AIM-quoted gold exploration company Oriole Resources has taken control of the Senala gold project in Senegal where Managem acquired AGEM Senegal Exploration Suarl (AGEM), formerly a subsidiary of IAMGOLD.
Oriole currently has a 41.65% interest in the project.
Managem is continuing funding of the AGEM earn-in on Senala with the option to earn up to a maximum 70% interest in the project by 28 February 2024, subject to a total spend of $8 million.
It said a 2,000 metre diamond drilling programme comprising nine holes has been planned along the full 6-kilometre length of the main mineralised trend at Faré, being the most advanced of five prospects at the project.
"We are delighted to see activity re-start at Faré, where we know there is potential to extend the existing maiden resource at Faré South, identify additional resources at Faré South and Faré North, and test additional targets identified during the 2022 auger drilling programme,” said Oriole chief executive Tim Livesey.
"The recent purchase by Fortuna Silver Mines Inc., at a premium to market capitalisation, of Chesser Resources, our neighbour in Senegal, has once again reinforced the value of the Kédougou-Kéniéba gold district and indicates the enormous upside potential that exists at Faré and the other prospect areas within the Senala licence.”
The drilling programme is expected to commence later this year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Oriole currently has a 41.65% interest in the project.
Managem is continuing funding of the AGEM earn-in on Senala with the option to earn up to a maximum 70% interest in the project by 28 February 2024, subject to a total spend of $8 million.
It said a 2,000 metre diamond drilling programme comprising nine holes has been planned along the full 6-kilometre length of the main mineralised trend at Faré, being the most advanced of five prospects at the project.
"We are delighted to see activity re-start at Faré, where we know there is potential to extend the existing maiden resource at Faré South, identify additional resources at Faré South and Faré North, and test additional targets identified during the 2022 auger drilling programme,” said Oriole chief executive Tim Livesey.
"The recent purchase by Fortuna Silver Mines Inc., at a premium to market capitalisation, of Chesser Resources, our neighbour in Senegal, has once again reinforced the value of the Kédougou-Kéniéba gold district and indicates the enormous upside potential that exists at Faré and the other prospect areas within the Senala licence.”
The drilling programme is expected to commence later this year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
