Shares of Oriole Resources (LON: ORR) are gaining on Monday after the company completed a Mineral Resource Estimate (MRE) for the Faré South prospect at its Senala project in Senegal.
The company said it has reported a JORC-compliant resource estimate of 155,000 ounces of gold grading 1.26 grams a tonne gold in the inferred category, based on a 0.3 g/t gold cut off and within a $1,800/ounce pit shell.
This Resource sits within a larger JORC-compliant Exploration Target estimate for Faré South of up to 280,000 ounces of gold grading 1.10 g/t.
Last week the company reported year 4 RC drill results from the Senala project.
The project is a joint venture with IAMGOLD, which has a right to acquire a 51% interest in Senala.Â
Oriole Resources CEO, Tim Livesey, said: “We are delighted to be in a position to share with our investors an initial resource estimate for Faré South, just one of three targets at the Faré prospect. As a maiden JORC-compliant resource, completed by an independent consultant, we see this as an excellent first step.Â
“The bulk of the mineralisation included in this mineralised envelope at Faré South is associated with the shallower, oxide component of the deposit. This has positive commercial implications on any future mining here as the ore will be comparatively easier and cheaper to extract, using open-pit mining techniques.”
Oriole's share price is currently trading at 0.533p, up 12.11% from Friday's close. So far, in 2021, Oriole's share price has gained 19.66%.
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