Member Info for Westh1

..........with the results of soil sampling reported by Stratex in 2016.
Subject to the results of the RC drilling, c.400m diamond drilling is planned to test the best new target. Two further holes of 200m and 400m, respectively, are also planned to test the depth extension of the main mineralised zone at Faré South as defined by the historic drilling.
The commencement of the follow-up exploration programme is subject to a mutual agreement on addressing the outstanding issues relating to the Option Agreement. The follow-up drilling had previously been scheduled for completion within Year 3 of the earn-in but IAMGOLD has recently requested that this be carried forward into the Year 4 period that commenced at the end of February 2021. The Covid-19 pandemic created an initial delay until the end of Q2-2020. Under the terms of the Agreement, IAMGOLD has underspent on its US$1m Year 3 commitment at Senala. The details of that underspend are awaited and discussions are ongoing with regards to how this is addressed under the terms of the Agreement.

MY ASSESSMENT: Why would the amount of under spend by IAMGOLD not already have been calculated by the company and provided in an rns? Why at last knocking are we being informed?

Covid created an initial delay. Fine - so why not report earlier? Why has this only been incorporated in an rns today? Why not state when drill work could be wholly completed? There was clearly no intention to complete 10000 metres. Why?
 

Furthermore why not word today’s entire rns differently if it were just as a result of covid. It clearly wasn’t as there is no real focus on this in the rns. Just casually dropped in at the end.

Discussions are ongoing? Why not complete them prior to the release of today’s rns?? There was no need to publish specifically today.

Transparency???

One of the main reasons I bought into this share was because the CEO Not only has significant experience in the sector and an excellent track record but I quite liked the regular communication and “earnestness” in past interviews.
The last few days however have been completely contrary to that.

Sometimes it is what is not said that also needs to be considered.

There may be many other prospects and Orr isn’t a one trick pony but this is seriously concerning.

Why not post a video this afternoon or tomorrow, post rns.

Shows lack of leadership, poor judgement and rather disappointingly, no integrity. In the interview before last the CEO talked passionately about shareholder value and had a genuine air.

Apparently the management team read this board. Some clarity and candour from the CEO then please to restore faith. Seems keen enough to conduct interviews - one is needed now more than ever. Surely that is the least that can be provided. There is plenty that could be said which would provide confidence. Hard not to believe that yesterday’s interview was intentionally carried out to pump the share price only to see it du

Further Details
 
The third year of IAMGOLD's earn-in at Senala has focused on the northernmost Faré prospect, where soil sampling by the Company defined three main sub-prospects - Faré North, Faré South and Faré Far South - over a total strike length in excess of 6 kilometres (announcements dated 4 December 2012 and 6 June 2016). Follow-up drilling of over 10,000m RC and diamond drilling delivered best intersections of 20m grading 31.13 g/t Au including 10m grading 60.98 g/t Au from RC drilling and 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au from diamond drilling (announcement dated 9 November 2020), leading Oriole to believe that Faré has the potential to be a standalone deposit. 
 
The AC drilling by IAMGOLD was intended to better-define the geochemical footprint of the gold-in-soil mineralisation at Faré, with holes drilled to a maximum depth of 10m to test below the influence of assumed transported cover and thus ensure a true representation of the underlying bedrock. The programme was completed for a total 6,901m in 912 holes; this is lower than the planned 10,000m programme but relates to wider sample spacing (200x100m compared to 200x50m) over the Faré South sub-prospect, where there is already a greater density of historic RC and diamond drilling. For each hole, one sample (or in some cases two, subject to the discretion of the geologist) were collected from the strongly weathered zone immediately above the bedrock.
 
The results reported today have reaffirmed the overall orientation of the mineralisation and the tenor of the anomalism previously defined along the strike length, which remains open to the northeast and southwest. A total of 1,344 samples were collected and analysed for gold and multi-elements and have confirmed significant anomalism (>30 ppb Au) across all three sub-prospects, with best grades of 0.62 g/t Au, 0.64 g/t Au and 2.58 g/t Au returned from the Faré North sub-prospect. The gold anomalism is associated with Tungsten ('W'), Arsenic ('As') and Bismuth ('Bi') anomalism, typical of orogenic gold systems. The observed geology within the holes confirmed that the previously-identified soil anomalies were in-situ and with limited transported cover. Analysis of the QAQC has highlighted an issue with two of the blank samples and an investigation is underway. All of the other QAQC materials reported within acceptable limits.
 
