Mr. Andrew Chubb reports

AWALÉ HITS 20 G/T GOLD OVER 29M AT THE CHARGER PROSPECT, ODIENNÉ PROJECT

Awale Resources Ltd. has released outstanding assay results of 20 grams per tonne gold over 29 metres from follow-up drilling to the previously reported 45.7 g/t gold over 32 m in hole OEDD-83 at the Odienne project.

Highlights

• 20 g/t gold over 29 m, 580 gram metres gold from 149 m down hole in OEDD-88:
  • Including 39.5 g/t gold over eight m from 149 m down hole.
• OEDD-88's mineralization is well distributed across the reported intersection without any significant nugget effect;
• Mineralization is 50 m SSW (south-southwest) of previously reported 46 g/t gold over 32 m in OEDD-83;
• Drilling confirms these breccia zones are linked to OEDD-83 mineralization, indicating potential for increased high-grade gold volume with further drilling;
• Three holes of the first five holes reported from Charger have intercepted the target breccia zone, which also included:
  • 70 m at 1.2 g/t gold from 143 m in OEDD-84;
  • 21 m at 1.7 g/t Au from 177 m and 10m at 7.8 g/t Au from 202 m in OEDD-85.

Andrew Chubb, chief executive officer of Awale Resources, commented today: "Follow-up drilling at Charger has confirmed continuity of outstanding high-grade breccia mineralization at Charger. Three of the five holes drilled testing the breccia's western extensions have successfully demonstrated a west by southwest extension and plunge to the mineralization. We look forward to continuing to drill test this high-grade target. We also anticipate more exciting results from the successful 6,897 m drill program completed over the BBM and Charger targets in the coming months ahead. Awale continues to build the potential of the Odienne project to be a world-class mine camp in Cote d'Ivoire. As I have mentioned before, the harder we press at Odienne, the more it gives back, and we're only just scratching the surface."

Like OEDD-83, mineralization in OEDD-88 consistently has a high grade throughout the reported interval. Table 1 shows each one-metre assay from the reported interval in OEDD-88, confirming consistent and robust mineralization. True widths of the reported mineralization are interpred to be approximately 70 per cent of the down hole interval. The company looks forward to recommencing drilling after the wet season abates with a further 12,000 to 15,000 metres planned for 2024.

Background on recent drilling at the Charger zone

Nine holes for 2,953 m were drilled at Charger in two phases for this campaign, with five holes for 1,295 m reported in this release and a further four holes for 1,659 m completed at the end of the drilling program. The initial five holes were targeted around the previously reported OEDD-83 intercept. Holes drilled to the west (OEDD-84, OEDD-85 and OEDD-88) all intercepted target breccia, while the step east (OEDD-86) and the step back (OEDD-87) intercepted peripheral alteration similar to other holes drilled close to the breccia zone, suggesting the breccia mineralization plunges toward the west and south from OEDD-83. A full table of significant intercepts is shown in Table 2, as well as a cross section for holes OEDD-88 and OEDD-85.

This drilling has also confirmed that the breccia zones intercepted in previous drilling can be connected to the OEDD-83 mineralization demonstrating the potential to increase in volume of the high-grade gold mineralization with further drilling. In addition to this, Awale has begun to analyze the clast size and matrix fill style of the breccia mineralization. The matrix fill in OEDD-88 is silica (quartz) dominant -- which was previously interpreted as a weaker style of mineralization. This also opens the scope for further high-grade mineralization within the same body. Zones with smaller clast sizes may indicate high fluid flow/pressure and correlate with higher-grade mineralization within the breccia.

The Charger zone is a discovery that has delivered multiple high grade intercepts in previous drilling which includes the following high-grade intercepts in the breccia to the south of that intercepted in OEDD-83 and OEDD-88 (see company new releases dated March 29, 2022, Aug. 21, 2023, Jan. 11, 2024, and March 25, 2024).

• OEDD-83: 57 m at 26 g/t from 164 m down hole:
  • Including 45.7 g/t gold over 32 m at from 165 m down hole.
• OERC-132: 32 m at 3.0 g/t Au from 74 m down hole:
  • Including four m at 12.4 g/t Au from 78 m down hole.
• 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 down hole;
  • 13 m at 1.3 g/t gold from 114 m down hole;
  • 21 m at 1.3 g/t gold from 133 m down hole.
• Hole OEDD-53 (50 m step back from OEDD-45): 32 m at 1.5 g/t Au from 215 m down hole:
  • Including three m at 5.2 g/t Au from 77 m.

The second phase of the drilling consisted of four holes, with three of these holes testing a demagnetization model where the ground magnetics completed over the prospect were processed to highlight a low magnetic response. This low-magnetic response interpreted to reflect the alteration around the breccia zone (alteration is magnetite destructive) and one of these holes was successful in intercepting breccia at depth from 340 to 440 m down hole. Hole OEDD-100 was drilled as a scissor to the OEDD-83 intercept and also intercepted breccia. Results from these holes and a complete set of assay results from BBM Zone will be released upon their receipt from the lab.

About Awale Resources Ltd.

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 (the Odienne project JV) within the greater Odienne copper-gold project in the northwest of 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 km of granted tenure and 400 square km 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.

The Awale-Newmont JV -- 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 in the northwest of Ivory Coast, and is subject to an earn-in agreement with Newmont Ventures Ltd.; see company news release dated May 31, 2022, through which Newmont retains the option to earn-in to a minimum of 65-per-cent interest, from Awale, in the Odienne project JV in return for $15-million (U.S.) of exploration expenditures. Newmont is funding the exploration program and Awale is managing the Odienne project JV in the initial three-year phase.

Quality control and assurance

Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) certified 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-micrometre 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 analysed 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. All fire assay samples returning greater than five g/t gold are routinely screen fire assayed, in this special case lower than five g samples up and down hole from the high-grade interval in OEDD-88 were also subject to screen fire assays. As a further QC precaution due to visible gold presence, Intertek was requested to insert a quartz wash between each sample in the mineralized interval, ensuring no sample contamination in the preparation process.

Mineralized interval calculations

Significant intervals reported in this news release are calculated down hole length weighted intercepts. For the Charger target initial mineralized are calculated at a 0.3 g/t trigger and include internal waste of three m for delineation mineralized zones.

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 20 years of experience in international mineral exploration and mining project evaluation.

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