VANCOUVER, BC, June 21,
2023 /CNW/ - Awalé Resources Limited ("Awalé" or
the "Company") (TSXV: ARIC) is pleased to announce that the
first two drill holes completed at the Charger Target as part of
its ongoing Odienné drill program have successfully intersected
visible gold ("VG") in extensions to previously reported intervals
of high-grade gold-copper mineralization (Figure 1).
The two step-back drill holes (OEDD-44 and OEDD-45)
targeted mineralization underlying the 32m @ 3.0 grams per tonne ("g/t") Au / 96
gram-meter ("gm") intercept reported in RC drill hole OERC-132 (see
Company News Release dated March 29,
2023), and are interpreted to define a down-dip extension to
the OERC-132 mineralization and a potential new parallel
mineralized structure (Figures 2 and 3).
Observing VG in these holes is very encouraging and confirms
both the depth potential and high-grade fluid flow of the Charger
mineralized system, discovery of a potential new parallel
mineralized structure opens a significant upside opportunity for
the Charger Target with multiple parallel lodes.
Multiple points of VG were logged over a 10-meter interval in
OEDD-45 between 90 to 100m downhole
(Figure 4) confirming mineralisation beneath drillhole
OERC-132. Further, the VG encountered in OEDD-44 confirms gold
mineralization in a second structure located approximately
80m behind and parallel to the
discovery structure at Charger. These holes are part of an ongoing
2,500m drill program at Odienné.
LINK TO FIGURES:
https://www.awaleresources.com/_resources/news/nr-20230621.pdf
Andrew Chubb, CEO of the Company,
commented:
"It's great to see the first diamond core from the Charger
Target, seeing visible gold 40m down
dip from a 96 gram-metre gold intercept in hole OERC-132 is a
fantastic result. When we combine this result and the discovery of
a new parallel mineralized structure with the same characteristics,
the resource potential of Charger Target is significantly
increased. These new developments have the project team truly
excited about this prospect.
The upside interpretation of Charger has been to identify
parallel lodes, and this model is starting to bear fruit. We look
forward to seeing the full multi-element and gold results from
these holes while drilling continues at the Lando and Sceptre Main
targets at the Odienné Copper-Gold Project.
We are now drilling the first holes at Lando, with the
targets at Sceptre Main to follow. Both targets are
compelling. Lando is a 4km long by 2.5km wide copper-gold
geochemistry footprint that neatly aligns with IP Geophysics.
Further to this, rock chip samples* from the prospect have returned
grades of up to 4.8g/t Au. Sceptre Main has delivered rock chip
samples up to 26.6g/t Au and 0.1% Cu from artisanal activity over
polymetallic veining. We are very enthusiastic about the potential
of these targets to deliver new discoveries for the
company."
Resignation of Non-Executive Director
Awalé regrets to inform you of the resignation of
Eric Roth as Non-Executive Director,
who has been an integral part of our Board since the inception of
the Company. Eric has assisted the Company through his technical
insight and strategic guidance which has helped shape the Company
into the new phase it is entering. We would like to express our
sincere appreciation for his dedicated service and extend our best
wishes for his future endeavors.
Background on Charger
A new geologic model led to drilling two optimally oriented
holes at Charger with hole OERC-132 returning a 96 gram-meter gold
intercept, this phase of drilling was targeted an IP
chargeability anomaly and mapped gossan with artisanal workings
(Figure 4). The drill holes successfully intersected polymetallic
sulfide mineralization within an intrusive host, and the new model
has opened the Charger Target to contain multiple parallel lodes
with an interlinking structural framework within a hybrid
intrusive/structural mineralized system. The step-back diamond
drilling reported in this release targeted down dip mineralization
from OERC-132 with hole OEDD-45 and OEDD-44 targeting an
interpreted second lode to the south of the initial discovery. Both
holes have successfully achieved the discovery of a new parallel
lode and the down-dip continuity of OERC-132. Mineralization in
both holes is hosted within altered and brecciated diorite with a
chlorite-clinopyroxene +sulfide matrix
(pyrite-pyrrhotite-chalcopyrite). Iron oxide alteration is present
peripheral to mineralization and can be seen in Figure 1.
The Awalé-Newmont JV – 'Odienné Project
JV'
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 15M 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
3M.
Next Steps
As the full wet season approaches, the team is very active in
closing out the planned 2,500m drill
program with holes to be completed at Lando and Sceptre Main. If
the drill budget and weather allows there is a plan to drill step
out holes at Charger and re-enter drillhole OEDD-44. IP surveys
have been completed over Sceptre
main and the Airborne Magnetic/Radiometric survey results have been
returned and are now being interpreted. A 400m mesh gravity survey is 50% complete and is
expected to be finished in mid-July. Once the wet season has set
in, strong news flow is expected from the planned and completed
geophysics and drilling. The technical team will integrate this
completed work into drilling and sampling programs anticipated to
commence as soon as the wet season abates at the end of Q3
2022.
*Rock chip sampling is selective and not necessarily
representative of the overall grade of mineralization for this
prospect.
Quality Control and Assurance
Analytical work for drill and rock chip 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 1
stream to Intertek Ghana for Fire Assay and a second to
Australia where the sample
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.
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 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.
About Awalé Resources
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 follow the same geochemical fingerprint as Iron Oxide Copper
Gold ("IOCG") and intrusive related targets. 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.
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 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.
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SOURCE Awale Resources