Air Core Drilling to Re-Start at the Senala Gold Project, Senegal
Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to announce that its joint venture partner IAMGOLD Corporation (‘IAMGOLD’) will shortly restart its 10,000 metre (‘m’) air core (‘AC’) drilling campaign at the Senala project (‘Senala’ or the ‘Project’) in Senegal. Prior to the seasonal rains, IAMGOLD had already completed 1,300m AC drilling at the northernmost Faré prospect and will resume its programme there later this month.
Initial results from the programme are anticipated in the first quarter of 2021. Ahead of these new results, the Company has recalculated all historic reverse circulation (‘RC’) and diamond drilling results for Faré from Stratex International’s programmes in 2013 and 2014, using a 0.3 gramme per tonne (‘g/t’) gold (‘Au’) cut off and 3m maximum consecutive internal dilution. Best results 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.
Under the terms of the option agreement, IAMGOLD is approaching the end of its Year 3 commitment to spend up to US$8 million to earn a 70 per cent interest in Senala.
· IAMGOLD completed 1,300m AC drilling at the Faré prospect during June and July 2020;
· Recommencement of the planned 10,000m programme later this month;
· Review and recalculation of all historic RC and diamond drilling results has returned exceptional results, including:
o 20.00m grading 31.13 g/t Au from 18.00m, including 10.00m grading 60.98 g/t Au (FARC-00007);
o 10.00m grading 2.34 g/t Au from 50.00m, including 6.00m grading 3.50 g/t Au (FARC-00001);
o 23.40m grading 1.84 g/t Au from 68.60m (FADD-00001);
o 14.00m grading 2.94 g/t Au from 11.10m (FADD-00002);
o 59.60m grading 2.20 g/t Au from surface (FADD-00003);
o 42.00m grading 1.36 g/t Au from 4.10m and 49.50m grading 1.75 g/t Au from 50.60m (FADD-00004);
o 7.00m at 1.31 g/t Au from 14.10m (FADD-00007);
o 7.00m grading 1.64 g/t Au from 17.60m (FADD-00013);
o 5.15m grading 2.92 g/t Au from 170.10m and 10.00m grading 4.12 g/t Au from 192.10m (FADD-00016);
o 19.50m grading 1.08 g/t Au from 93.40m and 4.28m grading 1.02 g/t Au from 146.32m (FADD-00021);
o 23.50m grading 1.41 g/t Au from 6.00m (FADD-00023);
o 12.00m grading 7.09 g/t Au from 18.00m (FADD-00025);
o 4.80m grading 1.38 g/t Au from 63.70m (FADD-00026).
· Based on these results alone, the Company believes Faré has the potential to host a standalone deposit;
· Results from the IAMGOLD programme are anticipated in Q1-2021;
· Subject to those results, IAMGOLD has planned a further 5,000m RC follow-up drilling and 1,000m diamond drilling to further test the extent of the mineralisation.
Oriole CEO Tim Livesey, said: “The historical results at Far é have already shown the potential for the development of a significant gold resource. As we have seen from recent drilling on other licences in the immediate surrounds of Senala, long intercepts with grades well in excess of 2 g/t Au can quickly build the types of volumes required for stand-alone mineable resources.
“We are very eager to see the results of the IAMGOLD programme, which will initially look to make the link between the areas of mineralisation already drill tested. Further work is then planned to begin to pull together the structural interpretation of the mineralised shoots, to allow the development of a resource.
“As a potential stand-alone resource target, with over six kilometres of mineralised strike length, Far é adds significant value to the Senala licence, confirming its importance to Oriole.
“In addition to Far é , we have four other mineralised zones within the Senala licence, already partially explored. The confirmation, earlier this year, of the successful reapplication of the licence area has given us security of tenure and will allow the progressive exploration to continue unhindered by any concerns over licence expiry.”
Full update http://www.share-talk.co.uk/announcements/rns/oriole-resources-plc/ac-drilling-to-re-start-at-senala-gold-project/202011090700126387E
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