Shares of West Africa-focused Awale Resources Ltd. [ARIC-TSXV) began trading on the TSX Venture Exchange January 8, 2018.
Built on assets that were spun out when Mariana Resources was acquired by Sandstorm Gold Ltd. [SSL-TSX, SAND-NYSE] in July 2017, Awale is actively exploring for gold on the highly prospective Birimian Greenstone Belts of West Africa.
The company’s flagship asset is the Bondoukou Project is northeast Côte d’Ivoire, where the company has recently completed a 4,743-metre reverse circulation drilling program. The targets are potential high grade mineralized systems located along structures defined by aerial and ground geophysics with coincident >50 to 100ppb Auger geochemistry.
High-grade chip samples extracted from artisanal mining zones have assayed at up to 589 g/t gold. Broad alteration zones have been observed in the drilling at areas known as the Fako and Casino prospects. Results of this drilling are expected in late January. They will determine future strategy on four targets, including the Faso and Elisabeth prospects as well as the artisanal mining zones at Casino and Ngouan.
Meanwhile, the company is also continuing regional exploration on the balance of the 1,200 km2 Bondoukou Project. The aim is to develop and continue to advance target areas to drill ready status.
Alwale also announced that it has a granted license in the northwest of Côte d’Ivoire, covering its 90% interest in the Odienne Project area. The grant is for 400 km2, along with a number of strategic permits under application.
A private placement that the company completed concurrently with its acquisition of these properties raised $3.5 million, money that will be used to advance exploration in the target areas.
Commenting on these developments, Awale EO Glen Parsons said they provide confidence as the company moves forward in West Africa. “I am really encouraged by the support from our private placement for our new greenfield exploration company,’’ he said.
Parsons said Awale finished the year with 5,000 metres of reverse circulation drilling on its four most advanced targets at Bondoukou and will look forward to seeing results later in January.
“Encouragingly, we start the 2018 year with good momentum and a strong treasury to continue our exploration strategy,’’ he said.
In early afternoon trading on Tuesday, the shares were priced at 31 cents, up 24% or $0.06.