Oriole Resources PLC (LSE:ORR, FRA:S1Y) said the final assays from drilling at Fare in Senegal confirmed the continuation of gold mineralisation in the far south of the prospect.
Best results from the near-surface programme were grades of 1g/t over 8m at a depth of 112m.
IAMGOLD is carrying out the exploration as part of an earn-in programme with 80% of a two-phase exploration programme at the Fare and Madina Bafe prospects now complete.
In August, IAMGOLD released results for 38 out of 42 shallow holes at Fare North and Fare Far South that showed best intersections of up to 11m grading 1.22 g/t gold and 35m grading 3.61 g/t respectively.
Last month, Oriole also published a JORC-compliant resource estimate at Fare South of 155,000 ounces of gold grading 1.26 grammes (g/t) a tonne gold in the inferred category.
Oriole also said it has received the first results from a phase 2 drilling shallow drilling programme at Madina Bafe.
Here, 3,111m of planned 5,000m drilling has been completed with best results 5.m grading 0.56 g/t gold from a depth of 9m and 2m grading 9.36 g/t Au from 40m including 1 m grading 17.70 g/t.
The remainder of the programme at Madina Bafe is scheduled to be completed in the final quarter of 2021 after the seasonal rains have eased.
Tim Livesey, Oriole’s chief executive, said: “We are very pleased to see the continuation of mineralisation being evidenced by the second line of RC drilling at Fare Far South, some 300m from the previously announced intersections.
“This gives support to our idea that there are opportunities for multiple pods of mineralisation along the c.6.3 kilometre Fare trend, which could be combined to provide sufficient resources for a stand-alone development target.
“At Madina Bafe, these early intersections again support the presence of mineralisation and we would hope that additional work could identify the controls on mineralisation in this area.”
Subject to completion of the Year 4 expenditure plan, IAMGOLD will have the right to acquire a 51% interest in the projects in Senegal.