Awale Resources: Exploration and Discovery of Gold and Copper-Gold Deposits in West Africa
Awalé Resources (TSX:ARIC) has a major foothold in the promising gold province of Cote d’lvoire (Ivory Coast) in West Africa, close to the borders of Guinea and Mali. Awalé’s Odienné Project spans over 2,462 sq. km in area with seven permits and is located in a region that boasts over 300 million ounces (Moz) of gold deposits.
Cote d’lvoire has earned a reputation as an attractive investment destination for mining due to its stable regulatory framework excellent infrastructure comprising road networks, ports, airports and electricity networks.
The Odienné Project has similar geological characteristics to the Carajas Mineral Province and other IOCG provinces that are major suppliers of gold and copper. Three major discoveries Empire, Charger and Sceptre East were made and in January 2024, the company announced a new discovery in BBM and encouraging results for the Lando target.
Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is funding 100 percent of the exploration on the JV permits. Newmont has the option to earn up to a 75 percent interest in the Odienné Project by funding US$15 million in exploration expenditures.
Company Highlights
- Awalé Resources is a mineral exploration company focused on discovering gold and copper-gold deposits in Côte d’Ivoire (Ivory Coast).
- The company’s flagship Odienné project is located in the northwest Denguèlé Region of Côte d’Ivoire in West Africa.
- The project spans over 2,462 sq. km in area with seven permits and is located in a region that boasts over 300 million ounces (Moz) of gold deposits. The geological setting of the Odienné district is comparable to that of other significant iron oxide copper gold (IOCG) provinces globally, increasing the chances of the Odienné Project becoming the first major IOCG deposit in West Africa.
- The project has made three significant discoveries in 2023 – Empire, Charger and Sceptre East. Moreover, in January 2024, the company announced a new discovery in BBM and encouraging results for the Lando target.
- A key positive for the company is its relationship with Newmont, the world’s leading gold mining company. Newmont increased its stake to around 15.48 percent (previously 5.94 percent) in the company and holds a joint venture agreement on two of the seven permits at Odienné Project.
- Awalé underwent a major overhaul in May 2023, including the appointment of a new CEO and new board. Under the new management led by CEO Andrew Chubb, the company has achieved significant milestones including four new discoveries. The management team is well positioned to steer the company along its growth journey.
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