Awalé Resources Limited has announced that a ground geophysics (Induced Polarization, or ‘IP’) survey has commenced at the Odienné gold-copper Joint Venture project in Cote D’Ivoire. The Odienné Project is subject to an earn in joint venture agreement with Newmont Ventures Limited (“Newmont”).
The IP survey will cover the core of the 2.2 km long Sceptre East and the high grade Charger Iron Oxide Copper Gold (“IOCG”) targets, and will allow for the prioritization of these targets for a scout drill program expected to commence in December 2022. Results from the IP program are expected to be completed and reported in November 2022.
The current work program is being funded by Newmont as part of an earn-in JV agreement through which Newmont retains the option to earn-in to a minimum 65% interest, from Awalé, in the Odienné project in return for the sole funding of USD 15M in exploration. Awalé is the project manager for the initial 3-year phase.
Company CEO Glen Parsons commented: “We are pleased to announce the continued drive toward exploration success at Odienné with the commencement of this IP program. We are eager to complete this phase of geophysics for the JV to finalise an initial scout drill program at Sceptre and follow up drilling at Charger, both of which are scheduled for the end of Q4.
In recent months Awalé has achieved significant milestones and we are building our exploration pipeline with new targets such as the Lando target (see company news release dated 23rd August 2022) and progressing existing ones such as Sceptre and Charger toward drilling. The compelling new 4km long Lando target has the same geochemical footprint to the Sceptre and Charger targets. Exploration intensity is increasing as the wet season closes and we look forward to keeping the market informed of our progress”
Background on Sceptre and Charger
Based on the regional geological setting of Odienné, the soil/termitaria data from the Sceptre prospect and the initial drill results and newly found gossan from the adjacent Charger prospect, 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 style known in West Africa.
Recent pitting and geological mapping have confirmed the high order geochemical anomalism at Sceptre and mapping at the Charger target has revealed new artisanal pits containing blind gossan outcrops just 100m from previously reported drill intercepts.
The IP program is expected to take three to four weeks to complete with processed data delivered for interpretation, company geologists will then integrate this data with geological and structural surface mapping, geochemistry with the view to plan a scout drilling program to test these targets and determine the nature of mineralization and alteration as well as orientation and 3D geometry of these targets.
The company has now completed soil and termitaria collection at the BBM prospect and interim pXRF results will be reported in the ensuing weeks. At the same time, ICP multielement results including gold and silver are expected to be returned and reported. The company is also receiving training on Newmont proprietary geochemistry data collection (Stream Bulk Leach Extractable gold or ‘BLEG’ and Deep Sensing Geochemistry or ‘DSG’) this month and this expertise will also be implemented on the project in Q4.
