Odienné Project
The Odienné Project is located in Côte d’Ivoire’s Denguèlé Region, about 600 km northwest of Abidjan, covering approximately 2,346 km² with 800 km2 under joint venture (with Awalé as manager) and the dominant portion as 100%-owned Awalé permits. Awalé’s flagship Odienné East permit, explored in partnership with Newmont, hosts an inferred Mineral Resource of 32.4 million tonnes at 1.64 g/t gold equivalent for 1.71 million ounces gold equivalent across the BBM, Charger, and Empire deposits. The MRE combines near-surface open-pit material at BBM and Empire with higher-grade underground resources at Charger and below open pit levels at BBM. Mineralization remains open along strike and at depth.
Beyond the resource area and JV, Awalé controls a large 100%-owned land position across the broader Odienné district, including the recent Fremen discovery on the same mineralized trend as BBM. Here drilling has confirmed shallow gold mineralization over an initial 1-kilometre within a broader multi-kilometre corridor. The Company is actively exploring and developing multiple new geochemical and geophysical targets throughout the district, in a geological setting comparable to major iron oxide copper-gold and intrusive-related systems globally, the initial MRE and exploration targeting provides strong potential for further discoveries and resource growth.
Land package
2,346 km²
7 permit land package · Odienné District
Initial MRE
1.71 Moz @ 1.64 g/t AuEq.
Initial Inferred MRE · BBM, Charger & Empire
Geological setting
IOCG Setting
Comparable to global copper-gold systems
100%-owned ground
New Discovery
Fremen · 10 km from BBM
100%-Owned Discovery
Fremen is located within the Company’s 100%-owned Sienso permit, just 4 km along strike from the BBM discovery, as indicated in Figure 26.
In October 2024, Awalé announced the Fremen target, a newly uncovered and open 3.5 km-long gold-in-soil and termitaria footprint (>37 ppb Au), with a peak value of 1.3 g/t Au. This was followed by a June 2025 announcement of a 5 km extension to the target, based on termite mound sampling, with scout drilling confirming mineralization along the same structural trend as the BBM discovery—together outlining a gold-mineralized corridor exceeding 10 km.
The scout reverse circulation drill program consisted of 2,230-metres across 24 holes. Gold mineralization intercepted is associated with alteration and shearing, similar to the BBM discovery and represent significant early-stage intercepts over broad intervals coincident with the interpreted extension of the structure that hosts the BBM discovery. Selected intercepts from the Fremen target scout drilling include:
- 15m @ 0.6 g/t gold from 40m downhole in hole SSRC-20, including 7m @ 1.1 g/t gold from 46m downhole
- 8m @ 0.5 g/t gold from 100m downhole in hole SSRC-02,
- 8m @ 0.7 g/t gold from 78m downhole in hole SSRC-03
In May 2026, Awalé announced the discovery of the Fremen gold target. Initial drilling confirmed near-surface gold mineralization over an initial 1 km zone within a broader 8 km mineralized corridor, highlighted by shallow intercepts including:
- 17 metres at 1.9 g/t gold from 6 metres in hole SSAC-08, including 9 metres in at 2.3 g/t gold
- 12 metres at 2.1 g/t gold from 32 metres in hole SSAC-07, including 1 metre at 8.0 g/t gold
Diamond drilling also confirmed mineralization at depth, including 17 metres at 1.1 g/t gold from 113 metres in hole SSDD-03.
Fremen shares key geological characteristics with Awalé’s BBM and Charger discoveries, including similar alteration, structural controls, and intrusive associations, reinforcing management’s view that the target has the potential to evolve into another significant discovery within the broader Odienné district. With results still pending from additional drill holes and the broader corridor remaining open, Fremen represents a new growth opportunity on Awalé’s fully owned ground.
