Business
Extension of Licence Tenure in Senegal
Extension of Licence Tenure in Senegal.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3812A Oriole Resources PLC 21 January 2020 \n\nOriole Resources PLC \n('Oriole Resources' or 'the Company' or 'the Group')\n \nExtension of Licence Tenure in Senegal\n \nOriole 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). \n \nWith 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 472.5km2). 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. \n \nIAMGOLD 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.\n \nBoth 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). \n \n \nOriole Resources CEO, Tim Livesey, said: \"We are delighted to have received approval for ou...