Latest news with #Awalé
Yahoo
11-06-2025
- Business
- Yahoo
Fortuna Completes Strategic Investment in Awalé Resources Limited and Files Early Warning Report
VANCOUVER, British Columbia, June 11, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to announce that it has acquired 15,037,593 common shares (the 'Shares') of Awalé Resources Limited ('Awalé), a TSX Venture Exchange listed mineral exploration company which is currently advancing its 100 percent-owned properties at the Odienné Project in Côte d'Ivoire. 'Awalé's Odienné Project represents a compelling opportunity for Fortuna in Côte d'Ivoire,' said Paul Weedon, SVP Exploration of Fortuna. 'Our experienced in-country exploration team is well positioned to help advance discoveries through to production. Awalé has built a strong presence in this emerging district and, through their capable and active team, developed a solid geological understanding across the portfolio. We look forward to supporting exploration across Awalé's 100 percent-owned properties at the Odienné Project with the benefit of their insights.' Mr. Weedon concluded, 'This investment strengthens Fortuna's exploration pipeline in Côte d'Ivoire and is aligned with our long-term growth strategy.' The Shares were acquired pursuant to a non-brokered private placement transaction at a cost of US$0.399 per Share (CAD$0.55 per Share) for gross proceeds of US$6,000,000 (CAD$8,264,999). Prior to this acquisition, Fortuna owned no shares of Awalé, and following the acquisition, Fortuna owns approximately 15 percent of Awalé's issued shares. The Shares were acquired for investment purposes. Fortuna may acquire additional securities of Awalé or dispose of its existing securities of Awalé on the basis of Fortuna's assessment of market conditions, reformulation of plans and/or other relevant factors, in each case in accordance with applicable securities regulatory requirements. Fortuna's early warning report has been filed and is available for viewing on SEDAR+, and a copy of the report may also be obtained by emailing info@ or by contacting the Corporate Secretary at +1.604.484.4085. In connection with the investment, Fortuna has entered into an investor rights agreement (the 'Investor Rights Agreement') with Awalé. Under the terms of the Investor Rights Agreement, Fortuna has been granted, among other things, (i) pre-emptive rights to maintain its interest in Awalé through participation in future equity financings of the Company and (ii) top-up rights to purchase additional shares in order to maintain its interest in Awalé. Fortuna will have such investor rights for so long as it holds a 10% or greater interest in Awalé (calculated in accordance with the terms of the Investor Rights Agreement). About Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and DirectorFortuna Mining Corp. Investor Relations: Carlos Baca | info@ | | X | LinkedIn | YouTube This news release contains forward-looking statements which constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements'). All statements included herein, other than statements of historical fact, are forward-looking statements, including, without limitation, the Company's business strategy, plans and outlook, statements regarding the possible future acquisition or disposition by the Company of securities, and statements regarding exploration plans in respect of the Odienné Project. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for gold, silver, and other metals; the timing and success of the Company's proposed exploration programs; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under 'Risk Factors' in the Company's Annual Information Form for the financial year ended December 31, 2024. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to, expected trends in mineral prices and currency exchange rates; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. PDF available: in to access your portfolio
Yahoo
11-06-2025
- Business
- Yahoo
Awalé Announces Closing of Strategic Investment by Fortuna Mining
