Information  X 
Enter a valid email address

Oriole Resources PLC (ORR)

  Print      Mail a friend

Monday 09 November, 2020

Oriole Resources PLC

AC Drilling to Re-Start at Senala Gold Project

RNS Number : 6387E
Oriole Resources PLC
09 November 2020
 

Oriole Resources PLC

('Oriole' or 'the Company' or 'the Group')

 

Air Core Drilling to Re-Start at the Senala Gold Project, Senegal

 

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to announce that its joint venture partner IAMGOLD Corporation ('IAMGOLD') will shortly restart its 10,000 metre ('m') air core ('AC') drilling campaign at the Senala project ('Senala' or the 'Project') in Senegal. Prior to the seasonal rains, IAMGOLD had already completed 1,300m AC drilling at the northernmost Faré prospect and will resume its programme there later this month.

 

Initial results from the programme are anticipated in the first quarter of 2021. Ahead of these new results, the Company has recalculated all historic reverse circulation ('RC') and diamond drilling results for Faré from Stratex International's programmes in 2013 and 2014, using a 0.3 gramme per tonne ('g/t') gold ('Au') cut off and 3m maximum consecutive internal dilution. Best results include 20m grading 31.13 g/t Au including 10m grading 60.98 g/t Au from RC drilling and 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au from diamond drilling.

 

Under the terms of the option agreement, IAMGOLD is approaching the end of its Year 3 commitment to spend up to US$8 million to earn a 70 per cent interest in Senala.

 

Highlights

 

· IAMGOLD completed 1,300m AC drilling at the Faré prospect during June and July 2020;

· Recommencement of the planned 10,000m programme later this month;

· Review and recalculation of all historic RC and diamond drilling results has returned exceptional results, including:

20.00m grading 31.13 g/t Au from 18.00m, including 10.00m grading 60.98 g/t Au (FARC-00007);

10.00m grading 2.34 g/t Au from 50.00m, including 6.00m grading 3.50 g/t Au (FARC-00001);

23.40m grading 1.84 g/t Au from 68.60m (FADD-00001);

14.00m grading 2.94 g/t Au from 11.10m (FADD-00002);

59.60m grading 2.20 g/t Au from surface (FADD-00003);

42.00m grading 1.36 g/t Au from 4.10m and 49.50m grading 1.75 g/t Au from 50.60m (FADD-00004);

7.00m at 1.31 g/t Au from 14.10m (FADD-00007);

7.00m grading 1.64 g/t Au from 17.60m (FADD-00013);

5.15m grading 2.92 g/t Au from 170.10m and 10.00m grading 4.12 g/t Au from 192.10m (FADD-00016);

19.50m grading 1.08 g/t Au from 93.40m and 4.28m grading 1.02 g/t Au from 146.32m (FADD-00021);

23.50m grading 1.41 g/t Au from 6.00m (FADD-00023);

12.00m grading 7.09 g/t Au from 18.00m (FADD-00025);

4.80m grading 1.38 g/t Au from 63.70m (FADD-00026).

 

· Based on these results alone, the Company believes Faré has the potential to host a standalone deposit;

· Results from the IAMGOLD programme are anticipated in Q1-2021;

· Subject to those results, IAMGOLD has planned a further 5,000m RC follow-up drilling and 1,000m diamond drilling to further test the extent of the mineralisation.

 

Oriole CEO Tim Livesey, said: "The historical results at Far é have already shown the potential for the development of a significant gold resource.  As we have seen from recent drilling on other licences in the immediate surrounds of Senala, long intercepts with grades well in excess of 2 g/t Au can quickly build the types of volumes required for stand-alone mineable resources.

"We are very eager to see the results of the IAMGOLD programme, which will initially look to make the link between the areas of mineralisation already drill tested. Further work is then planned to begin to pull together the structural interpretation of the mineralised shoots, to allow the development of a resource.

"As a potential stand-alone resource target, with over six kilometres of mineralised strike length, Far é adds significant value to the Senala licence, confirming its importance to Oriole. 

"In addition to Far é , we have four other mineralised zones within the Senala licence, already partially explored.  The confirmation, earlier this year, of the successful reapplication of the licence area has given us security of tenure and will allow the progressive exploration to continue unhindered by any concerns over licence expiry."

 

 

Further Details

 

In the second quarter of 2020, the Company announced that, as part its US$8 million earn-in at Senala, IAMGOLD had commenced a 10,000m AC drilling programme at the Faré prospect in the north of the licence (Announcement date 29 June 2020; Figure 1). Prior to the seasonal rains in mid-July, a total of 1,300m AC drilling had been completed. IAMGOLD has advised the Company that it plans to restart the programme later this month, with an anticipated completion date of early January 2021. The programme plans to determine the overall geochemical footprint of mineralisation at Faré, including whether any continuity exists between the currently identified Faré North and Faré South zones.

