Oriole Resources PLC (LSE:ORR, FRA:S1Y) said joint venture partner IAMGOLD Corporation completed its Phase 1 drilling programme at the Faré prospect, part of the Senala project in Senegal.
IAMGOLD has also partially completed a Phase 2 drilling programme at the southernmost Madina Bafé prospect at Senala.
The programme has now been paused for the rainy season and will resume in October 2021. Initial results from the programmes are anticipated in the third quarter of this year.
"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,” said Oriole chief executive Tim Livesey.
"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$60mln programme of advanced site works and detailed engineering in 2021,” he said.
Oriole said it believes the Faré prospect has the potential to be a standalone deposit.
In April, Oriole said it came to an agreement with IAMGOLD over funding exploration work at Senala after IAMGOLD underspent during Year 3.
IAMGOLD has the option to spend as much as US$8mln to earn a 70% interest in Senala and is currently in Year 4 of that earn-in.