Toronto, Ontario--(Newsfile Corp. - June 11, 2025) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement with Fortuna Mining Corp. (TSX: FVI) (NYSE: FSM) ("Fortuna"), pursuant to a subscription agreement (the "Agreement") between the parties. Under the terms of the Agreement, Fortuna purchased 15,037,593 common shares of the Company (the "Shares") at a price of US$0.399 (C$0.55) per Share, for gross proceeds of US$6,000,000 (C$8,264,999) (the "Offering"). "Awalé is delighted to welcome Fortuna Mining as a strategic investor," commented Andrew Chubb, CEO of Awalé Resources. "As an established and successful operator with significant mining operations in Côte d'Ivoire, Fortuna's commitment is a firm vote of confidence in our technical expertise, our exploration strategy, and our vision for the Odienné district. This investment strategically strengthens the Company as we begin an extensive exploration campaign on our 100%-owned ground." Under the terms of the Agreement, Awalé will use the net proceeds to fund expanded exploration activities across Awalé's 100%-owned 1,549 km² properties at the Odienné Project in Côte d'Ivoire, where the Company is advancing multiple gold and copper-gold targets with IOCG-style mineralization potential. No warrants are included in the Offering, and no finder's fees or commissions were paid. The Shares will be subject to a statutory hold period of four months plus a day following the date hereof. The Shares represent a total position of approximately 15% of the issued and outstanding common shares of the Company on an undiluted basis. The Company has also entered into an investor rights agreement (the "Fortuna Investor Rights Agreement") with Fortuna dated June 11, 2025, pursuant to which Fortuna has the right to maintain its percentage interest in future financings, subject to certain customary exceptions, and will have such other rights as described in the May 29, 2025 news release of the Company and as set forth in the Fortuna Investor Rights Agreement. A copy of the Fortuna Investor Rights Agreement will be filed by the Company as a material agreement and will be made available on the Company's SEDAR+ profile. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements. 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 exploring the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,346 km2 across seven permits-five granted and two applications. This includes 797 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. 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. AWALÉ Resources LimitedOn behalf of the Board of Directors "Andrew Chubb"Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT:Andrew Chubb, CEO(+356) Ardem Keshishian, VP Corporate Development+1 (416) The Company's public documents may be accessed at For further information on the Company, please visit our website at 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, filing of the Fortuna Investor Rights Agreement and use of proceeds. 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 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 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Market Online
29-05-2025
- Business
- The Market Online
Fortuna Mining de-risks junior gold stock with new investment
Fortuna Mining (TSX:FVI), a gold and silver company across multiple emerging markets, invested C$8.25 million at C$0.55 per share into Awalé Resources (TSXV:ARIC), a copper-gold explorer in Côte d'Ivoire, representing a 15-per-cent stake in the company on an undiluted basis Fortuna joins existing high-profile investors Orecap Invest and Newmont Corporation Awalé Resources stock is down by 27.54 per cent year-over-year and 37.50 per cent since 2020 Fortuna Mining (TSX:FVI), a gold and silver company across multiple emerging markets, invested C$8.25 million at C$0.55 per share into Awalé Resources (TSXV:ARIC), a copper-gold explorer in Côte d'Ivoire, representing a 15-per-cent stake in the company on an undiluted basis. Awalé will allocate the proceeds to continued exploration on its 2,346-square-kilometre Odienné project, which management believes to hold the potential for the discovery of West Africa's first major iron-oxide-copper-gold deposit. Fortuna will form a joint technical advisory committee with Awalé, bringing its proven operational expertise in Côte d'Ivoire to the table, and be granted the right to maintain its pro-rata ownership, both privileges contingent on its investment remaining at a minimum of 10 per cent of issued and outstanding shares. According to Thursday's news release, the transaction is expected to close by June 20, 2025, with shares subject to a customary four-month sale restriction. Awalé will issue a news release should existing shareholders Orecap Invest (TSXV:OCI) and Newmont Corporation (TSX:NGT) elect to top up their stakes on the same terms. The latter's 797-square-kilometre Awalé-Newmont Joint Venture within the Odienné project has yielded four gold, gold-copper and gold-copper-silver-molybdenum mineralized systems to date. Leadership insights 'We are extremely pleased to welcome Fortuna Mining as a strategic investor,' Andrew Chubb, Awalé Resources' chief executive officer, said in a statement. 