 

Link to Figure 1.  Planned AC drilling at Faré, covering previously-identified gold-in-soil anomalism (>10 ppb Au). Yellow labels highlight best results from RC and diamond drilling to date.

http://www.rns-pdf.londonstockexchange.com/rns/6387E_1-2020-11-9.pdf

 

Initial results from the programme are anticipated in the first quarter of 2021. Ahead of these new results, the Company has reviewed results for more than 10,000m RC and diamond drilling from Stratex International's programmes in 2013-2014. Recalculation of the data using a 0.3 g/t Au cut off and 3m maximum consecutive internal dilution has delivered a number of multi-gram intervals over substantial widths. Best results include 20m grading 31.13 g/t Au including 10m grading 60.98 g/t Au from RC drilling and 49.50m grading 1.75 g/t Au (Table 1) and 50.60m grading 1.75 g/t Au from diamond drilling (Table 2) (Figure 1).

 

Table 1. RC intercepts (0.3 g/t Au cut-off). Best results are highlighted in bold.

Hole ID

Prospect

Azimuth ( ° )

Declination ( ° )

From (m)

To (m)

Interval (m)*,**

G rade (g/t)

FARC-00001

Faré South

295

-50

44.00

45.00

1.00

0.30

and

 

 

 

50.00

60.00

10.00

2.34

including

 

 

 

54.00

60.00

6.00

3.50

and

 

 

 

76.00

77.00

1.00

1.20

FARC-00002

Faré South

295

-50

28.00

29.00

1.00

0.49

and

 

 

 

42.00

43.00

1.00

0.31

FARC-00003

Faré South

295

-50

12.00

13.00

1.00

3.01

FARC-00004

Faré South

295

-50

46.00

47.00

1.00

22.15

FARC-00005

Faré South

295

-50

40.00

41.00

1.00

0.37

FARC-00006

Faré South

295

-50

3.00

5.00

2.00

0.40

FARC-00007

Faré South

295

-50

18.00

38.00

20.00

31.13

including

 

 

 

18.00

28.00

10.00

60.98

and

 

 

 

41.00

42.00

1.00

0.46

and

 

 

 

56.00

59.00

3.00

0.55

and

 

 

 

79.00

80.00

1.00

0.57

FARC-00008

Faré South

295

-50

23.00

24.00

1.00

0.36

and

 

 

 

26.00

29.00

3.00

0.94

and

 

 

 

78.00

79.00

1.00

0.38

FARC-00009

Faré South

295

-50

6.00

7.00

1.00

0.72

and

 

 

 

59.00

60.00

1.00

0.43

FARC-00013

Faré North

295

-50

12.00

13.00

1.00

0.38

FARC-00014

Faré North

295

-50

16.00

17.00

1.00

0.53

FARC-00015

Faré North

295

-50

42.00

43.00

1.00

0.36

FARC-00016

Faré North

295

-50

40.00

41.00

1.00

0.58

FARC-00017

Faré North

295

-50

20.00

21.00

1.00

0.31

FARC-00019

Faré North

295

-50

25.00

27.00

2.00

1.81

FARC-00020

Faré North

295

-50

66.00

68.00

2.00

0.41

and

 

 

 

72.00

73.00

1.00

0.54

FARC-00021

Faré North

295

-50

7.00

9.00

2.00

1.64

FARC-00023

Faré North

 

 

24.00

25.00

1.00

0.41

FARC-00024

Faré North

 

 

16.00

17.00

1.00

0.31

FARC-00025

Faré North

295

-50

36.00

37.00

1.00

0.30

and

 

 

 

50.00

53.00

3.00

0.60

FARC-00026

Faré North

295

-50

27.00

28.00

1.00

0.37

and

 

 

 

30.00

31.00

1.00

0.62

and

 

 

 

65.00

66.00

1.00

0.41

FARC-00027

Faré North

295

-50

45.00

46.00

1.00

1.05

FARC-00029

Faré North

295

-50

22.00

23.00

1.00

0.68

FARC-00030

Faré North

295

-50

16.00

17.00

1.00

0.59

FARC-00031

Faré North

295

-50

8.00

9.00

1.00

0.31

and

 

 

 

13.00

23.00

10.00

0.51

and

 

 

 

35.00

36.00

1.00

0.42

and

 

 

 

49.00

50.00

1.00

0.36

FARC-00032

Faré North

295

-50

20.00

22.00

2.00

0.72

and

 

 

 

52.00

53.00

1.00

0.43

FARC-00033

Faré North

295

-50

10.00

11.00

1.00

0.36

FARC-00034

Faré North

295

-50

12.00

16.00

4.00

0.53

and

 

