RE: 1p coming very soon7 May 2019 09:22
Oriole has an 85% stake in Dalafin, but Canadian major IAMGOLD is carrying out the exploration and can earn a 70% stake in the project if it spends US$7mln.
Tim Livesey, chief executive of Oriole Resources PLC (LON:ORR), tells Proactive London's Andrew Scott further drilling at their Dalafin project in Eastern Senegal has indicated gold mineralisation at the Medina Bafe target continues at depth.
Oriole has an 85% stake in Dalafin, but Canadian major IAMGOLD is carrying out the exploration and can earn a 70% stake in the project if it spends US$7mln.
The best intersections were 8m at 2.56 g/t gold and 6m at 1.61 g/t at depths of 47m and 76m.
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IAMGOLD- Cash, cash equivalents, short-term investments, and restricted cash totaled $696.6 million at March 31, 2019. Cash and cash equivalents were $589.2 million, short term investments, primarily in money market funds, were $83.8 million and restricted cash was $23.6 million.
Upcoming Growth Catalysts
Development of Saramacca continues on schedule, with production expected to begin in the second half of 2019.
At Rosebel, a scoping study is underway to evaluate the underground mining potential of Saramacca, which could result in higher grades and significantly lower waste volumes, thereby reducing costs.
We continue to advance exploration activities along the Saramacca-Brokolonko trend in Suriname to confirm the presence of mineralization and evaluate the resource potential.
The Carbon-in-Leach and Heap Leach feasibility study at Essakane is progressing well and is expected to be completed in the second quarter 2019.
Discussions with the Government of Senegal on obtaining a mining concession for the Boto Gold Project are well advanced, with approval expected in the second half of 2019.
We are studying various design approaches to Westwood with a preliminary life of mine plan expected in the fourth quarter 2019, followed by a NI 43-101 compliant plan in the first half 2020.
A delineation diamond drilling program to support an initial mineral resource estimate for the Nelligan Project in Quebec commenced during the first quarter 2019.