé has achieved
significant milestones and we are building our exploration pipeline
with new targets such as the Lando target (see company news
release dated 23rd August 2022) and progressing existing ones such
as Sceptre and Charger toward
drilling. The compelling new 4km long Lando target has the same
geochemical footprint to the Sceptre and Charger targets. Exploration
intensity is increasing as the wet season closes and we look
forward to keeping the market informed of our progress"
Background on Sceptre and Charger
Based on the regional geological setting of Odienné, the
soil/termitaria data from the Sceptre prospect and the initial drill results
and newly found gossan from the adjacent Charger prospect, the
Company interprets the geological setting of the Odienné district
to be comparable to that of other significant IOCG provinces
globally. IOCG deposits are significant contributors to global
copper and gold inventories, and the Company considers the Odienné
project to contain significant potential for the discovery of the
first major IOCG style known in west Africa.
Recent pitting and geological mapping have confirmed the high
order geochemical anomalism at Sceptre (Figure 3) and mapping at the Charger
target (Figure 4) has revealed new artisanal pits containing blind
gossan outcrops just 100m from
previously reported drill intercepts, (see company news
release dated July
22nd 2021)
Sceptre East Target – A 2.2 km long IOCG ("Cu/Au")
Target:
- 9 pits spaced across the core of the Cu-Au anomaly (covering
c.1km, see figure 3) were completed. All pits reached saprolite
exhibiting both high strain fracturing and alteration associated
with mineralization.
- The program has confirmed high order Copper/Molybdenum
("Cu/Mo") surface geochemistry (figures 3 and 4)
- Handheld Innov-X portable X-Ray Fluorescence* ("pXRF") analyses
of 9 composite pit floor samples from each pit from this program
are consistently high order with up to 0.44% Cu in Pit
OEPT-13.
- Gold analysis for all pit samples is pending and expected in 3
to 4 weeks, multielement ICP analysis is expected in 6 to 8 weeks.
Pit floor composite sample pXRF Cu/Mo values are shown in Table 1
below.
Sceptre Main Target – A 1km long Au/Cu polymetallic vein
target
- Mapping at Sceptre Main has revealed several polymetallic veins
(figure 5) returning selective rock chip results*;
-
- 26.7 grams/tonne ("g/t") Au and 0.11% Cu and 59 g/t Silver
("Ag")
- 11.4 g/t Au, 1.5% Cu and 69 g/t Ag
- Results are pending for infill soil geochemistry at this
prospect and expected in 3 to 4 weeks (491 samples.
Charger Target - A 800m long
Au/Cu/Ag IOCG target (Figure 6):
- High order pXRF results from a gossan found in a new artisanal
mining zone some 100m west by
southwest of the original high order drill intercepts.
-
- Ag - 38 g/t
- Cu - 0.15%
- Lead ("Pb") - 1.6%
- Bismuth ("Bi") - 702 parts per million ("ppm")
- This new development opens new mineralization orientations for
the Charger target.
- These results complement the previously reported results from
reverse circulation ("RC") hole OERC-89 (news release dated
July 22 2021). The results shown
below are from subsequent ICP multielement analysis at Intertek
Australia and both confirm and enhance the previously reported pXRF
results.
OERC-89:
-
- 27 metres ("m") at 13.6 g/t Ag from 9m
- 21m @ 2.6 g/t Gold ("Au") from
13m
-
- Inc. 3m @ 9g/t Au from
30m
- Inc. 3m @ 89.6g/t Ag from
30m
- Inc. 2m @ 0.54% Cu from
30m
- Inc. 2m @ 0.29% Pb from
30m
The >5km long Sceptre IOCG prospect is now defined as three
distinct geological target areas from a western Au dominated
prospect through central polymetallic vein targets at Sceptre Main
(Au/Cu/Zn/Pb) to the high deformation fracture zones and shears at
Sceptre East (Cu/Au/Ag/Mo, figure 3).
*Notes:
- A Handheld InnovX Delta pXRF was used for some analysis
reported here. pXRF analysis is considered indicative of metal
grades. All samples reported here were sieved to -80 mesh before
analysis.
- Rock chip or selective grab samples rock chip sampling is not
necessarily representative of mineralization at the target it does
indicate presence of Au/Cu/Ag mineralization at Sceptre Main.
Next Steps
The IP program is expected to take three to four weeks to
complete with processed data delivered for interpretation, company
geologists will then integrate this data with geological and
structural surface mapping, geochemistry with the view to plan a
scout drilling program to test these targets and determine the
nature of mineralization and alteration as well as orientation and
3D geometry of these targets.
The company has now completed soil and termitaria collection at
the BBM prospect and interim pXRF results will be reported in the
ensuing weeks. At the same time, ICP multielement results including
gold and silver are expected to be returned and reported. The
company is also receiving training on Newmont proprietary
geochemistry data collection (Stream Bulk Leach Extractable gold or
'BLEG' and Deep Sensing Geochemistry or 'DSG') this month and this
expertise will also be implemented on the project in Q4.
Quality Control and
Assurance
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 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. Analytical work for drill samples
is being carried out at the independent Intertek Laboratories Ghana
Ltd. an ISO 17025 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 preparation laboratory in
Yamoussoukro, Côte d'Ivoire 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 Ghana where a 50g charge is Fire Assayed with
an AAS finish. Blanks, duplicates, and certified reference material
(standards) are being used to monitor laboratory performance during
the analysis. Any ICP analysis on drill cores are conducted in the
same manner as the geochemistry samples reported above.
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
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
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
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SOURCE Awale Resources