TSX.V: ARIC

Odienné Project

The greater Odienné Project lies in the northwest Denguèlé Region of Côte d’Ivoire, close to the borders of Mali and Guinea. The project covers approximately 2,462 km2 in 7 permits – the granted ‘Odienné East’ and Sienso permits, and 5 permits under application (Figures 1 and 2, Table 1).

Since the discovery of high-grade gold at Empire Main and Iron Oxide Copper Gold (IOCG) style mineralization at the Charger and Sceptre targets, the Odienné Project now forms a primary focus for the company.

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.

Figure 5: CEO Andrew Chubb talks to Awalé's community managers.

Introduction

The greater Odienné Project lies in the northwest Denguèlé Region of Côte d’Ivoire, close to the borders of Mali and Guinea.

The project covers approximately 2,462 km2 in 7 permits. These being the granted ‘Odienné East’ and Sienso permits, and 5 permits under application (Figures 1 and 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.

Figure 2: Awalé Resources showing Odienné Permits on a map zoomed in on the Odienné District, North West of the Ivory Coast.
Figure 2: Awalé Resources Odienné Permits

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. 

Furthermore, later in 2022, Awalé signed an option agreement through share payments over a second granted permit held by Turaco Gold, an ASX-listed company operating in Cote d’Ivoire (See July 19 2022 news releases), where Awalé can earn 100% of the ‘Sienso’ permit.

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. 

Figure 3A: Newmont visits Odienné.
Figure 3A: Newmont visits Odienné.

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. 

Permit Type Permit Number Area — Square km Status
Odienné Project JV Granted Permit PR — 419 “Odienné East” 399.2 Newmont JV
Application PR — 904 “Odienné West” 399.5 Newmont JV
Turaco Option Granted Permit PR — 840 “Sienso” 326.4 Turaco Option 100% Awalé
100% Awalé Resources
Application Seydou 393.2 100% Awalé
Application GB 250.5 100% Awalé
Application Samataguilla 396.5 100% Awalé
Application Tienko 296 100% Awalé

Table 1: List of Odienné Project permits and their status. 

Current Exploration Focus

The granted Odienné East permits form a focus for the Company’s exploration efforts.

The project comprises multiple Iron Oxide Copper Gold (copper-gold) and gold targets – these targets are illustrated in Figure 3.

Currently, the company is focused on the Sceptre East and Charger Targets. Additionally, maiden drilling has now been completed on three pipeline targets: Sceptre Main, Lando, and BBM.

The high-grade gold Empire discovery along the 20km long Empire Structural corridor also remains open for expansion along strike and down dip.

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. 

Figure 3: Prospect Locations, Odienné East Permit
Figure 3: Prospect Locations, Odienné East Permit

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.

Figure 4: Simplified Archean and Paleoproterozoic Terrane map for West Africa and South America showing the similarities in crustal setting for the Carajás IOCG province in Brazil and Odienne. Map Modified after Porter 2010.
Figure 4: Simplified Archean and Paleoproterozoic Terrane map for West Africa and South America showing the similarities in crustal setting for the Carajás IOCG province in Brazil and Odienne. Map Modified after Porter 2010.
Figure 5: Olympic Dam IOCG Province, South Australia. Crustal setting and location of major IOCG deposits. Younger Proterozoic terranes accreting onto the Gawler Craton nucleus. Note the late bimodal volcanism and intrusions that are coeval with Mineralisation in the Olympic Dam IOCG province. Map modified after Hayward and Skirrow. 2010. 
Figure 5: Olympic Dam IOCG Province, South Australia. Crustal setting and location of major IOCG deposits. Younger Proterozoic terranes accreting onto the Gawler Craton nucleus. Note the late bimodal volcanism and intrusions that are coeval with Mineralisation in the Olympic Dam IOCG province. Map modified after Hayward and Skirrow. 2010. 

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.

Figure 3: Prospect Locations, Odienné East Permit
Figure 3: Prospect Locations, Odienné East Permit

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).

Figure 6: Odienné and northwest west Africa. Simplified terrane map showing the late or post orogenic series of plutonic and volcanic rocks that are evident on the northern margin of the Archean Man Craton nucleus and the late deep marine basin series. Note similarities in crustal
Figure 6: Odienné and northwest west Africa. Simplified terrane map showing the late or post orogenic series of plutonic and volcanic rocks that are evident on the northern margin of the Archean Man Craton nucleus and the late deep marine basin series. Note similarities in crustal

A High Grade Gold Discovery

Five kilometres to the south of the Sceptre and other Cu-Au Targets, the Empire Gold Discovery is a high-grade gold target located on the 20km long Empire structural corridor (Figures 3 and 8).

