Last checked at 6 Dec 2018 07:00
Oriole Resources PLC
('Oriole Resources' or 'the Company')
Reserve Circulation Drilling Underway at Dalafin
Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is pleased to provide an update on its 85%-owned Dalafin project in the Kédougou-Kéniéba inlier of eastern Senegal, where IAMGOLD Corporation ('IAMGOLD') has the option to spend US$8M to earn a 70% interest (announcement dated 1 March 2018).
Further to the announcement on 25 October 2018, which reported results of up to 2.48 g/t Au from an Air Core ('AC') drilling programme, IAMGOLD has now confirmed the commencement of a planned 3,000m reverse circulation ('RC') drilling programme. The programme is targeting three main zones:
· The c.1.5km long, broadly west-northwest-trending anomaly (>20ppb Au) in the southeast as defined by AC drilling, and showing a correlation with bismuth and molybdenum anomalism;
· An artisanal mining site in the northeast of the licence which was identified during AC drill pad construction and returned 4.11 g/t Au, 1.2 g/t Au and 0.59 g/t Au from grab samples of sheared quartz-tourmaline veins within a granite-granodiorite contact in the north-east. The anomalism appears to mark the intersection of a northeast trending shear with an east-west trending structure;
· A 50-100 ppb Au gold anomaly extending over c.400m and located c.2.5km to the southwest of the artisanal site. The anomaly is parallel to a northeast trending shear that appears to be the southern extension of that which transects the artisanal mining site, albeit displaced by a later west-northwest - east-southeast fault.
The majority of the holes will be drilled towards the north-west, at a 50m hole spacing and to a downhole depth of 100m (58 degree declination; true depth 85m).
A second rig has been mobilised and a 500m diamond drilling campaign will commence shortly to validate the two best intersections previously reported by Oriole: MBDD-002 (9.6m grading 16.08g/t Au) in the southeast which lies within the 1.5km AC anomaly; and MBRC-117 in the west which returned 15m grading 6.10g/t Au (announcement dated 16 July 2014) and lies 2 km to the northwest of a 400m north-south trending gold anomaly (>20 ppb Au). Holes will be drilled towards the east and to a depth of 100m and 150m (87m and 130m true depth) at each target, respectively.
IAMGOLD anticipates completing both programmes before the end of the year.
For further information, including a Madina Bafé drill plan please see the Dalafin page of our website https://orioleresources.com/projects/dalafin/.
Deal Terms
Under the terms of the Agreement, AGEM Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of IAMGOLD, is earning-in to an initial 51% interest in the Project by expending US$4m on exploration over 4 years and has the further option to increase its interest to 70% by expending an additional US$4m over the subsequent 2 years. IAMGOLD is initially focusing on exploring the southernmost Madina Bafé prospect which is contiguous with its Boto gold project.
Competent Persons Statement
The information in this release that relates to Exploration Results has been compiled by, and is based on information reviewed on behalf of the Company, by Claire Bay (VP Exploration & Business Development). Claire Bay (MGeol, CGeol, EurGeol, FIMMM) is a Competent Person as defined as defined in the JORC code and takes responsibility for the release of this information. The exploration on the Dalafin Project was carried out by AGEM, a wholly-owned subsidiary of IAMGOLD, and the results have not yet been made public. Claire Bay 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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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 |
Camarco (IR/PR contact) Gordon Poole / Nick Hennis / Monique Perks
| Tel: +44 (0)20 3757 4980 |
Grant Thornton UK LLP Samantha Harrison / Ben Roberts / Samuel Rowe
| Tel: +44 (0)20 7383 5100 |
Hannam & Partners Neil Passmore / Andrew Chubb
| Tel: +44 (0)20 7907 8500 |
Turner Pope Investments (TPI) Ltd Ben Turner / James Pope / Andy Thacker | Tel: +44 (0)2036214120 |
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company, operating in Africa and Europe. It is focused on early-stage exploration in Cameroon and the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. The Company has a number of interests and royalties in companies operating throughout Africa and Turkey and is assessing new opportunities in both regions.