Business
Drilling Restarts at Senala
Drilling Restarts at Senala.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3438T\n Oriole Resources PLC\n 24 November 2021\n \n \n \n Oriole Resources PLC \n ('Oriole Resources' or 'the Company' or 'the Group')\n \n Drilling Restarts at Senala -\n Year 4 Exploration Budget Redirected to Faré\n \n \n Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its Senala gold project ('Senala' or the 'Project') in Senegal, where joint venture partner IAMGOLD Corporation ('IAMGOLD') has the option to spend up to US$8 million to earn a 70% interest (announcement dated 1 March 2018). \n \n \n \n \n As part of its Year 4 earn-in, IAMGOLD has recently completed a programme of 2,148 metres ('m') reverse circulation ('RC') drilling at the northernmost Faré prospect ('Faré' or the 'Prospect'). One of three planned fence lines was planned to test the northern extension of the \n Faré Far South\n anomaly, which returned up to 35.00m grading 3.61 grammes per tonne ('g/t') gold ('Au') from the Phase 1 RC programme earlier this year (announcement dated 18 August 2021). Four holes have also been completed for 401m at the Madina Bafé prospect, located c.40km to the south.\n \n \n \n \n \n Summary\n \n \n ·Four diamond holes completed for 401m at Madina Bafé to test the main northeast trending corridor;\n \n · IAMGOLD has refocused the remainder of its Year 4 budget towards further exploration at Faré and has recently completed a 2,160m RC drilling programme in 18 holes;\n \n · Three fence lines were planned to test the north-eastern extension - and potential connectivity - of the three main anomalies at the Prospect;\n \n · Results for both programmes are anticipated early in Q1-2022;\n \n · Subject to completion of the Year 4 expenditure plan, IAMGOLD will have the right to acquire a 51% interest in the Project.\n \n · \n Updated drill plans for Faré and \n Madina Bafé\n can be viewed at the following link: \n http://www.rns-pdf.londonstockexchange.com/rns/3438T_1-2021-11-23.pdf\n \n \n \n \n \n Oriole Resources CEO, Tim Livesey, said: \"We're pleased to see IAMGOLD shifting its focus on the remaining programme for Year 4 to expand on its testing of the Faré prospect. \n \"We believe the results seen to date at Faré indicate that it ...