Empire stands out through its notable presence of visible gold (Figure 7), and selected significant intercepts for the Empire Main discovery include, but are not limited to the following (Figure 9):

  • OEDD-1 18.15m at 4.9 g/t Au from 40 m downhole,
    • including 10.4 m at 7.9 g/t Au from 40m downhole
  • OEDD-2 27 m at 3.1 g/t Au from 43.2 m downhole
    • including 9 m at 5.3 g/t Au from 43.2 m downhole.
  • OEDD-24 15m at 13.1 g/t Au from 69m including
    • 2m at 20g/t Au from 69m, and
    • 7.6m at 20.1 g/t Au from 74.7m, and
    • 1m at 129.8 g/t Au from 76m


See news releases March 10, 2021, February 1, 2021, and December 15, 2020 for a full list of significant intercepts and a summary of Empire Main and the Empire extension drilling at Empire East.

Awalé’s exploration efforts have covered approximately only 5 kilometers of this 20-kilometer-long trend.

Mineralisation at Empire Main is considered open both down dip and plunge.

Furthermore, additional drilling has intercepted Mineralisation in offset and extension drilling from the Empire Main discovery, including the Gap, Anomaly 1, and Anomaly 2 targets. These prospects hold significant potential for further Mineralisation with additional drilling.

Figure 8: A 5 km section of the 20km Long Empire Corridor, and Charger Prospect 2.5km to the North
Figure 8: A 5 km section of the 20km Long Empire Corridor, and Charger Prospect 2.5km to the North

Geological Setting & Mineralization

High-grade Mineralisation is hosted in brittle/ductile quartz vein arrays that are oriented from east-west to northeast, featuring both shallow and steep plunges.

The host diorite is situated within a brittle/ductile shear zone named the ‘Empire Corridor,’ spanning over 20 kilometers in length and 1 to 2 kilometers in width.

Mineralisation at the Empire Main discovery remains open along both strike and down dip/plunge directions.

Beyond the Empire Main discovery, there exists significant potential for discovering similar or larger deposits along this fertile structural corridor.

Figure 7: Visible gold is strongly deformed diorite at Empire Main. Alteration assemblages are potassic (biotite, chlorite clinopyroxene, sericite and silica.
Figure 7: Visible gold is strongly deformed diorite at Empire Main. Alteration assemblages are potassic (biotite, chlorite clinopyroxene, sericite and silica.

Characteristics

The Empire Main discovery is a high-grade gold discovery characterized by multiphase deformation, alteration and veining hosted within a diorite intrusion.

Mineralisation is associated with early potassic (biotite) alteration+/- Au and pyrite, calc silicate alteration (rare garnet, clinopyroxene and pyrrhotite), and later carbonate and silica sericite alteration.

The abundant free gold is likely late and associated with the final silica-carbonate-sericite phase.

Figure 9: Gram-Metre long section for Empire Main – Open down dip/plunge and along strike.
Figure 9: Gram-Metre long section for Empire Main – Open down dip/plunge and along strike.

Upside Potential

Empire was discovered through systematic exploration by Awalé, resulting in a coincident geology, gold/arsenic geochemistry, and ground geophysics (Induced Polarization, or “IP”) anomaly.

Exploration so far has highlighted the presence of high-grade gold-bearing fluids within the Empire corridor. Given that we have explored less than a quarter of this corridor, Awalé believes that there is potential for growth, on this fertile shear zone.

The Highest-Grade Gold Discovery in Africa in Decades

Charger is a 600m-long auger soil gold anomaly.

Gold values in Auger geochemistry are consistently >90 parts per billion (peak value of 0.56 g/t Au).

Multiple phases of drilling have been completed at Charger resulting in numerous high-grade gold intercepts and revealing the NW/NE trending structurally-controlled mineralisation.

Interestingly, the NE trending structure, which was formerly viewed as a bounding structure to the Charger anomaly, is now interpreted to be an overthrown block that conceals geochemical anomalies (Figure 10). This reinterpretation suggests the possibility of deeper mineralisation extensions beneath the intrusive and volcanic rock package. Awalé plans to follow up on this target in 2024.

Figure 11: Charger Cross Section OEDD-83.
Figure 11: Charger Cross Section OEDD-83.

Maiden Drill Program

  • 26 g/t gold over 57m, 1487 gram meters gold from 164m downhole in OEDD-83 (Figure 11).
    • Including 45.7 g/t gold over 32m @ from 165m downhole

  • Mineralization is consistently high grade throughout the reported interval.

