Oriole Resources plc has published a revised JORC exploration target for the Faré prospect at the Senala orogenic gold project in the Kédougou-Kéniéba Inlier (KKI) region of eastern Senegal.
JOINT VENTURE
Faré is one of four prospects along with Baytilaye, Konkonou, and Madina Bafé within the two-block 354.50km2 licence.
New estimates give Faré an exploration target range of 17 to 24 million tonnes at a grade of 0.69 to 0.84g/t gold for 380,000oz to 650,000oz contained gold for all targets within the prospect.
The figures include 4,854m of reverse circulation and 2,148m diamond drilling, revealing “multiple new intersections” at Faré North and Faré Far South, from AGEM Senegal Exploration Suarl during its earn-in.
The revised exploration target follows a 2021 inaugural JORC-compliant mineral resource estimate for Faré South of 155,000oz contained gold grading 1.26g/t gold in the inferred category.
Oriole said that the exploration target lay outside of, and was complimentary to, the 2021 MRE envelope for Faré South.
The company also continues to finalise a joint venture agreement with AGEM to manage further exploration to progress mineral resource definition.
Chief executive officer Martin Rosser added: “Senegal is a richly endowed gold mining country and the updated exploration target for the Senala gold project gives positive encouragement that it has considerable upside potential to host a significant sized gold deposit.
“The project is well located to already delineated large gold deposits in Senegal, as well as in western Mali.
“We look forward to finalising the joint venture agreement with our partners Managem and determining that potential to the full.”
Oriole holds a circa 35% interest in Senala through 85% ownership of Senegal-registered JV Stratex EMC S.A which holds the licence.
Stratex was formed in partnership with private local company Energy & Mining Corporation S.A. (EMC) which holds the remaining 15%.