On the basis of these result, IAMGOLD has indicated its intention to proceed with a follow-up exploration programme comprising 5,000m RC and 1,000m diamond drilling. A total of five RC fences have been planned at the Faré North sub-prospect; three to the northeast and two to the southwest of previous drilling by Stratex. The planned holes will test strongly anomalous coincident gold and pathfinders anomalies (W, As and Bi). A further two fences are planned for the Faré Far South sub-prospect, where the AC drilling returned a strong and coherent gold anomaly coincident .....

.........."We are in discussion with IAMGOLD on its recent request to carry over the Year 3 underspend into Year 4. We are hopeful of seeing an expanded work plan proposal from them soon which will capture both the existing underspend from Year 3 as well as the Year 4 commitment, and to agreeing an appropriate way forward.
"Meanwhile we reserve our right to give notice of breach for failure to meet the terms of the Option Agreement.

MY INTERPRETATION: If words or indeed even so called facts are to believed in the company’s rns’s then I like this part “We are in discussion with IAMGOLD on ITS RECENT REQUEST to carry over the Year 3 underspend into Year 4.”

“It’s recent request” sounds promising (if to be believed).

FURTHER THOUGHTS: Notice of breach to be considered. Suggestive of a breakdown in relationship with IAMGOLD. Again, why no update throughout the year. Instead confirmation 10000 metres had been completed only to find out the sorry state of affairs today.

Discussions with IAMGOLD are ongoing, and although we are disappointed that IAMGOLD has missed its spending and work commitment for Year 3, Senala is an exciting asset in a very prospective mineral belt, surrounded by a number of large and encouraging deposits, and the Company has a number of options available to deliver value at Senala."

MY THOUGHTS: Just padding.
 
Summary
· IAMGOLD has completed 6,901m AC drilling for 912 holes at the Faré prospect;
· Holes were drilled to a maximum depth of 10m to test below the influence of transported cover and thus ensure a true representation of the underlying bedrock;
· For each hole, one (or in some cases two) samples were collected from the strongly weathered zone immediately above the bedrock;
· A total of 1,344 samples were collected and analysed for gold and multi-elements;
· These results have confirmed significant surface anomalism (>30 ppb Au) along a dominant north-east trend at the previously-identified Faré North, Faré South and Faré Far South sub-prospects. The programme has returned best grades of 0.62 g/t Au, 0.64 g/t Au and 2.58 g/t Au from Faré North;
· IAMGOLD has indicated its intention to undertake a planned 5,000m RC drilling to test the best anomalies, as well as 1,000m diamond drilling to test mineralised intervals previously identified by the Company;
· The programme will test anomalism identified along the strike length from previous drilling at Faré North and at Faré Far South, which is yet to be drill-tested;
· In addition, we expect that the work will confirm the grades achieved at Faré Far South. Best historic intersections include 20m grading 31.13 g/t Au including 10m grading 60.98 g/t Au from RC drilling and 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au from diamond drilling (announcement dated 9 November 2020);
· Commencement of the programmes is subject to mutual agreement on addressing outstanding issues relating to the Option Agreement.

THOUGHTS: Why only 10m?????

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on its Senala project ('Senala' or the 'Project') in Senegal, where joint venture partner IAMGOLD Corporation ('IAMGOLD') has the option to spend up to US$8 million to earn a 70 per cent interest (announcement dated 1 March 2018).
 
The Company is pleased to report the results of the recently-completed air core ('AC') drilling programme at the northernmost Faré prospect ('Faré'). The holes were planned to test the geochemistry of the immediate sub-surface, below the influence of any lateritic and/or transported cover, with a single sample taken per hole. The programme has reported best values of 2.58 grammes per tonne ('g/t') gold ('Au'), 0.64 g/t Au and 0.62 g/t Au, successfully supporting and enhancing the previous gold-in-soil anomalies defined by the Company. The results confirm that the majority of the anomalism is in situ, and IAMGOLD has indicated its intention to proceed with a follow-up exploration programme comprising 5,000 metres ('m') reverse circulation ('RC') drilling and 1,000m diamond drilling, subject to a mutual agreement on addressing outstanding issues related to the option agreement (the 'Option Agreement') as referenced below.
 
MY INTERPRETATION: IAMGOLD has indicated its intention to proceed......
Indicated = unconfirmed. CONSIDERATION: Previously confirmed as fact that 10000 metre drilling has been completed yet today we were told it has NOT.

