Iamgold redirects Year 4 exploration budget to Faré prospect at Senegal project

24th November 2021 By: Tasneem Bulbulia - Creamer Media Reporter

Aim-listed Oriole Resources says joint venture partner at the Senala gold project, in Senegal, Iamgold, recently completed a programme of 2 148 m reverse circulation (RC) drilling at the northernmost Faré prospect as part of its Year 4 earn-in.

Iamgold has the option to spend up to $8-million to earn a 70% interest in the project.

For the drilling programme, one of three planned fence lines was planned to test the northern extension of the Faré Far South anomaly, which returned up to 35 m grading 3.61 g/t gold from the Phase 1 RC programme earlier this year.

Four holes have also been completed for 401 m at the Madina Bafé prospect, located about 40 km to the south, to test the main northeast-trending corridor.

Iamgold has refocused the remainder of its Year 4 budget towards further exploration at Faré and has recently completed a 2 160 m RC drilling programme in 18 holes.

Three fence lines were planned to test the north-eastern extension – and potential connectivity – of the three main anomalies at the prospect.

Results for both programmes are anticipated early in the first quarter of 2022.

Subject to completion of the Year 4 expenditure plan, Iamgold will have the right to acquire a 51% interest in the project.

"We’re pleased to see Iamgold shifting its focus on the remaining programme for Year 4 to expand on its testing of the Faré prospect.

“We believe the results seen, to date, at Faré indicate that it offers ample space and grade for the development of a robust resource and we look forward to seeing the progress on this additional drill programme,” Oriole CEO Tim Livesay says.