LONDON (ShareCast) - (Sharecast News) - Exploration company Oriole Resources updated the market on exploration at its 85%-owned Dalafin gold project in the Kédougou-Kéniéba inlier of eastern Senegal on Monday, where IAMGOLD Corporation had the option to spend up to $8m to earn a 70% interest.
The AIM-traded firm said IAMGOLD had completed 4,167 metres of a planned 5,000m programme of shallow aircore drilling at the Madina Bafé prospect, as part of its second year commitment.

It said the results included a best grade of 235 parts per billion gold, and had outlined multiple new anomalies in the south of the prospect, as well as in a new area several kilometres to the north.

The programme had now stopped for the wet season, and would resume in October, including 4,000m reverse circulation drilling at Madina Bafé to follow-up on best results to date.

It would also feature 2,500m regional air core drilling at Saroudia prospect, around two kilometres to the north west, and subsequently 1,600m reverse circulation drilling at Saroudia to follow-up on best air core results.

"We are very pleased to see the excellent progress to date at Madina Bafé and look forward to the programme recommencing here and at Saroudia after the rains," said Oriole Resources chief executive officer Tim Livesey.

"The identification of yet more gold targets has expanded our area of interest in the south of Madina Bafé to a substantial 16 square kilometres."

Livesey said the identification of a further two kilometre-long anomaly several kilometres north of that left the board "convinced" of the more prospective nature of its Dalafin licence within this "highly-endowed" geological terrane.

"We are confident that follow-on RC Drilling will provide further definition of these targets at Madina Bafé, and that more anomalism will be identified as the programme extends to the Saroudia area."

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