Oriole Resources PLC - Thani Stratex Djibouti Exploration Update
('Oriole' or 'the Company')
Thani Stratex Djibouti Exploration Update and
Under the terms of a funding agreement, African Minerals Exploration & Development Fund III ('AMED Fund III') is investing an initial
· AMED Fund III commits first
o Exploration camp refurbished and >1.5 kilometres ('km') access roads constructed;
o 13 holes completed at Pandora for c.1,200 metres ('m') - successful intersection of vein system in all holes;
o Results anticipated late Q1-2020.
o Phase 1 drilling underway for 1,800m diamond and 4,000m reverse circulation ('RC');
o Results anticipated late Q1 to Q2, 2020;
o Extensive surface sampling planned for Q2-2020.
o Camp construction and major road and drill access works planned for Q3-2020;
o 2,000m Phase 2 diamond drilling programme planned for Q4-2020.
"These prospects, originally identified by the Company, have the potential to host significant gold mineralisation and we look forward to seeing the drill programmes progress through 2020."
In November, the Company announced the spin-out of TSD into a standalone private company, focussed on
At the Pandora prospect (Oklila Licence), the exploration camp has been refurbished and over 1.5km of access roads have been constructed to support drilling. Further to the initial phases completed between 2017 and 2018 (Announcements dated
At the Hesdaba project, 10km northwest of Pandora, a Phase 1 drilling programme comprising 1,800m diamond (for c.12 holes) and 4,000m RC (for c.30 holes) drilling is currently underway to test the epithermal system that extends over a combined strike of more than 5km. The programme is expected to be completed in April, with all results anticipated before the end of Q2-2020. Subject to results, extensive surface sampling is planned for Q2-2020.
Work is also planned at the Assaleyta project c.16 km to the north of Pandora, where previous work has defined disseminated and vein-hosted mineralisation in rhyolite domes. Phase 1 drilling in 2017 confirmed sub-surface gold mineralisation of up to 17.40m grading 2.24 g/t Au from surface and 3.16m grading 6.79 g/t Au from 20m (Announcement dated
Following the spin-out of TSD, a TSR shareholder vote was held in order to approve the board constitution of TSD. Alongside representatives from NEX, Thani Emirates and AMED Fund III, Oriole's Chief Executive Officer
Competent Persons Statement
The information in this release that relates to Exploration Results has been compiled by
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.
** ENDS **
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Notes to Editors:
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