For Colossal Gold's Northwest Goliath Project in Suriname
VANCOUVER, BC , Dec. 15, 2022 /CNW/ - Awalé Resources Limited (" Awalé ") or the " Company ") (TSXV: ARIC) is pleased to announce the Company has filed a technical report (the " Report ") regarding the Northwest Goliath Project in Suriname. This prospective gold project, along trend from the Rosebel Mine in Suriname, forms part of the acquisition of Colossal Gold Resources Limited (" Colossal ") by Awalé (the " Acquisition ") pursuant to a letter agreement dated September 12, 2022 between Awalé, Colossal and the shareholders of Colossal. The Report was prepared pursuant to the policies of the TSX Venture Exchange (" TSXV ") and in accordance with National Instrument 43-101 – Standards for Disclosure for Mineral Projects.
The Acquisition is conditional on, among other matters, the Company satisfying the requirements outlined in the TSXV's conditional acceptance letter in compliance with TSXV Policy 5.3 which the Company is in the process of completing (refer news release date October 11, 2022 ).
Awalé is an exploration company focused on the discovery of large high-grade gold and copper-gold deposits. The Company currently undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's success to date at the Odienné Project in the Northwest of Côte d'Ivoire has culminated in a fully funded earn-in Joint Venture with Newmont (the "Newmont JV") covering the Odienné Project where two primary targets for world-class discoveries have been made: i) the gold-rich Empire corridor and ii) the recently defined Charger, Sceptre and now Lando Iron Oxide Copper Gold ("IOCG") targets. Parts of the remaining 200km 2 of granted tenure and 400km 2 under application remains underexplored and offers significant IOCG potential. The Newmont JV forms the solid foundation for the Company to continue looking at new opportunities in new jurisdictions which offers significant potential for district scale discoveries. Awalé is currently in the process of completing the acquisition of Colossal Gold Resources, a private company with a highly prospective gold exploration portfolio in Suriname, which provides an excellent strategic fit and future growth potential for Awalé.
AWALE RESOURCES LIMITED.
Glen Parsons , President and CEO
This news release contains "forward-looking information" within the meaning of applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward-looking information except as required by applicable law.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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SOURCE Awale Resources
View original content: http://www.newswire.ca/en/releases/archive/December2022/15/c0041.html