  • One of the highest-grade gold intersections in Africa in decades.

  • A follow-up drill program is scheduled to begin in April, with 25,000 meters planned for 2024.
Figure 12A: Artisanal mining pits at Charger
Figure 12A: Artisanal mining pits at Charger

High-Grade Intercepts

The maiden drill program, meant to test the original Charger anomaly, featured 160-meter-spaced reverse circulation (RC) drill lines targeting the central 300 m of the anomaly.

This drilling was successful, returning high-grade gold mineralisation with accessory silver and copper in hole OERC-89. The mineralisation is associated with strong hematite alteration and is hosted within a diorite body.

A follow-up diamond hole (OEDD-38) intercepted hematite-altered breccias with weaker mineralisation.

It is important to note that all drilling reported pertains to sulphide mineralisation, with the depth to fresh rock at Charger ranging from 10-20 meters.  

The unexpected geological characteristics led the company to explore alternative Mineralisation drivers, including intrusive-related/Iron Oxide Copper-Gold (IOCG) models, as discussed in the previous section titled ‘Odienné – a New Iron Oxide Copper Gold (“IOCG”) District.’

Figure 13A: Conceptual sketch (not to scale) for the charger target showing approximate drill trace of current drilling as well as a deeper conceptual target where pipes intercepted in current drilling may coalesce.
Figure 13A: Conceptual sketch (not to scale) for the charger target showing approximate drill trace of current drilling as well as a deeper conceptual target where pipes intercepted in current drilling may coalesce.
Figure 10: Charger drilling over RTP magnetics, shows the structural framework – the NE trending black dashed lines are also considered potential fluid pathways (figure taken from August 21st 2023 company news release).
Figure 10: Charger drilling over RTP magnetics, shows the structural framework – the NE trending black dashed lines are also considered potential fluid pathways (figure taken from August 21st 2023 company news release).
Figure 12: Charger Prospect - Drill core showing visible gold [D] and breccia hosted gold and polymetallic mineralisation [A and B] associated with silica sulphide and retrograde chlorite-actinolite-carbonate alteration. Peripheral iron oxide alteration present in the system [C]. Gold Grade of the sampled intervals associated with the VG is also shown.
Figure 12: Charger Prospect - Drill core showing visible gold [D] and breccia hosted gold and polymetallic mineralisation [A and B] associated with silica sulphide and retrograde chlorite-actinolite-carbonate alteration. Peripheral iron oxide alteration present in the system [C]. Gold Grade of the sampled intervals associated with the VG is also shown.

Recent Drilling

A third drill campaign at Charger was conducted in August 2023 with partial results received and reported (see news release 21st August 2023).

This drilling has returned further, deeper intercepts in hole OEDD-45 as well as intercepting a second lode about 100m to the south of the discovery mineralisation in OEDD-44.

Diamond drilling from this program further confirmed the presence of visible gold and the expected geometry of Mineralisation at Charger, highlighting WNW and NE structurally-controled mineralisation Figure 11 & Figure 12).

Several other step-out exploratory holes were designed to test potential new mineralisation, while others drilled step-back extensions to the previously discovered high-grade gold and silver mineralisation.

Hole OEDD-53, for instance, was drilled as a step-back to OEDD-45 to intercept the discovery lode at an estimated 170 meters vertical depth, with mineralisation predicted approximately 50 meters down-dip from that reported in OEDD-45.

Some significant results from OEDD-45 include:

  • OEDD-45 contains 3 high-grade intervals within a 65 m downhole width of mineralization which included:
    • 12 m @ 4.9 g/t gold from 89m downhole,
    • 13m at 1.3 g/t gold from 114m downhole and,
    • 21m @ 1.3 g/t gold from 133m downhole.

 

OEDD-44 returned up to 4.35 m @ 2.1 g/t gold and was targeted at a parallel southern lode and intercepted fingers of the same brecciated polymetallic mineralisation observed in OEDD-45 and OERC-132 – plunging controls on mineralisation are envisaged with deeper higher-grade mineralisation similar to OER-C132 and OEDD-45. 

OEDD-44 also returned noteworthy intercepts, reaching up to 4.35 meters at 2.1 g/t gold, targeting a parallel southern lode and intercepting features similar to the brecciated polymetallic mineralisation observed in OEDD-45 and OERC-132.

It is believed that plunging controls on mineralisation may be influencing deeper higher-grade mineralisation, similar to OERC-132 and OEDD-45.

