Oriole Resources PLC (LSE:ORR, FRA:S1Y) (LSE:ORR) reported further positive results from a drilling programme to test near-surface gold mineralisation at the Faré prospect, part of the Senala joint venture project in Senegal.
Partial results from a 42-hole Phase 1 reverse circulation (RC) drilling programme delivered intersections of up to 11.00 metres grading 1.22 grammes a tonne (g/t) gold at Faré North and 35.00 metres grading 3.61 g/t gold at Faré Far South.
It is still awaiting results from four RC holes drilled on the southern fence line over the Faré Far South anomaly.
"Excellent results from this new RC drilling programme, targeting previously identified but as yet unquantified gold mineralisation at Faré Far South and Faré North, continue to support our belief that the c.6 km trend at the Faré prospect has ample potential to host a stand-alone resource,” said chief executive Tim Livesey.
"Not only are these RC drilling results indicative of the typical grades considered mineable in West African orogenic gold systems but the intersection of significant mineralised widths, often close to surface, points to the huge untapped potential at Faré,” he said.
On Monday, the AIM-quoted company announced diamond drilling results of up to 70.00 meters grading 1.46 g/t gold from Faré and 10.00 metres grading 1.69 g/t gold from the Madina Bafé prospect.
The company said that the remainder of its Phase 2 RC drilling programme at Madina Bafé will be completed in the fourth quarter after seasonal rains have eased.
Joint venture partner IAMGOLD has the right to acquire a 51% interest in the Senala project once it completes the current Year 4 expenditure plan and then has the option to lift this interest to 70% if it spends a further US$4mln over two years.