 

 

18.00

23.00

5.00

0.39

and

 

 

 

40.00

41.00

1.00

1.49

and

 

 

 

56.00

58.00

2.00

0.47

and

 

 

 

64.00

65.00

1.00

0.46

FARC-00041

Faré South

295

-50

3.00

4.00

1.00

0.37

FARC-00042

Faré South

295

-50

29.00

30.00

1.00

0.32

and

 

 

 

47.00

48.00

1.00

0.33

FARC-00043

Faré South

295

-50

13.00

14.00

1.00

0.31

and

 

 

 

20.00

21.00

1.00

0.31

and

 

 

 

23.00

26.00

3.00

0.37

FARC-00044

Faré South

295

-50

23.00

26.00

3.00

1.04

and

 

 

 

50.00

51.00

1.00

0.38

and

 

 

 

72.00

77.00

5.00

0.78

FARC-00050

Faré South

295

-50

44.00

45.00

1.00

0.68

FARC-00051

Faré South

295

-50

0.00

1.00

1.00

0.68

and

 

 

 

32.00

33.00

1.00

0.52

FARC-00052

Faré South

295

-50

16.00

17.00

1.00

0.34

and

 

 

 

30.00

32.00

2.00

1.26

and

 

 

 

37.00

38.00

1.00

0.98

FARC-00053

Faré South

295

-50

21.00

22.00

1.00

0.43

and

 

 

 

29.00

30.00

1.00

1.36

and

 

 

 

42.00

43.00

1.00

4.39

and

 

 

 

50.00

53.00

3.00

0.69

and

 

 

 

70.00

71.00

1.00

1.16

FARC-00055

Faré South

295

-50

33.00

35.00

2.00

0.56

and

 

 

 

37.00

38.00

1.00

0.50

FARC-00056

Faré South

295

-50

69.00

73.00

4.00

0.51

FARC-00061

Faré South

295

-50

59.00

60.00

1.00

0.99

FARC-00062

Faré South

295

-50

21.00

22.00

1.00

0.58

and

 

 

 

24.00

25.00

1.00

0.33

and

 

 

 

32.00

33.00

1.00

0.63

and

 

 

 

42.00

43.00

1.00

0.31

FARC-00063

Faré South

295

-50

3.00

4.00

1.00

0.35

and

 

 

 

11.00

13.00

2.00

0.41

and

 

 

 

30.00

37.00

7.00

0.71

and

 

 

 

43.00

47.00

4.00

0.50

FARC-00076

Faré South

295

-50

14.00

16.00

2.00

0.62

and

 

 

 

52.00

53.00

1.00

0.32

and

 

 

 

59.00

61.00

2.00

1.07

FARC-00078

Faré South

295

-50

45.00

46.00

1.00

0.32

 

Table 2. Diamond drilling intercepts (0.3 g/t Au cut-off). Best results are highlighted in bold.

Hole ID

Prospect

Azimuth ( ° )

Declination ( ° )

From (m)

To (m)

Interval (m)*,**

Grade (g/t)

FADD-00001

Faré South

1 15

-50

8.60

13.10

4.50

0.85

and

 

 

 

31.60

32.60

1.00

0.63

and

 

 

 

68.60

92.00

23.40

1.84

FADD-00002

Faré South

295

-50

11.10

25.10

14.00

2.94

and

 

 

 

49.10

50.10

1.00

2.38

FADD-00003

Faré South

295

-50

0.00

59.60

59.60

2.2

and

 

 

 

80.10

83.60

3.50

2.31

FADD-00004

Faré South

295

-50

4.10

46.10

42.00

1.36

and

 

 

 

50.60

100.10

49.50

1.75

FADD-00005

Faré South

295

-50

12.60

14.10

1.50

0.32

and

 

 

 

40.10

41.10

1.00

1.53

and

 

 

 

57.60

58.60

1.00

3.53

and

 

 

 

101.60

105.60

4.00

0.39

FADD-00006

Faré South

295

-50

69.60

70.60

1.00

0.35

FADD-00007

Faré North

295

-50

14.10

21.10

7.00

1.31

FADD-00008

Faré North

295

-50

2.10

3.60

1.50

2.90

and

 

 

 

32.56

34.60

2.04

1.37

and

 

 

 

78.10

80.10

2.00

0.48

and

 

 

 

86.10

87.10

1.00

0.88

FADD-00010

Faré North

295

-50

8.60

9.70

1.10

0.46

FADD-00011

Faré North

295

-50

17.00

21.50

4.50

0.41

FADD-00012

Faré North

295

-50

27.10

28.10

1.00

1.34

and

 

