Oriole reports further ‘excellent’ results at Faré

Oriole Resources plc said it had received further excellent drill results from the Faré prospect in its Senala joint venture (JV) project, Senegal.

RESULTS

The news follows results earlier this week of up to 70m grading 1.46 g/t gold and 10m grading 1.69 g/t Au, respectively, at Faré and Madina Bafé.

PHASE 1

Today’s published partial results are from the 4,854m Phase 1 reverse circulation (RC) drill programme at Faré.

Results for 38 of 42 RC holes, drilled to test near-surface gold mineralisation at the Faré North and Faré Far South anomalies have delivered intersections of up to 11m grading 1.22 g/t Au and 35.00m grading 3.61 g/t Au respectively.

Phase 1 RC drilling results received for 38 out of 42 holes at Faré, drilled to target near-surface mineralisation at the Faré North and Faré Far South gold anomalies. Best intersections (using 0.3 g/t Au cut off) include:

Faré North:

11.00m grading 1.22 g/t Au from 5.00m (FARC21-0082)
2.00m grading 11.74 g/t Au from 84.00m, including 1.00m grading 22.67 g/t Au (FARC21-0101)

Faré Far South:

14.00m grading 1.62 g/t Au from 72.00m, including 9.00m grading 2.29 g/t Au from 76.00m (FARC21-0109)
14.00m grading 2.09 g/t Au from 4.00m, including 7.00m grading 3.58 g/t Au from 9.00m (FARC21-0111)
35.00m grading 3.61 g/t Au from 59.00m, including 18.00m grading 6.46 g/t Au from 69.00m (FARC21-0112)
5.00m grading 1.25 g/t from 104.00m, including 6.00m grading 2.49 g/t from 108.00m (FARC21-0113)

STAND-ALONE

Results for the remaining four RC holes, drilled on the southernmost line at Faré Far South, are anticipated later in Q3, alongside results for an initial 3,111m of the planned 5,000m Phase 2 RC drilling at Madina Bafé.

The remainder of the programme at Madina Bafé will be drilled in Q4.

Chief executive Tim Livesey said that the results, which include multiple wide zones of near-surface mineralisation, continued to support the potential for the 6km trend at Faré to host a stand-alone resource. 

JOINT VENTURE

The company’s JV partner IAMGOLD Corporation has the option to spend up to $8 million to earn a 70% interest.

The Canadian company is currently in Year 4 of the earn-in and has this year completed more than 80% of a two-phase exploration programme for a planned 11,000m at the Faré and Bafé prospects.

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