Aim-listed West Africa-focused exploration company Oriole Resources has started a 10 000 m air-core (AC) drilling campaign at the Faré target within the north of its Senala project, in Senegal.
The project, which is operated under a joint venture (JV) with partner Iamgold Corporation, presents Iamgold with the option to spend up to $8-million to earn a 70% interest.
Initial results from the drill programme are expected to be available in the fourth quarter of the year.
The company believes Faré has potential to host a standalone deposit. Oriole has previously completed more than 10 000 m of reverse circulation and diamond drilling at Faré.
Oriole CEO Tim Livesey says Iamgold has mobilised as quickly as possible, despite the restrictions imposed by the Covid-19 pandemic, and is now carrying out their planned 10 000 m AC drill programme, which marks its third year of investment with Oriole.
“Prior to the signing of the JV earn-in agreement by Iamgold, work at Faré had returned some very exciting intersects.” These include the best intersections at 96 m grading 1.51 g/t of gold and at 7 m grading 86.39 g/t of gold.
He adds that the footprint of gold anomalism extends in excess of 6 km in the main trend, with several potential additional offsets of mineralisation identified by previous soil sampling programmes.
“Recent success by Chesser Resources on its Diamba Sud prospect just 10 km east, combined with historical drilling at Faré, confirms the prospectivity of the area and the potential for the discovery and development of a standalone mining project.”
The recent high level of successful exploration and coupled with active merger and acquisition activity in the Kédougou-Kéniéba Inlier continue to support this area as a “highly endowed” and prospective gold district, says Livesey.
He adds that Oriole is particularly pleased to have been able to retain the 472 km2 footprint of the Senala licence for a potential further ten years.