Last checked at 17 Jan 2022 07:00
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Drilling Continues to Deliver Excellent Results at Faré, Senala
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its Senala gold 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% interest (announcement dated 1 March 2018).
Results from the recently completed 2,148 metres ('m') reverse circulation ('RC') drilling at the Faré prospect ('Faré' or the 'Prospect') have extended mineralisation along strike at all three main anomalies, delivering results of up to 5.00m grading 12.45 grammes per tonne ('g/t') gold ('Au'), including 2.00m grading 26.61 g/t Au.
Summary
· Results for Year 4, Phase 2 RC drilling at Faré confirms mineralisation is open to the northeast at all three of the main anomalies. Best intersections were returned from the Faré South and Faré Far South anomalies and include:
Faré Far South:
o 1.00m grading 6.08 g/t Au from 12.00m (FARC21-0135)
o 5.00m grading 12.45 g/t Au from 92.00m including 2.00m grading 26.61 g/t Au (FARC21-0136)
o 12.00m grading 0.67 g/t Au from 104.00m including 2.00m grading 1.18 g/t Au and 2.00m grading 1.15 g/t Au (FARC21-0137)
Faré South:
o 1.00m grading 5.90 g/t Au from 84.00m (FARC21-0128)
o 1.00m grading 2.29 g/t Au from 57.00m (FARC21-0129)
· Mineralisation at Faré Far South is now confirmed over a strike length of at least 500m, suggesting a high probability for the definition of further resources at the Prospect;
· Subject to completion of the Year 4 expenditure plan, IAMGOLD will have the right to acquire a 51% interest in the Project;
· Updated drill plans for Faré can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/5578Y_1-2022-1-16.pdf
Oriole Resources CEO, Tim Livesey, said: "We continue to have great confidence in the Faré area, with further positive results from this programme of step-out drilling.
"The successful extension of the known mineralisation within the areas of surface anomalism originally identified by our team in 2016, confirms our belief that this prospect has the potential for significant resource growth, with the possibility of becoming a stand-alone mine target of significant size.
"We look forward to discussing the next steps for the area with our partner, IAMGOLD."
Further Details
Under the terms of an Option Agreement on the 472.50km2 Senala licence, IAMGOLD is currently in Year 4 of its investment period with a planned exploration budget of at least US$1.672 million (announcement dated 29 March 2021). The Year 4 programme has largely focussed on the Faré prospect (announcement dated 29 July 2021), where the Company has previously defined mineralisation at three main anomalies (Faré North, Faré South and Faré Far South) over a strike length in excess of 6km (announcements dated 4 December 2012 and 6 June 2016).
The Phase 1 programme comprised 689.50m diamond drilling in two holes at Faré South and 4,854m RC drilling in 42 holes across Faré North (three fence lines) and Faré Far South (two fence lines). Results delivered the following best intersections from each of the anomalies and confirmed that the orogenic gold system at Faré South continues to a depth of at least 350m (announcements dated 16 August 2021 and 18 August 2021):
o Faré North: 11.00m grading 1.22 g/t Au from 5.00m (FARC21-0082)
o Faré South: 70.00m grading 1.46 g/t Au from 17.00m (FADD21-031-C)
o Faré Far South: 35.00m grading 3.61 g/t Au from 59.00m including 18.00m grading 6.46 g/t Au (FARC21-0112)
The Company today reports results for the Phase 2 programme, completed in Q4-2021 for 2,148m of RC drilling in 18 holes planned to test the northeast extension of the three main anomalies (announcement dated 24 November 2021). Results for 2,416 samples (including QAQC) have confirmed that mineralisation is open to the northeast at all three of the main anomalies, with best intersections of up to 5.00m grading 12.45 g/t Au including 2.00m grading 26.61 g/t Au (using a 0.30 g/t Au cut off) being returned from the Faré Far South anomaly, located c.200m to the north-northeast of Phase 1-hole FARC21-0112. Full results are show in Table 1. The anomalism at Faré Far South is now confirmed to extend over a strike length of at least 500m and the system remains open along strike and at depth.
