Oriole Resources PLC - London-based gold exploration company focused in Cameroon and Senegal - joint venture partner on Senala gold project in Senegal IAMGOLD Corp has confirmed its USD4 million first option expenditure at Senala, and has start its second option to spend a further USD4 million by the end of February 2024.
An auger programme is underway at Fare for a planned 9,600 metre campaign and is expected to be completed by the end of May.
"We are very pleased that IAMGOLD has continued its investment at Senala. The company's confidence in the prospectivity of the Fare area, underpinned by the excellent 2021 drilling results, matches our own belief that there is significant potential for the development of a standalone target. There are a few administrative steps required to complete the formalisation of IAMGOLD's 51% ownership but we support its decision to continue the exploration programme at pace whilst we finalise the structure," said Oriole Chief Executive Officer Tim Livesey.
Current stock price: 0.25 pence
12-month change: down 73%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Oriole (ORR)