Completed a 50-line-kilometre IP geophysics survey covering over 5km of the 100%-owned Fremen target.
IP survey identifies chargeable/resistive anomalies that align with a 3.5km-long gold footprint.
Commencing discovery drilling with a 2,000m scout reverse circulation drill program.
The IP survey is ongoing along the BBM trend.
Exploration efforts to date had primarily focused on just 400 km² of the expansive 2,489 km² Odienné project land package. With regional-scale exploration now expanding beyond this initial area, significant untapped potential remains within the 100%-owned Awalé permit package.
Vancouver, British Columbia--(Newsfile Corp. - February 11, 2025) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce the completion of an Induced Polarization ("IP") geophysics survey and the commencement of a discovery drilling program at its 100%-owned Fremen target. Fremen is located within the Company's Sienso permit, just 4km along strike from the BBM discovery at the Odienné project ("Odienné" or the "Project"), Côte d'Ivoire. Fremen consists of a newly uncovered and open 3.5km-long gold-in-soil and termitaria footprint (>37 ppb Au), with a peak value of 1.3 g/t Au (see October 22, 2024 news release).
The Company has now commenced a 2,000m reverse circulation ("RC") drill program over high order geochemistry footprints which are coincident with chargeable/resistive IP anomalies. Results from this drilling are expected in April.
"Initiating discovery drilling at our 100%-owned Fremen target is a significant milestone for Awalé. This scout drill program marks the start of our broader 2025 regional exploration, where our mission is to unlock the true potential of the Odienné project. The Project represents an emerging gold-copper district, where Awalé was the first to recognize its potential. As a first mover, the Company holds a significant 2,489 km² land package.
The IP survey has shown chargeable/resistive anomalies that align with our gold footprint, which runs directly along strike from the BBM discovery and we are eager to see what this initial scout drilling reveals. With a proven exploration strategy, a highly skilled technical team, and a strong balance sheet, we're entering an exciting new chapter on our 100% properties-one that we believe will create significant value for our shareholders. We look forward to sharing our progress as drilling advances," commented Andrew Chubb, CEO of Awalé Resources.
Figure 1: Induced Polarization 'Chargeability' image with the BBM and Fremen gold footprint superimposed in red. Planned drill lines for the Fremen target are shown as black lines. Top right in an inset of the Fremen target.
Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,489 km2 across seven permits. This includes 796 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont").
Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
The Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well-seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for geochemistry samples is being carried out at the independent ALS Laboratories in Ghana and Ireland, an ISO 17025 Certified Laboratory. Samples are prepared and stored at the Company's field camps and put into sealed bags until collected by ALS from the Company's secure 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 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 Ireland where the sample is analyzed by 52 element ICP/MS with a 4-Acid digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.
Abbreviations Used in this Release
Au
Gold
g/t
Grams per tonne
IP
Induced Polarization
km
Kilometres
m
Metres
ppb
Parts per billion
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 Geoscientists (SEG). Mr. Chubb has over 25 years of experience in international mineral exploration and mining project evaluation.
AWALÉ Resources Limited On behalf of the Board of Directors
The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.
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 Côte 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.sedarplus.ca. 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.
