viewOriole Resources PLC

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.

Quick facts: Oriole Resources PLC

Price: 0.395 GBX

Market: LSE
Market Cap: £5.77 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oriole Resources PLC named herein, including the promotion by the Company of Oriole Resources PLC in any Content on the Site, the Company...


Market report: FTSE falls as northern England prepares for lockdown

FTSE 100 had a lukewarm start as Brexit remains a question mark while trade talks between the UK and the EU are still ongoing. London’s leading index opened 7 points higher at 5,953. Boris Johnson is expected to announce a lockdown on certain areas in northern England as of Monday. Pubs,...

on 8/10/20

2 min read