20th Nov 2019 13:59
(Alliance News) - Oriole Resouces PLC said Wednesday its partner Iamgold Corp is preparing to restart the 2019-20 work programme on the Dalafin gold project in Senegal, following seasonal rains.
The exploration company said the restarting of work programme will include a further planned 2,500 meters of reverse circulation drilling at Madina Bafe, to follow-up on the best results to date, as well as 3,500 meters of aircore drilling at the Saroudia prospect.
Both prospects have the potential to identify additional mine feed for the Boto gold project, where mine permitting is anticipated later this year, the company said.
Iamgold - which has the option to spend up to USD8.0 million to earn a 70% interest in the licence - is currently in the second year of its investment.
Chief Executive Officer Tim Livesey said: "We are pleased to see Iamgold continuing to meet its obligations at Dalafin and look forward to seeing what the next set of results brings."
"Additionally, we are in the process of scheduling a technical review meeting with our partner early in the New Year to discuss the results to date and the next phase of the work programme, which we understand will progress the exploration further north," Livesey said.
Oriole Resources shares were down 8.7% in London at 0.39 pence each on Wednesday.
By Loreta Juodagalvyte; [email protected]
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