ASX-listed Predictive Discovery will invest about $10-million, or about C$14.15-million, in TSX-V-listed exploration company Awalé Resources in exchange for about 12.3% of Awalé’s shares.
“Awalé is an emerging West African gold exploration and development company, with a large and strategic landholding in Côte d’Ivoire, considered to be one of West Africa’s premier mining jurisdictions alongside Guinea,” comments Predictive MD and CEO Matthew Wilcox.
Awalé is focused on discovering large-scale gold and gold/copper deposits in north-western Côte d’Ivoire. Its flagship project Odienné comprises a large and strategic 2 346 km2 landholding across seven exploration permits and applications, including 797 km2 held in a joint venture (JV) with a subsidiary of Newmont Corporation, which is sole-funded by Newmont and managed by Awalé.
The Awalé-Newmont JV hosts an initial inferred mineral resource estimate of 32.4-million tonnes at 1.64 g/t gold-equivalent for 1.71-million ounces of gold-equivalent across the BBM, Charger and Empire deposits at Odienné. Drilling is ongoing with the aim to expand and upgrade the current mineral resource and test additional targets within the broader JV tenure. Initial technical, economic, environmental and social studies for Odienné have also commenced.
Awalé’s 100%-owned exploration permits and applications across the broader Odienné district host multiple untested and early-stage targets, providing district-scale growth potential. Awalé will use proceeds from Predictive’s strategic investment towards advancing exploration across these 100%-owned permits.
“Awalé’s management team has done an outstanding job of advancing the Odienné project to a point where it is showing real potential as a future gold mine of significance, with excellent scope for continued growth through expansion drilling and new discoveries. We look forward to supporting Awalé with [our] expertise in exploration, mine development and operations,” says Wilcox.
Predictive will fund its investment in Awalé by cash on hand and assures shareholders that this investment does not affect funding requirements for the development of its Bankan gold project, in Guinea.
“We are pleased to welcome Predictive as a strategic shareholder of Awalé. Predictive has assembled a large West African gold platform, backed by an experienced management team with a proven record of discovery, development and mine operations in the region.
“This investment strengthens Awalé’s balance sheet and, post closing, leaves the company with more than $30-million available to advance its 100%-owned ground. That gives us greater financial flexibility and real discovery optionality beyond the already prospective geology, drill results and initial mineral resource delivered through the Odienné JV,” says Awalé president and CEO Andrew Chubb.
