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Oriole Resources (LON: ORR) shares have strengthened 4% Wednesday after it told investors drilling has restarted at the Senala gold project.
The project is a joint venture with partner IAMGOLD Corporation, which can spend up to $8 million to earn a 70% interest.
IAMGOLD has refocused the remainder of its Year 4 budget towards further exploration at Faré and has recently completed a 2,160m RC drilling programme in 18 holes.
Shares of Oriole are currently priced at 0.39p.
In addition, 4 diamond holes were completed for 401m at Madina Bafé to test the main northeast-trending corridor. IAMGOLD had anticipated restarting the programme at Madina Bafé in Q4 2021, with 4 diamond holes drilled for 401m to test the north-eastern extension of the corridor in early November. However, the ground conditions at Madina Bafé were considered too wet to ensure the completion of the programme.
Results from the programmes at Faré and Madina Bafé are expected early in the first quarter of 2022.
Oriole Resources CEO, Tim Livesey, said: “We're pleased to see IAMGOLD shifting its focus on the remaining programme for Year 4 to expand on its testing of the Faré prospect.
“We believe the results seen to date at Faré indicate that it offers ample space and grade for the development of a robust resource and we look forward to seeing the progress on this additional drill programme.”
Oriole Resources shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are ORR shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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