Oriole Resources plc announced an independent mineral resource estimate (MRE) of 155,000 oz gold grading 1.26 g/t gold in the inferred category for Faré South in its Senala project, Senegal.
JOINT VENTURE
The MRE is independent of the company’s joint venture partner IAMGOLD Corporation which has the option to spend up to $8 million to earn a 70% interest.
IAMGOLD is currently in Year 4 of that earn-in.
RESOURCE
Oriole’s MRE sits within a larger JORC-compliant exploration target estimate for Faré South of up to 280,000 oz Au grading 1.10 g/t Au.
The company said that the entire resource had been defined within the limit of a $1,800 /oz pit shell, with more than two-thirds of the resource attributed to near-surface oxide material.
Both estimates remain open at depth and along strike.
Independent consultant Forge International Ltd completed the JORC-compliant MRE and exploration target.
| Material | Classification | Tonnage | Grade (g/t Au) | Total contained gold (oz) Gross | Total contained gold (oz) Net Attributable (85%) |
| Oxide | Inferred | 2,610,000 | 1.26 | 105,000 | 89,250 |
| Fresh | Inferred | 1,240,000 | 1.27 | 50,000 | 42,500 |
| Total | Inferred | 3,850,000 | 1.26 | 155,000 | 131,750 |
POTENTIAL
Oriole said that recent results for 38 reverse circulation holes drilled at the Faré North and Faré Far South anomalies are not included in the MRE or exploration target estimates.
This offer a further increase for potential resources.
ANOMALIES
Chief executive Tim Livesey added that the mineralisation in the shallower, oxide component at Faré South had positive commercial implications with the ore comparatively easier and cheaper to extract using open-pit mining techniques.
“Whilst additional work will be required to confirm a larger deposit, capable of supporting standalone economics, there is plenty of potential to expand this maiden resource estimate, both laterally and at depth, with the addition of more drilling at Faré South.
“Potential also exists for the identification of additional resources along strike at the neighbouring Faré Far South and Faré North anomalies.
“We are particularly excited by the latest results from Faré Far South, which returned a best drill interval of 35.00m grading 3.61 g/t Au.”