Oriole Resources said on Thursday that IAMGOLD has completed its Phase 1 drilling programme at the Faré prospect.
The drilling programme was for 689.50m diamond drilling and 4,854m reverse circulation (RC) drilling. The Phase 2 programme has also been partially completed at the Madina Bafé prospect for a further 493 m diamond drilling and 3,111 m of a planned 5,000 m RC drilling.
The companies have now paused the programme due to the rainy season and will resume in October.
Initial results from the programmes are anticipated during Q3 2021.
Oriole Resources CEO, Tim Livesey, said: “Understanding the geological and resource potential at both the Faré and Madina Bafé targets will bring significant focus and value to the Senala licence and so we are very pleased to have seen the excellent progress made by the IAMGOLD exploration team at both prospects through the first half of the year.
“Positive results at Faré would offer the potential to take us closer to delivering a maiden resource, whilst positive results at Madina Bafé may mean the prospect consolidates as a satellite target for the neighbouring Boto mine development project. IAMGOLD is continuing to invest in Boto through a planned additional US$60 million programme of advanced site works and detailed engineering in 2021.”
Oriole Resources' share price initially climbed to 0.626p on the news. However, it is currently trading at 0.536p, down 2.73%.
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Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.