 

 

96.60

100.60

4.00

0.35

FADD-00013

Faré South

295

-50

17.60

24.60

7.00

1.64

FADD-00014

Faré South

295

-60

23.20

27.70

4.50

0.92

and

 

 

 

32.20

33.70

1.50

0.48

FADD-00015

Faré South

295

-60

80.30

81.30

1.00

0.70

FADD-00016

Faré South

295

-60

78.10

80.10

2.00

1.76

and

 

 

 

109.10

110.10

1.00

0.72

and

 

 

 

120.10

121.10

1.00

0.78

and

 

 

 

125.10

126.10

1.00

0.39

and

 

 

 

129.10

130.10

1.00

15.99

and

 

 

 

134.10

136.10

2.00

0.82

and

 

 

 

141.10

144.10

3.00

1.18

and

 

 

 

170.10

175.25

5.15

2.92

and

 

 

 

178.10

179.10

1.00

0.38

and

 

 

 

188.10

189.10

1.00

0.43

and

 

 

 

192.10

202.10

10.00

4.12

and

 

 

 

210.10

211.10

1.00

0.83

and

 

 

 

217.10

222.40

5.30

1.20

and

 

 

 

247.10

248.10

1.00

0.87

FADD-00017

Faré South

295

-60

102.40

103.40

1.00

0.30

and

 

 

 

115.40

116.40

1.00

0.33

FADD-00018

Faré South

295

-60

24.50

25.50

1.00

0.34

FADD-00020

Faré South

295

-60

23.50

37.00

13.50

0.91

and

 

 

 

44.00

46.00

2.00

1.22

FADD-00021

Faré South

295

-60

93.40

112.90

19.50

1.08

and

 

 

 

130.60

131.60

1.00

0.81

and

 

 

 

139.87

142.14

2.27

0.75

and

 

 

 

146.32

150.60

4.28

1.02

FADD-00022

Faré South

295

-60

136.30

141.28

4.98

0.61

FADD-00023

Faré South

295

-60

6.00

29.50

23.50

1.41

and

 

 

 

45.50

47.00

1.50

0.35

FADD-00024

Faré South

295

-60

234.00

242.50

8.50

0.74

FADD-00025

Faré South

295

-60

18.00

30.00

12.00

7.09

FADD-00026

Faré South

295

-60

57.10

68.50

11.40

0.85

including

 

 

 

63.70

68.50

4.80

1.38

and

 

 

 

140.50

145.00

4.50

0.61

FADD-00029

Faré South

115

-50

187.00

188.00

1.00

0.38

and

 

 

 

252.00

253.00

1.00

1.54

and

 

 

 

281.00

283.00

2.00

0.65

and

 

 

 

298.00

299.00

1.00

0.4

 

*For interval widths greater than 1.0 m, using a 0.3 g/t Au cut-off and no more than 3.0 m consecutive internal dilution.

**True widths are estimated to be between 77% and 87% of the reported interval thickness, except for holes FADD-00001 and FADD-00029, where estimate true width is 42%.

 

 

Based on these results alone, the Company believes Faré has potential to host a standalone deposit. Subject to the results from the current AC drilling programme, IAMGOLD has planned a further 5,000m RC follow-up drilling and will also be undertaking a planned 1,000m diamond drilling to test mineralised intervals previously identified by Stratex International.

 

IAMGOLD is currently in Year 3 of its earn-in and, under the terms of the option agreement, must spend a further US$1 million by the end of February 2021 to keep the option in good standing.

 

For further information, including an updated JORC Table 1, please see the Senala page on the Company's website   https://orioleresources.com/projects/senala/ .

 

 

Competent Persons Statement  

 

The information in this release that relates to Exploration Results has been compiled by Claire Bay (VP Exploration and Business Development). Claire Bay (MGeol, CGeol) is a Competent Person as defined in the JORC code and takes responsibility for the release of this information. Claire has reviewed the information in this announcement and confirms that she is not aware of any new information or data that materially affects the information reproduced here.

 

 

** ENDS **

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

For further information please visit  www.orioleresources.com ,   @OrioleResources on Twitter,  

or contact:

 

Oriole Resources PLC

Tim Livesey / Bob Smeeton / Claire Bay

 

Blytheweigh (IR/PR contact)

Tim Blythe / Megan Ray / Rachael Brooks

 

Grant Thornton UK LLP

Samantha Harrison / Seamus Fricker

 

Shard Capital Limited

Damon Heath / Erik Woolgar / Isabella Pierre

 

 

Notes to Editors:

 

Oriole Resources PLC is an AIM-quoted exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. Year 2 commitments have been met at all three projects. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DRLGLBDBCDGDGGC

a d v e r t i s e m e n t