TIDMORR
RNS Number : 3438T
Oriole Resources PLC
24 November 2021
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Drilling Restarts at Senala -
Year 4 Exploration Budget Redirected to Faré
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration
company focussed on West Africa, is pleased to provide an update on
its Senala gold project ('Senala' or the 'Project') in Senegal,
where joint venture partner IAMGOLD Corporation ('IAMGOLD') has the
option to spend up to US$8 million to earn a 70% interest
(announcement dated 1 March 2018).
As part of its Year 4 earn-in, IAMGOLD has recently completed a
programme of 2,148 metres ('m') reverse circulation ('RC') drilling
at the northernmost Faré prospect ('Faré' or the 'Prospect'). One
of three planned fence lines was planned to test the northern
extension of the Faré Far South anomaly, which returned up to
35.00m grading 3.61 grammes per tonne ('g/t') gold ('Au') from the
Phase 1 RC programme earlier this year (announcement dated 18
August 2021). Four holes have also been completed for 401m at the
Madina Bafé prospect, located c.40km to the south.
Summary
-- Four diamond holes completed for 401m at Madina Bafé to test
the main northeast trending corridor;
-- IAMGOLD has refocused the remainder of its Year 4 budget
towards further exploration at Faré and has recently completed a
2,160m RC drilling programme in 18 holes;
-- Three fence lines were planned to test the north-eastern
extension - and potential connectivity - of the three main
anomalies at the Prospect;
-- Results for both programmes are anticipated early in Q1-2022;
-- Subject to completion of the Year 4 expenditure plan, IAMGOLD
will have the right to acquire a 51% interest in the Project.
-- Updated drill plans for Far é and Madina Bafé can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/3438T_1-2021-11-23.pdf
Oriole Resources CEO, Tim Livesey, said: "We're pleased to see
IAMGOLD shifting its focus on the remaining programme for Year 4 to
expand on its testing of the Faré prospect.
"We believe the results seen to date at Faré indicate that it
offers ample space and grade for the development of a robust
resource and we look forward to seeing the progress on this
additional drill programme."
Further Details
Under the terms of an Option Agreement on the 472.50km(2) Senala
licence, IAMGOLD is currently in Year 4 of its investment period
with a planned exploration budget of at least US$1.672 million
(announcement dated 29 March 2021). Earlier this year, IAMGOLD
completed Phase 1 of its Year 4 programme at the northernmost Faré
prospect (announcement dated 29 July 2021), where the Company has
previously defined anomalous mineralisation at three main anomalies
(Faré North, Faré South and Faré Far South) over a strike length in
excess of 6km (announcements dated 4 December 2012 and 6 June
2016).
The Phase 1 programme comprised 689.50m diamond drilling in two
holes, planned to test the depth extension of the main mineralised
zone at Faré South, and 4,854m RC drilling in 42 holes, focussed on
testing the system along strike at Faré North (three fence lines)
and Faré Far South (two fence lines). Results from diamond drilling
confirmed the orogenic gold system at the main Faré South anomaly
continues to a depth of at least 350m below surface and delivered a
best result of 70.00m grading 1.46 g/t Au (announcement dated 16
August 2021).
On the basis of all drilling to date at Faré South, including
historical drilling by the Company, the Company recently announced
a maiden JORC-compliant Mineral Resource Estimate ('Maiden MRE') of
155,000 oz Au grading 1.26 g/t Au in the Inferred category, based
on a 0.3 g/t Au cut off and within a US$1,800/oz pit shell
(announcement dated 23 August 2021). This Resource sits within a
larger JORC-compliant Exploration Target estimate for Faré South of
up to 280,000 oz Au grading 1.10 g/t Au. Both estimates remain open
at depth and along strike.
Results from the Phase 1 RC drilling programme also confirmed
the prospectivity of the Faré North and Faré Far South anomalies,
with best reported intersections, respectively, of 11.00m grading
1.22 g/t Au and 35.00m grading 3.61 g/t Au including 18.00m grading
6.46 g/t Au (announcements dated 18 August 2021 and 17 September
2021).
During the year, IAMGOLD has also completed more than 60% of its
Year 4 Phase 2 programme, comprising 493m diamond drilling and
3,111m of a planned 5,000m RC drilling, at the southernmost Madina
Bafé prospect ('Madina Bafé'), located c. 40km to the south of
Faré. Best results included 10.00m grading 1.69 g/t Au from 21.00m
from diamond drilling (announcement dated 16 August 2021) and 2.00m
grading 9.36 g/t Au from 40.00m including 1.00m grading 17.70 g/t
Au (announcement dated 17 September 2021).
IAMGOLD had anticipated restarting the programme at Madina Bafé,
for the remaining 1,889m drilling, in Q4 2021 and in early
November, four diamond holes were drilled for 401m to test the
north-eastern extension of the corridor. However, the ground
conditions at Madina Bafé were deemed too wet to ensure completion
of the programme and receipt of results in time for the end of the
Year 4 earn-in period.
Accordingly, the Company today announces that IAMGOLD has
redirected the outstanding balance of its Year 4 budget to the Faré
prospect. A programme of 2,148m of RC drilling has recently been
completed in 18 holes at the Prospect, with three fence lines
planned to test the northeast extension of the three main
anomalies, all of which are open along strike and at depth. The
fence line at Faré South was planned to test the system c.300m to
the northeast of previous drilling by the Company and c.1km along
strike of the Maiden MRE. The fence line at Faré Far South was
drilled to test the system c.200m to the northeast of previously
reported Phase 1 RC programme, which delivered a best intersection
of 35.00m grading 3.61 g/t Au. The last fence was planned to test
the north-eastern extension of Faré North anomaly and has the
potential to extend the strike length of the currently defined
c.6.6km long system.
Results from the programmes at Faré and Madina Bafé are
anticipated early in Q1-2022.
Subject to completion of the Year 4 expenditure plan, IAMGOLD
will have the right to acquire a 51% interest in the Project and
will thereafter need to spend a further US$4 million over two years
to earn a 70% interest.
For further information, including an updated JORC Table 1,
please see the Senala page on the Company's website
https://orioleresources.com/projects/senala/ .
Competent Persons Statement
The information in this release that relates to Exploration
Results has been compiled by Claire Bay (Executive Director,
Exploration & Business Development). Claire Bay (MGeol, CGeol)
is a Competent Person as defined in the JORC code and takes
responsibility for the release of this information. The Claire 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 **
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU No. 596/2014) which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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
Blytheweigh (IR/PR contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray / Rachael
Brooks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / George
Grainger
Shard Capital Partners LLP Tel: +44 (0)20 186 9900
Damon Heath / Erik Woolgar
/ Isabella Pierre
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company,
operating West Africa. It is focused on early-stage exploration in
Cameroon (Bibemi, Wapouzé and Central Cameroon projects) and the
more advanced Senala gold project in Senegal, where IAMGOLD has the
option to spend US$8 million to earn a 70% interest. The Company
also has several interests and royalties in companies operating
throughout Africa and Turkey that could deliver future cash flow,
and it continues to assess new opportunities in both regions.
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