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Oriole Resources Plc
Summary
| Project: | Dalafin | |
|---|---|---|
| Deposit: | Dalafin | |
| Location: | Senegal | |
| Commodities: | Gold | |
| Date: | 10/25/2018 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 25-10-2018: Oriole Resources Plc announces an Exploration/Drilling Update report for its Dalafin deposit at the Dalafin project. Drilling results incl. 2.48g/t Au. Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is ple | |
| Resources: | x | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is pleased to announce results of systematic Air Core ('AC') drilling at its 85%-owned Dalafin project in the Kédougou-Kéniéba inlier of eastern Senegal, where IAMGOLD Corporation ('IAMGOLD') has the option to spend US$8M to earn a 70% interest (announcement dated 1 March 2018). In Q2 2018, IAMGOLD commenced a fully carried multi-phase drilling programme on the southernmost Madina Bafé prospect (announcement dated 31 May 2018) which lies c.12km to the west-northwest of IAMGOLD's 2.49Moz (Indicated) Boto gold project ('Boto'), where the geological setting is similar, including the presence of quartz-tourmaline veins. IAMGOLD's recently completed Feasibility Study at Boto has delivered significantly improved project economics and it will shortly apply for a mining licence (IAMGOLD announcement dated 22 Oct 2018). Oriole Resources CEO, Tim Livesey, said: "We are very glad to see IAMGOLD progressing so quickly with their earn-in on Dalafin and are especially pleased that the initial AC drilling campaign has been successful in 'seeing-through' the lateritic cover, identifying broad zones of anomalous gold mineralisation as well as higher grade samples that could indicate a feeder zone at depth. These encouraging results have not only supported previous work by Oriole but have importantly also identified new targets. Both will be the focus of deeper, follow-up RC and diamond drilling, commencing next month. We look forward to updating our shareholders as data from this ongoing exploration programme is received.The excellent project economics published by IAMGOLD on Tuesday on the neighbouring Boto licence supports their long-term commitment to the region, including their announcement of the application for a mining licence over Boto, during Q4 2018. We hope that continued positive results from our Dalafin licence will enable our project to become a more significant part of this growth strategy around the Boto project."Further Information Previous exploration work conducted by Oriole at the southernmost prospect at the Dalafin project, Madina Bafé, has included trenching, mapping, and sampling programmes that have confirmed the presence of a 1,200 m x 30-45 m northeast-striking mineralised zone in the south-east of the prospect, with mineralisation comprising sheeted tourmaline-quartz veins and quartz-tourmaline breccias. | |
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