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Awale Resources Limited ( (TSE:ARIC) ) has provided an update.
Awalé Resources has reported the discovery of a second shallow, high-grade gold zone, dubbed Charger 2, located approximately 200 metres southwest of its original Charger 1 discovery at the Odienné Project in Côte d’Ivoire. Step-out diamond drilling intersected multiple high-grade intervals, including 16.3 g/t gold over 1 metre within 10 metres at 2.6 g/t, and other notable intercepts that display the same geology and mineralization style as Charger 1, suggesting the potential for a second high-grade shoot. The results validate the company’s demagnetized-target exploration strategy, with both Charger 1 and Charger 2 sitting on demagnetized anomalies and three additional such targets yet to be tested, while nine active drill rigs continue work as part of the 100,000-metre program, underscoring the project’s growing scale and the potential for further resource expansion.
The most recent analyst rating on (TSE:ARIC) stock is a Hold with a C$0.63 price target. To see the full list of analyst forecasts on Awale Resources Limited stock, see the TSE:ARIC Stock Forecast page.
Spark’s Take on TSE:ARIC Stock
According to Spark, TipRanks’ AI Analyst, TSE:ARIC is a Neutral.
The score is held back primarily by weak financial fundamentals (deep losses and ongoing cash burn) despite a strong, low-debt balance sheet. Technicals are moderately constructive (price above major moving averages with positive MACD), and corporate updates add upside optionality through extensive drilling programs, while valuation is constrained by negative earnings and no stated dividend yield.
To see Spark’s full report on TSE:ARIC stock, click here.
More about Awale Resources Limited
Awalé Resources Limited is a mineral exploration company focused on gold discoveries, with its flagship Odienné Project located in Côte d’Ivoire. The company targets intrusion-related and structurally controlled gold systems and is currently executing a large-scale, 100,000-metre drill program aimed at expanding high-grade resources and defining new mineralized zones within the project area.
Average Trading Volume: 114,042
Technical Sentiment Signal: Buy
Current Market Cap: C$64.31M
Find detailed analytics on ARIC stock on TipRanks’ Stock Analysis page.