Oriole Resources : says Senala drilling to refocus on Faré prospect

Published: 2021-11-24 07:10:08 ET ORR.L

Faré is the most advanced prospect within the Senala licence and the Oriole has said it believes this prospect has the potential to host a standalone deposit

Oriole Resources PLC (LSE:ORR) said IAMGOLD Corp (TSX:IMG), its joint venture partner on the Senala gold project, has refocused the remainder of its Year 4 exploration spending towards further work at the northernmost Faré prospect.

IAMGOLD, which is carrying out the exploration as part of an earn-in programme, recently completed a 2,160-metre drilling programme in 18 holes at Faré.

"We believe the results seen to date at Faré indicate that it offers ample space and grade for the development of a robust resource and we look forward to seeing the progress on this additional drill programme," said Oriole chief executive Tim Livesey.

Faré is the most advanced prospect within the Senala licence and Oriole has said it believes this prospect has the potential to host a standalone deposit.

IAMGOLD had anticipated restarting drilling at the Madina Bafé prospect at Senala in the fourth quarter. Four holes were drilled there in early November, but the ground conditions were deemed too wet to ensure completion of the programme and to receive the results in time to qualify for the Year 4 earn-in.

Results from the drilling programmes at Faré and Madina Bafé are anticipated early in the first quarter of next year.

IAMGOLD has the right to acquire a 51% interest in the Senala project once it completes the current Year 4 expenditure plan and then has the option to lift this interest to 70% if it spends a further US$4mln over two years.

Disclaimer

Oriole Resources plc published this content on 24 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 12:09:03 UTC.