Update on Thani Stratex Resources

RNS Number : 1304J

Oriole Resources PLC

09 December 2022

 

Oriole Resources PLC 

('Oriole Resources' or 'the Company' or 'the Group')

Update on Thani Stratex Resources

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').

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.

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.

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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.  

For further information please visit   www.orioleresources.com ,   @OrioleResources  on Twitter, or contact:

Oriole Resources PLC Tim Livesey / Claire Bay / Bob Smeeton	Tel: [phone]
BlytheRay (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks	Tel: [phone]
Grant Thornton UK LLP Samantha Harrison / George Grainger /Ciara  Donnelly	Tel: [phone]
SP Angel Corporate Finance LLP Ewan Leggat / Harry Davies-Ball	Tel: [phone]

Notes to Editors:

Oriole Resources PLC is an AIM-listed gold exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon, where the Company has recently reported a JORC Exploration Target of between 290,000 and 440,000 ounces of gold at the Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. At the more advanced Senala gold project in Senegal, IAMGOLD is operator and has the option to spend US$8 million to earn a 70% interest. Under the terms of the Option Agreement, IAMGOLD has recently met its first commitment by spending US$4 million within an initial four years and will shortly acquire a 51% interest in Senala. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could deliver future cash flow.

 

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