Mineral Resource Estimate
Initial MRE 2026
With a substantial resource of 1.71 Moz AuEq. at a robust average grade of 1.64 g/t AuEq. across the BBM, Charger, and Empire deposits, this MRE establishes Odienné as a significant gold-copper project. (see Table 1)
The resource combines near-surface open pit mineralization at BBM and Empire with high-grade underground mineralization at Charger and deeper portions of BBM, providing development flexibility as we advances toward a Preliminary Economic Assessment targeted for Q3 2026.
All deposits remain open along strike and at depth, with strong potential for resource growth through planned plunge and extension drilling at these targets.
Highlights
- 32.4 Mt grading 1.64 g/t gold equivalent for 1,707,000 ounces gold equivalent inferred from combined open pit and underground resources, including 1,389,000 oz gold and 93,000 tonnes copper.
- BBM forms the cornerstone deposit with combined open pit and underground resources of 27.8 Mt at 1.52 g/t gold equivalent for 1,356,000 ounces gold equivalent (1.16 g/t gold and 0.33% copper).
- Charger defines a high-grade underground resource of 1.6 Mt at 4.64 g/t gold equivalent for 232,000 ounces gold equivalent.
- Empire contributes a near-surface open pit resource of 3.0 Mt at 1.23 g/t gold for 119,000 ounces gold.
- Strong potential for resource growth and conversion from inferred to indicated through ongoing infill and expansion drilling near existing deposits.
- MRE forms the foundation for a Preliminary Economic Assessment targeted for Q3 2026 and a Pre-Feasibility Study in Q4 2027.
Table 1: NI 43-101 Mineral Resource Estimate by Deposit – Odienné Project
| Deposit | Category | Type | Tonnes (Mt) | Grade | Contained Metal | ||||
|---|---|---|---|---|---|---|---|---|---|
| AuEq. (g/t) | Au (g/t) | Cu (%) | AuEq. (oz) | Au (oz) | Cu (tonnes) | ||||
| BBM | Inferred | Open Pit | 21.5 | 1.37 | 1.03 | 0.32 | 947,000 | 714,000 | 68,000 |
| Inferred | Underground | 6.3 | 2.01 | 1.60 | 0.39 | 409,000 | 325,000 | 25,000 | |
| Inferred | Combined | 27.8 | 1.52 | 1.16 | 0.33 | 1,356,000 | 1,039,000 | 93,000 | |
| Charger | Inferred | Underground | 1.6 | 4.64 | 4.62 | 0.02 | 232,000 | 231,000 | 380 |
| Empire | Inferred | Open Pit | 3.0 | 1.23 | 1.23 | - | 119,000 | 119,000 | - |
| Global Total | Inferred | Combined | 32.4 | 1.64 | 1.33 | 0.33 | 1,707,000 | 1,389,000 | 93,000 |
Notes to the Mineral Resource Estimate:
- Effective date of the Odienné MRE is April 1, 2026.
- Tonnages are reported to the nearest 100,000t to reflect these as estimates.
- Metal content is rounded to the nearest 1,000ozs (Au) and 1,000t (Cu) to reflect these as estimates.
- A gold equivalence has been calculated which incorporates the following inputs; pricing of US$3,000/oz Au and US$4.34/lb Cu and gold recoveries of 94%, 91%, and 86% for Empire, Charger, and BBM respectively, and copper recoveries of 63%, 94%, and 93% for Empire, Charger, and BBM respectively, based on the averages of current metallurgical testwork results.
- Au Equivalent equations; AuEq. g/t = (1 x Au) + (1.007324 x Cu%) for Charger and AuEq. g/t = (1 x Au) + (1.065793 x Cu%) for BBM.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Tonnage is estimated by applying average SG by rock/mineralization type for each deposit, derived from a total dataset of 10,278 samples. Assigned SG’s of 1.90 (saprolite), 2.75 (granodiorite, int volcanics), 2.82 (qtz breccia), 2.83 (metasediments, monzodiorite), and 2.86 (actinolite breccia) have been assigned to blocks in the models.
