Oriole Resources plc has secured a three-year renewal for its Senala gold exploration licence in Senegal.
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The company holds an 85% interest in Stratex-EMC SA, the holding vehicle for the renewed licence.
AGEM Senegal Exploration Suarl, a wholly-owned subsidiary of Managem Group, recently completed a six-year investment to acquire an approximate 59% beneficial interest in Senala.
Oriole is currently reviewing the expenditure to confirm AGEM’s percentage ownership.
The company added that, in accordance with the Senegalese Mining Code, the licence’s surface area has reduced by 25% to 354.5km2.
The licence area has also been split into two blocks to allow Oriole to retain key prospects identified to date, notably Faré in the north and Madina Bafé in the south.
Oriole is also discussing its next steps, including formation of a joint venture company and technical committee; finalisation of a work plan and budget; and a decision on whether Stratex-EMC wishes to contribute to the work costs or dilute its ownership.