'As an established and successful operator with a strong presence in West Africa and particularly in Côte d'Ivoire, Fortuna's investment is a strong endorsement of our technical team, our exploration approach and our clear vision for the Odienné district. This investment positions the company strategically as we launch intensive exploration on our 100-per-cent-owned ground.' About Awalé Resources Awalé is a mineral exploration company dedicated to discovering large high-grade gold and copper-gold deposits in mining friendly Côte d'Ivoire. Awalé Resources stock (TSXV:ARIC) is up by 16.28 per cent on the news trading at C$0.50 as of 10:17 am ET. The stock is down by 27.54 per cent year-over-year and 37.50 per cent since 2020. Join the discussion: Find out what everybody's saying about this African gold and copper stock on the Awalé Resources Ltd. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
12-05-2025
- Business
- Yahoo
Awalé Hits 5.2 g/t Gold over 15 Metres Among Multiple High-Grade Intercepts at the Empire Target, Odienné Project
HIGHLIGHTS 15m @ 5.2 g/t gold from 215m downhole in hole OEDD-127 16m @ 3.0 g/t gold from 44m in hole OEDD-114 19m @ 2.3 g/t gold from 76m in hole OEDD-124 39m @ 1.4 g/t gold from 97m in hole OEDD-126 Notable previous results include 15m @ 13.1 g/t gold in hole OEDD-24 Empire is a high-grade target on a 20 km-long corridor located 3 km from Charger Toronto, Ontario--(Newsfile Corp. - May 12, 2025) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to report assay results from 1,168m of diamond drilling in six holes at the high-grade Empire target, Odienné Project ("Odienné" or the "Project") in Côte d'Ivoire. Empire had not been drilled since 2020, and Awalé was excited to return to this highly prospective target, located just 2.5 kilometres from the Charger discovery. These two nearby zones are part of four discoveries made to date at the Project, underscoring its district-scale potential. All holes intersected significant mineralization, including OEDD-127 which returned 15m @ 5.2 grams per tonne ("g/t") gold ("Au") from 215m, including 10m @ 7.5 g/t Au from 215m. This intercept is significant as it is located at a similar depth to hole OEDD-15 and shows the potential of further high-grade mineralization at depth on the Empire zone. The updated geology model also suggests that other zones may be open to the southeast. Exploration to date has covered only 5 km of Empire's 20 km trend, with significant potential for further expansion. In this program, the Company targeted the top 120 vertical metres to refine the structural model of the discovery and drill hole OEDD-127 has extended down plunge mineralization to a vertical depth of approximately 200m. "Empire was Awalé's first high-grade gold discovery, and we're excited to resume drilling where we left off with significant mineralization similar in nature to our previous programs in 2019 and 2020. We are particularly happy to see the result of 5.2 g/t gold over 15 metres in OEDD-127 demonstrating that the system remains open at depth, with our new interpretation indicating further expansion potential along strike to the southeast. Bringing Empire back into play reinforces our confidence in the district-scale potential of the Odienné Project," commented Andrew Chubb, CEO of Awalé Resources. Link to All Figures Watch CEO Andrew Chubb Discuss Empire How Empire Fits into Odienné Empire is Awalé's first discovery from the first drill program on the Odienné Project in 2019. It is a high-grade gold discovery that sits within a 20 km WNW (west-northwest) trending structure corridor, and 2.5 km south of the Charger discovery. The Company has now demonstrated that the Odienné Project lies within a large plumbing system where multiple discoveries have been made. Taken together, these discoveries form the potential for a mining camp where multiple sites would feed a