Oriole Resources PLC - Thani Stratex Djibouti Exploration Update
('Oriole' or 'the Company')
Thani Stratex Djibouti Exploration Update
African Minerals Exploration & Development Fund III ('AMED Fund III') has completed its initial
o Preliminary metallurgical test work on samples taken from the Phase 1 and Phase 2 drilling programme confirms gold recoveries of up to 94.56%;
o Results from the 1,242 m Phase 3 diamond drilling programme anticipated Q3-2020;
o 1,931 m of diamond and 1,529 m of RC drilling were completed;
o Detailed mapping extends the combined strike of the individual vein zones from 5 kilometres ('km') to over 16 km;
o COVID-19 related travel disruption has led to a delay in sample shipment/receipt by the
o Results for an initial 478 diamond core, 1,129 RC chip and 272 surface grab samples are now anticipated early in the third quarter of this year;
· AMED Fund III has now completed its initial
· AMED Fund III has committed an additional
· COVID-19 restrictions in
· Further exploration on the Projects, is subject to receipt and interpretation of all results;
· Plans to undertake exploration at Assaleyta are on hold until further notice, due to COVID-19.
"Positive results from the preliminary metallurgical testing at Pandora are encouraging for any future resource development. At Hesdaba, the combined extension of the previously identified epithermal structures from 5 km to 16 km is a significant step, and underlines the substantial opportunity for a new gold discovery.
"The ongoing success at both Projects is likely to bring more attention to this under-explored region of
Following TSD's receipt of Tranche 1 funding from AMED Fund III (Announcement dated
At Pandora, the 1,242 m Phase 3 diamond drilling programme, completed earlier this year, successfully intersected the vein system in all 13 holes (Announcement dated
TSD has also undertaken preliminary metallurgical test work on six composite samples from the earlier Phase 1 and Phase 2 drilling campaigns (undertaken 2017-2018), which yielded gold recoveries of between 83.93% and 94.56% when gravity is combined with a cyanide leach. Encouragingly, gold leach kinetics suggest that the majority of the gold is leached within the first 4-8 hours and that the cyanide consumption rates are low.
At the Hesdaba project, 10 km northwest of Pandora, TSD has completed detailed mapping that has extended the combined strike of the individual vein zones from 5 km to over 16 km. A Phase 1 drilling programme comprising 1,931 m of diamond drilling (14 holes) and 1,529 m of RC drilling (15 holes) has also been completed to test the epithermal system at depth across three primary targets: Maranzana, Caravan and Red Horns. On
TSD has advised that it will complete a review of all data at the Projects ahead of planning any follow-up programmes.
At the Assaleyta project c.16 km to the north of Pandora, camp construction, major road and drill access works, and a 2,000 m Phase 2 diamond drilling programme were scheduled for H2-2020. However, as a result of the COVID-19 related delays outlined above, further work at this project is on hold until further notice.
As per the agreed terms (Announcements dated
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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