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Investment Update on Thani Stratex Resources
Investment Update on Thani Stratex Resources.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0022S\n Oriole Resources PLC\n 11 November 2021\n \n \n \n \n Oriole Resources PLC \n \n \n ('Oriole Resources' or 'the Company' or 'the Group')\n \n \n \n \n \n Investment Update on Thani Stratex Resources\n \n \n \n \n \n Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on its \n 24.92% interest in Thani Stratex Resources Limited ('TSR') which, through its local subsidiary Thani Dubai Mining, holds a 93% interest in the Hodine exploration licence in Egypt ('Hodine' or the 'Licence').\n \n \n \n \n \n Further to signing a binding Heads of Terms agreement with private investment company Red Sea Resources Ltd ('RSR') earlier this year (announcement dated 16 March 2021), \n the\n Company is pleased to report that RSR has\n now successfully renewed the Licence.\n \n \n \n \n \n Drilling has now commenced on the Licence as part of RSR's First Option to spend US$1.2 million on exploration within 12 months in return for a 51% interest in Hodine.\n \n \n \n \n \n For further information on the Company's investment in TSR, please see \n the following page of the Company's website\n \n \n https://orioleresources.com/investments/hutite-and-anbat/\n \n . \n The Company will provide further updates in due course. \n \n \n \n \n \n Oriole Resources CEO, Tim Livesey, said\n : \n \"We are pleased to see the Licence renewal has been completed smoothly and that the exploration programme has started. With existing JORC and non-JORC resources on the Licence from previous drilling, we expect there will be continued success in resource development on this promising Licence. As a Director \n of the holding company, and TSR's board representative, I continue to monitor the ongoing progress at Hodine.\n \"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ** ENDS **\n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations unde...