Awalé Resources (ARIC.V) has announced it plans to launch a 100,000 meter drill program at Odienné, consisting of a blend of resource development and discovery drilling. Upon the completion of this drill program, the company will compile its first resource estimate and a preliminary economic study.
The drill program will start after the rainy season ends this month, and Awalé expects to have five drill rigs on site, with 88,000 of the 100,000 meters planned on the JV Odienné East joint venture land (assuming Newmont approves the proposed budget) with 12,000 meters of drilling scheduled to be completed on the fully owned land package. The latter will be funded by Awalé’s existing cash position of approximately C$15M.
Disclosure: The author has a long position in Awalé Resources. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
