IOCG Styled Elevated Copper Associated with High-Grade Gold Mineralization at the Charger Prospect, Odienné Project, Cote d'Ivoire

VANCOUVER, July 22, 2021 - Awalé Resources Ltd. ("Awalé" or the "Company") (TSXV: ARIC) is pleased to report that elevated copper values (up to 0.76% Cu*) are associated with the high-grade gold mineralization previously reported from Reverse Circulation ("RC") drilling at the Charger prospect, Odienné Project (see Company News Release dated June 14, 2021). Both the gold-copper metal association and distinct hematite-rich alteration at Charger are interpreted by the Company to be typical of Iron Oxide Copper Gold (IOCG) style systems, and therefore represents a mineralization style not previously identified either at Odienné or elsewhere in the Birimian-age greenstone belts of Ivory Coast.

Highlights

High-grade gold mineralization was reported from Charger RC hole OERC-89 on June 14, 2021:

Preliminary XRF* analytical data from OERC-89 confirms the presence of elevated copper values together with high-grade gold in the sulfide-bearing hematite rich breccias (Figure 1), with the interval 31m to 32m returning the highest gold grades of gold (14.6 g/t Au) and copper (0.76%*) identified so far. The copper sulfide chalcopyrite is associated with pyrite within the mineralized hydrothermal breccia. Further specialist base metal analyses using atomic absorption analytical techniques are currently in progress.

A Diamond twin of OERD-89 intercepted hematite breccia from 24.4m to 27.4m (Figure 2) with up to 1% chalcopyrite logged within zone of up to 5% disseminated pyrite.

All drilling completed over the Charger anomaly is characterized by variations on chlorite/epidote/pink albite/hematite/magnetite/sulfide (pyrite +/- chalcopyrite and pyrrhotite) zoned alteration system. The company is now re-processing multielement data from all geochemistry completed over the project using the new IOCG model as a driver for the multielement anomalism that exists throughout the permit.

*Note: A Handheld InnovX Delta XRF was used for analysis on RC drill fines. XRF analysis is considered indicative of base metal grade. The company is completing laboratory multielement analysis for comparison.

Company CEO Glen Parsons commented today:

"The identification of high-grade Iron Oxide Copper Gold (IOCG)-style mineralization at Charger represents an exciting new target type for Awalé at the Odienné Project. IOCG deposits are known from similar age terrains elsewhere globally - such as in Brazil, Australia, Sweden - but as yet have not been identified in Ivory Coast. We look forward to advancing our exploration activities at Odienné - both on the orogenic-type mineralization at Empire and the potential IOCG-type mineralization at Charger and the greater permit area. We continue to pursue our stated goal of discovering 1+Moz gold equivalent in new greenfields gold ounces.

I look forward to keeping the market informed as we continue to advance exploration at Odienné."

Quality Control and Assurance

Analytical work for auger geochemical samples is being carried out at the independent Intertek Laboratories Australia 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 or Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Cote d'Ivoire for preparation. Samples are logged in the tracking system, weighed, dried and pulverized to better than 85%, passing a 75-micron screen, this pulp sample is then shipped to Ghana where a 50g charge is Fire Assayed with an AAS finish. Blanks, duplicates and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

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 18 years of experience in international minerals exploration and mining project evaluation.

ON BEHALF OF THE BOARD

AWALE RESOURCES LIMITED.

"Glen Parsons"

Glen Parsons, President and CEO

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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SOURCE Awale Resources