Oriole Resources plc said that its joint venture partner had started the second stage of work under the earn-in agreement at the Senala gold project in Senegal.
SECOND OPTION
IAMGOLD Corporation has the option to spend up to US$8 million to earn a 70% interest, and has to date spent $4m.
Oriole added that formalisation of the operator’s 51% interest in Senala is under review and that IAMGOLD had started its second option to spend a further $4m by 28 February 2024.
AUGER PROGRAMME
A $1.5m auger programme is already underway at Faré, as part of the Year 5 exploration programme, for a planned 9,600m expected to complete by the end of May.
The campaign would test the extent of the sub-surface anomalism along strike of the existing known targets.
The operator will collect two samples per hole to assess the underlying geology and identify potential extensional gold anomalism.
INVESTMENT
“We are very pleased that IAMGOLD has continued its investment at Senala,” said chief executive Tim Livesey.
“The company’s confidence in the prospectivity of the Faré area, underpinned by the excellent 2021 drilling results, matches our own belief that there is significant potential for the development of a standalone target.”