IAMGOLD intends to move northwards in the programme, to drill the Faré prospect.
An initial programme of 10,000 metres of AC drilling is planned with follow up drilling to be designed according to results.
“Faré is the most advanced prospect within the Senala licence and the company believes it has potential to host a standalone deposit,” Oriole said in a statement.
Prior work at Faré, done by Oriole, included more than 10,000m reverse circulation ('RC') and diamond drilling. The best intersections included 96 metres with a grade of 1.51 grams per tonne, and, a higher grade 7 metres at 86.39 grams per tonne.
IAMGOLD has so far spent US$1.5mln. The joint venture envisages that some US$8mln will be spent by the partner in order for it to acquire 80% o the project.
Oriole today noted that IAMGOLD must spend a further US$1mln in Year 3 to keep the option in good standing.