VANCOUVER, BC, March 29,
2023 /CNW/ - Awalé Resources Limited
("Awalé" or the "Company") (TSXV:
ARIC) is pleased to provide the following assay results for
scout drilling completed at the Charger and Sceptre East targets at
its Odienné Project in Côte d'Ivoire (Figure 1). A total of nine
holes for 1,292.2m were completed
over initial geophysical and geochemical targets (see Company News
Release dated January 17, 2023), with
seven holes having intersected significant alteration and sulfide
mineralization. Highlights from this drilling are summarized
below.
Highlights
CHARGER TARGET – High Grade Gold - Silver - Copper Target
(Figures 2 and 3)
Two drill holes targeted intrusive-hosted sulfide mineralization
underlying previously untested gossans and new artisanal workings.
Highlights include:
- OERC-132:
-
- 32m @ 3.0 g/t (grams per tonne)
Au (gold), 0.17% Cu (copper) and 6.6 g/t Ag (silver) from
74m downhole.
-
- Including 4m @ 12.4 g/t Au, 0.7%
Cu and 30 g/t Ag from 78m
downhole.
SCEPTRE EAST TARGET – New
Discovery - Large Porphyry/Intrusion Related Gold-Copper Target
(Figures 4 and 5)
Initial scout drilling at Sceptre East focused on an
approximately 1km long section of a multi-kilometer combined ground
geophysical (Induced Polarization, or IP) and soil 'Cu-Au anomaly'.
Over 500m x 300m of open mineralization has been identified
at Sceptre east, the drill holes
reported below all end in mineralization.
- OERC-128 – End of Hole ("EOH") at 126m
-
- 120m @ 0.13% Cu, 0.14 g/t Au, 1.5
g/t Ag and 82 ppm Mo (Molybdenum) from 6m downhole.
-
- Including 13m @ 0.12% Cu, 0.3 g/t
Au, 1.6 g/t Ag and 146 ppm Mo from 39m downhole.
- And 48m @ 0.21% Cu, 0.11 g/t Au,
2.2 g/t Ag and 102 ppm Mo from 78m
downhole.
- OERC-129 - EOH at 132m
-
- 121m @ 0.18% Cu, 0.21 g/t Au, 2.4
g/t Ag and 136 ppm Mo from 11m
downhole.
-
- Including 20m @ 0.3 g/t Au, 0.13%
Cu, 1.7 g/t Ag and 183 ppm Mo from 30m downhole.
- And 22m @ 0.43% Cu, 0.5 g/t Au,
6.6 g/t Ag and 171 ppm Mo from 72m
downhole.
- OERC-130 – EOH at 138m
-
- 133m @ 0.13% Cu, 0.15 g/t Au, 1.6
g/t Ag and 312 ppm Mo from 5 meters downhole.
-
- Including 38m @ 0.13% Cu, 0.21
g/t Au 1.7g/t Ag and 284 ppm Mo from 14m downhole.
- And 28m @ 0.14% Cu, 0.21 g/t Au,
1.9 g/t Ag and 296.1 ppm Mo from 62m
downhole.
The Sceptre Main and Sceptre West targets, within an adjacent
3km long soil Cu-Au anomaly, was not tested during this scout drill
program.
View Attached Figures:
https://www.awaleresources.com/_resources/news/nr-20230329-figures.pdf
Glen Parsons, Chief Executive
Officer, commented:
" The results from these nine scout holes at the Charger
and Sceptre East targets mark an exciting turning point for Awalé
going forward. The Odienné project has two new discoveries from the
first two targets drilled under the Newmont-funded JV, it seems
clear that we are exploring in a large scale polymetallic system
that is now delivering exciting results and confirming the
intrusive and structural related models with multi-phase fluid
flow. The understanding of the sheer scale of the Odienné
mineralized system is unfolding and accelerating as the exploration
program gathers momentum.
The Charger and Sceptre East discoveries reflect the scale of
the district scale mineralized system at the Odienné project, with
similarities in mineralization and alteration assemblages at both
localities. Along with the similarities there are distinct
differences in the manifestation of mineralization at each Target,
with Charger having marked structural control, brecciation and
high-grade fluid flow and Sceptre East having a disseminated large
tonnage lower grade intrusion related or porphyry style of
mineralization. Both targets are convincing and have
significant potential, Charger is now wide open to potential
stacked parallel high-grade lodes and the Sceptre system has been barely touched with
just 7 drill holes within a 202km target area.
The outlook for Awalé is compelling with a well-funded
US$3 million exploration program
planned for the Newmont JV and a promising Awalé permit pipeline in
the Odienné district. We look forward to the team in Cote d'Ivoire continuing to deliver excellent
results to our shareholders from our continuing exploration
programs."
