Oriole Resources PLC Extension of Licence Tenure in Senegal (3812A)
21 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMORR
RNS Number : 3812A
Oriole Resources PLC
21 January 2020
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Extension of Licence Tenure in Senegal
Oriole Resources, the AIM-quoted exploration company operating
in Africa and Europe, is pleased to provide an update on its
Dalafin gold project ('Dalafin') in Senegal, where IAMGOLD
Corporation ('IAMGOLD') has the option to spend up to US$8 million
to earn a 70 per cent. interest (announcement dated 1 March
2018).
With the exclusive exploration licence at Dalafin having met and
exceeded its maximum tenure of nine years, plus a one-year special
extension, the Company reports that it has been successful in
applying for a new licence, now designated as Senala ('Senala' or
'the Project'), over the same coordinates as Dalafin (covering
472.5km(2) ). The Senala licence will be governed by the new
Senegalese Mining Code that will secure the tenure of the licence
for up to a further 10 years (plus up to two years special
extension), subject to meeting the criteria at each renewal period
(initially four years, then renewable twice for three years each).
New joint venture and side letter agreements have been signed with
the Company's local partner, Energy & Mining Corporation S.A.
('EMC'). The terms of the agreements are the same as the previous
agreements such that Senala is owned 85 per cent by Stratex West
Africa Ltd, a wholly-owned subsidiary of Oriole, and 15 per cent by
EMC.
IAMGOLD is currently in the second year of its earn-in at the
Project, having completed over 9,300 metres drilling to date at the
southernmost Madina Bafé prospect (announcements dated 6 February
2019 and 5 August 2019). In addition, IAMGOLD has now completed a
further 3,200 metres of air core drilling at the Saroudia prospect
immediately to the north. The Oriole team look forward to reviewing
and reporting on the results from this programme during Q1 2020.
Planning for the 2020 programme is currently underway.
Both prospects have the potential to identify additional mine
feed for the neighbouring Boto gold project, for which IAMGOLD
received its mine permit last week (IAMGOLD announcement dated 13
January 2020).
Oriole Resources CEO, Tim Livesey, said: "We are delighted to
have received approval for our Senala licence application and to
have received support of the Senegalese Government once again. Not
only does the new licence provide security of tenure for a minimum
of four years, we have been able to retain the entire licence
area.
"We look forward to continuing the exploration programme at
Senala, in particular at the Madina Bafé and Faré prospects, which
have previously delivered best drilling intersections of 9.6 metres
at 16.08 grammes per tonne gold and 96 metres at 1.51 grammes per
tonne gold respectively. This extensive licence area lies within a
highly-endowed gold region of eastern Senegal, where there has been
significant interest and M&A activity in recent months.
"We would like to thank both our partners, EMC and IAMGOLD, for
their roles in progressing this renewal; it is a huge endorsement
of their capabilities and professionalism. We would also like to
congratulate IAMGOLD for receiving the Boto mining permit and look
forward to a development decision later this year."
For further information, including a JORC Table 1 please see the
Senala page of our website
https://orioleresources.com/projects/senala/.
** ENDS **
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Following the
publication of this announcement, this inside information is now
considered to be in the public domain.
For further information please visit www.orioleresources.com,
@OrioleResources on Twitter,
or contact:
Oriole Resources Plc Tel: +44 (0)20 7830 9650
Tim Livesey / Bob Smeeton / Claire
Bay
Blytheweigh (IR/PR Contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray / Rachael Brooks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ben Roberts / Niall McDonald
WH Ireland Tel: +44 (0)20 7220 1666
Adrian Hadden / Darshan Patel / Lydia
Zychowska
Notes to Editors:
Oriole Resources PLC is an AIM-quoted exploration company,
focussed on West Africa. It is focused on early-stage exploration
in Cameroon (Bibemi and Wapouzé projects) and the more advanced
Senala gold project in Senegal, where IAMGOLD has the option to
spend US$8m to earn a 70% interest. Year 1 commitments have been
met at all three projects. The Company has several interests and
royalties in companies operating throughout Africa and Turkey that
could deliver future cash flow, and it continues to assess new
opportunities in both regions.
.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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