Oriole Resources Share News (ORR)

(Sharecast News) - Oriole Resources announced an updated JORC exploration target for its Senala gold project in eastern Senegal on Thursday, outlining a potential range of 380,000 to 650,000 ounces of contained gold across the Faré prospect.

The AIM-traded gold explorer said the new estimate, which covered all targets at Faré, was based on 17 million to 24 million tonnes grading between 0.69 grams and 0.84 grams of gold per tonne.

It said the updated target incorporated drilling completed by AGEM, a subsidiary of Managem Group, during its earn-in to the project.

The estimate lies outside the existing 2021 maiden mineral resource estimate (MRE) for Faré South, and was considered complementary.

Oriole holds a 34.85% effective interest in the Senala project through its 85% stake in Stratex-EMC, the local licence-holding entity.

"Senegal is a richly endowed gold mining country and the updated exploration target for the Senala gold project gives positive encouragement that it has considerable upside potential to host a significant sized gold deposit," said chief executive officer Martin Rosser.

"The project is well located to already delineate large gold deposits in Senegal, as well as in western Mali."

The 2021 MRE remained current at a $1,800 per ounce gold price and previously outlined 155,000 ounces of gold at an average grade of 1.26 grams per tonne in the inferred category.

AGEM's subsequent exploration had added 4,854 metres of reverse circulation and 2,148 metres of diamond drilling, returning notable intercepts including 35 metres at 3.61 grams of gold per tonne at Faré Far South, with 18 metres at 6.46 grams per tonne within that interval.

Oriole said a joint venture agreement with AGEM was nearing completion, and would include a work programme focused on resource definition and further exploration.

At 1359 BST, shares in Oriole Resources were down 4.55% at 0.21p.

Reporting by Josh White for Sharecast.com.