Background on Charger– A new geologic model led to the
drilling of two optimally oriented holes at Charger with hole
OERC-132 returning a 96 gram-meter gold intercept. Drilling
targeted an IP chargeability anomaly and mapped gossan with
artisanal workings. The drill holes successfully intersected
polymetallic sulfide mineralization within an intrusive
host and with the new model has opened the Charger Target to
contain multiple parallel lodes in a within hybrid
intrusive/structural mineralized system (Figure 2). This
mineralization complements the previously reported drilling at
Charger – Drill hole OERC-89 returned 21m at 2.6 g/t Au and 16.9 g/t Ag from
13m downhole (see Company News
Release dated 14th June
2021). Intercepts returned from the 2 Charger holes are
shown below (Figure 3).
- OERC-131: Drilled behind gossan and artisanal workings.
-
- 10m @ 0.8 g/t Au and 2.1 g/t Ag
from 3m downhole
- 18m @ 0.5 g/t Au and 7.4 g/t Ag
from 31m downhole
- OERC-132: 40m step back from
OERC-131.
-
- 32m @ 3.0 g/t Au, 0.17% Cu and
6.6 g/t Ag from 74m downhole.
-
- Including 4m @ 12.4 g/t Au, 0.7%
Cu and 30.5 g/t Ag from 78m
downhole.
Total sulfide content in the gold-copper mineralized interval in
hole OERC-132 is significantly higher than in OERC-131, suggesting
increasing sulfide content with increasing depth.
Drilling at Charger has now intercepted two separate zones of
polymetallic sulfide mineralization which align with WNW to NW
trending IP chargeability anomalies.
The mineralized intercepts in OERC-89 and OERC-132 are
impressive with 55-gram meter and 96-gram meter gold intercepts
with associated silver and copper mineralization.
These high-grade intercepts lie within a c.600x600m auger gold
geochemical anomaly which aligns with an intrusion recognizable as
a magnetic low in RTP magnetic images along with the gradient array
IP completed at Charger (Figure 2). The intrusion is crosscut by
the WNW and NE trending magnetic features that are partly
coincident with the IP trends dividing the intrusion in four
rhomboidal shapes which are likely a function of WNW and NE
trending structures and/or lithological boundaries – each of these
having potential for mineralization.
The geophysical anomalies are also supported by WNW to NW trends
within auger and legacy Randgold geochemistry and point toward the
potential for multiple or staked lodes within the diorite
intrusion. This model significantly upscales the potential for
Charger to deliver high grade resources and will be tested in
future drill programs.
Background on Sceptre/Sceptre East - Seven discovery
holes for 1,092.2m were drilled along
2km of strike of the 5km long Sceptre mineralized system. This maiden
program tested coincident anomalous gold-copper soil geochemistry
and IP Conductivity/Resistivity zones (see Company News Release
dated November 1st 2022).
Drilling was successful and has outlined a greater than
500m strike mineralized zone that has
returned broad and open (>100 meter downhole) mineralized
copper-gold-silver and molybdenum intercepts. This mineralization
remains open in all directions.
The broad zones of mineralization intercepted in this round of
drilling at Sceptre are hosted
within a porphyritic granodiorite exhibiting pyrite-silica-sericite
alteration with disseminated and veinlet-hosted visible
chalcopyrite molybdenite mineralization, gold and silver
occurrences are associated with this sulfide mineralization. The
observed alteration and sulfide assemblage are porphyry style and
is interpreted to be part of a larger intrusive related system at
Sceptre. This system also has
proximal to distal iron oxide and potassic alteration.
Sceptre is interpreted to be a
large 20km2 gold/copper/silver/molybdenum bearing
mineralized system, as such the Company expects mineral and
alteration zonation with depletion and enrichment of these elements
throughout the prospect area. The geochemistry data collected over
the entire Sceptre prospect
(consisting of the Sceptre East, Sceptre Main and Sceptre West
targets) points toward metal zonation from gold rich/copper
depleted in the west to copper rich and gold depleted in the east.
The discovery holes reported in this release are an encouraging
entrée into what has potential to be a world class mineralized
system. Interpretation from these early scout holes points toward
the style of mineralization being at least partially intrusion
related and does have hallmarks of other Precambrian deposits such
as Boddington in Western
Australia. The Boddington mine is owned and operated by
Newmont*.
*References made to mines and analogous deposits provide context
for the Odienné project but are not necessarily indicative that
these projects host similar tonnages or grades of
mineralization.
Full results for all drill holes on each section are reported
below.
SECTION 649775E - Three holes drilled on this section
(Figure 5). All drill holes are mineralized from surface and end in
mineralization. This drill section covers c.200m across the
500m strike of mineralization and is
open in all directions.
- OERC-128 – EOH at 126m
-
- 120m @ 0.13% Cu, 0.14 g/t Au, 1.5
g/t Ag and 82 ppm Mo (Molybdenum) from 6m downhole.
-
- Including 13m @ 0.12% Cu, 0.3 g/t
Au, 1.6 g/t Ag and 146 ppm Mo from 39m downhole.
- And 48m @ 0.21% Cu, 0.11 g/t Au,
2.2 g/t Ag and 102 ppm Mo from 78m
downhole.
