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.
Oriole Resources shares are rising on Wednesday after the company provided an update on the Senala joint venture, stating that year 4 RC drilling has delivered further excellent results.
The Senala project, located in Senegal, is part of a joint venture with IAMGOLD Corporation, which has an option to spend up to US$8 million to earn a 70% interest. So far, they are in year 4 of the earn-in and have completed more than 80% of a two-phase exploration programme this year.
The best results from Phase 1 RC drilling at the Faré prospect include 11m grading 1.22 grams per tonne of gold from 5m and 2m grading 11.74 grams per tonne of gold from 84m, including 1.00m grading 22.67 grams per tonne.
Oriole said the results continue to support the potential for the definition of open-pittable gold resources at Faré. However, they are still awaiting results from four holes drilled.
Oriole Resources CEO, Tim Livesey, said: “Excellent results from this new RC drilling programme, targeting previously identified but as yet unquantified gold mineralisation at Faré Far South and Faré North, continue to support our belief that the c.6 km trend at the Faré prospect has ample potential to host a stand-alone resource.
“Not only are these RC drilling results indicative of the typical grades considered mineable in West African orogenic gold systems but the intersection of significant mineralised widths, often close to surface, points to the huge untapped potential at Faré.”
Oriole's share price is trading at 0.525p, up 10.53% on Wednesday, following Tuesday's 9.5% decline.
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