Awalé Reports High Grade Gold at Charger Target, Odienné Project

VANCOUVER, Aug. 21, 2023 - Awalé Resources Ltd. ("Awalé" or the "Company") (TSXV: ARIC) is pleased to provide the following assay results for follow-up drilling completed at the Charger and Sceptre East targets at its Odienné Project in Côte d'Ivoire (Figure 1). 17 holes remain to be reported for the Charger, Lando, Sceptre Main and BBM targets. Strong news flow is expected to continue throughout August and September from these remaining targets as results are returned from the laboratory.

This phase of drilling has included the first diamond drill holes in the new discovery zones at Sceptre East and Charger, drilling has intercepted significant mineralization at both targets. Hole OEDD-45 at Charger has returned another greater than 100 gram-meter intercept within a 65 m downhole width of mineralization that included 12 m at 4.9 grams per tonne gold (g/t Au).

The Sceptre target has been extended to a greater than 700 m strike. It remains open in all directions, with drilling confirming mineralization across strike up to 400 m. Drill hole OEDD-43 has ended in mineralization with 358.5 m at 0.34% Copper Equivalent extending depth of mineralization to more than 275 vertical meters, highlighting the scale of the Sceptre East target.

Link to Charger Drill Core Photos

Link to Sceptre Drill Core Photos

Link to Maps and Sections

"Drilling results from Charger and Sceptre East continue to deliver great results. We are happy to see another 100 gram-meter interval within 65m downhole width of mineralization at Charger, which included 12m at 4.9 g/t Au. We await results from a further 6 holes at Charger and see it as a significant high-grade target that can advance toward resource development drilling in the coming year. Additionally we eagerly await results over the ensuing months for the new Lando, Sceptre Main and BBM targets.

At Scepter East, its sheer scale and potential is coming to light. Turning the rig 90 degrees and drilling West to East in the final hole for the program returned a high chalcopyrite/molybdenite vein density, with the hole ending in mineralization at 365m. These early holes provide a better understanding of the system's controls on copper and gold mineralization. We are still learning about the geometry of Sceptre East but these first holes are the critical steps in developing our model, said Andrew Chubb, Awalé Resources CEO."

OEDD-45: Step back hole from previously reported OERC-132 (32 meters at 3 grams/tonne (g/t) gold) see Company news release dated 29th March 2023), mineralization remains open and has been extended to a vertical depth of over 100m.

• OEDD-45 contains 3 high grade intervals within a 65 m wide zone of mineralization which included
• 12 m @ 4.9 g/t gold from 89m downhole,
• 13m at 1.3 g/t gold from 114m downhole and,
• 21m @ 1.3 g/t gold from 133m downhole.

OEDD-44 has returned up to 4.35 m @ 2.1 g/t gold and was targeted at a parallel southern lode and intercepted fingers of the same brecciated polymetallic mineralization observed in OEDD-45 and OERC-132.

A full table of significant intercepts is included below.

Mineralization remains open in all directions at the Sceptre East Target with Step out holes from the previously reported IOCG Style Cu/Au/Ag/Mo mineralization in OERC-128 to OERC-130 (see Company news release dated 29^th March 2023), extending the mineralized footprint at this target.

Step west hole OEDD-134 has confirmed mineralization 500 m west of the discovery section while holes OERC-138 and OERC-139 have intercepted mineralization 200m East of the discovery section and OERD-43 a 365m hole has ended in mineralization confirming the Sceptre East mineralized system is open at depth.

The scale and potential of Scepter East target is evident from this drilling. The final and deepest hole to date (OEDD-43, 358.5 m at 0.34% Copper Equivalent) was drilled West to East and returned a high chalcopyrite/molybdenite vein density with the hole ending in mineralization at 365m. These early diamond holes have enabled a better understanding of the system's internal geometry with both NW and N-S controls on mineralization. It is important to understand the scale of the Sceptre East system and the fact that we are still learning about the geometry and controls on mineralization, these first diamond holes diamond holes are the initial steps in developing this understanding.

