Awale Resources Ltd (TSX-V:ARIC) got the market’s attention this week with the release of a blockbuster drill result from its Odienné project.
A drill hole at the Charger target revealed 32 meters with 45.7 grams per tonne of gold, contained within a 57-meter stretch averaging 26 grams per tonne.
Investors responded positively to the news, sending shares of Awalé up around 230% on the week, closing Tuesday afternoon at C$0.99.
CEO Andrew Chubb told Proactive that the find the is the most outstanding of his career.
“The notable aspect of it is the consistent presence of solid, high-grade mineralization throughout the entire 32-meter interval,” Chubb said.
“There are no substantial one or two-kilogram nuggets present that might influence the broader interval – it's just a solid mineralization. That makes it particularly exciting.”
Awalé is keen to get the drills turning again at the Charger and BBM targets, with drilling set to start at BBM in about two weeks.
“We're really looking forward to follow up drilling because we always thought we'd get something special from Charger – it was always a visible gold breccia pipe system,” Chubb said.
Odienné, located in northwest Côte d'Ivoire, is part of a joint venture between Awalé and Newmont.
Under the agreement, Newmont retains the option to earn-in to a minimum of 65% interest in the Odienné project JV by funding exploration activities.
The companies are “just scratching the surface,” according to Chubb.
“We've done a lot of work in the last couple of years, and now that's really starting to bear fruit,” he said.
The company is planning to drill 25,000 meters at the project this year.