Oriole Resources plc said drilling had started at its gold project interest in the Hodine exploration licence, Egypt.
BUSINESS STRUCTURE
The company holds a 24.92% interest in Thani Stratex Resources Ltd (TSR) which, through its local subsidiary Thani Dubai Mining, holds a 93% interest in the licence.
Hodine is held by Red Sea Resources Ltd (RSR) with which Oriole signed a binding heads of agreement during March 2021.
EXPLORATION
RSR has now renewed the licence and drilling has started as part of its first option to spend US$1.2 million on exploration within 12 months in return for a 51% interest in Hodine.