- Open Pit Mineral Resources are reported above a cut-off grade of 0.32 g/t AuEq. within conceptual pit shells, and underground Mineral Resources report all blocks within conceptual volumes generated from mineable shape optimiser (MSO) software incorporating an in-situ cut-off grade of 1.28 g/t AuEq. at Charger and 1.34 g/t AuEq. at BBM, to support reasonable prospects for eventual economic extraction (RPEEE) as per the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines prepared by the CIM Mineral Resource and Mineral Reserve Committee and adopted by the CIM Council on November 29, 2019. RPEEE assumptions and parameters, which the QP considers reasonable, are set out in Table 2 (please refer to news release dated May 19, 2026).
- The QP is not aware of any legal, permitting, title, taxation, socio-economic, marketing, political, environmental or other risk factors that might materially affect the estimate of Mineral Resources.
Au–Cu · Bulk Tonnage
BBM: CORNERSTONE DEPOSIT
27.8 Mt @ 1.52 g/t AuEq. for 1.36 Moz AuEq.
The BBM deposit forms the cornerstone of the initial mineral resource estimate, contributing a combined open pit and underground inferred resource of 27.8 Mt grading 1.52 g/t AuEq. for 1.36 Moz AuEq., including 1.04 Moz Au and 93,000 tonnes of contained copper. The cut-off grade used for the MRE is highlighted.
The BBM geological model comprises primarily of two lithology units, a hangingwall granodiorite and footwall metasediments. The contact is characterized by two, northwest plunging fold structures. Mineralization is associated with this geological contact, occurring predominantly within the granodiorites and locally extending into the footwall metasediments. Moderate to intense shearing accompanies pyrite, chalcopyrite and molybdenite mineralization in quartz veins and as disseminations within associated pervasive silica alteration. Several generations of dykes, some of which are lamprophyric, are spatially related to the mineralization. The mineralization thickness generally ranges from one metre, up to 40 metres.
Highlights
- 72m @ 1.8 g/t Au and 0.36% Cu from 242m
- 38m @ 3.0 g/t Au and 0.5% Cu from 447m
- Potential to develop into largest gold-copper deposit in West Africa
BBM long section showing block model grades and pit shell for the open-pit and underground resource model. Ounces per vertical metre are shown on the left. The decrease in ounces is interpreted to reflect limited drilling density, with further drilling having the potential to increase both volume and grade at depth, consistent with previously reported results.
Table: BBM - Open Pit Resource C.O.G. Sensitivity
Table 3: BBM – Open Pit Resource C.O.G. Sensitivity
| Cut-Off Grade (g/t AuEq.) |
Tonnes (t) |
Grade (g/t AuEq.) |
AuEq. Resource (oz) |
|---|---|---|---|
| 0.20 | 21,500,000 | 1.37 | 947,000 |
| 0.30 | 21,500,000 | 1.37 | 947,000 |
| 0.32 | 21,500,000 | 1.37 | 947,000 |
| 0.40 | 21,300,000 | 1.38 | 945,000 |
| 0.50 | 20,600,000 | 1.41 | 934,000 |
| 0.60 | 19,300,000 | 1.47 | 911,000 |
| 0.70 | 17,900,000 | 1.53 | 881,000 |
| 0.80 | 16,400,000 | 1.60 | 845,000 |
| 0.90 | 14,900,000 | 1.68 | 805,000 |
Table: BBM - Underground Resource C.O.G. Sensitivity
Table 4: BBM – Underground Resource C.O.G. Sensitivity
| Percentage Change | Cut-Off Grade (g/t AuEq.) |
Tonnes (Mt) |
Grade (g/t AuEq.) |
AuEq. Resource (oz) |
|---|---|---|---|---|
| -20% | 1.07 | 9.6 | 1.71 | 531,000 |
| -10% | 1.21 | 8.0 | 1.83 | 473,000 |
| Base Case | 1.34 | 6.3 | 2.01 | 409,000 |
| +10% | 1.47 | 5.2 | 2.12 | 351,000 |
| +20% | 1.61 | 4.3 | 2.24 | 308,000 |
High-Grade Au · Underground
CHARGER DEPOSIT
1.6 Mt @ 4.64 g/t AuEq. for 232,000 oz AuEq.
The Charger deposit defines a high-grade underground inferred resource of 1.6 Mt grading 4.64 g/t AuEq. for 232,000 oz AuEq. The cut-off grade used for the MRE is highlighted.