Results have been returned for five of 11 drill holes at Charger or 775 m of 1715.5 m of drilling. Drilling was planned as follow-up to previously reported drill holes, OERC-89 and OERC-132. Two of the follow-up holes (OEDD-44 and OEDD-45) intercepted visible gold and hole OEDD-45 returned 65 m of downhole mineralization which included 12m at 4.9 g/t Au, 12m at 1.3 g/t Au and 21m at 1.3 g/t Au. OEDD-44 has intercepted visible gold as well as similar brecciated polymetallic mineralization seen in OEDD-45 (see core photos) and OERC-132, the brecciation was observed as smaller fingers within a 27 m downhole zone of mineralization. Brecciation broadens with depth on the northern lode and a the same is interpreted for this southern lode, opening both these lodes for future deeper drill campaigns. Both OEDD-45 and OEDD 44 were step back holes which targeted intrusive-hosted sulphide mineralization underlying previously untested gossans and new artisanal workings. Significant intercepts for all five holes are tabulated below. Significant intercepts for all 5 holes are tabulated below.

Results returned on follow up drilling of nine RC and three DD holes for 1730 m on a previously reported discovery where initial scout drilling focused on an approximately 1km long section of a multi-kilometer combined ground geophysical (Induced Polarization) and soil 'Cu-Au geochemical anomaly' (see Company news release dated March 29 2023). Over 700 m x 300 m of broad, open mineralization has now been recognized in the discovery drilling phase at Sceptre East, with seven of the 11 drill holes ending in mineralization (see full table of results from the current phase of drilling reported below). This phase of drilling included step out and step back holes from the discovery drilling and has intercepted chalcopyrite and molybdenite veining and alteration similar to the discovery drill holes (OERC 128-OERC130 - see Company news release dated 29^th March 2023). The first two diamond holes demonstrated their south to north orientation was sub optimal for a series of close to N-S oriented shears and chalcopyrite molybdenite bearing vein sets. The final deep drill hole (OEDD-43) was drilled in a west to east orientation. OEDD-43 intercepted a higher density of the vein sets, with the hole ending in mineralization with 358.5 m at 0.34% Cu equivalent from 6.5 m downhole. OEDD-43 is the deepest hole to date leaving us with open mineralization to a vertical depth of 275m.

It is evident that the WNW oriented sheared contact between the porphyritic granodiorite and volcanics to the south as well as the NNW to NNE shears have controls on mineralization and these orientations will dictate future drilling.

* Cu Equivalent percent - Calculated using Following Prices Au-1737/Oz, Cu 3.6/lb, Ag 21/Oz and Mo 40,000/ tonne (average closing price since 2019). Using the following formula - Cu+0.7Au+0.0087Ag+0.0006Mo.

The Odienné Project JV covers one permit and one application within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, and is subject to an earn-in agreement with Newmont Ventures Limited ("Newmont"); see Company News Release dated May 31, 2022) through which Newmont retains the option to earn-in to a minimum of 65% interest, from Awalé, in the Odienné Project JV in return for USD 15 million of exploration expenditures. Newmont is funding the exploration program and Awalé is managing the Odienné Project JV in the initial three-year phase. The budget for 2023 allocated by Newmont for the Odienné Project JV is USD 3 million.

Awalé is a diligent and systematic mineral exploration company focused on the discovery of large high-grade gold and copper-gold deposits. The Company currently undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the "Odienné Project JV") within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, where three significant gold and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries have significant scope for growth with future discovery and resource development drilling. The project has multiple pipeline prospects that have similar geochemical fingerprints to Iron Oxide Copper Gold ("IOCG") and intrusive related mineral systems. The 400km² of granted tenure and 400km² under application remains underexplored and offers significant upside potential. The Odienné Project JV forms a solid foundation for the Company to continue exploring in a pro-mining jurisdiction that offers significant potential for district scale discoveries.

Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and 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 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 greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analysed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

Significant intervals reported in this news release are calculated downhole length weighted intercepts. For the Sceptre target broad mineralised intervals are calculated using a 0.05%Cu lower cut grade with 10 m of internal included waste, higher grade intervals are calculated using a combination of 0.1%Cu, 0.2% Cu and 0.15g/t Au with 10 m and 5 m of internal waste respectively. For the Charger target initial intervals are calculated at a 0.2g/t interval including 3m of internal waste. Included intervals are at a 5g/t Au cut off with no waste. True widths are unknown as all reported intervals are from RC drilling with a limited number of holes for each prospect.

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 Geologists (SEG). Mr Chubb has over 18 years of experience in international mineral exploration and mining project evaluation.

ON BEHALF OF THE BOARD

AWALE RESOURCES LIMITED

"Andrew Chubb"

Andrew Chubb, CEO

This press 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, 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 press release include but are not limited to statements regarding, the Company's presence in Cote d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press 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, 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.sedar.com. 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. 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.

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SOURCE Awale Resources