REG - Oriole Resources PLC - Update on Thani Stratex Resources

Oriole ResourcesAnnouncement

09/12/2022 07:00

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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.

 

 

** ENDS **

 

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
(http://www.orioleresources.com/) , @OrioleResources on Twitter, or
contact:

 

 Oriole Resources PLC                                     Tel: +44 (0)20 7830 9650

 Tim Livesey / Claire Bay / Bob Smeeton

 BlytheRay (IR/PR contact)                                Tel: +44 (0)20 7138 3204

 Tim Blythe / Megan Ray / Rachael Brooks

 Grant Thornton UK LLP                                    Tel: +44 (0)20 7383 5100

 Samantha Harrison / George Grainger /Ciara Donnelly

 SP Angel Corporate Finance LLP                           Tel: +44 (0)20 3470 0470

 Ewan Leggat / Harry Davies-Ball

 

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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