, the early stage explorer, has revealed positive results from drilling on its Madina Bafé prospect within the Dalafin project in eastern Senegal.
The company holds 85% in the project, where IAMGOLD Corporation also has the option to spend up to $8 million for a 70% interest in what would be a transformational transaction for the $2.67 million market cap explorer.
Aircore drilling conducted by the company outlined multiple gold-in-soil anomalies as well as a c.1.5km anomaly in south-east. Additionally, the diamond drilling programme confirmed that the mineralisation continues at depth, with a best intersection of 8 m at 2.56 grams per tonne of gold.
Oriole Resources CEO, Tim Livesey, said: “The intersections confirm and extend the known areas of anomalism and as such continue to add to our understanding and confidence in this target area.”
He added “These initial results from the Madina Bafé are further evidence of the increasing value of the Dalafin project, as well as the wider Oriole portfolio, and we look forward to working with IAMGOLD through the year to further progress the exploration programme.”
Positive exploration results are good for gold producers who may well increase in importance to investors in tougher markets and as the profitability of producers is heavily geared to the good price of gold.
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