Awalé Hits 2.2 g/t Gold Eq. over 29 Metres at the BBM Zone, Odienné Project

HIGHLIGHTS

• 29m @ 2.2 grams per tonne (‘g/t’) gold equivalent (‘AuEq.’), including 10m @ 2.8 g/t AuEq. from 93m downhole in OEDD-105.

• 28m @ 1.3 g/t AuEq., including 5m @ 1.8 g/t AuEq. from 256m downhole in OEDD-108.

• Drilling continues to demonstrate excellent continuity over significant width and gold tenor.

• A total of 6,380m of drilling was completed across 22 holes and one re-entry hole, marking the completion of this phase at BBM.

• Drilling continues at the Fremen, Charger, and Empire targets.

Toronto, Ontario–(Newsfile Corp. – February 18, 2025) – Awalé Resources Limited (TSXV: ARIC) (‘Awalé‘ or the ‘Company‘) is pleased to report results from two diamond drill holes completed as part of the expanded drill campaign targeting the BBM zone at the Odienné Project (‘Odienné‘ or the ‘Project‘) in Côte d’Ivoire. The drill program, which began in November 2024, is now complete with 6,379.9m drilled, with assays from 18 holes yet to be released. Drillholes OEDD-105 and OEDD-108 were drilled within the previously reported central mineralized zone, where the Company is tightening drill spacing to a 100m grid (see drill plans and sections in the link below).

‘Building on the success of our previously released results, we are pleased to announce further excellent drill results from BBM. The two holes reported today, along with those released on January 29, have returned results in line with our expectations, with robust gold and copper mineralization demonstrating consistency in both width and grade. These results reinforce the continuity of mineralization at BBM and support its potential as a near-surface resource.

The drill program at the BBM target was extended after step-out holes from the core zone encountered sulfide mineralization and alteration, giving the Company reason to believe that further drilling could unlock substantial growth potential along strike to the southeast and northwest. To expedite progress, a second diamond rig was deployed, enabling us to test the fold model at the Charger target and resume drilling at the Empire target without delay from the extended program at BBM. Additionally, we are actively progressing the Induced Polarization (‘IP’) geophysics program along the BBM trend and reverse circulation (‘RC’) drilling over the 100%-owned Fremen target. This increased level of activity is expected to yield a steady flow of results to the market throughout this quarter and beyond,’ commented Andrew Chubb, CEO of Awalé Resources.

Link to All Figures

View Video of CEO Andrew Chubb Discussing Results

Drilling is ongoing at Fremen, Charger, and Empire

Further to the completion of 6,379.9m of drilling across 22 holes and one re-entry hole at BBM, the Company continues drilling at Fremen, Charger, and Empire.

• Charger – 2,000m of diamond drilling planned in 10 holes, testing the fold model, which has previously returned 57m @ 26 g/t Au in hole OEDD-83 and 59m @14.7 g/t Au in OEDD-100.

• Empire – 1,000m of diamond drilling planned in 6 holes, targeting the top 120 vertical metres to increase confidence in the structural model. Awalé’s first high-grade gold discovery, with previous results including 15m @ 13.1 g/t Au in hole OEDD-24.

A full table of significant intercepts from this release, with drill collar locations for all drilling in this phase at BBM are presented in Table 1 and Table 2, respectively.

Table 1: Significant Intercepts – (from this 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‘).

Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum mineralized systems within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.

The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) 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.

Table 2: BBM Drilling Collar Cable – (all collars from this program)

Quality Control and Assurance

Analytical work for geochemistry samples is being carried out at the independent ALS Laboratories in Ghana and Ireland, an ISO 17025 Certified Laboratory. Samples are prepared and stored at the Company’s field camps and put into sealed bags until collected by ALS 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 Ireland where the sample is analyzed by 52 element ICP/MS with a 4-Acid digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

Mineralized Interval Calculations

Significant intervals reported in this news release are calculated as downhole length-weighted intercepts. For the BBM target, initial mineralized zones are calculated at a 0.2 g/t trigger and include up to 3 metres of internal waste for delineating mineralized zones. Included intervals are calculated at 0.5 g/t, 1 g/t, and 2 g/t trigger values, with up to 3 metres of internal waste. Table 1 contains a list of all BBM holes reported in this release. True widths are estimated to be 70% of the downhole widths.

Au Equivalent Calculations

Au Equivalent is calculated using the following parameters in USD: Au – 1910/Oz (Troy), Cu 3.80/lb, Mo 40,000/Tonne, and Ag 23.40/Oz (Troy). The Formula AuEq = Au (g/t) + ((Cu (ppm) * 0.00014) + (Mo (ppm) * 0.00065) + (Ag (g/t)*0.01225)). An 80% metallurgical recovery is assumed for all metals, as the specific recovery rates for individual metals are unclear, and assuming different recoveries would be premature at this stage.

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 Geoscientists (SEG). Mr. Chubb has over 25 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

The Company’s public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241269