Business
Drilling at Hesdaba Gold Project
Drilling at Hesdaba Gold Project.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6915A\n Oriole Resources PLC\n 01 October 2020\n \n \n \n Oriole Resources PLC\n ('Oriole' or 'the Company')\n \n Thani Stratex Djibouti Exploration Update -\n Drilling at Hesdaba Gold Project Confirms Significant Grades at Depth and AMED Fund III Commits Second Tranche of Funding in Djibouti\n \n \n \n \n Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on its 11.80% interest in Thani Stratex Djibouti Limited ('TSD'). Further to its announcement on 16 July 2020, the Company has now received Phase 1 drilling results for the Hesdaba epithermal gold project ('Hesdaba' or the 'Project') in Djibouti. The programme, which comprised 1,931 metres ('m') diamond and 1,529 m reverse circulation ('RC') drilling\n ,\n has delivered a number of significant intersections, including 16.00 metres ('m') grading 3.84 grammes per tonne ('g/t') gold ('Au'). \n \n \n \n \n \n Hesdaba is located just 10 kilometres ('km') northwest of the more advanced Pandora project ('Pandora'), where the Company recently reported Phase 3 drilling results including \n 16.86 m grading 1.42 g/t Au (Announcement dated 16 July 2020).\n \n \n \n \n \n Having completed an initial US$2.5 million investment in Djibouti, TSD's primary funder, African Minerals Exploration & Development Fund III ('AMED Fund III') has now committed to the next tranche of funding ('Tranche 2') which will be focussed on follow-up RC drilling at Hesdaba as well as Phase 2 drilling at the Assaleyta project, 16 km to the north of Pandora. \n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Results received for Phase 1 drilling programme at Hesdaba that comprised 1,931 m diamond (for 14 holes) and 1,529 m RC (for 15 holes) drilling;\n \n \n \n \n \n · \n The programme focussed on testing the epithermal system across three primary targets. Best intersections include (using 0.3 g/t Au cut-off):\n \n \n \n \n \n Diamond:\n \n \n o \n 15.00 m grading 4.08 g/t Au from 53.00 m, including 5.00 m grading 11.11 g/t Au (Hd-D-08) \n \n \n o \n 14.67 m grading 0.99 g/t Au from 10.68 m, including 3.00 m grading 2.86 g/t Au (Hd-D-08);\n \n \n o \n 2.38 m grading 2.55 g/t Au from 91.62 m, including 0.73 m grading 5.48 g/t Au (...