The Charger geological model comprises a narrow, vertically dipping quartz breccia unit hosted within monzodiorite that intrudes an intermediate volcanic sequence. The host breccia strikes SW-NE with a thickness ranging between 1 and 20 metres. Gold mineralization occurs primarily within the quartz and actinolite rich breccias and veins.
Highlights
- 57m @ 26 g/t Au from 164m
- 9m @ 52.8 g/t Au from step-down drilling
- High-grade gold system remains open at depth
Charger block model AuEq. grades looking northwest (NW). Higher-grade blocks reflect the quartz breccia spine of the Charger deposit, with lower grades hosted within the actinolite breccia along the northwestern footwall. The Charger system remains open along strike and down plunge, while the current block model is constrained to a vertical depth of 400m.
Table: Charger - Underground Resource C.O.G. Sensitivity
Table 5: Charger – Underground Resource C.O.G. Sensitivity
| Percentage Change | Cut-Off Grade (g/t AuEq.) |
Tonnes (Mt) |
Grade (g/t AuEq.) |
AuEq. Resource (oz) |
|---|---|---|---|---|
| -20% | 1.02 | 1.9 | 4.05 | 243,000 |
| -10% | 1.15 | 1.7 | 4.37 | 238,000 |
| Base Case | 1.28 | 1.6 | 4.64 | 232,000 |
| +10% | 1.41 | 1.5 | 4.87 | 228,000 |
| +20% | 1.54 | 1.4 | 5.10 | 223,000 |
High-Grade Au · Near Surface Open-Pit
EMPIRE DEPOSIT
3.0 Mt @ 1.23 g/t Au for 119,000 oz Au
The Empire deposit contributes a near-surface open pit inferred resource of 3.0 Mt grading 1.23 g/t Au for 119,000 oz Au. The cut-off grade used for the MRE is highlighted.
The Empire geological model consists of a main diorite intrusion with an east-west strike length of 240 metres which abuts against a series of anastomosing porphyry dykes. The gold mineralization is largely confined within these two units, locally extending beyond the geological contact. A second diorite intrusion occurs 60 metres to the south. The mineralized zones are steeply dipping, with thickness ranging from less than a metre up to 30 metres thick.
Highlights
- 15m @ 13.1 g/t Au from 69m
- 27m @ 3.1 g/t Au from 43m downhole
- Potential for extensions to the SE as well as open along strike
Empire block model and pit shell - oblique view looking downward toward northeast (NE).
Table: Empire - Open Pit Resource C.O.G. Sensitivity
Table 6: Empire – Open Pit Resource C.O.G. Sensitivity
| Cut-Off Grade (g/t Au) |
Tonnes (t) |
Grade (g/t Au) |
AuEq. Resource (oz) |
|---|---|---|---|
| 0.20 | 3,100,000 | 1.20 | 120,000 |
| 0.30 | 3,000,000 | 1.23 | 119,000 |
| 0.32 | 3,000,000 | 1.23 | 119,000 |
| 0.40 | 2,900,000 | 1.26 | 117,000 |
| 0.50 | 2,600,000 | 1.36 | 113,000 |
| 0.60 | 2,300,000 | 1.44 | 109,000 |
| 0.70 | 2,200,000 | 1.50 | 105,000 |
| 0.80 | 2,000,000 | 1.59 | 100,000 |
| 0.90 | 1,800,000 | 1.67 | 95,000 |
A Copper Discovery
Sceptre is a large, 20-km2 copper-gold anomaly, delineated with a combination of Randgold legacy soil geochemistry, infill and extension termitaria & soil sampling by Awalé.
