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REG - Oriole Resources PLC - Senala Update: Licence Renewed for Second Term

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RNS Number : 5730J  Oriole Resources PLC  08 April 2024

Oriole Resources PLC

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

 

Senala Update: Licence Renewed for its Second Term

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company
focussed on West Africa, is pleased to announce a renewal of the exploration
licence ('Licence') for the Senala gold project ('Senala') in Senegal.
Oriole's interest in Senala is held via its 85% interest in Stratex-EMC SA
('Stratex-EMC'), the holding vehicle for the renewed Licence. AGEM Senegal
Exploration Suarl ('AGEM'), a wholly-owned subsidiary of Managem Group
('Managem'), has recently completed a six-year investment to acquire an
approximate 59% beneficial interest (announcement dated 19 February 2024) in
Senala.

 

In accordance with the Senegalese Mining Code, the surface area of the Licence
has been reduced by 25% and now stands at 354.5 kilometres squared. In order
to retain tenure over the key prospects identified to date, in particular
Faré and Madina Bafé, the Licence area has been split into two blocks as
shown below. The new Licence is valid for a period of three years from 17
February 2024.

Figure 1. Map showing new licence blocks, in the context of the geochemical
anomalies defined to date. The main exploration prospects are shown in red
outline.

 

As previously reported, Oriole is currently undertaking a review of
expenditure to confirm AGEM's percentage ownership. Discussions on the next
steps are also underway, which includes:

o  the formation of a joint-venture company and associated technical
committee;

o  finalisation of a work plan and budget; and

o  a decision by Stratex-EMC on whether to contribute to the work costs or
dilute its percentage ownership.

Further information will be provided in due course.

 

For further information on the Senala project, including a JORC Table 1,
please see the following page of the Company's website
https://orioleresources.com/projects/senala/
(https://orioleresources.com/projects/senala/) .

 

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.

 

 

** ENDS **

 

 

 

For further information please visit www.orioleresources.com
(http://www.orioleresources.com) ,  @OrioleResources on Twitter,

or contact:

 

 

 Oriole Resources Plc                    Tel: +44 (0)20 7830 9650
 Tim Livesey / Bob Smeeton / Claire Bay

 BlytheRay (IR/PR Contact)               Tel: +44 (0)20 7138 3204
 Tim Blythe / Megan Ray

 Grant Thornton UK LLP                   Tel: +44 (0)20 7383 5100
 Samantha Harrison / Ciara Donnelly
 SP Angel Corporate Finance LLP          Tel: +44 (0)20 3470 0470

 Ewan Leggat

 

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 reported a Resource of 375,000 oz Au at
2.30g/t in the JORC Inferred category at its 82.2%-owned Bibemi project and
has identified multi-kilometre gold and lithium anomalism within the
district-scale Central Licence Package project. BCM International is
currently earning up to a 50% interest in the Bibemi and Mbe projects in
return for a combined investment of US$1.5m in signature payments (which has
already been received), up to US$8m in exploration expenditure, as well as
JORC resource-based success payments.

At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl
('AGEM'), a wholly-owned subsidiary of Managem Group, has recently completed
a six-year earn-in to acquire an estimated 59% beneficial interest in the
Senala Exploration Licence by spending US$5.8 million. A review of
expenditure and discussions on the formation of a joint-venture company are
currently underway. 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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