New assay results from Awalé Resources’ (TSXV: ARIC) Newmont- (TSX: NGT; NYSE: NEM) backed gold-copper Odienné project in Côte d’Ivoire show the high-grade core of the BBM target extends under the open-pit resource, suggesting it hosts an underground portion. Shares rose.

Highlight hole BBDD-31 returned 7 metres grading 7.04 grams gold per tonne, 0.16% copper, 0.88 gram silver and 94 parts per million (ppm) molybdenum from 385 metres depth, Awalé reported Monday. That included 36 metres at 1.51 grams gold, 0.47% copper, 2.14 grams silver and 391 ppm molybdenum. Odienné is about 600 km northwest of the country’s financial capital Abidjan.

"The first holes below the open pit hit where we expected and returned the highest gold grade drilled at the deposit to date,” Awalé CEO Andrew Chubb said in a release. “This tells us the high-grade core continues at depth and reinforces our belief that the system has more to give.”

The results from Awalé, which is fresh off of a $14.2-million (US$10.1-million) investment  last week from mid-tier West African producer Predictive Discovery (ASX, TSX: PDI), could help significantly expand the target and raise Odienné’s resource towards the size of its larger peers in Côte d’Ivoire. 

Awalé shares gained 8% to 80¢ apiece on Monday morning in Toronto, valuing the company at $93.8 million. The stock has traded in a 12-month range of 48¢ to $1.18. 

Another highlight hole at BBM, BBDD-30, cut 46 metres at 1.93 grams gold, 0.39% copper, 1.78 grams silver and 444 ppm molybdenum from 364 metres depth, including 17 metres grading 2.93 grams gold, 0.45% copper, 2.01 grams silver and 791 ppm molybdenum.

That hole also returned 38 metres at 2.24 grams gold, 0.46% copper, 2.09 grams silver and 529 ppm molybdenum, Awalé said.

The two holes are the first of 12 in a program targeting areas under BBM’s core, which extends down 600 metres. Seven rigs are currently drilling at the project.

Odienné hosts 32.4 million inferred tonnes grading 1.33 grams gold and 0.33% copper holding 1.4 million oz. contained gold and 93,000 tonnes copper across the BBM, Charger and Empire deposits. BBM comprises most of the resource. Under its joint venture with Newmont, Awalé manages exploration activities across the joint venture area, while Newmont provides funding.