Mr. Andrew Chubb reports

AWALE HITS MULTIPLE HIGH-GRADE INTERCEPTS, INCLUDING 3.3 G/T GOLD EQ. OVER 35 METRES AT THE BBM ZONE, ODIENNE PROJECT

Awale Resources Ltd. has released partial results of a follow-up drilling program from the BBM zone at the Odienne project in Ivory Coast.

Highlights:

• 35 metres of 3.3 grams per tonne gold equivalent and 17 metres of 2.4 grams per tonne gold equivalent in OEDD-89;
• 52 metres of 2.0 grams per tonne gold equivalent in OEDD-90;
• 32 metres of 2.1 grams per tonne gold equivalent in OEDD-92;
• BBM's strike length expanded from around 400 metres to over 600 metres, with mineralization defined from surface to 250 metres depth, with true widths of up to 50 metres;
• Assay results are pending for six more holes from this drill program from both BBM and Charger;
• Awale will start a new 8,000-metre drill program, fully financed by Newmont, in Q4 2024.

"The high-grade core of BBM has now expanded to over 600 metres, with mineralization remaining open in multiple directions and showing signs of increasing grade at depth. BBM remains open, with a style of mineralization that allows for relatively straightforward growth and delineation of an open-pit resource. These results emphasize this discovery's potential scale and significance, and we are eager to expand BBM further as we continue to define this target, with additional drilling beginning shortly," commented Andrew Chubb, chief executive officer of Awale Resources.

About BBM zone

BBM is a grassroots discovery by Awale (see Jan. 11, 2024, news release), whose gold and copper mineralization and alteration system are controlled by a shear zone that follows an intrusive/sedimentary contact. Drilling completed at BBM covers approximately two kilometres of strike along an eight-kilometre-long geochemical gold in termitaria geochemical trend this shear zone. Awale followed up on its January, 2024, BBM discovery with intersections announced in March, 2024 (see March 18, 2024, news release).

All 24 holes, totalling over 6,808 metres, at BBM have intercepted mineralization and were drilled in three phases, with pending results for two holes (OEDD-97 and OEDD-98). Drilling was completed on 13 sections with an average spacing of 100 metres between sections and up to 500 metres stepouts to the southeast. Interpretation of the drilling completed suggests that mineralization at BBM is steeply dipping (70 degrees to 80 degrees) with a gentle plunge (45 degrees to 55 degrees) toward the northwest.

Alteration at BBM is dominated by silica and biotite with pyrite, chalcopyrite and molybdenite as the main sulphide species. Recent drilling has shown the presence of footwall mineralization beyond the footwall contact with metasediments to the north side of the structure, where fingers of granodiorite intrude the footwall metasediments. Drilling has also confirmed grade continuity of the mineralization as well as tested for new parallel shoots along the eight kilometres of open strike. The follow-up drilling reported in this release has outlined a core zone of robust high-grade mineralization over 600 metres and a vertical depth of 250 metres. The two deeper holes with results pending have also intercepted target geology and alteration with sulphide mineralization.

Extending the higher-grade core to over 600 metres demonstrates the robust nature of the mineralization and represents a substantial increase in the BBM zone's definition and potential. Further exploration drilling is expected to enhance the understanding of the target in this promising new region of Ivory Coast. After the wet season, the company plans to advance the BBM target with an 8,000-metre air-core drill program targeting extensions and satellites and reverse circulation drilling in shallower areas within the discovery zone.

The program, which consisted of 3,627 metres drilled across 10 diamond holes and two diamond tails (hole extensions from previous drilling, targeting footwall mineralization), has significantly extended the known high-grade core of the zone to over 600 metres. It also confirmed the potential for further expansion along strike and down dip/plunge as well as within the footwall of the main zone. These results indicate increasing grades at depth and confirm that mineralization remains open along strike and downplunge within the 1.3-kilometre zone. Results are pending for diamond drill holes OEDD-97 and OEDD-98, the two deepest holes for the program, which have traversed target mineralization from approximately 440 metres downhole in OEDD-97 and 430 metres downhole in OEDD-98.

A full table of significant intercepts for the program is provided in the attached table.

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 regions of Ivory Coast. Awale's exploration success to date has culminated in a fully financed earn-in joint venture with Newmont Ventures Ltd., covering one permit and one application, within the greater Odienne copper-gold project in the northwest of Ivory Coast, where three gold, gold-copper and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries offer significant potential for growth with future discovery and resource development drilling. The Odienne project joint venture has multiple pipeline prospects with similar geochemical signatures 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 present substantial upside potential. The Odienne project joint venture forms a solid foundation for the company to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries. The greater Odienne copper-gold project includes an additional four applications and an option agreement.

The Odienne project joint venture

The Odienne project joint venture covers one permit and one application within the greater Odienne gold-copper project and is subject to an earn-in agreement with Newmont (see May 31, 2022, news release). Through this agreement, Newmont retains the option to earn a minimum 65-per-cent interest from Awale in the Odienne project joint venture in exchange for $15-million (U.S.) in exploration expenditures. Newmont is financing the exploration program while Awale manages the Odienne project joint venture during the initial three-year phase.

Quality assurance and quality control

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-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. All fire assay samples returning greater than five grams per tonne gold are routinely screen fire assayed; in this special case, lower-than-five-gram samples uphole and downhole from the high-grade interval in OEDD-88 were also subject to screen fire assays. As a further quality control 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 downhole length-weighted intercepts. For the BBM target, initial mineralized are calculated at a 0.2-gram-per-tonne trigger and include up to five metres of internal waste for delineation of mineralized zones. Included intervals are at 0.5-gram-per-tonne, one-gram-per-tonne and two-gram-per-tonne trigger values with three metres of internal waste only. The attached table contains a list of all BBM holes -- including OEDD-70 and OEDD-75, which contain mineralized intervals at less than the 0.2-gram-per-tonne-gold trigger value. True widths are estimated to be 70 per cent of the downhole widths.

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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