HIGHLIGHTS

Greater than 37ppb gold footprint over a 3.5 kilometre open trend with peak value of 1.3 grams gold.

The ‘Sienso’ gold footprint is next door to the BBM discovery – only 4km away.

Was revealed by the same Termite Mound sampling methodology used at BBM.

The ‘Sienso’ trend remains open to the south.

‘Sienso’ is situated within 100% Awalé owned property.

Vancouver, British Columbia–(Newsfile Corp. – October 22, 2024) – Awalé Resources Limited. (TSXV: ARIC) (‘Awalé’ or the ‘Company’) is pleased to announce it has uncovered a new and open 3.5 kilometre (‘km’) long > 37 parts per billion (‘ppb’) gold in termitaria footprint with a peak value of 1.3 grams per tonne (‘g/t’) gold (‘Au’). The program was completed within Awalé’s 100%-owned ‘Sienso’ permit next door to the BBM discovery which lies 4km along strike to the northwest (see Figures 1 and 2).

‘This new find at Sienso was made using the same termite mound sampling method that led to the BBM discovery. Termite mounds are great exploration tools as they provide in-situ sample from deep in the ground to be analysed for gold and other metals. This methodology has proven effective in our terrain, and we are delighted termitaria sampling has uncovered another large gold footprint at such an early stage of exploration on our 100%-owned ground. The discovery hole at BBM was drilled under a 1.2 g/t termitaria sample, so we are excited to follow-up this new target given its proximity and similar characteristics to BBM. With the seasonal rains soon subsiding, we will proceed with an Induced Polarization (‘IP’) geophysics program over this anomaly. If the geophysical results support the anomaly we will drill this target at the earliest opportunity.’- Commented Andrew Chubb, CEO of Awalé Resources.

Awalé completed a soil and termitaria survey in 2 phases: initially at a 400m x 50m spacing, followed by infill to a 200m x 50m spacing. All samples were analysed with a portable X-Ray Fluorescence (pXRF) machine and samples were selected for gold analysis after mapping the anomalous pathfinder elements. Higher tenor anomalism within the 3.5km trend is coincident with a bend in the structural trend, similar to the BBM discovery. Additionally, there are coincident late intrusive rocks spatially associated with the change in strike that also show similarities to the BBM discovery.

LINK TO VIDEO DISCUSSION

LINK TO HI RES IMAGES

Figure 1: Awalé Permits in NW Côte d’Ivoire – Showing new geochemistry area as red box in Awalé’s 100%-owned Sienso permit.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/227361_1e463f5b945a2829_002full.jpg

Figure 2: New 3.5km long > 37 ppb Gold footprint in Awalé’s 100%-owned Sienso Permit. A direct extension of the BBM disvovery.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/227361_1e463f5b945a2829_003full.jpg

100%-Owned Awalé

Sienso’s gold footprint is part of Awalé Resources’ 100%-owned ground. The Company’s Odienné Project consists of five (5) permits spanning 1,693 km2, all 100% Awalé owned – comprising the permits shown in orange in Figure 1. The Awalé-Newmont Joint Venture (‘OJV’) consists of two additional permits contiguous within the Odienné Project and cover a total area of 796 km2 (hatched permits in Figure 1). Awalé manages all exploration activities at OJV, with funding provided by Newmont Joint Ventures Limited (‘Newmont’) (see May 31, 2022 news release).

Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries 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.

Next Steps for the Sienso Permit

In this quarter, the Company will conduct IP geophysics over the new target area. If the results from the program align with the geochemical anomaly, an initial drill program will follow in Q1 2025. Surface Termitaria and Soil geochemistry will continue along the open southern extensions of the anomalies mentioned in this release as well as new programs along parralel structural targets further east within the Sienso permit area.

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 undertaken in the underexplored regions of Côte d’Ivoire, where the Company is focused on the Odienné Copper-Gold Project spanning 2,489 km2 in seven permits.

Quality Control and Assurance

pXRF analysis is completed by the company with an Innov-X Vanta Handheld XRF Analyser, samples are hand crushed and dried where necessary and sieved to -80 mesh (passing 170 micron) and analysed for 90 seconds using 3beam ‘soil mode’. Standards are used in the stream every 50 analyses; field duplicates are also routinely analysed. Selected samples are sent to the laboratory where analytical work for soil and termitaria geochemical samples is being carried out at the independent Intertek Laboratories 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 laboratory in Tarkwa. Samples are logged in the tracking system, weighed, dried, and pulverized to better than 85%, passing a 75-micron screen. Samples were fire assayed with an AAS finish. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

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 Geologists (SEG). Mr. Chubb has over 20 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

FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
a.chubb@awaleresources.com

Ardem Keshishian, VP Corporate Development & Investor Relations
+1 (416) 471-5463
a.keshishian@awaleresources.com

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/227361