The 5-kilometer-long anomaly is coincident with a major NW trending outcropping structure, the continuity of which has been confirmed from detailed airborne magnetics and ground IP surveys.
The anomaly is zoned with higher copper-molybdenum anomalism toward the east and higher tenor gold to the west. As such, the anomaly has been divided into 3 zones (Figure 13);
– Sceptre East,
– Sceptre Main,
– and Sceptre West
Sceptre east
Sceptre East encompasses a vast 1.5-kilometer-long copper-gold-molybdenum-silver anomaly situated within porphyritic granodiorite.
It is bordered by shear structures to the north and south, as indicated in the ‘Intrusive Corridor’ in Figure 14.
The north-bounding structure exhibits extraordinarily high chargeability, suggesting significant sulphide development making it a prime target for future drilling. This structure extends northwest toward Sceptre Main and Sceptre West.
The south-sheared boundary runs adjacent to significant coincident Au-Cu anomalism.
Initial drilling efforts have been directed towards this zone.
It is worth noting that the Sceptre East 99th percentile copper anomaly covers the entire 1.5km strike of the Sceptre East anomaly (figure 13), highlighting the immense size of the Sceptre East target which constitutes only 1/3rd of the entire Sceptre system.
Most notably, the mineralisation at Sceptre East exhibits characteristics akin to porphyry-style deposits with molybdenite and chalcopyrite stringer veins accompanied by pyrite (Figure 15).
![Figure 15: Sceptre East drill core showing: Vuggy quartz vein infilled with chalcopyrite [A – OEDD-42 64.1m], Molybdenite – Chalcopyrite – Pyrite mineralisation. Molybdenite can commonly develop along foliation and fractures [B - OEDD43 140m] and Chalcopyrite – Pyrite – Molybdenite mineralization associated with silica-sericite alteration [C-OEDD 43 157m].](https://i0.wp.com/awaleresources.ca/wp-content/uploads/2023/09/image14-57.png?ssl=1)
Hole | From (m) | to (m) | Width (m) | Cu Eq.* | Au (g/t) | Cu (%) | Ag (g/t) | Mo (ppm) |
OERC-128 | 6 | 126 (EOH) | 120 | 0.29 | 0.14 | 0.13 | 1.5 | 82 |
Including | 39 | 52 | 13 | 0.43 | 0.3 | 0.12 | 1.6 | 146 |
and | 78 | 126 | 48 | 0.36 | 0.11 | 0.21 | 2.2 | 102 |
OERC-129 | 11 | 132 (EOH) | 121 | 0.42 | 0.21 | 0.18 | 2.4 | 136 |
Including | 30 | 50 | 20 | 0.46 | 0.3 | 0.13 | 1.7 | 183 |
and | 72 | 94 | 22 | 0.93 | 0.5 | 0.43 | 6.6 | 171 |
OERC-130 | 5 | 138 (EOH) | 133 | 0.43 | 0.15 | 0.13 | 1.6 | 312 |
Including | 14 | 52 | 38 | 0.46 | 0.21 | 0.13 | 1.7 | 284 |
and | 62 | 90 | 28 | 0.48 | 0.21 | 0.14 | 1.9 | 296.1 |
* Calculated using Following Prices Au-1737/Oz, Cu 3.6/lb, Ag 21/Oz and Mo 40,000/ tonne (average closing price since 2019) | ||||||||
Using the following formula – Cu+0.7Au+0.0087Ag+0.0006Mo | ||||||||
Table 2: Drill results from discovery drilling phase (reported 29th March 2023)
Drilling
Discovery drilling commenced at Sceptre East in Q4 2022.
Seven holes for a total of 1,092.2m were drilled in broad (>500m) spaced lines along a 2km stretch of the 5-kilometer-long Sceptre mineralised system (see March 29, 2023 news).
This maiden program tested coincident anomalous gold-copper soil geochemistry and IP Conductivity/Resistivity zones yielding positive results (see November 1, 2022 news).
