Last checked at 29 Jun 2020 07:00
Oriole Resources PLC
('Oriole' or 'the Company' or 'the Group')
Air Core Drilling Commences at the Senala Gold Project, Senegal
Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to announce that a 10,000 metre ('m') air core ('AC') drilling campaign has commenced at the Faré target within 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. Initial results from the programme are anticipated in the fourth quarter of 2020.
Oriole CEO Tim Livesey, said: "We are delighted to see the start of drilling at the Faré prospect, in the north of the Senala licence. IAMGOLD has mobilised as quickly as possible, despite the restrictions imposed by the Covid-19 pandemic, and is now carrying out their planned 10,000 m AC drill programme which marks its third year of investment with Oriole.
"Prior to the signing of the JV earn in agreement by IAMGOLD, work at Faré had returned some very exciting intersects, including best intersections of 96.00 m grading 1.51 g/t Au and 7.00 m grading 86.39 g/t Au.
"The footprint of gold anomalism extends in excess of six kilometres ('km') in the main trend, with several potential additional offsets of mineralisation identified by previous soil sampling programmes.
"Recent success by Chesser Resources (ASX: CHZ) on its Diamba Sud prospect just 10 km east, combined with historical drilling at Faré, confirms the prospectivity of the area and the potential for the discovery and development of a stand-alone mining project.
"The recent high level of successful exploration and coupled with very active M&A activity in the Kédougou-Kéniéba Inlier continue to support this area as a highly endowed and prospective gold district and we are particularly pleased to have been able to retain the 472 sq. km footprint of the Senala licence for a potential further 10 years.
"We look forward to receiving results from IAMGOLD through this exploration season."
Further Details
In March, the Company announced that IAMGOLD had initiated Year 3 of its US$8 million earn-in at Senala, focussing on the more advanced Faré prospect in the north of the licence (Announcement dated 12 March 2020). Oriole has previously completed more than 10,000 m of reverse circulation ('RC') and diamond drilling at Faré, delivering best intersections of 96.00 m grading 1.51 g/t Au and 7.00 m grading 86.39 g/t Au (announcements dated 18 December 2013 and 19 February 2014). The Company believes Faré has potential to host a standalone deposit.
Following the recent successful application for a new licence at the Project, providing security of tenure for up to a further 10 years (Announcement dated 21 January 2020), it was necessary to re-apply for new permits (environmental, water and forestry) ahead of programme commencement (Announcement dated 12 March 2020).
IAMGOLD has confirmed that the environmental and water permits have been successfully received and that the programme of approximately 10,000 m AC drilling is now underway to further define and confirm areas of anomalism. The drilling will initially focus on the treeless areas within the licence, pending receipt of the forest permit that is expected shortly. Results from the programme are anticipated in the fourth quarter of this year and a follow up RC drilling programme will be designed contingent on these results.
For further information, including a JORC Table 1 and map showing all results please see the Senala page of the Company's website https://orioleresources.com/projects/senala/.
Competent Persons Statement
The information in this release that relates to Exploration Results has been compiled by Claire Bay (VP Exploration and Business Development). Claire Bay (MGeol, CGeol) is a Competent Person as defined in the JORC code and takes responsibility for the release of this information. Claire has reviewed the information in this announcement and confirms that she is not aware of any new information or data that materially affects the information reproduced here.
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please visit www.orioleresources.com, @OrioleResources on Twitter,
or contact:
Oriole Resources PLC Tim Livesey / Bob Smeeton / Claire Bay
| Tel: +44 (0)20 7830 9650 |
Blytheweigh (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks
| Tel: +44 (0)20 7138 3204 |
Grant Thornton UK LLP Samantha Harrison / Niall McDonald
| Tel: +44 (0)20 7383 5100 |
Shard Capital Limited Damon Heath / Erik Woolgar / Isabella Pierre
| Tel: +44 (0)20 186 9900 |
Notes to Editors:
Oriole Resources PLC is an AIM-quoted exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. Year 1 commitments have been met at all three projects. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.