Wednesday saw Oriole Resources (LSE:ORR) provide a positive update from its Dalafin gold project in eastern Senegal. Its partner on the project, IAMGOLD, has completed follow-up drilling confirming that mineralization continues at depth on the Madina Bafé prospect.
The last quarter of 2018 saw the completion of an initial phase of drilling allowing the mapping of multiple gold-in-soil anomalies. The second phase of drilling extends the area of known mineralisation and adds to the company’s confidence in the area.
Oriole currently owns an 85pc interest in the Dalafin project. The firm has provided IAMGOLD with an option to earn up to a 70% interest in Dalafin by way of spending $8m progressing the project. To date IAMGOLD has spent $534k on exploration, meeting their first-year commitment.
IAMGOLD targeted three main zones including a 15.km long anomaly which was defined in the initial phase of drilling. Drilling is expected to continue this month alongside further analysis of the data provided from the first two phases.
24 holes have been drilled in the current Reverse Circulation (RC) programme to date with the table below highlighting the most significant results.
Significant RC Drilling Results for Madina Bafé - IAMGOLD 2018 programme
Oriole Resources CEO, Tim Livesey, said: 'We are encouraged to see positive results from the drilling results received so far for the Madina Bafé area of the Dalafin licence. The intersections confirm and extend the known areas of anomalism and as such continue to add to our understanding and confidence in this target area.
Although the Madina Bafé area is the current focus for IAMGOLD, due to its proximity to their Boto development project to the immediate east, we are also looking forward to future work on the other anomalies in the north of the licence - notably at Faré, where previous work has also shown very promising results.
These initial results from the Madina Bafé are further evidence of the increasing value of the Dalafin project, as well as the wider Oriole portfolio, and we look forward to working with IAMGOLD through the year to further progress the exploration programme.'
Author: Stuart Langelaan
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