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Awalé Reports New Discovery on 100%-Owned Ground with Multiple Shallow Intercepts, Including 17 Metres at 1.9 g/t Gold

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Awalé Resources (AWLRF) reported a new discovery at the 100%-owned Fremen target, 11 km along strike from BBM. Key assays include 1.9 g/t Au over 17 m from 6 m and 2.1 g/t Au over 12 m from 32 m. A 126-hole, 5,210 m program confirmed near-surface mineralization across an initial 1-km zone within an 8-km corridor. Results from 52 additional holes are pending, and the Fremen corridor remains open for expansion.

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Positive

  • New discovery at Fremen on 100%‑owned ground, 11 km from BBM
  • High-grade intercepts including 1.9 g/t Au over 17 m and 2.1 g/t Au over 12 m
  • Mineralization confirmed over an initial 1 km within an 8 km corridor
  • 126‑hole drill program totaling 5,210 m completed

Negative

  • Results from 52 additional holes are pending, leaving full extent unconfirmed
  • Current mineralization defined over an initial 1 km only, not yet a resource

News Market Reaction – AWLRF

+0.38%
1 alert
+0.38% News Effect

On the day this news was published, AWLRF gained 0.38%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Highlights:

  • Discovery made on Fremen, on Awalé's 100%-owned ground and 11 km along strike from the BBM target.

  • 1.9 g/t gold over 17m from 6m, including 2.3 g/t gold over 9m (SSAC-08).

  • 2.1 g/t gold over 12m from 32m, including 8.2 g/t gold over 1m (SSAC-07).

  • 1.1 g/t gold over 17m from 113m, including 4.7 g/t gold over 2m (SSDD-03).

  • 1.0 g/t gold over 13m from 78m, including 1.8 g/t gold over 4m (SSDD-02).

  • Mineralization shares geological similarities with both the BBM and Charger discoveries.

  • Results from 52 additional holes pending and the 8-kilometre Fremen corridor remains open.

Toronto, Ontario--(Newsfile Corp. - May 4, 2026) - Awalé Resources Limited (TSXV: ARIC) (OTCQX: AWLRF) (FSE: 2F60) ("Awalé" or the "Company") is pleased to report assay results from a Phase 3 drill program at the 100%-owned Fremen target, located within the Sienso permit at the Odienné Project ("Odienné" or the "Project") in Côte d'Ivoire (see Figures 1 and 2).

Results confirm near-surface gold mineralization over an initial 1-kilometre zone within a broader 8-kilometre mineralized corridor, with multiple high-grade intercepts.

"We have now confirmed significant shallow gold mineralization, marking new discovery on our 100%-owned ground. Fremen is just 11 kilometres from BBM, and this discovery is a testament to the effectiveness of our geology-led, systematic and successful exploration approach. With the same alteration and mineralization fingerprint, Fremen forms part of the same mineralized system as our other discoveries.

These broad intercepts, including higher-grade intervals of over 5 g/t gold, support our view that Fremen is an emerging gold discovery with clear potential for expansion along strike and at depth. We will continue drilling to expand the extent of mineralization at Fremen, while advancing additional drill-ready targets across our 1,550 km² land package," stated Andrew Chubb, CEO of Awalé Resources.

Link to All Figures

Watch Video of CEO Andrew Chubb Discussing the Fremen Discovery

The 126-hole, 5,210 metre program (8 diamond drilling "DD" holes for 1,571 metres and 116 aircore "AC" holes for 3,639 metres) consisted of six broadly spaced drill fences over a 5-kilometre portion of the broader target trend at the southern extent of the 10-kilometre corridor. Results from this program confirmed mineralization over 1 km within this zone. This drill program followed two earlier phases of scout drilling, where initial results included shallow intersections of 15m at 0.6 g/t gold from 40m, including 7m @ 1.1 g/t gold from 46m (see June 16, 2025 news release). Results from the current program have confirmed robust gold intercepts in fresh rock within a similar alteration system and geologic setting to Awalé's BBM discovery. Results from 51 AC holes and 1 DD hole are pending from the laboratory.

Geology of the Fremen Target

Stronger gold mineralization at Fremen is located at a major flexure along a regional-scale shear zone, where the host structure changes from a northwest to a north-south trend. A large granitoid intrusive body flanks this structure to the east. Like BBM, mineralization is hosted within intrusive rocks, but with a higher metamorphic grade. This package is later intruded by a series of felsic to intermediate dykes with a similar composition to those observed at the Charger target, these dykes are also mineralized.

Biotite-actinolite-titanite is the dominant alteration assemblage associated with gold mineralization, along with sulphides and silica. Higher gold grades are associated with a sulphide assemblage that includes pyrrhotite, pyrite, +/- chalcopyrite. Adjacent to the mineralized zone, the footwall is similar to the hanging wall alteration at BBM and alteration proximal to the breccias at Charger consisting of broad hematite-potassic feldspar +/- epidote alteration with brittle overprinting.

About Awalé Resources

Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is exploring the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,346 km2 across seven permits—five granted and two applications. This includes 797 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé currently manages all exploration activities over the OJV, with funding currently provided by Newmont Ventures Limited ("Newmont") under an Exploration Agreement signed in May 2022.

