Awalé Commences 4000-Metre Diamond Drilling Program at the BBM and Charger Zones, Odienné JV Project

HIGHLIGHTS

Awalé has commenced a 4000m diamond drill program at the BBM and Charger Zones.

BBM drilling to focus on both expanding and confirming the 600m mineralized core toward the NW and SE.

Charger drilling will test the new high-grade model for continuity and expansion.

Drilling is fully funded by Newmont.

Vancouver, British Columbia–(Newsfile Corp. – December 5, 2024) – Awalé Resources Limited (TSXV: ARIC) (‘Awalé‘ or the ‘Company‘) is pleased to announce the commencement of drilling at the BBM and Charger Zones within the Odienné Joint Venture (‘OJV’) in Côte d’Ivoire. The 4000-metre (‘m’) diamond drilling program is the final phase of 2024 and is fully funded by Newmont. Drilling is expected to continue into 2025, with both diamond and reverse circulation drilling.

Highlighted results from the previous program included:

‘This program is anticipated to build on the success of the most recent phase of drilling, where BBM continues to demonstrate robust grade continuity and Charger delivers some of highest-grade intercepts in West Africa over the past 12 months. Both these Zones are interpreted to have significant expansion potential and drilling is expected to continue throughout the 2025 dry season. We anticipate other high priority drill ready targets such as Lando, Empire, and the BBM satellites to come into play during the 2025 field season. In addition to the JV drill program, we aim to drill the first holes on our 100%-owned Fremen target in Q1 2025 and commence exploration activities on our other 100%-owned permits. The Awalé team is excited to move forward on what we believe will be another successful field season,’ Andrew Chubb, CEO of Awalé Resources, commented today.

Three thousand metres (3000m) are planned to test the continuity of the BBM zone as well as expand the 600m defined panel to the northwest and southeast, with one thousand metres (1000m) allocated for Charger to test the new geology fold model where the broad high-grade intercepts are hosted within fold hinges (see November 11, 2024 news release) and rapidly advance the volume potential of this target.

About the Charger Zone

The Charger Zone is one of four grassroots discoveries made by Awalé at Odienné. Charger is a discovery that has delivered multiple high-grade results from drilling which includes the following high-grade intercepts in a breccia to the south of that intercepted in OEDD-83 and OEDD-100 (see news releases from March 29, 2023, August 21, 2023, March 25, 2024, July 31, 2024, and November 11, 2024):

OEDD-83: 57m @ 26 g/t Au from 164m downhole

Including 32m @ 45.7 g/t Au from 165m downhole

OEDD-88: 29m @ 20 g/t Au from 149m downhole

Including 8m @ 39.5 g/t Au from 149m downhole

OEDD-84: 70m @ 1.2 g/t Au from 143m downhole

OEDD-100: 59m @ 14.7 g/t Au from 140m downhole

OEDD-85: 21m @ 1.7 g/t Au from 177m downhole and 10m @ 7.8 g/t Au from 202m downhole

OERC-132: 32m @ 3.0 g/t Au from 74m downhole 

Including 4m @ 12.4 g/t Au from 78m downhole

OEDD-45 (step back from OERC 132) contains 3 high-grade intervals within a 65m wide zone of mineralization which included

12m @ 4.9 g/t Au from 89m downhole,

13m @ 1.3 g/t Au from 114m downhole, and

21m @ 1.3 g/t Au from 133m downhole

Hole OEDD-53 (50m step back from OEDD-45): 32m @ 1.5 g/t Au from 215m downhole

Including 3m @ 5.2g/t Au from 77m downhole

The company has also determined the true width of the breccia between holes OEDD-83 and OEDD-100 to be over 30 metres, and the intercept in OEDD-88 being a further 25 metres away from OEDD-100. This drilling has established a 200-metre corridor of breccia mineralization where high-grade mineralization is thought to be controlled by folding and hosted in the hinge zone of these folds. Moreover, the Company has gained a clearer understanding of the unique and complex characteristics of the Charger target, presenting an opportunity to test the fold model within the current corridor as well as step-out and test for other parallel zones.

