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Oriole Resources partner IAMGOLD set to start Year 3 programme at Senala

The next phase of work will target Faré, the most advanced part of the project.

Oriole Resources PLC - Oriole Resources partner IAMGOLD set to start Year 3 programme at Senala

Oriole Resources PLC (LON:ORR) updated on the Senala project in Senegal where joint venture partner IAMGOLD has indicated that it will start the Year 3 Programme.

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.

READ: Oriole raises new funds for exploration at Bibemi

“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.

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