Oriole Resources plc is considering its next steps, including a joint venture or sale, for the 472.5km2 Senala gold licence in southeast Senegal.
AGREEMENT
The company’s existing option agreement for the project with earn-in partner Managem Group is due to expire on 17 February 2024.
Oriole said that the Moroccan miner, which purchased the interest from IAMGOLD Corporation, had confirmed it would not complete further work under the current deal.
Managem had originally planned to complete a 2,000m drilling programme at the Faré prospect during Q4 2023.
Subject to a final review of the accounts, Managem’s resultant interest in Senala is likely to be approximately 60%, based on expenditure to date, under the option agreement.
Managem retains the right to increase its interest to the maximum 70% by paying Oriole the cash equivalent to any shortfall in exploration expenditure, currently estimated at US$2.3 million.
In December 2023, an application was submitted to renew Senala for a further three years.
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