Oriole Resources mulls options for Senela project in Senegal after partner completes earn-in
London, UK
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February 20, 2024 04:57 AM Eastern Standard Time
Oriole Resources PLC (AIM:ORR) CEO Tim Livesey joined Proactive's Stephen Gunnion with an update on the company's Senala gold project in Senegal after its partner at the project AGEM Senegal Exploration, part of Managem Group, completed a six-year earn-in period.
Livesey said over the six years, AGEM aimed to earn up to 70% ownership through an $8 million investment but concluded the period with a roughly 59% stake.
The Senala project, described as a "legacy asset" by Livesey, is part of Oriole's portfolio despite a recent focus on Cameroon. As the partnership moves forward, Livesey said Oriole will evaluate its involvement based on forthcoming work plans and budget proposals from the joint venture, considering the substantial investments required for further development.
Oriole Resources PLC is an AIM-listed gold exploration company, operating in West Africa. In Cameroon, the company has a gold resource at the Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. In Senegal, Managem Group is earning into Oriole’s advanced Senala gold project.
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