central processing facility, Empire is a high-grade discovery that is part of this vision. Background on Empire Previous drilling highlighted below confirmed robust mineralization extending to 125m vertical depth, with high-grade gold intercepts remaining open at depth and along strike. The Empire Main discovery is characterized by multiphase deformation, alteration, and veining with early potassic alteration +/- Au and pyrite, calc silicate alteration (rare garnet, clinopyroxene, and pyrrhotite), carbonate and silica sericite alteration. The observed free gold is likely late and associated with the final silica-carbonate-sericite phase. Prior to the Newmont exploration agreement, Awalé drilled 8,377m in 68 holes over multiple phases at Empire. Highlights from the previous Empire drill campaigns included: OEDD-01: 18.15m @ 4.9 g/t Au from 40m downhole OEDD-02: 27m @ 3.1 g/t Au from 43.2m downhole OEDD-09: 17m @ 2.6 g/t Au from 40m downhole OERC-21: 18m @ 3 g/t Au from 97m downhole and 2m @ 15.5 g/t Au from 111m downhole OEDD-24: 15m @ 13.1 g/t Au from 69m downhole OEDD-18: 11m @ 4.9 g/t Au from 40m downhole OEDD-16: 17m @ 3.5 g/t Au from 86m downhole OEDD-32: 22m @ 3.8 g/t Au from 92m downhole OEDD-31: 16m @ 2 g/t Au from 45m downhole OEDD-37: 68m @ 2.4 g/t Au from surface (0m) Details on Empire's previous drill results are available in news releases date February 26, 2020, October 28, 2020, and December 15, 2020. Table 1: Significant intercepts and collar details for all 6 drill holes from this news release Hole ID From(m) To(m) Length(m) Au(g/t) CompositeTrigger(g/t) Easting Northing RL_M Azim-True Dip EOH_M OEDD0114 0 6.5 6.5 4.0 0.5 647,497 1,030,232 474 0 -55 152.35 including 3 5 2 11.6 514 15.5 1.5 1.1 0.520.5 21 0.5 0.7 0.535 36 1 0.6 0.544 60 16 3.0 0.5 including 49 54 5 5.3 5 and 53 54 1 16.1 1077 78 1 1.0 0.592 93 1 12.3 0.5 OEDD0116 24 34 10 1.0 0.5 647,458 1,030,246 474 0 -55 167.2440 62 22 1.5 0.5 including 46 51 5 3.3 2 and 46 47 1 6.4 5 and 48 49 1 7.1 566 68 2 1.3 0.5 OEDD0117 0 8 8 0.8 0.5 647,421 1,030,252 472 0 -55 116.2313 14 1 0.5 0.519 20 1 3.4 0.529 30 1 5.8 0.535 36 1 2.7 0.540 41 1 0.8 0.547 49 2 1.4 0.5 OEDD0124 36 37 1 1.0 0.5 647,395 1,030,209 472 0 -55 209.1555 64 9 0.6 0.569 70 1 0.5 0.576 95 19 2.3 0.5 including 83 87 4 6.1 2 and 83 84 1 18.7 5 and 93 95 2 6.6 2 and 93 94 1 9.7 5102 103 1 1.1 0.5109 110 1 1.1 0.5 OEDD0126 8 9.5 1.5 0.8 0.5 647,459 1,030,192 475 0 -55 230.142 44 2 6.6 0.5 including 43 44 1 11.6 1050 51 1 0.5 0.597 136 39 1.4 0.5 including 115 132 17 2.7 2 and 119 120 1 21.7 10145 150 5 8.3 0.5 including 145 146 1 24.4 10 and 147 148 1 13.5 10 OEDD0127 102 109 7 0.8 0.5 647,472 1,030,138 475 0 -55 293.15118 119 1 0.7 0.5123 124 1 0.8 0.5144 146 2 3.0 0.5164 165 1 0.7 0.5175 176 1 0.5 0.5183 191 8 0.7 0.5201 202 1 1.4 0.5210 211 1 0.6 0.5215 230 15 5.2 0.5 including 215 225 10 7.5 2 and 215 216 1 27.2 10 and 220 221 1 15.6 10237 239 2 2.3 0.5253 267 14 0.5 0.5271 273 2 1.7 0.5 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 exploring the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,346 km2 across seven permits-five granted and two applications. This includes 797 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. 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. Fire Assay results above 5 g/t are routinely screen fire assayed and those results used in reported intervals. Sampled core is dominantly NQ diameter sampled at 1 metre intervals, with HQ diameter in pre collars sampled at 0.5 to 1.5m intervals depending on recovery. All sampling is half core. Mineralized Interval Calculations Significant intervals reported in this news release are calculated as downhole length-weighted intercepts. For the Empire target, initial mineralized zones are calculated at a 0.5 g/t Au trigger and include up to 3 metres of internal waste for delineating mineralized zones. Included intervals are calculated at 2 g/t, 5 g/t and 10 g/t Au trigger values, with up to 3 metres of internal waste. Table 1 contains a list of all Empire holes reported in this release. True widths are estimated to be 70% of the downhole widths. 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. Abbreviations Used in this Release Au Gold g/t Grams per tonne km Kilometres km2 Kilometres square m Metres AWALÉ Resources Limited On behalf of the Board of Directors "Andrew Chubb"Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT:Andrew Chubb, CEO(+356) Ardem Keshishian, VP Corporate Development+1 (416) The Company's public documents may be accessed at For further information on the Company, please visit our website at 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 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 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-04-2025
