West Africa focused gold explorer Awalé Resources Limited (CVE:ARIC) started trading on the TSX Venture Exchange today.
The firm, which is effectively the spun-out West African assets of Mariana Resources Limited (bought by Sandstorm Gold Limited (TSX: SSL) last summer) is well funded with a recent placing bringing in around C$3.49mln to advance exploration.
Its main focus will be the Bondoukou project in the Ivory Coast, where 12 initial targets were identified at potential high grade mineralised systems, and where 57 holes have been sunk in four targets.
Meanwhile, artisanal mining zones at Casino and Ngouan that have returned moderate to high grade rock chip samples up to 589g/t gold at Casino and 16.7 g/t gold at Ngouan.
Results of the above drilling are expected in late January, while the firm is also continuing regional exploration at Bondoukou to advance further identified target areas to drill ready status.
Awalé has a 90% interest in the Odienne project (400km2 granted), also in the Ivory Coast, along with a number of strategic permits under application.
"I am really encouraged to see the strong support from our private placement for our new greenfield exploration company," said Glen Parsons, the Awalé Resources chief executive.
"The support for the successful management team from new, and our supportive old Mariana shareholders, certainly gives us a lot of confidence as we commence Awalé's journey.
"We finished the 2017 year with 5,000m of RC drilling on our four most advanced targets at Bondoukou, and we will look to seeing results from this later in January.
"Encouragingly we start the 2018 year with good momentum and a strong treasury to continue our exploration strategy.
"We are also pleased to have technical assistance from Eric Roth, a new director of the Company, and Neil Adshead, who has been appointed to the company's technical advisory committee."
Shares in Toronto were unchanged at C$0.31.