Year 4 RC drilling delivers further excellent intersections at Faré
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide 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% interest (announcement dated 1 March 2018). IAMGOLD is currently in Year 4 of that earn-in and has this year completed more than 80% of a two-phase exploration programme for a planned c.11,000 metres (‘m’) at the Faré and Madina Bafé prospects.
Further to its announcement on 16 August 2021, which reported diamond drilling results of up to 70.00m grading 1.46 grammes per tonne (‘g/t’) gold (‘Au’) and 10.00m grading 1.69 g/t Au, respectively, at Faré and Madina Bafé, the Company today reports partial results from the 4,854m Phase 1 reverse circulation (‘RC’) drilling programme at Faré. Results for 38 out of 42 RC holes, drilled to test near-surface gold mineralisation at the Faré North and Faré Far South anomalies have delivered intersections of up to 11.00m grading 1.22 g/t Au and 35.00m grading 3.61 g/t Au respectively.
Results for the remaining four RC holes, drilled on the southernmost line at Faré Far South, are anticipated later in Q3, alongside results for an initial 3,111m of the planned 5,000m Phase 2 RC drilling at Madina Bafé. The remainder of the programme at Madina Bafé will be drilled in Q4.
· Phase 1 RC drilling results received for 38 out of 42 holes at the Faré prospect, drilled to target near-surface mineralisation at the Faré North and Faré Far South gold anomalies. Best intersections (using 0.3 g/t Au cut off) include:
o 11.00m grading 1.22 g/t Au from 5.00m (FARC21-0082)
o 2.00m grading 11.74 g/t Au from 84.00m, including 1.00m grading 22.67 g/t Au (FARC21-0101)
Faré Far South
o 14.00m grading 1.62 g/t Au from 72.00m including 9.00m grading 2.29 g/t Au from 76.00m (FARC21-0109)
o 14.00m grading 2.09 g/t Au from 4.00m including 7.00m grading 3.58 g/t Au from 9.00m (FARC21-0111)
o 35.00m grading 3.61 g/t Au from 59.00m including 18.00m grading 6.46 g/t Au from 69.00m (FARC21-0112)
o 15.00m grading 1.25 g/t from 104.00m including 6.00m grading 2.49 g/t from 108.00m (FARC21-0113)
· The results, which include multiple wide zones of near-surface mineralisation, continue to support the potential for the definition of open-pittable gold resources at Faré.
· Results are awaited for four RC holes drilled on the southern fence line over the Faré Far South anomaly.
· The Phase 2 RC drilling programme at Madina Bafé is ongoing:
o 3,111m of the planned 5,000m RC drilling programme completed in 48 holes. Results are awaited;
o Remainder of the programme to be completed in Q4 2021, after the seasonal rains have eased.
· Subject to completion of the Year 4 expenditure plan, IAMGOLD will have the right to acquire a 51% interest in the Project.
· A selection of drill plans for Faré plus a cross section for the Faré Far South anomaly can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/9614I_1-2021-8-17.pdf
Oriole Resources CEO, Tim Livesey, said: “Excellent results from this new RC drilling programme, targeting previously identified but as yet unquantified gold mineralisation at FaréFar South and FaréNorth, continue to support our belief that the c.6 km trend at the Faré prospect has ample potential to host a stand-alone resource.
“Not only are these RC drilling results indicative of the typical grades considered mineable in West African orogenic gold systems but the intersection of significant mineralised widths, often close to surface, points to the huge untapped potential at Faré.
“We also look forward to sharing the results from the Madina Bafé prospect in due course.”
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). In July, the Company reported that IAMGOLD had completed Phase 1 of its Year 4 programme at the northernmost Faré prospect, where the Company has previously defined anomalous mineralisation over a strike length in excess of 6 km (announcements dated 4 December 2012 and 6 June 2016), and was significantly advanced on its Phase 2 programme at the Madina Bafé prospect, located c. 40km to the south.
Earlier this month, the Company reported Phase 1 diamond drilling results that confirmed the orogenic gold system at the main Faré South anomaly continues to a depth of at least 350m below surface. Best results included 70.00m grading 1.46 g/t Au (announcement dated 16 August 2021).
The Phase 1 programme also comprised a further 4,854m RC drilling in 42 holes that was focused on testing the system along strike at Faré North and Faré Far South. The Company today reports results for 38 holes as detailed in Table 1 below. Best intersections include 11.00m grading 1.22 g/t Au from Faré North and 35.00m grading 3.61 g/t Au including 18.00m grading 6.46 g/t Au from Faré Far South. The results are particularly encouraging for the Faré Far South anomaly, located c.1 km to the southwest of Faré South, where the system has been drill-tested at depth for the first time.
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. 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.
Oriole Resources PLC
Tim Livesey / Bob Smeeton / Claire Bay
Tel: +44 (0)20 7830 9650
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.
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