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Thani Stratex Djibouti Exploration Update
Thani Stratex Djibouti Exploration Update.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8241N\n Oriole Resources PLC\n 04 October 2021\n \n \n \n Oriole Resources PLC\n ('Oriole' or 'the Company')\n \n Thani Stratex Djibouti Exploration Update -\n Excellent Diamond Drilling Results from Assaleyta and Hesdaba including best intersections of 17.37m grading 3.59 g/t Au and 10.75m grading 26.27 g/t Au respectively\n \n \n \n \n Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on its interest in Thani Stratex Djibouti Limited ('TSD'), where African Minerals Exploration & Development Fund III ('AMED Fund III') is managing and funding a multi-million-dollar exploration programme across a portfolio of low-sulphidation epithermal gold projects in the East African Rift Valley. The first and second tranches of the funding, totalling US$5 million, have been used to undertake drilling programmes at the Pandora, Assaleyta and Hesdaba projects. \n \n \n \n \n \n At Assaleyta, results for a further two diamond drill holes from TSD's Phase 2 exploration programme continue to demonstrate the significant potential at the project, with a best intersection of \n 38.10 metres ('m') grading 2.21 grammes per tonne ('g/t') gold ('Au') from 126.60m downhole including 17.37m grading 3.59 g/t Au returned from the Porcupine Hill prospect. Results also received for 11 Reverse Circulation ('RC') holes at the project.\n \n \n \n \n \n At the Hesdaba project, located immediately to the west of Assaleyta, selective sampling of hole Hd-D-17 have returned 19.80m grading 1.18 g/t Au from 79.30m and 10.75m grading 26.27 g/t Au from 108.25m including a bonanza intersection of 1.22m grading 211.00 g/t Au. Results for a further three boreholes, drilled along an 800m strike-length of this system, are still pending. It is anticipated that all outstanding assay results will be received during October, satisfying the Tranche 2 milestones. Subject to continued positive results, the Tranche 3 budget, for a further US$2.5 million, is currently being prepared ahead of infill and step-out drilling commencing in Q4-2021.\n \n \n \n \n \n Following completion of the Tranche 2 funding, TSD has concluded a preference share conversion that has seen Oriole's interest reduced to 9.21% which the Company consequently considers no longer material t...