Oriole Resources reports positive drilling results from Fare and Madina Bafe prospects on Senala joi

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Oriole Resources PLC (LSE:ORR, FRA:S1Y) (LSE:ORR) announced positive drilling results from the Fare and Madina Bafe prospects on the Senala joint venture project in Senegal.


The best results include up to 70.00 meters grading 1.46 grammes per tonne (g/t) gold from Fare and 10.00 metres grading 1.69 g/t gold from Madina Bafe.


“Continued positive results from Fare reconfirms our belief that this prospect, with its three distinct, yet neighbouring zones of mineralisation, has the opportunity to host a stand-alone resource and ultimately the potential to host a mine development,” said chief executive Tim Livesey.


“These initial diamond drill results from the ongoing programme at Madina Bafe also provide encouragement for the potential of that prospect to host a satellite deposit for the nearby Boto mine development project.


“At Fare, results from the two diamond holes drilled to test the main Fare South anomaly support previous drilling carried out by our own team between 2013 and 2014. We hope that the information from these two confirmatory diamond intersections will take us one step closer to developing a maiden resource at Fare South which, based on the wide zones of near-surface gold mineralisation, we believe would lend itself well to open pit mining,” he said, noting that this mineralisation is open at depth.


The AIM-quoted company has also received results for 38 reverse circulation drill holes at the Fare North and Fare Far South prospects, which targeted evidence of gold mineralisation identified previously by Oriole and joint venture partner IAMGOLD Corporation.


IAMGOLD has the right to acquire a 51% interest in the project once it completes the current Year 4 expenditure plan and then has the option to lift this interest to 70% if it spends a further US$4mln over two years.

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