Oriole Resources mulls options for Senela project in Senegal after partner completes earn-in
February 20, 2024 at 03:29 pm IST
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Oriole Resources PLC (AIM:ORR) CEO Tim Livesey joined Proactive's Stephen Gunnion with an update on the company's Senala gold project in Senegal after its partner at the project AGEM Senegal Exploration, part of Managem Group, completed a six-year earn-in period.
Livesey said over the six years, AGEM aimed to earn up to 70% ownership through an $8 million investment but concluded the period with a roughly 59% stake.
The Senala project, described as a "legacy asset" by Livesey, is part of Oriole's portfolio despite a recent focus on Cameroon. As the partnership moves forward, Livesey said Oriole will evaluate its involvement based on forthcoming work plans and budget proposals from the joint venture, considering the substantial investments required for further development.
Oriole Resources PLC is an AIM-listed gold exploration company, operating in West Africa. In Cameroon, the company has a gold resource at the Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. In Senegal, Managem Group is earning into Oriole’s advanced Senala gold project.
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Oriole Resources PLC is a United Kingdom-based exploration and development company. The Company is focusing primarily on gold and high-value base metals. Its main exploration operations are located in Turkey, East Africa and West Africa. Its projects include Central License Package (CLP), Bibemi, Wapouze and Senala. The CLP is a district-scale land package in central Cameroon, located to the west of the regional capital, Ngaoundere and covering approximately 4,091 square kilometers (km2). It comprises the Eastern licenses of the CLP (Tenekou, Niambaram, Pokor, Ndom and Mbe), the Western licenses of the CLP (Mana, Dogon and Sanga) and the Gamboukou license. Bibemi is an early-stage gold exploration project, covering highly prospective Neoproterozoic Pan-African greenstone belts in north-eastern Cameroon. Wapouze is an early-stage gold exploration project, covering highly prospective Neoproterozoic Pan-African greenstone belts in north-eastern Cameroon and located 20 km north of Bibemi.