14.7 g/t gold over 59 metres, or 868-gram-metres gold, from 96m downhole, including 22.4 g/t Au over 21m
Results confirm a very high-grade gold zone with strong continuity, identifying a 200-metre long corridor.
Awale now has three of the highest-grade intercepts in West Africa over the last 12 months.
Orecap owns 7.38M shares of Awale, representing 8.5% of the shares issued and outstanding, and an additional 4.16M share purchase warrants.
Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the "Company" or "Orecap") is pleased to announce that its portfolio company, Awalé Resources Limited (ARIC:TSXV) ("Awale") reported results of the final four holes from the Charger target at the Odienné Project ("Odienné"), including 14.7 g/t Au over 59m in drill hole OEDD-100.
"We have now established the breccia's true width at over 30 metres, within a 200-metre strike length of breccia mineralization, and the very high-grade gold is concentrated in fold hinges within this corridor. Importantly, our understanding of Charger's structure has evolved, allowing us to test our new fold model within the current corridor and step out to explore potential parallel zones. With this refined structural model, we're confident in continuing our success at Charger.
We are very pleased with the latest results and the successful outcome of this drill campaign, which delivered multiple high-grade hits at Charger and drilling through 100m of the target breccia body at depth. These holes established both grade and geological continuity of the breccia mineralization. The 14 g/t Au over 59m in hole OEDD-100 has exhibited the same grade consistency across the reported interval as the previous high-grade hits. We have also ramped up our new field season last week, commencing a 4000m diamond drill program at BBM and Charger," commented Andrew Chubb, CEO of Awalé Resources.
Drill hole OEDD-100 delivered consistently high-grade gold mineralization throughout the reported interval, similar to previously reported holes OEDD-83 and OEDD-88 that show high-grade intervals.
The high-grade breccias are now understood to be controlled by folding within the Charger intrusive, with very high gold grades developing along the fold hinges. Awalé has now separated gold results pertaining to interpreted hinge and limb zones, with interpreted fold hinges displaying significantly higher gold results than the limb zones (Table 1), with average gold grade in the hinge zone at 735-gram x metres vs 38-gram x metres in the limbs. Awalé will be drill testing the fold model within the current corridor as well as step-out and test for other parallel zones starting in late Q4 2024 into Q1 2025.
Table 1: Weighted-Average Gold Grades in Interpreted Hinges and Limbs*.
Hole ID
From (m)
To (m)
Interval (m)
Gold g/t
GxM
Fold Geometry
OEDD0083
165
205
56
26.00
1456
Hinge
OEDD0085
177
196
21
1.70
36
Hinge
OEDD0088
149
178
29
20.00
580
Hinge
OEDD0100
143
199
59
14.70
867
Hinge
Average
735
OEDD0045
89
100
11
5.41
59.51
Limb
OEDD0045
117
127
10
1.86
18.60
Limb
OEDD0083
210
219
9
1.56
14.04
Limb
OEDD0083
232
236
4
1.77
7.08
Limb
OEDD0085
203
212
9
8.68
78.12
Limb
OERC0132
74
82
8
7.29
58.32
Limb
OERC0132
96
107
11
2.63
28.93
Limb
Average
38
*The intercepts reported in the Table 1 may not be the same as previously reported, as they have been selected based on geology and broken down to 'Hinge' or 'Limb' zones.
About Orecap Invest Corp. Orecap seeks special situation investments in the natural resource sector that offer shareholders diverse exposure to high returns on precious and critical metal assets and businesses. Orecap has significant equity positions in portfolio companies, such as American Eagle Gold (AE:TSXV | AMEGF:OTCQB), QC Copper and Gold (QCCU:TSXV | QCCUF:OTCQB), Mistango (MIS:CSE), Awale Resources (ARIC:TSXV), and Cuprum Corp. in addition to owning a broad portfolio of land packages focused on gold, copper and zinc. Agnico Eagle Mines Limited is a 9.9% shareholder.
About Awalé Resources Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,489 km2 across seven permits. This includes 796 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont") (see May 31, 2022 news release).
Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Orecap's Current Equity Holdings include:
Company (Ticker)
Shares Owned / (% of Outstanding Shares)
Cuprum Corp. (PrivateCo)
29,500,000 / (37.9%)
Mistango River Resources (MIS:CSE)
24,708,975 / (13.9%)
QC Copper and Gold (QCCU:TSXV | QCCUF:OTCQB)
5,059,752 / (2.9%)
American Eagle Gold (AE:TSXV | AMEGF:OTCQB)
11,783,748 / (8.9%)
Awale Resources (ARIC:TSXV)
7,389,833 + 4,166,666 warrants / (8.5%)
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For further information, please contact us: Orecap Invest Corp. Stephen Stewart, Chief Executive Officer 416.644.1567 sstewart@oregroup.ca
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Forward-Looking Statements
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements)", including details about the business of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements, including, but not limited to, the receipt by the Company of the approval of the TSX Venture Exchange for the name change. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in the Company's public disclosure documents available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
