TSX-listed IAMGOLD has completed a Phase 1 drilling programme at the Senala gold project in Senegal.
Senala is a joint venture between IAMGOLD and AIM-listed Oriole Resources where the former has the option to spend up to US$8 million to earn a 70% interest. IAMGOLD is currently in Year 4 of that earn-in. 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.
Phase 1 drilling was completed at the Faré prospect for 689,50 m diamond drilling and 4 854 m reverse circulation (RC) drilling. The Phase 2 programme has also been partially completed at the Madina Bafé prospect for a further 493 m diamond drilling and 3,111 m of a planned 5 000 m
Programme brings value to Senala licence
Oriole Resources CEO, Tim Livesey said, “Understanding the geological and resource potential at both the Faré and Madina Bafé targets will bring significant focus and value to the Senala licence and so we are very pleased to have seen the excellent progress made by the IAMGOLD exploration team at both prospects through the first half of the year.
“Positive results at Faré would offer the potential to take us closer to delivering a maiden resource, whilst positive results at Madina Bafé may mean the prospect consolidates as a satellite target for the neighbouring Boto mine development project. IAMGOLD is continuing to invest in Boto through a planned additional US$60 million programme of advanced site works and detailed engineering in 2021.
“We look forward to updating the market as and when results are received and our geological team have had the opportunity to update our geological models.”
The programme has now been paused for the rainy season and will resume in October 2021. Initial results from the programmes are anticipated during Q3 2021.