Oriole Resources PLC Says IAMGOLD Corp Completed Phase 1 Drilling Program on Faré Prospect

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IAMGOLD Has Opportunity to Spend Up to US $ 8 Million to Acquire 70% Interest in Senala

Oriole Resources PLC said its joint venture partner IAMGOLD Corporation has completed its Phase 1 drilling program on the Faré prospect, which is part of the Senala project in Senegal.

IAMGOLD has also partially completed a Phase 2 drilling program at the southernmost Madina Bafé prospect in Senala.

The program has now been suspended for the rainy season and will resume in October 2021. The first results of the programs are expected in the third quarter of this year.

“Understanding the geological potential and resources of the Faré and Madina Bafé targets will bring significant attention and value to the Senala license and therefore we are very pleased to have seen the excellent progress made by the IAMGOLD exploration team. on both perspectives during the first half of the year. of the year, ”said Oriole CEO Tim Livesey.

“Positive results at Faré would offer the potential to bring us closer to the delivery of a first resource, while positive results at Madina Bafé could mean that the prospect is consolidating as a satellite target for the neighboring mine development project. by Boto. “

“IAMGOLD continues to invest in Boto as part of an additional scheduled US $ 60 million advanced and detailed engineering work program in 2021,” he said.

Oriole said he believes the Faré prospect has the potential to be a stand-alone field.

In April, Oriole said he had reached an agreement with IAMGOLD to fund exploration work at Senala after IAMGOLD underestimated in year three.

IAMGOLD has the ability to spend up to US $ 8 million to acquire a 70% stake in Senala and is currently in the fourth year of this acquisition.



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