Scout RC and Diamond Drilling Intersects key
indicator Copper and Molybdenum Sulfide Mineralization at the
Odienné Project
VANCOUVER, BC, Jan. 17,
2023 /CNW/ - 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;
-
- From surface, extensive pyrite-molybdenite-chalcopyrite
mineralization is hosted within a sheared and fractured porphyritic
intrusive, and
- 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 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
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
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.
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SOURCE Awale Resources