The recent drill campaigns clearly indicate the potential for multiple lodes of plunging Mineralisation. These controls are expected to lead to the discovery of deeper high-grade mineralisation in multiple lodes. True widths of mineralisation in the discovery lode range from 25 to 50 meter (Figures 10 and 11).

Additionally,  in late March, Awalé announced one of the highest grade gold discovery in Africa, in decades (see March 25, 2024 news release).

This new intercept opened Awale’s original interpretation of broader mineralization where the breccia zones may connect at depth (Figure 13A) which would rapidly increase the volume of the high-grade gold mineralization. 

4 holes for 699 m were drilled at Charger during this phase, three testing a new 3D geologic framework for mineralization at the target. Three holes (OEDD-78, OEDD-79 and OEDD-82) did not intercept significant mineralization. However, hole OEDD-83 was specifically targeted to drill through potential mineralization associated with the newly recognized NE structural control. This intercept is 60 m north of the 2 previously intercepted breccia pipes, and is under the discovery hole at Charger, OERC-89.

 

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].
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].
Figure 16: Cross section looking west through Sceptre East – colours depict copper grades, red hatch is gold. Host is porphyritic granodiorite and intermediate to felsic volcanics.
Figure 16: Cross section looking west through Sceptre East – colours depict copper grades, red hatch is gold. Host is porphyritic granodiorite and intermediate to felsic volcanics.

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) 

Figure 13: 5-km-long Cu & Au anomalism in soils and termitaria (Cu left, Au right)
Figure 13: 5-km-long Cu & Au anomalism in soils and termitaria (Cu left, Au right)
Figure 14: Sceptre East drilling over gradient array induced polarisation chargeability image. Cross sections A-A’ and B-B’ below
Figure 14: Sceptre East drilling over gradient array induced polarisation chargeability image. Cross sections A-A’ and B-B’ below

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.

Figure 17: Drill section for OEDD-43 at Sceptre East – 358.5m of open mineralisation at 0.34% Cu equivalent.
Figure 17: Drill section for OEDD-43 at Sceptre East – 358.5m of open mineralisation at 0.34% Cu equivalent.

Large Geochem Anomaly

Lando is located in the northern region of the Odienné East permit, approximately 17 km north of Sceptre, and 7 km west of the town of Odienné.

The target is positioned along an interpreted belt-basin margin, similar to the BBM target.

Lando is a large, open-ended 4km long Cu-Au-Mo soil anomaly, that coincides with a resistive chargeable induced polarisation (‘IP’) geophysical anomaly (August 23, 2023 news and Figure 18). 

The significant anomalism is supported by rock chip samples collected from artisanal workings collected from the prospect, which have returned values up to 4.8 g/t Au.

These highly anomalous IP results in tandem with high-order Cu-Au geochemistry elevates Lando as a third significant IOCG Target to follow Sceptre and Charger.   

Figure 19: Surface geology vs subsurface geology  - note the sulphide intensity in the fracture networks that cross cut the folded schistosity as well as infill.
Figure 19: Surface geology vs subsurface geology  - note the sulphide intensity in the fracture networks that cross cut the folded schistosity as well as infill.
Figure 20: Potential deeper sulphide targets.  
Figure 20: Potential deeper sulphide targets.  
Figure 18: Lando gold and copper soil geochemistry with selected gold anomalous rock chip samples from mapping in the prospect area.
Figure 18: Lando gold and copper soil geochemistry with selected gold anomalous rock chip samples from mapping in the prospect area.

Drilling

Overall, the mineralisation is primarily aligned along an N-S trending foliation, interpreted to be a jog/step-over feature on the regional scale NW trending basin margin structure.

Polymetallic Cu-Au-Mo mineralisation is hosted within highly sheared and intensely folded mafic volcanics & intrusives, which have been cut by syn and post-tectonic quartz veining.

Gold mineralisation is believed to be closely associated with the intensity of quartz veining and sulphide Mineralisation, featuring chalcopyrite, pyrrhotite, pyrite, and molybdenite as the primary sulphides.

Chlorite, carbonate, and silica alteration seem to pervade the mineralized zone, with chlorite-epidote veining, and commonly associated with the sulphides.  

The mineralized zone exhibits an apparent southwest-dipping orientation and appears to represent a syn-post-tectonic phase that exploits pre-existing hinge zones, shear zones, and veins while creating new fractures.

In Q2 2023, two scout drill holes, for a total of 249m, were drilled at the coincident IP/geochemistry anomaly. Results are still pending and expected in Q4, 2023. Figure 19 depicts selected core photos and mapping samples with sulphide mineralisation, while figure 20 provides an insight into the IP geophysics. 

