Oriole Resources says jv partner IAMGOLD started Year 4 exploration programme at Senala project

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Oriole Resources PLC (LON:ORR) said its joint venture partner IAMGOLD Corp has started its Year 4 exploration programme at the Senala gold project in Senegal.


The programme will comprise of around 11,000 metres of reverse circulation and diamond drilling at the Fare and Madina Bafe prospects.


Results from the first phase of the exploration programme, focussed on the northernmost Fare prospect, are anticipated in the third quarter of 2021, said the AIM-quoted exploration company.


Drilling has started on Fare prospect, which Oriole believes has the potential to be a standalone deposit, while drilling is set to start next month at the Madina Bafe prospect.


Last month, Oriole said it came to an agreement with IAMGOLD over funding exploration work at Senala after IAMGOLD underspent during Year 3.


READ: Oriole Resources and IAMGOLD reach agreement on exploration funding at Senala gold project


“We are very pleased to see the drill programme underway at Fare, where we had previously had our own successful intersections” including 20 metres at gold grades of 31.13 grammes a tonne (g/t) gold and 59.60 metres at 2.20 g/t gold, said Oriole chief executive Tim Livesey.


“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.”


Subject to completion of the Year 4 expenditure plan, IAMGOLD will have the right to acquire a 51% interest in the project and will then need to spend a further US$4mln over two years to earn a 70% interest.

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