VANCOUVER, BC, July 22, 2021 /CNW/ - Awalé Resources
Limited ("Awalé" or the "Company") (TSXV:
ARIC) is pleased to report that elevated copper values (up to
0.76% Cu*) are associated with the high-grade gold mineralization
previously reported from Reverse Circulation ("RC") drilling at the
Charger prospect, Odienné Project (see Company News Release dated
June 14, 2021). Both the
gold-copper metal association and distinct hematite-rich alteration
at Charger are interpreted by the Company to be typical of Iron
Oxide Copper Gold (IOCG) style systems, and therefore represents a
mineralization style not previously identified either at Odienné or
elsewhere in the Birimian-age greenstone belts of Ivory Coast.
Highlights
High-grade gold mineralization was reported from Charger RC hole
OERC-89 on June 14, 2021:
OERC-89
|
1m @ 20.3 grams/tonne
("g/t") Au from 16m downhole, plus
|
|
3m @ 9.0 g/t Au from
30 m downhole
|
Preliminary XRF* analytical data from OERC-89 confirms the
presence of elevated copper values together with high-grade gold in
the sulfide-bearing hematite rich breccias (Figure 1), with the
interval 31m to 32m returning the highest gold grades of gold
(14.6 g/t Au) and copper (0.76%*) identified so far. The copper
sulfide chalcopyrite is associated with pyrite within the
mineralized hydrothermal breccia. Further specialist base metal
analyses using atomic absorption analytical techniques are
currently in progress.
A Diamond twin of OERD-89 intercepted hematite breccia from
24.4m to 27.4m (Figure 2) with up to 1% chalcopyrite
logged within zone of up to 5% disseminated pyrite.
All drilling completed over the Charger anomaly is characterized
by variations on chlorite/epidote/pink
albite/hematite/magnetite/sulfide (pyrite +/- chalcopyrite and
pyrrhotite) zoned alteration system. The company is now
re-processing multielement data from all geochemistry completed
over the project using the new IOCG model as a driver for the
multielement anomalism that exists throughout the permit.
*Note: A Handheld InnovX Delta XRF was used for analysis on RC
drill fines. XRF analysis is considered indicative of base metal
grade. The company is completing laboratory multielement analysis
for comparison.
Company CEO Glen Parsons
commented today:
"The identification of
high-grade Iron Oxide Copper Gold (IOCG)-style mineralization at
Charger represents an exciting new target type for Awalé at the
Odienné Project. IOCG deposits are known from similar age terrains
elsewhere globally – such as in Brazil, Australia, Sweden – but as yet have not been identified
in Ivory Coast. We look forward to
advancing our exploration activities at Odienné – both on the
orogenic-type mineralization at Empire and the potential IOCG-type
mineralization at Charger and the greater permit area. We
continue to pursue our stated goal of discovering 1+Moz gold
equivalent in new greenfields gold ounces.
I look forward to keeping the
market informed as we continue to advance exploration at
Odienné."
Quality Control and Assurance
Analytical work for auger 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 Bondoukou or 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
better than 85%, passing a 75-micron screen, this pulp sample is
then shipped to Ghana where a 50g
charge is Fire Assayed with an AAS finish. Blanks, duplicates and
certified reference material (standards) are being used to monitor
laboratory performance during the analysis.
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 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
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.
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