Oriole Resources PLC Reserve Circulation Drilling Underway at Dalafin (6032J)
06 December 2018 - 6:00PM
UK Regulatory
TIDMORR
RNS Number : 6032J
Oriole Resources PLC
06 December 2018
Oriole Resources PLC
('Oriole Resources' or 'the Company')
Reserve Circulation Drilling Underway at Dalafin
Oriole Resources, the AIM-quoted exploration company operating
in Africa and Europe, is pleased to provide an update on its
85%-owned Dalafin project in the Kédougou-Kéniéba inlier of eastern
Senegal, where IAMGOLD Corporation ('IAMGOLD') has the option to
spend US$8M to earn a 70% interest (announcement dated 1 March
2018).
Further to the announcement on 25 October 2018, which reported
results of up to 2.48 g/t Au from an Air Core ('AC') drilling
programme, IAMGOLD has now confirmed the commencement of a planned
3,000m reverse circulation ('RC') drilling programme. The programme
is targeting three main zones:
-- The c.1.5km long, broadly west-northwest-trending anomaly
(>20ppb Au) in the southeast as defined by AC drilling, and
showing a correlation with bismuth and molybdenum anomalism;
-- An artisanal mining site in the northeast of the licence
which was identified during AC drill pad construction and returned
4.11 g/t Au, 1.2 g/t Au and 0.59 g/t Au from grab samples of
sheared quartz-tourmaline veins within a granite-granodiorite
contact in the north-east. The anomalism appears to mark the
intersection of a northeast trending shear with an east-west
trending structure;
-- A 50-100 ppb Au gold anomaly extending over c.400m and
located c.2.5km to the southwest of the artisanal site. The anomaly
is parallel to a northeast trending shear that appears to be the
southern extension of that which transects the artisanal mining
site, albeit displaced by a later west-northwest - east-southeast
fault.
The majority of the holes will be drilled towards the
north-west, at a 50m hole spacing and to a downhole depth of 100m
(58 degree declination; true depth 85m).
A second rig has been mobilised and a 500m diamond drilling
campaign will commence shortly to validate the two best
intersections previously reported by Oriole: MBDD-002 (9.6m grading
16.08g/t Au) in the southeast which lies within the 1.5km AC
anomaly; and MBRC-117 in the west which returned 15m grading
6.10g/t Au (announcement dated 16 July 2014) and lies 2 km to the
northwest of a 400m north-south trending gold anomaly (>20 ppb
Au). Holes will be drilled towards the east and to a depth of 100m
and 150m (87m and 130m true depth) at each target,
respectively.
IAMGOLD anticipates completing both programmes before the end of
the year.
For further information, including a Madina Bafé drill plan
please see the Dalafin page of our website
https://orioleresources.com/projects/dalafin/.
Deal Terms
Under the terms of the Agreement, AGEM Senegal Exploration Suarl
('AGEM'), a wholly-owned subsidiary of IAMGOLD, is earning-in to an
initial 51% interest in the Project by expending US$4m on
exploration over 4 years and has the further option to increase its
interest to 70% by expending an additional US$4m over the
subsequent 2 years. IAMGOLD is initially focusing on exploring the
southernmost Madina Bafé prospect which is contiguous with its Boto
gold project.
Competent Persons Statement
The information in this release that relates to Exploration
Results has been compiled by, and is based on information reviewed
on behalf of the Company, by Claire Bay (VP Exploration &
Business Development). Claire Bay (MGeol, CGeol, EurGeol, FIMMM) is
a Competent Person as defined as defined in the JORC code and takes
responsibility for the release of this information. The exploration
on the Dalafin Project was carried out by AGEM, a wholly-owned
subsidiary of IAMGOLD, and the results have not yet been made
public. Claire Bay has reviewed the information in this
announcement and confirms that she is not aware of any new
information or data that materially affects the information
reproduced here.
** ENDS **
For further information please visit www.orioleresources.com,
@OrioleResources on Twitter, or contact:
Oriole Resources PLC Tel: +44 (0)20 7830 9650
Tim Livesey / Bob Smeeton / Claire
Bay
Camarco (IR/PR contact) Tel: +44 (0)20 3757 4980
Gordon Poole / Nick Hennis / Monique
Perks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ben Roberts
/ Samuel Rowe
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore / Andrew Chubb
Turner Pope Investments (TPI) Tel: +44 (0)2036214120
Ltd
Ben Turner / James Pope / Andy
Thacker
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company,
operating in Africa and Europe. It is focused on early-stage
exploration in Cameroon and the more advanced Dalafin gold project
in Senegal, where IAMGOLD has the option to spend US$8m to earn a
70% interest. The Company has a number of interests and royalties
in companies operating throughout Africa and Turkey and is
assessing new opportunities in both regions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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