Aim-listed Oriole Resources has reported further promising drill results on the Senala gold project, in Senegal.
The exploration is being conducted by Oriole’s joint venture partner Iamgold Corporation, which has the option to spend up to $8-million to earn a 70% interest in the project.
The latest results form part of a 2 148 m and 18-hole Phase 2 reverse circulation drill programme at the Faré prospect and indicate extended mineralisation along strike at three main anomalies.
Some of the results include 5 m grading 12.45 g/t gold from 92 m and 1 m grading 6.08 g/t from 12 m.
Particularly, mineralisation at the Faré Far South target is now confirmed over a strike length of at least 500 m, suggesting a high probability for the definition of further resources at the prospect.
The Faré prospect may well be developed into a standalone mine, reports Oriole.
Iamgold is in Year 4 of its investment period, which, upon completion, will give it the right to acquire a 51% interest in the project and, thereafter, spend $4-million over two years to increase its interest to 70%.