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Oriole Resources details IAMGOLD’s exploration plans for Dalafin project

"We are delighted to announce that IAMGOLD has committed to its year two earn-in on the Dalafin licence following an initial successful drilling programme last year,” said Tim Livesey

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Drilling will take place in two areas of Dalafin

Oriole Resources PLC (LON:ORR) has told investors that its exploration partnership with IAMGOLD is continuing at the Dalafin project, where the Year-2 earn-in period has now begun.

As part of its option to acquire up to 70% of the project - by spending up to US$8mln on exploration – IAMGOLD is expected to invest at least US$1mln this year.

The new exploration phase is expected to focus on the southernmost Madina Bafé prospect. It will see some 5,000 metres of regional aircore drilling and 4,000 metres of reverse circulation drilling.

Additionally, the Saroudia prospect will also be looked at with 2,500 metres of aircore and 1,600 metres of reverse circulation anticipated.

READ: Oriole Resources offers considerable upside in West African gold exploration

Both exploration areas are within 20 kilometres of IAMGOLD’s Boto gold project which is host to some 2.49mln ounces of gold.

It is anticipated that first exploration results will be ready late in the second quarter or early in the third.

"We are delighted to announce that IAMGOLD has committed to its year two earn-in on the Dalafin licence following an initial successful drilling programme last year,” said Tim Livesey, Oriole chief executive.

“The exploration programme outlined will continue to build on the exciting results already delivered at the Madina Bafé prospect with additional drilling planned for the Saroudia prospect to the North-West.

“Our partnership with IAMGOLD at Dalafin has already contributed significantly to the increasing value of Oriole's wider portfolio, and we look forward to updating the market on this stage of the drilling programme later on in the year."

Quick facts: Oriole Resources PLC

Price: 0.43 GBX

LSE:ORR
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Market Cap: £3.02 m
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