This work had previously been scheduled for completion within Year 3 of the earn-in but will now fall into the Year 4 period that commenced at the end of February 2021. Accordingly, under the terms of the Agreement, IAMGOLD has underspent on its Year 3 commitment at Senala. The Company is awaiting the details of the underspend from IAMGOLD and discussions are ongoing with regard to how this is addressed under the terms of the Option Agreement.
 
MY INTERPRETATION: if caused by covid why state 10000m had been completed? Also why not release an rns stating delays much earlier. Makes no sense. Imo suggests there was no intention to complete the campaign. WHY??????

Oriole Resources CEO, Tim Livesey, said: "We welcome the confirmation of the existing anomalism on the three sub-prospects, as initially identified by Company's soil sampling programmes of 2012 and 2016. The AC drilling by IAMGOLD has returned best grades of 0.62 g/t gold, 0.64 g/t gold and 2.58 g/t gold. However, IAMGOLD has been unable to complete their planned Year 3 work programme and, as at the end of the Year 3 term, has also failed to meet its spending commitments under the terms of the Option Agreement.
"We have always believed that, based on the existing RC and Diamond drilling undertaken in 2013 and 2014, the Faré prospect has the potential to host a resource which, subject to further exploration success, could form the basis of a stand-alone mining operation.

I know mate. You’ve got a lot of experience in this game? What are your thoughts. The rns seems extremely vague. Worryingly so. Talks of they will continue to move into year 4, then there’ll be discussions and a breach. Which is it? And why did they not drill properly lol am I blinking missing something . Would need to drop a hell of a lot more for me to put my reduced cash position into it again. Once bitten twice shy.

Tro. Yh mate. That’s what I’m going. Got 10ks worth out at 0.97 and 5k at 0.98. Unfortunately for me both much lower than what I paid but wanna be able to hedge if this goes a lot lower. For me that would be 0.5-0.6 maybe 0.7. Anything is possible it seems with this one. The IAMGOLD debacle is strange beyond belief. Are they odds on to carry on into year 4 or not. Seems like it’s anyone’s guess at this stage?

Maybe the gold is disappearing lol sold 10ks worth at 0.97. Would consider putting it back in if she hit 0.50 but not at any other price! Obviously with the huge amount (to me) that I’m still holding I’m just going to wait and see. Now there’s a strategy lol bibemi? Probably not due for a while so wonder what next newsflow will be. So long as it’s not a “IAMGOLD are no longer proceeding with their JV”. Hopping this doesn’t drift too low but guessing it’s exactly what it will do

Had the same thoughts as you. Was trying to take some out early doors and was gonna bung it in rmm but know positive newsflow for months from what I remember. Still can’t understand the IAMGOLD debacle. Not making much sense because they are talking about “potentially” committing the underspend to next quarter ?

Breach? Sounds like IAMGOLD playing hard ball for something. Can’t see the wood through the trees

Oh I see mate so they would get to keep the 50%? Positives and negatives from that I Spose. Holding on to the fact the gold is still there and bubemi results due. Haven’t sold any yet. Still trying to digest the info of which there is a lost MOSTLY NEGATIVE lol but there are other sites .... hmmmmm. We need to talk this one out lol

The historic golds are great. Doesn’t just go away. Puzzles

Why would Iamgold commit to carry on drilling though? Or at least that’s how the rns reads. Why invest money if ultimately you don’t want to be a part of it. To say I’m a bit confused all over is what under statement

You’ve probably got the same as us now you’ve sold half lol

Surely the next set of results can’t be worse. Just hope IAMGOLD don’t announce they are pulling out! Then we are screwwed

Let’s hope bibemi results are better. It’s like we are looking at a different prospect all of a sudden. Doesn’t stack up

Did either of u guys manage to sell any

Did u sell any? Seriously under water. Only myself to blame. Oopz

Got no choice but to hold a lot of this carp now. Trying to sell some

Going to be a mass sell off today

Not good for us! But then sounds like they are going to continue into year 4. Why if they aren’t satisfied with results. At a loss with this one

Rns out. Tro/mick what do you make of it gents?

Djibouti and I am gold results. The management team seemed so calm, collected and confident. Loved hearing about blind veins. Makes me feel like I’ve got gold running through mine! Hears to a healthy and hopefully profitable year for everyone. Lots to come in Q1 and Q2 that’s for sure. Good luck all.