The drilling delineated an initial strike mineralized zone (>500m) that returned broad and open (>100 meter downhole) mineralised copper-gold-silver and molybdenum intercepts.
Follow-up drilling completed in Q2, 2023 consisted of nine reverse circulation (RC) and three diamond drill holes for a total of 1,730 meters. This drill campaign successfully extended the mineralisation envelope to over 700 m x 300 m. It also revealed broad and open mineralisation.
7 of the 11 holes drilled end in mineralisation (see full table with drill results below).
This phase of drilling included step-out and step-back holes from the initial discovery holes and intercepted chalcopyrite & molybdenite veining, and alteration similar to holes OERC-128, 129 and OERC-130 (see March 29, 2023 news) & (Figure 16).
Notably, this phase of drilling recognised prominent south-to-north orientated shears and chalcopyrite-molybdenite bearing vein sets, suggesting previous drilling may have been sub-optimal, and prompting the final deep drill hole (OEDD-43) (Figure 17) to be oriented from west to east.
OEDD-43, the deepest hole to date (365m) intercepted a higher density of chalcopyrite and molybdenite vein sets, with the hole ending in mineralisation with 358.5 m at 0.34% Cu Eq from 6.5 m downhole. Importantly this hole ends in mineralisation to a vertical depth of 275m.
The orientation of the mineralisation appears to be controlled by the WNW-oriented sheared contact between the porphyritic granodiorite and the southern volcanics, as well as NNW to NNE-oriented shears. These orientations will guide future drilling efforts.
The Lando Target – Large Au/Cu Soil Geochemical Anomaly
Recent drilling at Lando has confirmed gold and copper mineralization across 2 km of strike within a broader 4-km geochemical trend, reinforcing the target’s potential within the Odienné district. Awalé’s 2,600-metre program in H1 2025 intersected mineralization on all drill lines, with notable results including:
- 10m @ 1.3 g/t gold from 33m downhole in OELD-01
- 8m @ 1.1 g/t gold from 183m downhole in OELD-04
- 29m @ 0.4 g/t gold from 56m downhole in OELR-14
- 39m @ 0.4 g/t gold from 2m downhole in OELR-15
- 17m @ 0.7 g/t gold from 17m downhole in OELR-09
- 1m @ 20.1 g/t gold from 14m downhole in OELR-17
Drilling also revealed two key shear zones—both associated with silica alteration and elevated strain—similar to the mineralizing controls observed at Awalé’s BBM discovery. The presence of felsic intrusive rocks, supported by geophysical data and drill intercepts, points to strong potential for broader and higher-grade mineralized zones at Lando. Follow-up drilling is planned for Q4 2025 to test these zones further and evaluate Lando as a candidate for Awalé’s next major copper-gold discovery.
Drilling
Recent drilling at Lando has confirmed gold and copper mineralization across 2 km of strike within a broader 4-km geochemical trend, reinforcing the target’s potential within the Odienné district. Awalé’s 2,600-metre program in H1 2025 intersected mineralization on all drill lines, with notable results including:
- 10m @ 1.3 g/t gold from 33m downhole in OELD-01
- 8m @ 1.1 g/t gold from 183m downhole in OELD-04
- 29m @ 0.4 g/t gold from 56m downhole in OELR-14
- 39m @ 0.4 g/t gold from 2m downhole in OELR-15
- 17m @ 0.7 g/t gold from 17m downhole in OELR-09
- 1m @ 20.1 g/t gold from 14m downhole in OELR-17
Drilling also revealed two key shear zones—both associated with silica alteration and elevated strain—similar to the mineralizing controls observed at Awalé’s BBM discovery. The presence of felsic intrusive rocks, supported by geophysical data and drill intercepts, points to strong potential for broader and higher-grade mineralized zones at Lando. Follow-up drilling is planned for Q4 2025 to test these zones further and evaluate Lando as a candidate for Awalé’s next major copper-gold discovery.
