Business
Update on Thani Stratex Resources
Update on Thani Stratex Resources.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \n \n \n Oriole Resources PLC \n \n \n \n ('Oriole Resources' or 'the Company' or 'the Group')\n \n \n \n \n \n \n Update on Thani Stratex Resources\n \n \n \n \n \n \n \n \n Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed on West Africa, provides an update on its 24.94% interest in privately-owned Thani Stratex Resources Limited ('TSR') which holds a 100% interest in the Hodine licence in Egypt ('Hodine' or the 'Licence').\n \n \n \n \n \n On 19 October 2022, the Company reported that Red Sea Resources Limited ('RSR') had spent US$2.2 million on exploration at Hodine, specifically the Anbat project ('Anbat'), but that it would not be exercising its option to acquire an 85% interest in the Licence. The decision was made on the basis that the exploration programmes had not significantly improved the existing 2017 Inferred Mineral Resource Estimate ('MRE') at Anbat of 209,000 ounces grading 1.11 grammes per tonne gold (announcement dated 6 December 2017). Furthermore, the Egyptian Mining authority, EMRA, had concluded that the 2017 MRE did not satisfy the definition of a commercial discovery under the Egyptian Mining Code. Accordingly, RSR forfeited it's right to an 85% interest in the Licence and TSR resumed full control.\n \n \n \n \n \n With the Licence due to expire on 31 December 2022, and no possibility of extending its tenure, TSR has advised the Company that it has now formally relinquished the Licence. Accordingly, an amount of £1.45 million, relating to the carrying value of TSR, will be written down in the Company's accounts at year end.\n \n \n \n \n \n \n \n \n \n ** ENDS **\n \n \n \n \n \n \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 under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n For further information please visit\n \n \n www.orioleresources.com\n \n ,\n \n @OrioleRes...