Toronto - Awale Resources (TSXV: ARIC), is pleased to announce the commencement of a 4000-meter diamond drilling program at the Odienne joint venture project with Newmont.
This is a continuation of the Awale's strategy of exploring and developing high-grade gold and copper-gold deposits in the fertile Odienne region of Cote d'Ivoire.
Additional Funding from Newmont
Awale Resources has secured an additional USD 750,000 in joint venture funding from Newmont Corporation, elevating the 2023 exploration budget to USD 3.75 million. This increase in budget reflects Newmont's confidence in the potential of the Odienne project and Awale's successful exploration approach. This new funding is in addition to the recently closed Private Placement with Newmont into Awale.
New Diamond Drill Program Underway
The drill program, which will continue throughout the holiday period, will explore and develop Awale's Odienne project in West Africa. Awale views Odienne as highly prospective for large-scale Iron Oxide Copper Gold (IOCG) and intrusive related mineral systems. Awale's exploration approach has already led to significant regional discoveries, including the Empire, Charger, and Sceptre East discoveries, highlighting the potential for district-scale developments.
Final Drill Results from Odienne's Summer Program expected in January
Awale looks forward to publishing final drill results from the last drill program subsequent to passing through the companies quality control and re-analysis protocols and will be ready for release in January. These results will include initial scout holes at the BBM and Lando prospects as well as additional holes at the Charger target.
Andrew Chubb, CEO of Awale Resources, stated, 'This marks a pivotal moment in our exploration efforts. The increased investment and ongoing support from Newmont underscore our project's potential and our team's capability to deliver significant results.'
Contact:
Andrew Chubb
Tel: +356 99 139 117
Email: and a.chubb@awaleresources.com
The Awale-Newmont JV - 'Odienne Project JV'
The Odienne Project JV covers one permit and one application within the greater Odienne Copper-Gold Project in the Northwest of Cote d'Ivoire, and is subject to an earn-in agreement with Newmont Ventures Limited ('Newmont'); through which Newmont retains the option to earn-in to a minimum of 65% interest, from Awale, in the Odienne Project JV in return for USD 15 million of exploration expenditures. Newmont is funding the exploration program and Awale is managing the Odienne Project JV in the initial three-year phase.
About Awale Resources
Awale is a diligent and 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 Cote d'Ivoire. Awale's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the 'Odienne Project JV') within the greater Odienne Copper-Gold Project in the Northwest of Cote d'Ivoire, where three significant gold and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries have significant scope for growth with future discovery and resource development drilling. The project has multiple pipeline prospects that have similar geochemical fingerprints to Iron Oxide Copper Gold ('IOCG') and intrusive related mineral systems. The 400km2 of granted tenure and 400km2 under application remains underexplored and offers significant upside potential. The Odienne Project JV forms a solid foundation for the Company to continue exploring in a pro-mining jurisdiction that offers significant potential for district scale discoveries.
Contact:
Tel: (+356) 99139117
Email: a.chubb@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 Cote 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.sedar.com. 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.
AWALÉ RESOURCES LIMITED 