Introduction
The greater Odienné Project lies in the northwest Denguélé Region of Côte d’Ivoire, approximately 600 kilometres northwest of the commercial capital, Abidjan, and approximately 400 kilometres northwest of the capital, Yamoussoukro.
The project covers approximately 2,346 square kilometres in 7 permits – the granted Odienné East, Odienné West, Sienso, Sama, and Seydou permits and 2 permits under application (Figure 1 and Figure 2, Table 1).
Previous Exploration
The Odienné project area was subject to previous first-pass exploration geochemistry in the mid-1990s through a joint venture between SODEMI and Randgold Resources. They completed shallow, broad-spaced soil sampling for gold and base metals over the greater portion of the project area and followed up with pitting and trenching. Significant anomalism was recognised across the sampled area which covered some 300 km2.
After that, infill geochemical sampling and mapping was completed over multiple targets. Despite returning significant gold and base metal anomalies, no follow-up drilling was completed.
In late 2017, Awalé initiated its involvement in the Odienné Project by acquiring an initial 2 permits from Aforo Resources – an Australian company – in partnership with their local associate – ANGET – who still retains a 10% interest.
Following this acquisition, Awalé embarked on a systematic exploration campaign that incorporated valuable legacy data from Randgold Resources. This initial prospection encompassed various activities, including permit-wide BLEG stream sediment sampling, and targeted mapping and geochemical sampling and analyses over Empire, Vakaba, and Lancer. This diligent exploration endeavour culminated in the commencement of drilling activities at the Empire and Vakaba targets, ultimately leading to the significant discovery of high-grade gold at the Empire Target.
Notably, during this phase of exploration, the drilling operations at Empire extended through 2021, resulting in the return of multiple high-grade intercepts exceeding +100 gram-meters, as elaborated in the Empire discussion below.
Additionally, at the Vakaba target, narrow intervals of visible gold were encountered within quartz tourmaline veins, further highlighting the project’s Mineralisation potential.
Newmont Partnership
The district-scale approach adopted by Awalé, combined with the impressive high-grade results being returned from drilling immediately attracted interest from Newmont, the world’s largest gold producer.
In October 2021, Newmont conducted multiple site visits and commenced a due diligence process, meticulously analyzing the data. This culminated in the signing of an Earn-In Joint Venture over two permits (Odienné East & Odienné West) in July 2022 (see May 31, 2022 news release).
Under the agreement, Newmont has the opportunity to earn up to 65% ownership of the permits through exploration expenditure totaling $US15 million, along with an option to purchase 10% held by local partner ANGET.
Today, Newmont is not only a joint-venture partner of ours, they are a very hands-on shareholder of Awalé Resources, who visits the project on a regular basis (see Figure 3A). The shared vision between Awalé and Newmont underscores the potential for the discovery of a ‘Tier 1’ asset on the Odienné Project.
Geological Significance
Awalé is confident the geological setting of the Odienné district to be comparable to that of other significant Iron Oxide Copper Gold (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 in west Africa.
| Ownership | Permit Type | Permit Number | Area — Square km |
|---|---|---|---|
| Awalé-Newmont JV | Granted | PR — 419 “Odienné East” | 397.2 |
| Granted | PR — 904 “Odienné West” | 399.4 | |
| 100% Awalé Resources | |||
| Granted | PR — 840 “Sienso” | 244.8 | |
| Granted | PR — 992 “Seydou” | 390.6 | |
| Application | 0729DMICM — “GB” | 247.2 | |
| Granted | PR — 991 “Sama” | 296.0 | |
| Application | 0579DMICM — “Tienko” | 371.2 |
Table 1: List Of Odienné Project Permits & Applications
Empire Gold Discovery
After discovering high-grade gold at Empire Main, the Charger target was also drilled with a similar mineralization model envisaged.
However, hematite breccias with copper and gold mineralization were intercepted, sparking the concept for potential Iron Oxide Copper Gold (IOCG) style mineralization.
