VANCOUVER - Awale Resources Limited (' A wale ' or the ' Company ') (TSXV: ARIC) is pleased to announce that infill and follow up soil and termitaria geochemistry on the 5km long Sceptre Iron-Oxide Copper-Gold ('IOCG') target, Odienne Project, has refined the anomaly into 2 significant high tenor copper-gold ('Cu-Au') IOCG targets.

The two Sceptre Cu-Au targets are now ready for follow up geophysics and maiden drilling in the first half of 2022.

On the basis of the regional geological setting of Odienne, the soil/termitaria data from the Sceptre prospect. and the initial drill results from the adjacent Charger prospect, the Company interprets the geological setting of the Odienne district to be comparable to that of other significant IOCG provinces globally. IOCG deposits are significant contributors to global copper and gold inventories, and the Company considers the Odienne project to contain significant potential for the discovery of the first major IOCG deposit known in west Africa.

HIGHLIGHTS

Follow-up soil/termitaria sampling has allowed for the definition of two distinct Cu-Au targets at the recently defined Sceptre anomaly, Sceptre East and Sceptre West

Sceptre East forms a coincident 1.5 km long, >368ppm (parts per million) Cu / >20ppb (parts per billion) Au footprint with a peak value of 1,776ppm Cu and 554ppb Au.

Comparatively, this anomaly covers an area 4 times the size of the recently drilled Charger target, which returned 3m at 9 grams per tonne (g/t) Au and 0.4% Cu within a sulfide bearing hematite breccia (drill hole OERC-89, release dated 22 nd July 2021 ). The core of the Cu/Au footprint tested at Charger is a 400m long auger anomaly at >90ppb Au and > 100ppm Cu.

Sceptre Main forms a larger, NE trending 2.6 km long and 1.5km wide >110ppm Cu anomaly with coincident >14 ppb Au anomalism.

The Sceptre Main target is known to contain a series of polymetallic veins that have returned high grade results with up to 26.7 g/t Au and 1.5% Cu in selective sampling from artisanal workings.

Company CEO Glen Parsons commented today: 'We are delighted that the Odienne IOCG project has continued to develop in this manner. There are striking similarities between the geology, mineralisation and crustal setting of Odienne and other major global IOCG provinces such as Olympic Dam and Carajas which host multiple Tier 1 deposits and are major contributors to global Copper and Gold inventories.

These targets place Awale in a unique position to be drill testing the Sceptre targets that have potential deliver Tier 1 discoveries for the company, and developing the Odienne district into a new mineralised province in west Africa '

Next Steps

Planned exploration for the 1 st half of 2022 will include ground geophysics - both gravity and targeted IP surveys (gradient array and pole dipole sections) immediately followed by targeted trenching and drilling. Geophysics and trenching are anticipated to commence in Q1 2022 with scout drilling to follow over both the Sceptre East and Sceptre prospects in Q2.

Background on IOCG deposits and similarities to the Odienne district.

Precambrian IOCG provinces globally (e.g. Olympic Dam - Gawler Craton, Australia and Carajas - Amazonian Craton, Brazil) are important sources of copper and gold, and are characterized by their association with iron-oxides such as hematite and magnetite.

These periods of extension and mineralization in the Gawler craton were characterized by bimodal volcanism and plutonism characterized by the Gawler range volcanics and the Hiltaba Suite plutons. The Olympic dam province hosts Carapateena ( 950Mt at 0.57% Cu, 0.25g/t Au, 2.7 g/t Ag - Oz Minerals Resources and Reserves statement June 2020 ) and Prominent Hill ( 150 Mt at 0.9% Cu, 0.75 g/t Au and 2.5 g/t Ag - Oz Minerals Resources and Reserves statement June 2021 ) along with the giant Olympic Dam deposit (10.1 Gt @ 0.61% Cu, 0.27 g/t Au, 1.0 g/t Ag, 0.21 kg/tonne U3O8- BHP Annual report 2021) - Olympic Dam has a current projected mine life of some 40 years and has been operating since 1988.

The Carajas IOCG province is developed on the NE margins of Southern Amazonian Craton, although older than the Gawler has a similar setting is similar with accreted terranes, bimodal volcanism and plutonism and similar age to the Leo-Man Craton in west Africa. The deposits are located within the east-southeast trending 150 km long Itacaiunas Shear Belt, that cuts obliquely across the bimodal, but mainly mafic to intermediate volcanism which overlies the Mesoarchaean granitoid nucleus of the Amazonian craton (Porter 2010). Combined, all the Carajas deposit have been estimated to contain combined resources of >8 Gt @ 0.9 wt.% Cu and 0.2 g/t Au.

Awale has now adopted an IOCG model as the setting of the Odienne Projects which consists of a suite of volcanic and volcaniclastic rocks of basaltic to felsic composition that are synchronous or intruded by a series of late plutons. The project area sits on the margins of an interpreted deep seated major crustal structure where Paleoproterozoic rocks have accreted on to an Archean nucleus that extends from Cote d'Ivoire westward into Guinea for over 200km. Recent studies show that a large igneous intrusive province has formed along this paleosuture zone, and this province extends through Odienne.

The similarities in Odienne crustal setting to the Major Olympic Dam and Carajas IOCG provinces in Australia and Brazil are convincing. The Sceptre and Sceptre East and Charger Prospects are associated with a sequence of late bimodal intrusions likely coeval undeformed bimodal volcanic rocks along with hematite breccia within magnetite altered diorite at the Charger prospect. When paired with the Cu Au and Silver (Ag) mineralization and polymetallic zonation containing pathfinder elements typically associated with IOCG systems (including bismuth, silver, molybdenum, and tungsten) all provides compelling evidence for the comparison to the major global IOCG provinces.

References made to mines and analogous deposits provide context for the Odienne project but are not necessarily indicative that these projects host similar tonnages or grades of mineralization.

Contact:

Web: www.awaleresources.com

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.

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