Mr. Andrew Chubb of Awale Resources reports

AWALE HITS 45.7 G/T GOLD OVER 32M AT THE ODIENNE PROJECT

Awale Resources Ltd. has released outstanding assay results at the Odienne project of 45.7 grams per tonne (g/t) gold (Au) over 32 metres from a new breccia pipe at the Charger target.

Andrew Chubb, chief executive officer of Awale Resources, commented today: "This drill hole is absolutely spectacular. I have been looking at gold projects for the last 20 years and have never seen anything like this. Odienne has produced very-high-grade mineralization since we started drilling, though we always felt that some special things would come as we continued our work. The harder we press at Odienne, the more it gives back, and we've only just scratched the surface."

Mineralization is consistently high grade throughout the reported interval. The table entitled "Hole OEDD-83 metre sampling for the entire 32 m at 45.7 g/t Au mineralization" shows each one-metre assay within the interval, revealing this intercept's consistent and robust nature. The core is dusted with very fine gold throughout, along with the plus-one-millimetre (mm) gold grains often seen in previous Charger drilling.

Mr. Chubb continued: "We look forward to continued drilling in 2024, with the drill rigs scheduled to restart in April, representing our first phase of the 25,000 metres planned for the year. This drilling will progress the Charger, BBM and Sceptre discoveries, and will scout drill some prospective pipeline targets. Confidence is growing that Odienne has the potential to be a world-class mine camp in Cote d'Ivoire."

About the Charger zone

This new intercept opens Awale's original interpretation of broader mineralization where the breccia zones may connect at depth, which would rapidly increase the volume of the high-grade gold mineralization.

The Charger zone is a discovery that has delivered multiple high-grade significant intercepts in previous drilling, which includes the following high-grade intercepts in the breccia pipe to the south of that intercepted in OEDD-83 (see company new releases dated March 29, 2022, Aug. 21, 2023, and Jan. 11, 2024):

• OERC-132: 32 metres at three g/t Au from 74 m downhole, including:
  • Four m at 12.4 g/t Au from 78 m downhole.
• OEDD-45 (step back from OERC 132) contains three high-grade intervals within a 65 m wide zone of mineralization, which included:
  • 12 m at 4.9 g/t gold from 89 m downhole;
  • 13 m at 1.3 g/t gold from 114 m downhole; and
  • 21 m at 1.3 g/t gold from 133 m downhole.
• Hole OEDD-53 (50 m step back from OEDD-45): 32 m at 1.5 g/t Au from 215 m downhole, including:
  • Three m at 5.2 g/t Au from 77 m.

Four holes for 699 m were drilled at Charger during this phase, three of these testing a new 3-D 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 northeast structural control. This intercept is 60 m north of the two previously intercepted breccia pipes, and is under the discovery hole at Charger, OERC-89.

The Awale-Newmont joint venture -- Odienne project JV

The Odienne project JV covers one permit and one application within the greater Odienne gold-copper project, the greater project consists of a further four applications and on option agreement which is in the northwest of Ivory Coast, and is subject to an earn-in agreement with Newmont Ventures Ltd. -- see the company news release dated May 31, 2022 -- through which Newmont retains the option to earn-in to a minimum of 65-per-cent interest in the Odienne project JV from Awale, in return for $15-million (U.S.) of exploration expenditures. Newmont is financing the exploration program and Awale is managing the Odienne project JV in the initial three-year phase.

About Awale Resources

Awale is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. The company currently undertakes exploration activities in the underexplored parts of Ivory Coast. Awale's exploration success to date has culminated in a fully financed earn-in joint venture with Newmont covering one permit and one application within the greater Odienne copper-gold project in the northwestern Ivory Coast, where three significant gold and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries have significant scope for growth with future discovery and resource development drilling. The project has multiple pipeline prospects with similar geochemical fingerprints to iron oxide copper gold (IOCG) and intrusive related mineral systems. The 400 square kilometres of granted tenure and 400 square kilometres under application remain underexplored and offer significant upside potential. The Odienne project JV forms a solid foundation for the company to continue exploring in a pro-mining jurisdiction that provides significant potential for district-scale discoveries.

Quality assurance/quality control (QA/QC)

Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025-certified (2017) laboratory. Samples are stored at the company's field camps and put into sealed bags until collected by Intertek from the company's secure Odienne office and transported by Intertek to its preparation laboratory in Yamoussoukro, Ivory Coast, for preparation. Samples are logged in the tracking system, weighed, dried and pulverized to greater than 85 per cent, 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 (inductively coupled plasma mass spectrometry) with an aqua regia digest. Blanks, duplicates and certified reference material (standards) are being used to monitor laboratory performance during the analysis. All fire assay samples returning greater than five g/t gold are routinely screen fire assayed, in this special case lower than five-gram samples up and downhole from the high-grade interval were also subject to screen fire assays.

Mineralized interval calculations

Significant intervals reported in this news release are calculated downhole length-weighted intercepts. For the Charger target, initial mineralized are calculated at a 0.2 g/t trigger and include internal waste of three m for delineation mineralized zones. Included intervals are at 0.5 g/t, one g/t and five g/t trigger values with three m of internal waste only.

Qualified person

The technical and scientific information contained in this news release has been reviewed and approved for release by Mr. 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 20 years of experience in international mineral exploration and mining project evaluation.

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