VANCOUVER, BC, Dec. 20,
2022 /CNW/ - Awalé Resources Limited ("Awalé"
or the "Company") (TSXV: ARIC) is pleased to provide the
following updates.
Colossal Gold Acquisition
Update
The Company is in the process of finalizing the details of a
financing to raise a minimum of gross proceeds of CAD$2,000,000 (the "Private Placement").
Closing of the Private Placement is a condition of completion of
Awalé's acquisition (the "Acquisition") of Colossal Gold
Resources Limited ("Colossal ") (refer to the Company's news
releases of September 13,
October 11, November 8, 2022, and December 1, 2022 for further details). The
Company anticipates that the Private Placement will close in early
January 2023. As required by the TSX
Venture Exchange ("TSXV"), the Company filed on SEDAR a
technical report regarding Colossal's Northwest Goliath Project in
Suriname on December 15, 2022. The
Company is also in the process of satisfying the final filing
requirements of the TSXV in order to obtain final TSXV acceptance
of the Acquisition. Awalé and Colossal have agreed to extend the
Outside Date for satisfaction of all closing conditions from
December 20, 2022 to January 31, 2023.
Odienné JV Update – Initial Scout
Drilling
An initial 9-hole scout drilling program at the Odienné JV
project in Côte D'Ivoire is now complete. Seven first pass drill
holes at Sceptre and two follow-up
holes at Charger were drilled over these Iron Oxide Copper Gold
("IOCG") style targets. Samples from this drilling program
will be sent to the Intertek Yamoussoukro preparation lab for
preparation and shipment to Australia for multi-element analysis and
Ghana for fire assay. Fire assay
results are expected by the of end January and multi-element
results by the of end February. After results are received and
interpreted, it is anticipated that drilling will recommence over
these targets in Q1 2023. A maiden scout drilling program for the
Lando target is also anticipated with this drilling campaign.
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.
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
"Derk Hartman" – Independent Director and Chairman of the
Special Committee
Derk
Hartman, Director
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