- Business
- Yahoo
Awalé Completes Drilling on BBM Satellite Targets at the Odienné Project
HIGHLIGHTS 2,416 metres of RC drilling in 28 holes completed over the BBM satellite targets, with initial results expected in Q2 2025. The program comprised of 4 scout drill lines consisting of approximately 7 shallow RC holes over higher order geochemical anomalies within the BBM trend. Satellite targets hold potential for new discoveries within 1 to 3 kilometres from BBM. Awalé also awaits results from drilling at the Charger, Empire, Fremen, and Lando targets. Toronto, Ontario--(Newsfile Corp. - April 2, 2025) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce the completion of a 28-hole, 2,416-metre reverse circulation ("RC") scout drill program targeting potential satellite mineralization along strike from the BBM discovery at the Odienné Project ("Odienné" or the "Project") in Côte d'Ivoire. These targets represent new prospective zones for potential discoveries in close proximity to BBM, which have been drilled as part of a broader 18,000m drill campaign across multiple targets at the Project. The BBM discovery and its potential satellite targets reported in this release lie along the same structural corridor spanning over 15km, extending from Awalé's 100%-owned Fremen target in the southeast to the Lando target in the northwest. The satellite target program comprised 4 scout RC drill lines consisting of approximately 7 shallow RC holes per line over higher order geochemical anomalies within the BBM trend (see Figure 1 below). Each drill fence is targeting a potential satellite discovery within 1 to 3 kilometres of the BBM discovery zone. A recently completed Induced Polarization ("IP") geophysics survey along the BBM trend helped refine the drill program by delineating structural targets coincident with the Company's soil and termitaria anomalies. The RC drilling and IP surveys are a continuation of the previously announced 5km IP survey at the Fremen target (see February 11, 2025 news release). Assays from this program are expected in Q2 2025. The Company also eagerly awaits results from drilling at the Charger, Empire, Fremen, and Lando targets throughout the second quarter of 2025. "Exploration is advancing rapidly at the Odienné Project, where the Company is close to completing a 18,000-metre diamond and RC drill program. The RC drill program commenced at the Fremen target and has since progressed onto the properties joint ventured with Newmont, where we have recently completed 28 holes over potential satellite targets in close proximity to the BBM discovery. Satellite discoveries near BBM represent potential incremental resources for the BBM zone. We look forward to releasing results from this program in Q2 2025. Since completion of this program, the rigs have mobilized to the Lando target, the last target from our 18,000m program, where Awalé will continue to apply its disciplined, systematic exploration approach as it works to unlock new discoveries and deliver long-term value for shareholders," commented Andrew Chubb, CEO of Awalé Resources. Figure 1: Induced Polarization 'Chargeability' image with the BBM and Fremen targets shown. Scout drill lines for the BBM target are shown as black lines. To view an enhanced version of this graphic, please visit: 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 exploring 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. Abbreviations Used in this Release IP Induced Polarization km Kilometres m Metres RC Reverse circulation 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 LimitedOn behalf of the Board of Directors "Andrew Chubb"Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT:Andrew Chubb, CEO(+356) Ardem Keshishian, VP Corporate Development+1 (416) The Company's public documents may be accessed at For further information on the Company, please visit our website at 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 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