Awalé has discovered five gold, gold-copper, and gold-copper-silver-molybdenum mineralized systems within the OJV and has recently commenced exploration on its 100%-owned properties.

The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well-seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.

Table 1: Significant Intercepts – (from this release)

Hole IDFrom
(m)		To
(m)		Length
(m)		Au
(g/t)		Composite
Trigger
(Au g/t)
SSAC000732.044.012.02.10.2
including33.041.08.02.92.0
including33.034.01.08.25.0
SSAC00086.027.021.01.50.2
including6.023.017.01.90.5
including12.021.09.02.32.0
SSAC003327.028.01.00.30.2
including34.040.06.00.50.2
SSAC00343.015.012.00.50.2
including9.013.04.01.00.5
SSAC00351.06.05.00.30.2

16.019.03.00.70.2
27.028.01.00.60.2
37.039.02.00.70.2
including37.038.01.01.00.5
SSAC00360.06.06.00.40.2

18.020.02.00.50.2
SSAC00375.06.01.00.20.2
SSAC004916.018.02.00.80.2
including16.017.01.01.20.5
SSAC00500.01.01.00.30.2

7.08.01.01.40.5
SSDD00016.58.01.50.20.2

27.530.53.00.40.2
67.071.04.00.30.2
142.0143.01.00.30.2
SSDD000229.530.00.50.20.2

70.071.01.00.90.2
78.091.013.01.00.2
including80.084.04.01.81.0
SSDD000336.537.00.50.40.2

79.080.01.00.30.2
98.0100.02.00.20.2
113.0130.017.01.10.2
including122.0130.08.01.90.5
including128.0130.02.04.72.0

167.0168.01.00.50.2
171.0173.02.00.20.2
SSDD000453.060.07.00.50.5

94.095.01.00.30.2
99.0101.02.01.40.5
106.0108.02.01.70.5
120.0121.01.00.60.2
147.0148.01.00.20.2
SSDD000597.0100.03.01.20.5

183.0184.01.01.00.2
SSDD000656.057.01.00.60.2

74.076.02.00.60.2
95.0101.06.00.20.2
106.0107.01.02.10.5
SSDD000867.069.02.01.00.5

162.0164.02.00.40.2

 

Table 2: Fremen Drilling Collar Cable – (all collars from this program)

Hole IDHole TypeEOH_MEastingNorthingElevationAzimuth_TrueDip
SSAC0001AC39.06605041038279455.068-50
SSAC0002AC36.06605261038287455.068-50
SSAC0003AC40.06605461038295455.068-50
SSAC0004AC34.06605701038303454.068-50
SSAC0005AC34.06605891038311454.068-50
SSAC0006AC28.06606081038319455.068-50
SSAC0007AC49.06606231038325454.068-50
SSAC0008AC48.06606501038336454.068-50
SSAC0009AC42.06606751038347454.068-50
SSAC0010AC48.06606981038357454.068-50
SSAC0011AC48.06607221038363454.068-50
SSAC0012AC40.06607501038369455.068-50
SSAC0013AC40.06607691038377453.068-50
SSAC0014AC40.06607881038385452.068-50
SSAC0015AC40.06608101038394453.068-50
SSAC0016AC40.06608301038401452.068-50
SSAC0017AC32.06608511038410452.068-50
SSAC0018AC40.06606601037537441.068-50
SSAC0019AC40.06606851037544441.068-50
SSAC0020AC40.06607071037550440.068-50
SSAC0021AC40.06607281037558440.068-50
SSAC0022AC40.06607491037565440.068-50
SSAC0023AC40.06607681037573441.068-50
SSAC0024AC40.06607881037581440.068-50
SSAC0025AC40.06608081037590441.068-50
SSAC0026AC40.06608271037599441.068-50
SSAC0027AC33.06608461037609440.068-50
SSAC0028AC30.06608631037615440.068-50
SSAC0029AC26.06608781037621440.068-50
SSAC0030AC37.06608901037626440.068-50
SSAC0031AC35.06609091037633440.068-50
SSAC0032AC36.06609271037640439.068-50
SSAC0033AC40.06609451037648439.068-50
SSAC0034AC30.06609671037654440.068-50
SSAC0035AC40.06609821037659439.068-50
SSAC0036AC30.06610021037668439.068-50
SSAC0037AC40.06610181037670438.068-50
SSAC0038AC40.06610391037680438.068-50
SSAC0042AC36.06611031037710437.068-50
SSAC0043AC34.06611221037717437.068-50
SSAC0044AC28.06608261037706441.068-50
SSAC0045AC30.06608411037712441.068-50
SSAC0046AC30.06608551037718441.068-50
SSAC0047AC28.06608671037727440.068-50
SSAC0048AC22.06608811037733440.068-50
SSAC0049AC21.06608911037737440.068-50
SSAC0050AC24.06609011037742439.068-50
SSAC0051AC25.06609121037748439.068-50
SSAC0052AC37.06609251037752439.068-50
SSAC0053AC35.06609451037753439.068-50
SSAC0054AC35.06609631037759439.068-50
SSAC0055AC29.06609811037767440.068-50
SSAC0059AC32.06606441038119451.068-50
SSAC0060AC30.06606601038125450.068-50
SSAC0061AC30.06606761038130450.068-50
SSAC0070AC27.06607091037881429.068-50
SSAC0071AC24.06607241037885429.068-50
SSAC0072AC22.06607331037889429.068-50
SSAC0073AC18.06607461037890429.068-50
SSAC0074AC18.06607541037894429.068-50
SSAC0075AC16.06607671037889429.068-50
SSAC0095AC23.06603991038623444.068-50
SSAC0096AC24.06604111038625445.068-50
SSAC0106AC40.06607061037885429.068-50
SSAC0107AC40.06607301037888429.068-50
SSDD0001DD221.36590691042589437.890-52
SSDD0002DD128.16605201038464436.468-50
SSDD0003DD221.26604691038443435.868-49
SSDD0004DD176.26606001038315439.368-50
SSDD0005DD218.26608451037608431.968-50
SSDD0006DD203.36606571038130463.068-50
SSDD0008DD212.26608251037707434.068-50
SSDD0009DD191.06608961037632451.068-50

