Oriole Resources reports further positive drilling results from Faré prospect in Senegal
The drilling programme is targeting previously identified but as yet unquantified gold mineralisation at Faré Far South and Faré North
Company
LON:ORR
Oriole Resources PLC is a gold exploration company, focused on Cameroon and West Africa. The company's main activity is exploration in Cameroon, where it identified multi-kilometre long gold anomalies within its Central Licence Package, including at its flagship Mbe project.
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The drilling programme is targeting previously identified but as yet unquantified gold mineralisation at Faré Far South and Faré North
Faré has the opportunity to host a stand-alone resource and the potential to host a mine development
Results from the mapping and stream sediment sampling programme are expected in the third quarter
IAMGOLD has the option to spend as much as US$8mln to earn a 70% interest in Senala
Bay is a long-standing member of the Oriole Resources team
Final gold assay results are anticipated in the second half of 2021
Higher grades in some holes suggest the likelihood of a 'nugget gold' effect
Oriole’s claim was based on R&D tax relief from research work on potential areas of mineralisation.
Oriole Resources has considerable experience in West African gold exploration
Last month, Oriole said it reached an agreement with IAMGOLD over funding the exploration work at Senala after IAMGOLD underspent during Year 3
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Oriole's exploration in West Africa is beginning to gain real traction
The drill programme is designed to test the depth of surface gold mineralisation previously identified at four key prospects.
Oriole said it had acquired, at no additional cost, a 51% interest in RMC's three newly granted licences - Mana, Dogon and Sanga - in central Cameroon
The ongoing 28-hole programme is now approximately 50% complete
“Now with a robust gold price, a significantly improved share price and a strong cash position, we will look back on 2020 as a year of significant progress in the development of the company, providing the foundation blocks to support our gr
"We are very pleased to have completed our review and approval of IAMGOLD's Year 4 programme at Senala and to have reached a simple resolution with regard to the Year 3 underspend,” said Oriole Resources chief executive Tim Livesey
Oriole Resources has an extensive portfolio of gold exploration assets
Oriole Resources has a diverse portfolio of exploration assets in Africa
Oriole said its joint venture partner on the project, IAMGOLD Corp, underspent on its Year 3 commitment