IN BRIEF: Oriole Resources agrees on year four programme for Senala

Oriole Resources PLC - exploration company focussed on west Africa - Agrees with its joint ...

Alliance News 23 March, 2021 | 5:25PM
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Oriole Resources PLC - exploration company focussed on west Africa - Agrees with its joint venture partner on Senala project in Senegal, IAMGOLD Corp, to carry forward an underspend of USD172,000 into year four. As a result, IAMGOLD has proposed a programme of expenditure that will cover the shortfall and meet the year four commitment of USD1.5 million. The funds will be used to undertake a two-phase work programme, the first phase of which will comprise a planned 5,000 metres of reverse circulation drilling and 1,000 metres of diamond drilling at the northern most Fare prospect. This work is now scheduled for completion before the end of the second quarter of 2021. The second phase, comprising a planned 5,000 metres of reverse circulation drilling and 600 metres of diamond drilling, will be focused on re-testing the system at the southernmost Madina Bafe prospect, where previous drilling by the company had returned 9.60 metres grading 16.08 grammes per tonne gold.

"The carry forward will mean greater funding for year four, allowing additional work to be completed on the Senala licence," notes Oriole Chief Executive Tim Livesey.

Separately, Oriole reports further limited drilling and surface grab sampling results from phase one exploration at the Hesdaba project. Notes results returned a best intersection of one metre grading 2.1 grams per tonne of gold from the Caravan prospect.

"We are pleased to see the continued progress in Djibouti and in particular we are looking forward to seeing the results for these recent works as they are delivered through Q2," says Livesey.

Current stock price: 0.94 pence, up 3.9% on Tuesday

Year-to-date change: more than doubled from 0.45p on December 31

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Oriole Resources PLC 0.32 GBX 0.48 -

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