Aim-listed Oriole Resources and its joint venture (JV) partner Iamgold have reported positive diamond drilling results on the Faré and Madina Bafé deposits at the Senala project, in Senegal.
Iamgold conducted a Phase 1 drilling programme at the Faré prospect for 689 m of diamond drilling in two holes, and 4 854 m of reverse circulation (RC) drilling in 42 holes.
A Phase 2 programme was partially completed at the Madina Bafé prospect for 493 m of diamond drilling down three holes and 3 111 m, from 5 000 m planned, of RC drilling.
The remainder of this drill programme will be completed in the fourth quarter, following seasonal rains.
Some of the results include 70 m of mineralisation grading 1.46 g/t gold from 1 m and 10 m grading 1.69 g/t from 21 m.
Iamgold has the option to spend up to $8-million to earn a 70% interest in the project. The company is currently in year four of its investment period.
On completion of the Year 4 expenditure plan, IAMGOLD can acquire a 51% interest in the project and will, thereafter, need to spend the remaining $4-million over two years to earn the 70% interest.
Oriole CEO Tim Livesey says the two confirmatory intersections take the project one step closer to a main resource at Faré South.
The Faré deposit, with its three distinct, yet neighbouring zones of mineralisation, has the opportunity to host a standalone resource and, ultimately, the potential for openpit mine development.