Table 1. Significant intersections (using 0.30 g/t Au cut off) from Year 4 Phase 2 RC drilling at Faré
Hole ID | Target | Azimuth (°) | Inclination (°) | From (m) | To (m) | Au (ppm) | Au Interval* |
FARC21-0122 | Faré North | 300 | -50 | No significant results | |||
FARC21-0123 | Faré North | 300 | -50 | No significant results | |||
FARC21-0124 | Faré North | 300 | -50 | 50.00 | 51.00 | 0.63 | 1.00m @ 0.63 g/t |
FARC21-0125 | Faré North | 300 | -50 | No significant results | |||
FARC21-0126 | Faré North | 300 | -50 | 71.00 | 72.00 | 0.43 | 1.00m @ 0.43 g/t |
FARC21-0127 | Faré South | 300 | -50 | 4.00 | 7.00 | 0.81 | 3.00m @ 0.81 g/t |
including |
|
|
| 5.00 | 6.00 | 1.00 | 1.00m @ 1.36 g/t |
and |
|
|
| 13.00 | 14.00 | 0.38 | 1.00m @ 0.38 g/t |
FARC21-0128 | Faré South | 300 | -50 | 84.00 | 85.00 | 5.90 | 1.00m @ 5.90 g/t |
FARC21-0129 | Faré South | 300 | -50 | 54.00 | 60.00 | 0.63 | 6.00m @ 0.63 g/t |
including |
|
|
| 57.00 | 58.00 | 2.29 | 1.00m @ 2.29 g/t |
FARC21-0130 | Faré South | 300 | -50 | 103.00 | 104.00 | 1.25 | 1.00m @ 1.25 g/t |
FARC21-0131 | Faré South | 300 | -50 | No significant results | |||
FARC21-0132 | Faré South | 300 | -50 | 34.00 | 37.00 | 0.33 | 3.00m @ 0.33 g/t |
and |
|
|
| 55.00 | 56.00 | 0.49 | 1.00m @ 0.49 g/t |
FARC21-0133 | Faré South | 300 | -50 | 77.00 | 78.00 | 0.37 | 1.00m @ 0.37 g/t |
FARC21-0134 | Faré Far South | 300 | -50 | No significant results | |||
FARC21-0135 | Faré Far South | 300 | -50 | 8.00 | 9.00 | 0.30 | 1.00m @ 0.30 g/t |
and |
|
|
| 12.00 | 13.00 | 6.08 | 1.00m @ 6.08 g/t |
FARC21-0136 | Faré Far South | 300 | -50 | 40.00 | 41.00 | 0.49 | 1.00m @ 0.49 g/t |
and |
|
|
| 47.00 | 48.00 | 0.42 | 1.00m @ 0.42 g/t |
and |
|
|
| 70.00 | 71.00 | 1.01 | 1.00m @ 1.01 g/t |
and |
|
|
| 92.00 | 97.00 | 12.45 | 5.00m @ 12.45 g/t |
including |
|
|
| 93.00 | 95.00 | 26.61 | 2.00m @ 26.61 g/t |
FARC21-0137 | Faré Far South | 300 | -50 | 67.00 | 68.00 | 0.43 | 1.00m @ 0.43 g/t |
and |
|
|
| 104.00 | 116.00 | 0.67 | 12.00m @ 0.67 g/t |
including |
|
|
| 106.00 | 108.00 | 1.18 | 2.00m @ 1.18 g/t |
including |
|
|
| 114.00 | 116.00 | 1.15 | 2.00m @ 1.15 g/t |
FARC21-0138 | Faré Far South | 300 | -50 | 95.00 | 96.00 | 0.31 | 1.00m @ 0.31 g/t |
FARC21-0139 | Faré Far South | 300 | -50 | 21.00 | 22.00 | 0.34 | 1.00m @ 0.34 g/t |
* Intervals greater than 1m wide, calculated using a 0.30 g/t Au cut-off and no more than 5m consecutive (50% total) internal dilution. True widths are approximately 77% of the reported downhole interval.
The results to date from the Faré Far South anomaly suggest a high probability for further resource definition on the property, being located just 800m from the Company's maiden Faré South Mineral Resource Estimate ('Maiden MRE') of 155,000 oz Au grading 1.26 g/t Au in the Inferred category, based on a 0.3 g/t Au cut off and within a US$1,800/oz pit shell (announcement dated 23 August 2021). This JORC-compliant Resource itself sits within a larger JORC-compliant Exploration Target estimate for Faré South of up to 280,000 oz Au grading 1.10 g/t Au and both estimates remain open at depth and along strike.
As previously reported, in Q4-2021 IAMGOLD also completed four diamond holes (MDBB21-020 to MDBB21-023) for 401m at Madina Bafé to test the north-eastern extension of 1.2km northeast-trending structural corridor (announcement dated 24 November 2021) where previous best results include 10.00m grading 1.69 g/t Au from 21.00m from diamond drilling (announcement dated 16 August 2021) and 2.00m grading 9.36 g/t Au from 40.00m including 1.00m grading 17.70 g/t Au (announcement dated 17 September 2021). Results from the Q4-2021 programme have delivered two intersections above the 0.30 g/t Au cut-off, namely 1.00m grading 0.45 g/t Au from 4.00m (MDBB21-020) and 1.00m grading 0.44 g/t Au from 10.00m (MDBB21-022). No significant intersections were returned from holes MDBB21-021 or MDBB21-023). True widths are approximately 78% of the reported downhole interval.
QAQC for all programmes has been reviewed and is deemed to be within acceptable limits.
Subject to completion of the Year 4 expenditure plan, IAMGOLD will have the right to acquire a 51% interest in the Project and will thereafter need to spend a further US$4 million over two years to earn a 70% interest.
For further information, including an updated JORC Table 1, please see the Senala page on 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 (Executive Director, Exploration & 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. The 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.
** ENDS **
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon 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 / George Grainger
| Tel: +44 (0)20 7383 5100 |
Shard Capital Partners LLP Damon Heath / Erik Woolgar / Isabella Pierre
| Tel: +44 (0)20 186 9900 |
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Cameroon projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8 million to earn a 70% interest. The Company also 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.