en.Wedoany.com Reported - Australian company Predictive Discovery has invested approximately US$10 million (approximately C$14.15 million) to acquire about a 12.3% stake in Awalé Resources, an exploration company listed on the TSX Venture Exchange.
Awalé focuses on discovering large-scale gold and gold/copper deposits in northwestern Côte d'Ivoire. Its flagship Odienné project covers a strategic land package totaling 2,346 square kilometers, spanning seven exploration permits and applications, including a 797-square-kilometer area held in a joint venture with a subsidiary of Newmont Corporation. The joint venture is exclusively funded by Newmont and managed by Awalé.
The Awalé-Newmont joint venture has already achieved initial inferred mineral resources at the BBM, Charger, and Empire deposits in Odienné, totaling 32.4 million tonnes of ore at a grade of 1.64 grams per tonne gold equivalent, representing 1.71 million ounces of gold equivalent. Drilling is underway to expand and upgrade existing mineral resources and test other potential targets within the joint venture area. Preliminary technical, economic, environmental, and social studies for Odienné have also been initiated.
Awalé's wholly owned exploration permits and applications cover the broader Odienné region, containing multiple untested and early-stage targets, offering potential for regional-scale growth. Awalé stated that it will use the proceeds from this strategic investment to advance exploration on its wholly owned permits.
Predictive Discovery will fund this investment from its cash reserves and assured shareholders that the investment will not impact the funding requirements for its Bankan gold project in Guinea.
Awalé stated that it welcomes Predictive Discovery as a strategic shareholder. This investment strengthens Awalé's balance sheet, and upon completion of the transaction, the company's funds will exceed US$30 million, which can be used to advance its wholly owned land package. Awalé believes this provides greater financial flexibility and discovery optionality, helping to surpass the geological conditions, drilling results, and initial mineral resources already achieved through the Odienné joint venture.
