VANCOUVER, BC, Oct. 25,
2022 /CNW/ - Awalé Resources Limited
("Awalé" or the "Company") (TSXV:
ARIC) is pleased to provide the following update on ongoing
exploration activities at the Odienné gold-copper project in Côte
d'Ivoire (Figures 1 and 2). The Odienné Project is subject to an
earn in joint venture agreement ("JV") with Newmont Ventures
Limited ("Newmont").
New soil and termitaria sampling at the BBM Prospect (Figure 3),
which is located approximately 13 km northeast of the Sceptre target, has delineated a 3.5km
long > 50ppm (80th percentile) copper ("Cu") anomaly
with a 2km >104ppm Cu core (98th percentile). The BBM
copper anomaly has been defined through pXRF analyses and is also
associated with elevated values of both molybdenum and arsenic. The
BBM prospect sits adjacent and parallel to an interpreted
belt-basin margin which is a typical setting for gold
mineralization in west Africa.
These latest results are indicative of a fourth significant
copper target at the Odienné JV with similarities to the nearby
Sceptre, Charger and Lando targets
(Figure 2). Total cumulative strike length of these four Cu-Au
anomalies now exceeds 13km. Both Sceptre and Charger are gold anomalous, with
recent drilling at Charger returning high grade gold intercepts
along with significant Cu values (see Company News
Release dated 16th August 2022). The Company
announced the commencement of ground geophysical surveys over the
Sceptre and Charger anomalies on
Oct 13th, 2022.
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 Company News
Release dated May 31, 2022).
Awalé is the project manager for the initial 3-year phase.
View Attached Figures:
https://www.awaleresources.com/_resources/images/2022-10-24-BBm-Figs-Final.pdf
Company CEO Glen Parsons
commented today:
"The BBM target is yet another new and
exciting Iron Oxide Copper Gold ("ICOG") target with
encouraging copper grades and we await the gold and multi-element
ICP results. The footprint and geochemistry of the BBM prospect is
consistent with the Sceptre,
Charger and Lando targets and the proposed IOCG setting at Odienné.
Furthermore, the proximity to an interpreted major basin margin
structure is also favourable.
These new results from the BBM target in
concert with the previously announced Lando, Sceptre, Charger targets and Empire discovery
confirm the significant scale of the mineralized system at Odienne.
This success is directly attributable to the team's sound and
systematic exploration approach.
To date the Odienne JV has discovered
orogenic gold mineralization in the Empire Corridor, and four
distinct large copper plus gold targets. The real potential and
scale of Awalé's Odienne district focus and first mover advantage
is only just being recognized (refer Figure 5).
We are rapidly approaching the impending
drill program at the Sceptre and
Charger targets in early December, which will commence once results
from our ground geophysical surveys are received.
We continue to focus on both new target
potential and the existing target pipeline to meet the JV
objectives, as per our agreement with Newmont and we look forward
to further positive results."
*Notes:
- 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 BBM Prospect
The BBM ('Belt Basin Margin') prospect has a significant size
and tenor copper geochemical footprint, like Sceptre or Lando. The mineralization sits
close to a high strain contact to the east which is interpreted by
company geologists to be a major domain boundary between volcanics
and volcaniclastic rocks to the east and deep-water sedimentary
rocks to the west. Belt/Basin margins are considered highly
prospective in west Africa with
several large gold camps located along and close to these
boundaries. Approximately 500 samples collected from this pXRF
anomaly have been sent for 52 element ICP and gold analysis.
Results are expected in 4 to 6 weeks. Based on observed geology and
setting, both the Lando and BBM prospects are expected to be gold
anomalous along with the anomalous copper geochemistry reported in
this release.
Further to this, a 6km extension to the BBM anomaly is now held
by the Company through the recently acquired Sienso permit from
Turaco (see company news release dated July 19th 2022). The Sienso permit has
broad spaced - c.1km soil sample lines covering the permit area
which were completed by Resolute in 2020 and 2021 (Figure 4).
Next Steps
The company is working toward finalizing a drilling program in
late Q4. The recently commenced Induced Polarization ('IP') ground
geophysics – consisting of targeted surveys (gradient array and
pole dipole sections) at both Charger and Sceptre are considered a final phase of work
necessary to complete drill planning and targeting. The surveys are
expected to be complete in the next fortnight and results to follow
soon after. Upon completion the IP will contribute to planning of
scout drilling in December. At the BBM prospect the Company awaits
ICP/MS multielement analysis in the next 4 to 6 weeks
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
200km 2 of granted tenure and
400km 2 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 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 10-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
more than 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"
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
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content:https://www.prnewswire.com/news-releases/awale-delineates-a-fourth-new-3-5km-long-soil-copper-anomaly-at-the-bbm-prospect-odienne-joint-venture-cote-divoire-301658484.html
SOURCE Awale Resources