- OERC-129 - EOH at 132m
-
- 121m @ 0.18% Cu, 0.21 g/t Au, 2.4
g/t Ag and 136 ppm Mo from 11m
downhole.
-
- Including 20m @ 0.3 g/t Au, 0.13%
Cu, 1.7 g/t Ag and 183 ppm Mo from 30m downhole.
- and 22m @ 0.43%Cu, 0.5 g/t Au,
6.6 g/t Ag and 171 ppm Mo from 72m
downhole.
- OERC-130 – EOH at 138m
-
- 133m @ 0.13% Cu, 0.15 g/t Au, 1.6
g/t Ag and 312 ppm Mo from 5 meters downhole.
-
- Including 38m @ 0.13% Cu, 0.21
g/t Au 1.7g/t Ag and 284.4 ppm Mo from 14m downhole.
- And 28m @ 0.14% Cu, 0.21 g/t Au,
1.9 g/t Ag and 296.1 ppm Mo from 62m
downhole.
SECTION 649275E – 500m west
of section 649775E, one RC/DD hole was drilled to test an initial
IP chargeability resistivity contact zone followed by a deeper high
order IP chargeability zone. Mineralization was intercepted in both
targets and the upper zone is a strike equivalent of mineralization
intercepted in holes OERC128 to 130 on section 649775E (referred to
as hanging wall mineralization).
- OERD-125 – EOH at 273.2m
Mineralized from Surface.
-
- 111m @ 0.12% Cu, 0.12 g/t Au, 2.1
g/t Ag and 147 ppm Mo (hanging wall mineralization)
Footwall mineralization is lower grade and is associated with up
to 15% sulfide, dominated by pyrite and occasional chalcopyrite
that is disseminated into shear bands and strongly foliated
extrusive volcanics and in fractured porphyritic Intrusive rocks.
Gold mineralization is associated with chalcopyrite and molybdenite
filled fractures and shear bands that develop at the contacts to
the coarser grained and quartz rich porphyritic intrusions. The
mineralized system remains open at depth.
SECTION 649575E – Targeted the northern margins of the
interpreted porphyritic intrusion (OERC-127) and a chargeability
high (OERC-126) interpreted as a potential fluid
pathway.
- OERC-126 – EOH 183m had no
significant intercepts, the hole dropped significantly and did not
reach the core of the high chargeability anomaly.
- OERC-127 intercepted the host Granodiorite porphyry in the
upper parts of the drillhole and returned 47m @ 0.12% Cu, 0.04 g/t Au, 1.9 g/t silver and
94ppm Mo from 3 m downhole.
SECTION 648775E – OERC-133 EOH 120m. A 550m step
NW along the NW tending chargeable resistive anomaly that is
interpreted to represent a primary fluid pathway. The hole
consisted of biotite-silica altered volcanics with minor intrusive
rocks, similar to the proximal alteration observed at the Empire
target. No significant values were intercepted. However, the system
remains open to the west.
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 Awaleé is managing the project
in the initial three-year phase. The JV budget from Newmont for
2023 is USD 3M.
Next Steps
At Sceptre, IP surveys are
currently being extended across the entire Sceptre Target area,
this survey includes pole – dipole sections as well as gradient
array. Trenches are also being opened along the three mineralized
drill sections at Sceptre
(649275E, 649575E and 649775E). Follow up drilling is being planned
to expand and compliment the mineralization reported in this
release as well as further discovery drilling at the Lando and
Sceptre Main prospects. These RC and diamond drill programs
are expected to be completed before the wet season onset in
July.
Aerial magnetic/radiometric survey permitting is now underway
and the surveys are expected to commence in early April – this will
be a permit wide 100m line spaced
helicopter survey. Further to compliment the IP and magnetic
geophysical surveys a ground gravity survey has is also expected to
commence this quarter with a permit wide survey planned on a
400m grid spacing. The gravity survey
will initially be focused on the known prospects (Sceptre, Charger, Lando etc) and then expand
over the entire permit. Gravity surveys will assist in
understanding the intrusion related system we have at Odienné.
Quality Control and Assurance
Analytical work for drill samples is being carried out at the
independent Intertek Laboratories in Ghana and 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 Odienné office and transported by Intertek to
their preparation laboratory in Yamoussoukro, Cote
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 1
stream to Intertek Ghana for Fire Ass and a second to Australia where the sample analysed 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.
Mineralized Interval Calculations
Significant intervals reported in this news release are
calculated downhole length weighted intercepts. For the Sceptre
Target broad mineralised intervals are calculated using a 0.05%Cu
lower cut grade and 10m of internal
included intervals are calculated using a combination of 0.1%Cu and
0.15g/t Au with 10m and 5m of internal waste respectively. For the
Charger Target initial intervals are calculated at a 0.2g/t
interval including 3m of internal
waste. Included intervals are at a 5g/t Au cut off with no
waste. True widths are unknown as all reported intervals are
from RC drilling with a limited number of holes for each
prospect.
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
About Awalé Resources
Awalé is a diligent, systematic mineral 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") and intrusive related 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.
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