IAMGOLD Corporation, Oriole’s JV partner, has the option to spend up to US$8 million, to earn a 70% interest at the project. in Senegal.
IAMGOLD has now started its Year 4 exploration programme at Senala, which will comprise a planned c. 11,000 metres of reverse circulation and diamond drilling at the Faré and Madina Bafé prospects.
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Results from the first phase of the exploration programme, focussed on the Faré prospect, are anticipated in Q3,2021.
Oriole Resources CEO, Tim Livesey, says:
“We are pleased to see the drill programme underway at Faré, where we had previously had our own successful intersections including 20 m grading 31.13 g/t Au and 59.60 m grading 2.20 g/t Au.
“We look forward to seeing the results in due course on this potential standalone mine target area.
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“In addition to Faré, we take IAMGOLD’s confirmation of advanced preparation for the drilling programme at Madina Bafé as a positive sign. This programme will follow on from earlier work carried out there by IAMGOLD in 2018/19.
“Oriole remains free carried throughout this work, which allows our funds to be dedicated to our own exploration in Cameroon, where our maiden drill programme at Bibemi has already shown great promise, and our extensive stream sediment sampling programme on the district-scale Central Licence Package is well underway.
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“IAMGOLD continues to advance the neighbouring Boto mine development target, with a planned spend of US$60 million this year to fund detailed engineering and infrastructure development, including a permanent camp, year-round access road and an airstrip.
“We also continue to engage proactively with the IAMGOLD team and wish them success in their exploration efforts.”
In March 2018 Oriole Resources signed an option earn-in agreement with a subsidiary of IAMGOLD, under which IAMGOLD can earn into 51% of the Senala project by spending US$4 million over four years and a further 19% (total 70%) by spending an additional US$4 million over a subsequent two years.
Faré is the most advanced prospect within the Senala licence and the Company believes it has potential to host a standalone deposit. Best results to date at Faré include 20 m grading 31.13 g/t Au including 10m grading 60.98 g/t Au from RC drilling (FARC-00007) and 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au from diamond drilling (FADD-00004).
Multiple further zones of gold anomalism have been identified within the wider licence, most notably at Madina Bafé, located c.50 km to the SSE of Faré. Initial programmes of trenching, mapping, and sampling at Madina Bafé confirmed the presence of a 1.2 km by 30-45 m NE-striking mineralised zone in the south-east of the prospect.
Mineralisation is hosted by sheeted tourmaline-quartz veins and quartz-tourmaline breccias with best results including 4.0 m @ 1.40 g/t Au (MBT-005), 6.0 m @ 0.86 g/t Au incl. 1.0 m @ 4.40 g/t Au (MBT-005),1.2 m @ 1.14 g/t Au (MTB-003) and 1.0 m @ 1.77 g/t Au.
Mineralisation remains open to the east. RC and diamond drilling between trenches MBT-003 and MBT-004 has previously returned excellent intersections – including 9.6 m @ 16.08 g/t Au (MBDD-002) – that are indicative of depth-continuity of the zone and of elevated gold content.