Awalé Resources Ltd.: Bondoukou Project - The Awari Shear Delivers Multiple New Gold in Auger Anomalies

VANCOUVER, Nov. 14, 2018 - Awalé Resources Limited ("Awalé" or the "Company") (TSXV: ARIC) is pleased to announce discovery of 3 new gold anomalous zones over a combined strike length of 12 kilometres along the previously untested northwest extension of the Awari Shear at the Bondoukou project in Côte d'Ivoire (figures 1, 2 and 3).

These anomalous zones are defined by >13ppb gold anomalism with >50ppb cores and a maximum value of 569ppb* along the fertile Awari shear. Auger drilling continues to prove its efficacy as an exploration tool at the Bondoukou project. Infill Auger drilling over these new targets is anticipated to produce new drill targets for the first half of 2019.

Following successful target delineation through auger geochemistry over the south eastern extents of the Awari shear, Awale planned a new 10,000 metre program covering the previously untested NW extents of the shear. The program was cut short by the onset of the monsoon season and 1,207 holes were competed for 5,830 metres. Drilling will recommence in November once the rains abate and new access is prepared. Approximately 872 holes remain for a further 4000m of the 640 metre by 50 metre regional program, once this broad spaced program is completed infill drilling will commence over these new targets, as well as any further targets uncovered with the remainder of the drilling.

View attached figures: http://www.awaleresources.com/_resources/maps/Awari--Shear-Auger-Results-13-11-2018.pdf

CEO Glen Parsons commented today: "These new gold anomalies and our previously reported results from the Awari Shear, highlight the fertile nature of this structure with encouraging mineralisation now extending for some 40km.

Our systematic exploration approach adopted over such a large area has yielded solid anomalies, which we now will concentrate on, infill auger is planned to advance these anomalies to RC/DD drill targets for testing later in the first half of the new year

The discovery of these new gold anomalous zones solidifies the confidence in the company's exploration method which we anticipate will produce multiple gold discoveries at Bondoukou as well as our other projects.

We look forward to ongoing exploration and results at Bondoukou in the ensuing weeks after being somewhat frustrated by an extended monsoon season in Côte d'Ivoire."


Background

Auger geochemistry and drilling programs along the Awari Shear, continue to prove the gold fertility of the 38 km long Awari shear which the company continues to test with systematic exploration. This round of auger drilling has been completed on a broad (640 metre) line spacing to define initial targets which will be infill drilled before RC and/or diamond drill target testing. The new anomalies occur on flexures and changes in foliation interpreted from aeromagnetic surveys, these changes in geometry are either related to late intrusions and/or the overprinting of the earlier NW Awari structure by the later Eburnean orogeny which typically has a northeast orientation. Outcrop is sparse in these areas but mapping will also be undertaken in 2019 after seasonal burning of grasses by the local population.

The geological and structural framework of the project continues to be developed, and the project continues to deliver confidence in a large mineralised system at Bondoukou. Recent studies by Kim Hein suggest the Bondoukou Project area as a potential gold camp and highlight similarities to other well-known gold camps in west Africa, including Essakane and Mana in Burkina Faso among others.

The rocks contained within the shear are lower Birimian and consist of greenschist facies altered ultramafic, mafic to andesitic volcanic and volcaniclastic rocks. Rocks in the footwall of the shear consist of an amphibolite to granulite facies metamorphic complex which is interpreted to predate the deposition of the volcanic and volcaniclastic rocks contained within the Awari Shear.

This work has confirmed the Company's hypothesis that the Awari Shear is an old deep-seated structure with origins in the earliest phases of Birimian evolution and the subsequent polyphase Eburnean orogeny. Findings from this study highlight multiple phases of deformation and mineralisation through a protracted tectonic history for the project area. High-grade targets are steeply plunging shoots where later NE structures cross cut the older NW trend. Late intrusions in the project area also present as classic mineralisation targets throughout the Birimian. The geological setting of the Bondoukou Project area has similarities with the Essakane and Mana gold camps in Burkina Faso, as well as Ity and Tongon in Côte d'Ivoire. The company is excited about ongoing exploration on the project and looks forward to economic discoveries at Bondoukou.


Quality Control and Assurance

Analytical work for geochemical samples and rock chip samples is being carried out at the independent Intertek Laboratories Ghana Ltd. an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Bondoukou office and transported by Intertek to their laboratory in Tarkwa, Ghana for preparation and analysis. Samples are logged in the tracking system, weighed, dried and finely crushed to better than 70%, passing a 2-mm screen. A split of up to 1,000-gram is taken and pulverized to better than 85%, passing a 75-micron screen, and a 50-gram split is analysed by fire assay with an AAS finish. Blanks, duplicates and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

*Descriptive Statistics for Gold in Auger ppb.

                 Au ppb  
Number Samples     1207
Minimum              -1
Maximum             569
Mean               6.00
Median                3

ON BEHALF OF THE BOARD, AWALE RESOURCES LIMITED.

"Glen Parsons"
Glen Parsons, President and CEO



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 Operating 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 Geologists (SEG). Mr Chubb has 17 years of experience in international minerals exploration and mining project evaluation.


Forward-Looking Information

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.


Cautionary Statement

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For further information:

For additional information you are invited to visit the Awalé Resources Limited website at www.awaleresources.com, or contact Karen Davies, Head of Investor Relations at Tel: 604.314.6270