The Thani Stratex Djibouti (TSD) venture, 11.8% owned by Oriole, has drilled a total of 3,460 metres - 1,931 metres diamond and 1,529 m reverse circulation – and has encountered a number of significant intersections.
Highlight results include 16 metres at a grade of 3.84 grams per tonne gold.
Oriole noted that Hesdaba is located just 10 kilometres from the more advanced Pandora project where prior Phase 3 drill results were recently reported.
Additionally, the African Minerals Exploration & Development Fund III, TSD’s primary funder, has now committed to the next US$2.5mln tranche of funding which will pay for follow up drilling at Hesdaba and the Assaleyta project (16 kms north of Pandora).
"We are delighted to see the results of the first phase of the drill programme at Hesdaba under the guidance of the new management team,” said Tim Livesey, Oriole chief executive.
"The recent significant results from this programme help to confirm the original mineralisation model and give further confidence that the systems on the property have the potential to host a scalable resource.
He added: "We look forward to seeing the continuation of exploration and sharing the results from this investment position with our shareholders."