VANCOUVER, BC, Jan. 13, 2022 /CNW/ - Awalé Resources Limited
("Awalé" 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, Odienné Project, has refined the
anomaly into 2 significant high tenor copper-gold ("Cu-Au") IOCG
targets (Figures 1 and 2). The two Sceptre Cu-Au targets are now
ready for follow up geophysics and maiden drilling in the first
half of 2022 (Figures 3).
On the basis of the regional geological setting of Odienné, the
soil/termitaria data from the Sceptre prospect. and the initial drill
results from the adjacent Charger prospect (see Company news
release dated 22nd July
2021), the Company interprets the geological setting of the
Odienné 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
Odienné 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 (Figure 3) 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 22nd 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 (Figure 3) 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.
View Attached Figures:
http://www.awaleresources.com/_resources/maps/2022-01-12-Sceptre-Cu-Au-IOCG-Final-Figures.pdf
Company CEO Glen Parsons
commented today:
"We are delighted that the
Odienné IOCG project has continued to develop in this manner. There
are striking similarities between the geology, mineralisation and
crustal setting of Odienné and other major global IOCG provinces
such as Olympic Dam and Carajás which host multiple Tier 1 deposits
and are major contributors to global Copper and Gold
inventories.
These targets place Awalé in a
unique position to be drill testing the Sceptre targets that have potential deliver
Tier 1 discoveries for the company, and developing the Odienné
district into a new mineralised province in west Africa"
Next Steps
Planned exploration for the 1st 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 2020 with scout drilling to follow
over both the Sceptre East and Sceptre prospects in Q2.
Background on IOCG deposits and similarities to the Odienné
district.
Precambrian IOCG provinces globally (e.g. Olympic Dam - Gawler
Craton, Australia and Carajás -
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 IOCG deposits formed during brief episodes of extension that
postdated accretion of Paleoproterozoic terranes onto an Archean
craton nucleus (Hayward and Skirrow 2010, Porter 2010) Figures 4
and 5 depict the crustal setting of both the provinces and Figure 6
includes Odienné location and as a comparison.
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 Carajás 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 Itacaiúnas
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 Carajás deposit have been estimated to contain combined
resources of >8 Gt @ 0.9 wt.% Cu and 0.2 g/t Au (Xavier et
al., 2012)*.
Awalé has now adopted an IOCG model as the setting of the
Odienné 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 (Man Craton) 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 Odienné (see figure 6).
The similarities in Odienné crustal setting to the Major Olympic
Dam and Carajás 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 Odienné project but are not necessarily
indicative that these projects host similar tonnages or grades of
mineralization.
Quality Control and Assurance
Analytical work for auger/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 Bondoukou or Odienné office and transported by Intertek to
their laboratory in Tarkwa, Ghana
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 Australia where 10-gram split is analysed by
ICP/MS with an Aqua Regia digest. 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
For additional information you are invited to visit the Awalé
Resources Limited website at 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.
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