Mr. Andrew Chubb reports
AWALE UPDATE: NEWMONT TO EXERCISE 10% MINORITY INTEREST OPTION ON THE ODIENNE JOINT VENTURE
Newmont Ventures Ltd., a wholly owned subsidiary of Newmont Corp., has provided notice of its intention to acquire the 10-per-cent minority equity interest Awale Resources Ltd.'s Odienne joint venture (JV) project in Ivory Coast. The minority interest is currently held by the shareholders of Africa New Geological Technologies Cote d'Ivoire SARL (ANGET). This notice is in accordance with the exploration agreement with venture option, signed on May 27, 2022 (see May 31, 2022, news release), and follows Newmont's recent completion of phase 1 of its earn-in, which has vested it with a 51-per-cent controlling interest in the joint venture.
Andrew Chubb, chief executive officer of Awale Resources, commented: "This JV-level investment places a spotlight in the prospective nature of the Odienne district, highlighting not only the joint venture but Awale's 100-per-cent-owned ground in the district. We look forward to our continued partnership with Newmont alongside this increased stake in the JV project and delivering new results from our properties along strike from the JV ground."
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, 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 JV 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 JV 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.
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