This significant development prompted a revisit to both Randgold legacy and company data which included base metal analysis. The result was a comprehensive reinterpretation leading to the adoption of an IOCG model as part of Awalé’s systematic exploration strategy for the project.
Additionally, and significantly, this work resulted in the recognition of the 20 km2 Sceptre target and marked a shift toward the Odienné Project as a primary focus for the company.
Exploration Model
Awalé has recognised the significance of the crustal setting of the Odienné Project and the associated Cu-Au Mineralisation that characterises the district.
Consequently, a hybrid Orogenic/Iron Oxide Copper Gold (IOCG) model has been adopted for further exploration.
Targets & Prospects
Current targets for this style of Mineralisation Include the Sceptre, Charger, Lando, and BBM Prospects (figure 3).
Sceptre is a significant 5-km-long high-tenor Cu-Au IOCG geochemical target which now boasts significant broad copper-gold, molybdenum, and silver intercepts in recent drilling (see Sceptre tab).
Charger and Empire are both high-grade gold targets with multiple intercepts exceeding 100 gram – meters in both RC and diamond drilling.
Geological Setting
The Odienné project is situated on a significant Archean-Proterozoic age margin.
Awalé interprets this geological setting as comparable to that of other prominent Iron Oxide Copper Gold (IOCG) provinces globally.
IOCG deposits are significant contributors to global copper and gold inventories, and Awalé considers the Odienné project to contain significant potential for the discovery of the first major IOCG deposit in West Africa.
Similarities
The similarities in Odienné crustal setting to the Major Olympic Dam and Carajás IOCG provinces in Australia and Brazil are compelling.
The Sceptre, Sceptre East, and Charger Prospects exhibit similar characteristics like late bimodal intrusions, coeval undeformed bimodal volcanic rocks, and hematite breccias within magnetite-altered diorite at the Charger Prospect.
These features, coupled with the Cu-Au and Silver Mineralisation and the polymetallic zonation containing pathfinder elements typically associated with IOCG systems (including bismuth, silver, molybdenum, and tungsten), provide strong evidence for comparison to major global IOCG provinces.
Precambrian IOCG Provinces
Globally renowned Precambrian IOCG provinces (such as Olympic Dam in the Gawler Craton, Australia, and Carajás in the Amazonian Craton, Brazil) are important sources of copper and gold.
Those provinces are often characterised by their association with iron oxides like hematite and magnetite.
These IOCG deposits formed during brief episodes of extension that postdated the accretion of Paleoproterozoic terranes onto an Archean craton nucleus. These periods of extension and Mineralisation in the Gawler craton were characterized by bimodal volcanism and plutonism characterized by the Gawler range volcanics and the Hiltaba Suite plutons.
Figures 4 and 5 depict the crustal setting of both provinces, with Figure 4 providing a comparison that includes the location of our Odienné project.
Notable deposits in the Olympic Dam province include Carapateena, Prominent Hill, and the colossal Olympic Dam deposit, which has been in operation since 1988 and is projected to have a mine life of approximately 40 years.
The Carajás IOCG province, situated on the northeastern margins of the Southern Amazonian Craton, shares similarities with the Gawler Craton, albeit being older. It also features accreted terranes, bimodal volcanism, plutonism, and a similar age to the Leo-Man Craton in West Africa.
The Carajás deposits have a combined estimated resource exceeding 8 billion tons with 0.9 wt.% Cu and 0.2 g/t Au.
Awalé has now embraced an IOCG model for the Odienné Projects, characterized by a suite of volcanic and volcaniclastic rocks of various compositions, synchronous or intruded by late plutons. The project area lies along the margins of an inferred deep-seated major crustal structure where Paleoproterozoic rocks have accreted onto an Archean nucleus (Man Craton) extending from Cote d’Ivoire westward into Guinea for over 200 kilometers.
Recent studies have indicated the presence of a substantial igneous intrusive province along this paleo suture zone, which extends through the Odienné project (Figure 6).