 

Quality Control and Assurance

Reverse circulation, aircore, and diamond drilling sampling was conducted on a metre-by-metre basis, with each metre weighed and riffle split to produce approximately 3-kilogram sub-samples for laboratory submission. Each sample was clearly labelled, and routine field duplicate samples were taken via a second riffle split of the original sample. Systematic certified reference material is also inserted in the sample stream as well as blank samples.

Analytical work for all samples is being carried out at the independent Intertek Laboratories in Ghana, an ISO 17025 Certified Laboratory. Samples are prepared and stored at the Company's field camps and put into sealed bags and transported to Intertek secure facility in Yamoussoukro Côte d'Ivoire for preparation and subsequent shipment and analysis in Ghana. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream returned to the Company for multielement analysis by portable XRF a second analyzed by fire assay with AAS finish at Intertek Ghana. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

Mineralized Interval Calculations

Significant intervals reported in this news release are calculated as downhole length-weighted intercepts. For the Fremen target, initial mineralized zones are calculated at a 0.2 g/t Au trigger and include up to 3 metres of internal waste for delineating mineralized zones. Included intervals are calculated at 0.5 g/t Au, 1 g/t Au, 2 g/t Au, and 5 g/t Au trigger values, with up to 3 metres of internal waste. Table 1 contains a list of all Fremen holes reported in this release. Based on structural and geological interpretation from the diamond drilling, true widths are estimated to be 100% of the drilled intercepts.

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 Geoscientists (SEG). Mr. Chubb has over 25 years of experience in international mineral exploration and mining project evaluation.

Abbreviations Used in this Release

ACAircore 
AuGold 
DDDiamond drilling 
g/tGrams per tonne 
kmKilometre 
mMetre 
RCReverse circulation 

 

AWALÉ Resources Limited
On behalf of the Board of Directors

"Andrew Chubb"
Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
a.chubb@awaleresources.com

Ardem Keshishian, VP Corporate Development
+1 (416) 471-5463
a.keshishian@awaleresources.com

The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.

Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, propose, potential, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this news release include but are not limited to statements regarding the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, timing and extent of planned drilling, expectations to achieve a first mineral resource estimate and preliminary economic assessment, advancing towards a pre-feasibility study, potential for new discoveries, timing for providing assay results, commencement of operations. Although the Company believes any forward-looking statements in this news release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the results of the proposed drilling programs, the number of drilling rigs on site, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected and that the proposed drilling program will proceed as planned. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295688

FAQ

What were the headline assay results from Awalé (AWLRF) at Fremen on May 4, 2026?

The company reported 1.9 g/t Au over 17 m from 6 m and 2.1 g/t Au over 12 m from 32 m. According to the company, those intercepts were among multiple shallow, higher-grade intervals returned from the Phase 3 program at Fremen.

How large was Awalé's Phase 3 drill program at Fremen (AWLRF) and what did it confirm?

Phase 3 comprised 126 holes for 5,210 m (8 DD, 116 AC) and confirmed near-surface mineralization over an initial 1 km. According to the company, drilling tested a 5-km portion of the southern trend within an 8-km corridor.

Are more assay results pending for Awalé's Fremen target (AWLRF)?

Yes. The company says 52 additional holes are pending at the laboratory. Those pending assays will inform the full extent and continuity of mineralization along the Fremen corridor.

How does the Fremen discovery relate to Awalé's nearby BBM and Charger discoveries (AWLRF)?

Awalé reports geological similarities—alteration and host intrusive rocks—linking Fremen to BBM and Charger. According to the company, Fremen shares the same mineralization fingerprint and may be part of the same mineralized system.

What is the immediate exploration plan for Awalé (AWLRF) after the Fremen results?

The company intends to continue drilling to expand mineralization along strike and at depth. According to the company, follow-up programs will target expansion of the 1-km zone within the open 8-km corridor.

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