About the BBM Zone

BBM is an Awalé grassroots discovery (see January 11, 2024 news release). Gold and copper mineralization and alteration in the BBM system are controlled by a northwest striking shear zone that follows an intrusive/sedimentary contact. This shear zone lies parallel to an interpreted major crustal boundary and forms an 8-kilometre-long geochemical gold trend in termitaria and soil. The 6,808 metres of drilling in 28 holes completed to date have intercepted the target shear zone and covers only 2 kilometres of an 8-kilometre trend. Awalé has continued to expand the potential of the BBM discovery with further intersections along strike from the initial discovery holes. Results also show there is increasing grade with depth. The Company has completed 3 phases of drilling (see news releases from March 18, 2024, September 9, 2024, and November 18, 2024).

Mineralization at BBM is steeply dipping (70 to 80 degrees) with a gentle plunge (45 to 55 degrees) toward the northwest. Recent interpretation suggests this plunge is controlled by isoclinal folding withing the BBM shear. This fold geometry, along with the frequency of the folds, can have a significant impact on the grade and volume of mineralization.

Alteration at BBM is dominated by silica and biotite with pyrite, chalcopyrite, and molybdenite as the main sulphide species. Recently, a fold model for control on the plunging mineralization has taken precedence over the footwall splay model previously discussed. What were previously considered as mineralized fingers of granodiorite are now interpreted to be fold hinges or ‘knuckles’. Current drilling will test this hypothesis and understanding the fold geometry and the controls on higher grade gold can have a positive effect on both the grade and volume of mineralization at BBM.

Drilling completed to date has consistently confirmed grade continuity within the distinct silica-biotite alteration system. The fold model suggests the potential for parallel shoots within a core zone of robust mineralization that now exceeds 600m in length with an open vertical depth of 330m, true widths of the mineralized envelope are up to 50m. Mineralization also remains open outside the BBM discovery zone, with potential for other plunging shoots within the initial 2-kilometre discovery as well as satellite discoveries along strike. The Company will continue with further step-out and infill drilling throughout the 2024-2025 field season. Prior to drilling the extension targets, an Induced Polarization (‘IP’) program is planned to aid in drill targeting in the satellite areas northwest of the BBM zone. This IP survey on the Joint Venture permits will complement and be completed alongside the IP planned over the 100%-owned Awalé ‘Sienso’ permit which abuts the BBM discovery zone (see October 22, 2024 news release).

About Awalé Resources

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‘) (see May 31, 2022 news release).

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.

Awalé’s Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold 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 drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, 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, 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 Australia where the sample is analyzed 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. All fire assay samples returning greater than 5 g/t gold are routinely Screen Fire Assayed. In the special high-grade cases at Charger lower than 5g samples up and down hole from the high-grade interval in OEDD-88, OEDD-83 and OEDD-100 were also subject to Screen Fire Assays. As a further QC precaution at Charger due to visible gold presence, Intertek was requested to insert a quartz wash between each sample in the mineralized interval, ensuring no sample contamination in the preparation process.

Mineralized Interval Calculations

Significant intervals reported in this news release are calculated downhole length weighted intercepts.

For the BBM target initial mineralized are calculated at a 0.2 g/t trigger and include up to 5 metres internal waste for of delineation mineralized zones. Included intervals are at 0.5 g/t, 1 g/t, and 2 g/t trigger values with 3m of internal waste only. For the Charger target initial mineralized are calculated at a 0.5 g/t trigger and include internal waste of 3m for delineation mineralized zones.

Abbreviations Used in this Release

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 20 years of experience in international mineral exploration and mining project evaluation.

AWALÉ Resources Limited
On behalf of the Board of Directors

‘Andrew Chubb’
Chief Executive Officer

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.

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