VANCOUVER, BC, Nov. 1, 2022
/CNW/ - 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 13th 2022 and
August 16th 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."
Next Steps
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.
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 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.
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 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.
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 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 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.
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