BBM Discovery

The Belt Basin Margin (BBM) is a grassroots discovery announced in Awale’s January 11, 2024 news release. Follow-up drilling immediately after discovery resulted in spectacular shallow grades announced in Awale’s March 18, 2024 news release.

BBM is located approximately 13 km northeast of the Sceptre target and has a significant size and tenor copper geochemical footprint akin to Sceptre and Lando.

This target is particularly enthralling for Awalé as it represents a brand new grassroots discovery’ within previously unexplored terrain, free from any historical work conducted by Randgold.

This discovery is the result of our evolving comprehension of the district and our ability to pinpoint the belt/basin margin effectively. 

Belt basin margins are renowned for their high prospectivity in West Africa, with several large gold camps located along and close to these boundaries. 

Figure 23: core from hole OEDD-74 (75m @ 1.8g/t Au, 0.3% Cu & 267 ppm Mo from 242m, 181gm AuEq Incl: 1m @ 5.6g/t Au, 0.46% Cu & 193ppm Mo from 272m Incl: 1m @ 8g/t Au, 0.7% Cu & 644g/t Mo from 281 m And: 17m @ 2.4g/t Au, 0.35% Cu & 235ppm Mo from 300m)
Figure 23: core from hole OEDD-74 (75m @ 1.8g/t Au, 0.3% Cu & 267 ppm Mo from 242m, 181gm AuEq Incl: 1m @ 5.6g/t Au, 0.46% Cu & 193ppm Mo from 272m Incl: 1m @ 8g/t Au, 0.7% Cu & 644g/t Mo from 281 m And: 17m @ 2.4g/t Au, 0.35% Cu & 235ppm Mo from 300m)
Figure 24: BBM Location with drill area zoom on the right. Map to left shows the >8km of strike potential between the BBM and Lando targets.
Figure 24: BBM Location with drill area zoom on the right. Map to left shows the >8km of strike potential between the BBM and Lando targets.

Geological Background

The BBM target is on a secondary structure parallel to a major domain boundary or ‘belt basin margin’.

Silica alteration and sulphide mineralization were observed in all holes within a significant shear zone at an intrusive/sedimentary contact.

The shear occurs at a contact between intrusive and sedimentary rocks, with granodiorite in the hanging wall and siltstones and mudstones in the footwall, strain intensity increases significantly as the drill holes progressed toward this targeted contact.

Sulphides observed include pyrite, pyrrhotite, chalcopyrite and molybdenite. Pyrrhotite development appears to be dominantly manifest in the hanging wall and footwall of the main mineralized zones (Figure 23).

Further to this infill and extension, geochemistry was completed at BBM and extended the >22ppb Au in termitaria footprint to 8km. Hematite alteration of K feldspar has also been observed in potassic alteration zones, consistent with other mineralization at Odienné.

The strong silica alteration appears to overprint this phase in these initial holes. True widths of mineralization are at least 30m in hole OEDD-59.

Figure 22: Drill section looking NW through A-A’ in figure 1. Red hatch shown mineralization zone with >50m true width.
Figure 22: Drill section looking NW through A-A’ in figure 1. Red hatch shown mineralization zone with >50m true width.

BBM's First Drill Program

A maiden scout drill program completed in 2023 resulted in a new grassroots high-grade gold discovery with multiple 100 gram-meter intercepts (Figure 25).

The gold-copper mineralization and alteration are controlled by a shear zone that follows an intrusive/sedimentary contact.

Drilling covered 2 km of strike along this shear zone, which sits within a high tenor 8-kilometer-long geochemical gold in termitaria trend (Figure 24).

This drilling has been completed on 8 sections with a minimum spacing of 150 m between sections and up to 500m step-outs to the SE and NW.

All holes have intercepted mineralization.

All assay results from 14 holes for 2537 m drilled at BBM have been returned.

Future drilling is designed to delineate the higher-grade shoots that are expected to occur within this structurally controlled mineralization. 

Expansion of the BBM Anomaly

Further to this, a 6km extension to the BBM anomaly is now held by the Company through the recently acquired Sienso permit from Turaco (see July 19,  2022 news).

The Sienso permit has broad-spaced – c.1km – soil sample lines covering the permit area which were completed by Resolute in 2020 and 2021.

Figure 25: Gram Metre Equivalent Long Section L-L’. Approximately 500m strike of high grade mineralization in initial drilling.
Figure 25: Gram Metre Equivalent Long Section L-L’. Approximately 500m strike of high grade mineralization in initial drilling.