Awalé Resources Limited (TSXV: ARIC) has provided updates on its Colossal Gold Acquisition in Suriname and the Odienné JV in Côte d’Ivoire.
Colossal Gold Acquisition Update
The company is in the process of finalising the details of a financing to raise a minimum of gross proceeds of C$2,000,000. Closing of the Private Placement is a condition of completion of Awalé’s acquisition of Colossal Gold Resources Limited.
The company anticipates that the Private Placement will close in early January 2023.
The company is also in the process of satisfying the final filing requirements of the TSXV in order to obtain final TSXV acceptance of the Acquisition. Awalé and Colossal have agreed to extend the Outside Date for satisfaction of all closing conditions from 20 December 2022 to 31 January 2023.
Odienné JV Update – Initial Scout Drilling
An initial nine-hole scout drilling programme at the Odienné JV project in Côte D’Ivoire is now complete. Seven first pass drill holes at Sceptre and two follow-up holes at Charger were drilled over these Iron Oxide Copper Gold (IOCG) style targets.
Samples from this drilling programme will be sent to the Intertek Yamoussoukro preparation lab for preparation and shipment to Australia for multi-element analysis and Ghana for fire assay.
Fire assay results are expected by the of end January and multi-element results by the of end February. After results are received and interpreted, it is anticipated that drilling will recommence over these targets in Q1 2023. A maiden scout drilling programme for the Lando target is also anticipated with this drilling campaign.
For further information please visit: https://www.awaleresources.com/
