Oriole Resources PLC (AIM:ORR) identified “multiple” gold anomalies at its Faré prospect in the Senala gold project in Senegal, with results indicating the area could host a “stand-alone resource.”
At Faré, gold assays for 2,551 samples “identified multiple structurally controlled gold anomalies outside of the previously identified footprint,” according to a statement from the gold exploration company.
The longest of these was a roughly 1.3km anomaly to the northeast of Faré North, and “is associated with a significant, >2km-long, arsenic anomaly.”
Oriole said IAMGOLD commenced its second option agreement to spend US$4mln by next February which resulted in the 10,695-metre drilling programme over 1,307 holes at the Faré prospect.
"It's great to see expansion of the gold anomalism in the vicinity of the Faré prospect, as the recent round of auger drilling shows,” said chief executive Tim Livesey.
IAMGOLD is the joint venture partner in the project in Senegal and is in the penultimate year of a six-year option agreement to spend up to US$8 million in return for a 70% interest, with its total investment in the project now at roughly US$6.5mln.