High Grade Gold Mineralization Extension at the Empire Gap Prospect and IOCG Style Mineralization Confirmed at the Charger Prospect

Empire Prospect - 'Empire Gap' Offset Drilling

Five RC holes and one diamond hole were drilled into a 150m lateral offset (Figure 3 and 4) from the Empire Main discovery known as Empire Gap. This drilling has delineated a further 180m strike potential of new, open and high grade gold mineralisation at the Empire prospect. The combined mineralized strike length for Empire Main and Empire Gap is now approximately 400m.

Highlights

• OERC-119 - 9 metres ("m") at 1.9 grams per tonne gold ("g/t Au") from 139m downhole including 3m at 3.9 g/t Au from 139m. This RC hole is a 40m step-out west of previously reported hole OERC102 - see Company News Release dated 23^rd June 2021) (Figure 5)
• OERC-118 - 8m at 1.4 g/t Au from 110m downhole including 1 m at 8.4 g/t Au. This RC hole is a 40m step-out east of OERC102.
• OEDD-39. 2m at 2g/t Au from 164m downhole. This DDH is a 50 metre step back from OERC-102.

This drilling has resulted in the discovery of a new mineralized zone at Empire Gap, with drillholes OERC-118, OERC-119 and OEDD39 all intercepting more than 50 down hole metres of the target 'Empire Diorite' with brittle ductile deformation and associated alteration. Holes drilled along strike east and west have intercepted shorter intervals of diorite within a package of sheared and mineralised volcanic and mylonitic rocks.

The mineralized shear zone defining the Empire Gold Corridor remains open down dip and along strike and future follow up drilling is planned.

Charger Prospect

Three RC holes and 2 diamond holes were completed at Charger (Figures 6 and 7) as follow up to the previously reported 3m at 9 g/t Au and peak copper value of 0.71% (handheld pXRF results) in hole OERC-89 (see Company News Releases dated June 14, June 30, and July 22 2021). The Charger prospect is interpreted by the Company to have all the hallmarks of Iron Oxide Copper Gold "IOCG" systems with strong hematite and magnetite alteration being associated with the gold and copper mineralization.

Highlights

• OEDD-38 - 6m at 0.3 g/t Au from 24m downhole. Mineralized interval is hosted within a hematite breccia at equivalent position as OERC-89 (See section in Figure 7), and
• • 4m at 1.1 g/t Au from 50m downhole.
• OERC-124 1m at 1.1 g/t Au from 51m downhole within a 40-metre-wide hematite alteration zone

The IOCG style mineralization at Charger is now interpreted to tie in with district scale copper and base metal anomalism identified by Awale within the Odienné Project area (Figure 2). Approximately 3 km north of the Charger discovery lies a >5 km long Cu-Au soil anomaly with impressive Cu values up to 0.18% and known as the Sceptre Target. This anomaly was delineated using a combination of Company and former Randgold Resources (now Barrick) legacy data sourced by the company (see release dated August 10^th 2021)

See Figures : http://www.awaleresources.com/_resources/maps/2021_08_24_Figures_Empire_Drilling_Update_Final.pdf

Company CEO Glen Parsons commented today:

"Follow up drilling has now confirmed at least 180m of new, open mineralisation on an offset extension to the Empire Main mineralisation. There are very few holes in this new zone and most have returned encouraging results with high-grade gold, 'Empire style' mineralisation and alteration. Follow up drilling is planned as we now chase the Empire Corridor style as well as the exciting new Charger style mineralization.

Following the discovery at Charger we continue to explore and develop the potential of IOCG systems within the Odienné project. As previously reported, strong copper anomalism exists to the north of the Empire Corridor with a significant 5km copper with gold anomaly at the "Sceptre Prospect" advancing to drill ready status.

The 4^th Quarter will be a productive one for Awale, geochemical sampling is currently underway over the greater Charger prospect area as well as the new Sceptre target. This work will be complemented with permit wide Aerial Magnetic and radiometric surveys planned for Q4 2021 as well as ground gravity surveys over the Charger prospect. These works will culminate with Q4 drilling of the new targets at Sceptre and Sceptre East as well as follow up drilling at the Charger prospect and the Empire Corridor."

Table 1: All Significant Intercepts from this Charger and Empire Offset Program (Gap Targets)

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.

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 18 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

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

SOURCE Awale Resources



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