Oriole Resources plc has identified the Faré prospect as a potential stand-alone project at the Senala gold joint venture in Senegal.
ANOMALIES
Earlier this year, partner IAMGOLD Corporation began its second option to spend a further US$4m.
The Canadian company alsorecently 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.
“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.
IAMGOLD 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 IAMGOLD completed its first option to spend US$4m, Oriole is now formalising IAMGOLD’s 51% interest in Senala.