100% owned too and beyond doubt a huge company maker by itself..
ORIGINAL: Awal Expands BBM Trend to Over 15km with Additional Newly Defined Targets Boba and Fett
2024-12-19 07:01 ET - News Release
HIGHLIGHTS
- BBM trend now extends over 15km, from Awal's 100%-owned Fremen target in the south to the Boba and Fett targets in the north.
- Boba and Fett have been defined along strike from BBM, highlighting the fertile and open BBM trend.
- 150 line-km of Induced Polarization ("IP") geophysics is planned to cover the entire BBM trend and is scheduled for completion in January.
- An additional up to 7,000 metre drill program will begin in February following the completion of these IP surveys.
Vancouver, British Columbia--(Newsfile Corp. - December 19, 2024) - Awal Resources Limited (TSXV: ARIC) ("Awal" or the "Company") is pleased to announce a significant expansion of the BBM gold trend to over 15 kilometres ("km"). This underscores the potential of the BBM trend, which now extends from the 100%-owned Fremen target in the south to the newly defined Boba and Fett targets in the north. These newly identified targets highlight the potential of this highly prospective region, and with active drilling underway and a large-scale IP geophysical survey planned, the Company is on the path of defining this new district. The upcoming survey aims to refine targets for a 7,000-metre reverse circulation drill campaign, setting the stage for optimized exploration on the BBM trend.
"The new Boba and Fett targets complement the recently announced Fremen footprint on our 100%-owned Awal permit - The fertile BBM structure continues to reveal multiple gold-in-soil anomalies, with the trend now extending over 15 kilometres. The upcoming IP survey will help refine drill targets and guide the design of a focused drill program for the new year, with up to 7,000 metres of reverse circulation drilling along this highly prospective structure. We are thrilled to begin drilling on our 100%-owned property, a much-anticipated milestone for Awal, as we simultaneously continue to progress the BBM and Charger targets," commented Andrew Chubb, CEO of Awal Resources.
View Video of CEO Andrew Chubb's discussion of these new targets
Figure 1: The 15km-Long BBM Shear - A 15km trend with Fremen to the south, BBM, and the new Boba and Fett targets to the north. See Figure 2 for Inset A.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/234447_f34bfc702420da9e_002full.jpg
Figure 2: The Boba and Fett Targets - Gold in soil and termite mound sampling combined.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/234447_f34bfc702420da9e_003full.jpg
Detailed soil and termitaria sampling over the Boba and Fett targets defined two > 15 parts per billion ("ppb") gold-in-soil anomalies, with high-order core anomalies at > 41ppb gold and peak values of 655 parts per million ("ppm") and 1350ppm respectively. Lines are now being cleared for commencement of an IP geophysics survey, which when complete will cover the entirety of the trend from the 100%-owned Fremen target (see October 22, 2024 news release) through to the Boba and Fett targets.
A change in the regolith regime moving northward from BBM has been observed, where outcrop diminishes, and laterite starts to form a thin veneer over the underlying geology. This veneer is variable and is reflected in the tenor of the anomalies. This also results in a smaller number of termite mounds to sample and a significant portion of these anomalies are from soil sampling (Table 1).
Table 1: Summary Statistics for Gold in Geochemistry by Sample Type
| | Count | Min | Max | Mean | Med. | SD | 25th | 50th | 75th | 90th | 95th | 98th |
| Fett | | | | | | | | | | | | |
| Soil | 867 | -1 | 655 | 16.8 | 5 | 48.2 | 1.0 | 5.0 | 15.0 | 32.4 | 54.7 | 123.4 |
| Termite | 168 | -1 | 196 | 8.2 | 4 | 19.4 | 2.0 | 4.0 | 7.0 | 13.0 | 22.3 | 54.6 |
| Boba | | | | | | | | | | | | |
| Soil | 845 | -1 | 1350 | 18.0 | 10 | 56.4 | 6.0 | 10.0 | 16.0 | 29.0 | 45.8 | 97.7 |
| Termite | 174 | 0 | 412 | 7.9 | 3 | 32.4 | 2.0 | 3.0 | 7.0 | 11.0 | 19.4 | 31.0 |
| Fremen | | | | | | | | | | | | |
| Soil | 623 | 0.5 | 465 | 12.1 | 2 | 28.9 | 0.5 | 2.0 | 14.0 | 32.0 | 53.0 | 92.1 |
| Termite | 320 | 0 | 1180 | 10.8 | 1 | 67.6 | 0.5 | 1.0 | 4.0 | 25.0 | 48.1 | 66.0 |
About Awal Resources
Awal is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Cte d'Ivoire, where the Company is focused on the Odienn Copper-Gold Project ("Odienn" or the "Project"), covering 2,489 km2 across seven permits. This includes 796 km2 in two permits held under the Awal-Newmont Joint Venture ("OJV"). Awal manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont") (see May 31, 2022 news release).
Awal has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
The Odienn Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for geochemistry samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are prepared and stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienn office and transported by Intertek to their preparation laboratory in Yamoussoukro, Cte d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analyzed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.
Qualified Person
The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company's Qualified Person as defined by National Instrument 43-101. Mr. Chubb is the Company's Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG), and is a Member of the Society of Economic Geologists (SEG). Mr. Chubb has over 25 years of experience in international mineral exploration and mining project evaluation.
AWAL Resources Limited
On behalf of the Board of Directors
"Andrew Chubb"
Chief Executive Officer
The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Cte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234447
© 2024 Canjex Publishing Ltd. All rights reserved.