Awalé Resources plans C$8 million Odienné gold exploration investment

Drilling aims to deliver maiden mineral resource estimate in 2026

Project backed by Newmont amid strong global gold prices

Canadian junior miner Awalé Resources plans to invest C$8 million ($5.8 million) in 2026 to explore its Odienné gold project in Côte d’Ivoire, the company said on Tuesday, Dec. 16. The funding will support work aimed at delivering a maiden mineral resource estimate for the project.

The funds will be drawn from the C$15 million in cash currently on the company’s balance sheet. An 88,000-metre drilling program has been underway since late November and is expected to continue into 2026, focusing on the BBM, Charger and Empire prospects. At the same time, Awalé plans to begin reconnaissance drilling at the Sama and Seydou targets in the coming weeks.

“Odienné is rapidly advancing toward our first Mineral Resource Estimate through the ongoing 88,000-metre drill program within the joint venture,” said Andrew Chubb, chief executive officer of Awalé Resources. “In parallel, we have also established a dedicated exploration team for our 100%-owned ground that is actively building a robust discovery pipeline that we believe has the potential to contribute to a district-scale camp.”

Awalé also benefits from backing from U.S.-based Newmont Corp. Under a joint venture agreement signed in 2023, the world’s largest gold producer plans to invest up to $15 million in the Odienné project to acquire a 65% stake, currently held by Awalé. The plans come amid a strong gold market, with prices up about 60% this year.

Aurel Sèdjro Houenou