RE:RE:Newmont VANCOUVER, BC , May 31, 2022 /CNW/ – Awal Resources Limited (” Awal ” or the ” Company “) (TSXV: ARIC) is pleased to announce that Newmont Ventures Limited, a wholly owned subsidiary of Newmont Corporation (NYSE: NEM) (TSX: NGT)(” Newmont “), has agreed, subject to certain closing conditions including Toronto Stock Exchange approval, to make a strategic investment in Awal and enter into an exploration agreement with venture option (the ” Exploration Agreement “) on the Company’s Odienn Project in northwest Cte d’Ivoire (Figure 1). The Odienn Project currently has two primary targets for world-class discoveries: i) the gold-rich Empire corridor and ii) the recently defined Sceptre Iron Oxide Copper Gold (“IOCG”) target, while the remaining 200 km 2 of granted tenure and 400 km 2 under application remains underexplored and has significant IOCG potential.
Link to Figures: https://awaleresources.ca/wp-content/uploads/2023/10/2022-05-27-Odienne-JV-Figures-Final.pdf
Highlights:
- The terms of the transaction consist of:
- A US$500,000 strategic investment in the Company pursuant to a private placement; and
- Up to US$15 million in staged exploration funding to earn up to 75% in the Odienn Project.