Oriole Resources plc said that the Faré prospect had the potential to be a stand-alone project at the joint venture Senala gold joint venture in Senegal.
FARÉ PROSPECT
Earlier this year project partner IAMGOLD began its second option to spend a further US$4m and recently completed 1,307 holes for 10,695m in auger drilling at Faré.
Oriole said that gold assays for 2,551 samples had identified “multiple structurally controlled gold anomalies” outside of the previously identified footprint at the prospect.
The majority of the newly identified anomalies follow the same north-easterly trend as the existing Faré North, Faré South and Faré Far South mineralisation.
INSIGHT
“The auger samples were all taken within a few metres of surface, effectively testing below the iron-cemented cover rocks, to provide insight into the potential location of further gold mineralisation at depth,” said Oriole chief executive Tim Livesey
“With several targets to follow up on, these results again indicate the potential for the Faré area to host a stand-alone resource.
JOINT VENTURE
IAMGOLD Corporation is in the penultimate year of a six-year option agreement to spend up to US$8 million in return for a 70% interest in the project.
After the Canadian company completed its first option to spend US$4m, Oriole is now formalising IAMGOLD’s 51% interest in Senala.