VANCOUVER, BC, Nov. 28,
2022 /CNW/ - Awalé Resources Limited
("Awalé" or the "Company") (TSXV:
ARIC) is pleased to announce results from ground geophysical
surveys ("Induced Polarization" or "IP") and
multielement soil geochemistry undertaken at the Lando Iron Oxide
Copper Gold ("IOCG") Target on the Odienné Project in Côte d'Ivoire
(Figure 1). The IP survey has delineated a significant 4km long
chargeable resistive anomaly that conforms with a high order Cu-Au
footprint from soil geochemistry. The anomalism is supported by
rock chip* samples of up to 4.8 grams per tonne ("g/t") gold ("Au")
collected from artisanal workings at the prospect, the anomaly also
remains open to the north and south (figure 2 and 3). These
highly anomalous IP results in tandem with high order Cu-Au
geochemistry elevates Lando as a third significant IOCG Target to
follow Sceptre and Charger, which
will be drill tested this quarter.
Gold in soil analysis returned from Intertek in tandem with the
IP surveys show a 3.5 km long >86ppb (95th
Percentile) gold in soil anomaly, with a peak value of 921ppb
within a 1km long core (Figures 2 and 3). The results are
consistent with and mirror the previously reported 4 km long pXRF
Cu (+ As and Mo) anomaly at the Lando Target (>99ppm
(80th percentile) Cu anomaly with a 1km >387ppm Cu
core (98th percentile (see Copany news
release dated 23rd August
2022). The mineralization is also open to the north and
south.
Further to this rock chip sampling* during mapping has returned
gold values in Brecciated Quartz veins of 4.8g/t Au and 3g/t Au in
brecciated quartz veins and altered wallrock with chalcopyrite and
molybdenite stringer veining (figure 2). The samples were collected
around artisanal workings and the wallrock grades are viewed as
evidence of disseminated mineralization. Additional to these
artisanal mine samples, a 0.4 g/t Au sample has been collected from
outcrop samples some 800m from the
workings.
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.
Glen Parsons, Chief Executive
Officer, commented today:
"The Odienné project continues to deliver
multiple mineralized zones with similar alteration and geology
throughout the project area. This continues to point toward
the potential large camp scale mineralized system in
the district, especially considering we have only commenced
exploring the first 400km2 of the granted Odienné permit.
Lando is the result of our continued and
successful systematic approach and is a new and exciting target
developing with encouraging copper and gold grades of up to 0.2%
and 921ppm, additional to this we have chargeable-resistive IP
anomalies that trace the geochemistry trends and it is progressing
to be a high order drill target for 2023. We see the Lando
geochemical footprint as consistent with the ICOG setting of the
Odienné Project and it is 18km to the North of Charger and
Sceptre."
*Notes:
- Rock chip sampling is selective and not necessarily
representative of the overall grade of mineralization for this
prospect.
- A Handheld InnovX Vanta X-Ray Fluorescence Analyzer or pXRF was
used for the analysis reported in this release. pXRF analysis is
considered indicative of metal grades. All samples reported air
dried and sieved to -80 mesh before analysis.
The Lando Prospect
Lando prospect is a significant size and tenor copper gold
geochemical footprint, with similarities to Charger and
Sceptre. The mineralization sits
close to a high strain intrusive contact to the west with the
highest grades coincident with a left stepping flexure of this high
strain zone. Active traditional artisanal gold workings have been
located close to the core of the mineralization where they are
exploiting quartz breccias with iron oxide fill (rock chip samples
up to 4.8 g/t Au) with wallrock alteration (chlorite, silica,
epidote) and sulphide stringer veining up to 3g/t Au. The breccias
are hosted in a series of high strain and altered basaltic rocks
and schists.
Based on the regional geological setting of Odienné, the
soil/termitaria data from the Sceptre, and now Lando prospects along with
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.
Next Steps
Systematic exploration will continue here with trenching and
extension of the IP survey including additional as well as deeper
sensing pole-dipole sections in early 2023 which will be closely
followed by drilling. Further to this detailed aerial magnetic,
radiometric and gravity gradiometry surveys will be flown in Q1
2023.
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.
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
pXRF analysis is completed by the company with an Innov-X Vanta
Handheld XRF Analyser, samples are hand crushed and dried where
necessary and sieved to -80 mesh (passing 170 micron) and analysed
for 90 seconds using 3beam 'soil mode'. Standards are used in the
stream every 50 analyses; field duplicates are also routinely
analysed Laboratory 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 a 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. 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 OF DIRECTORS OF AWALÉ RESOURCES
LIMITED
Glen Parsons, Chief
Executive Officer
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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ground-geophysics-surveys-reveal-new-sulfide-targets-at-the-lando-prospect-301687710.html
SOURCE Awale Resources