Oriole Resources share price falls sharply on announcement
Oriole Resources (LON:ORR) on Friday provided an update on its Senala project in Senegal, confirming that joint venture partner IAMGOLD Corporation has the option to spend up to $8m to earn a 70% interest.
IAMGOLD is currently in Year 4 of that earn-in and has this year completed more than 80% of a two-phase exploration programme for a planned c.11,000 metres at the Faré and Madina Bafé prospects.
Additionally, the AIM-listed company today reports the remaining results from the Phase 1 reverse circulation drilling programme programme, as well as initial results for the Phase 2 RC drilling at Madina Bafé where 3,111m of a planned 5,000m programme has been completed to date.
Phase 1 RC drilling results received for the final four holes at the Faré prospect, drilled to target near-surface mineralisation at the Faré Far South gold anomaly.
Best intersections (using 0.3 g/t Au cut off) include: 8.00m grading 1.00 g/t Au from 112.00m including 1.00m grading 2.22 g/t Au and 2.00m grading 1.43 g/t Au (FARC21-0114); 7.00m grading 0.68 g/t Au from 42.00m and 1.00m grading 1.74 g/t Au from 74.00m (FARC21-0115).
The results are from the southernmost fence line at Faré Far South, located c.300m to the southwest of the northernmost fence line which returned results of up to 35.00m grading 3.63 g/t Au (announcement dated 18 August 2021).
Initial results were received for the Phase 2 RC drilling programme at Madina Bafé, where 3,111m of a planned 5,000m drilling has been completed to date.
The remainder of the programme to be completed in Q4 2021, after the seasonal rains have eased.
The Oriole Resources share price is down by 5.68% during the morning session on Friday.
Oriole Resources CEO, Tim Livesey, said: “We are very pleased to see the continuation of mineralisation being evidenced by the second line of RC drilling at FaréFar South, some 300m from the previously announced intersections. This gives support to our idea that there are opportunities for multiple pods of mineralisation along the c.6.3 kilometre Faré trend, which could be combined to provide sufficient resources for a stand-alone development target.”
“At Madina Bafé, these early intersections again support the presence of mineralisation and we would hope that additional work could identify the controls on mineralisation in this area.”