Update on Thani Stratex Resources

RNS Number : 4402D

Oriole Resources PLC

19 October 2022

 

Oriole Resources PLC 

('Oriole Resources' or 'the Company' or 'the Group')

Update on Thani Stratex Resources

Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed on West Africa, provides an update on its 24.94% interest in privately-owned Thani Stratex Resources Limited ('TSR') which holds a 93% interest in the Hodine licence in Egypt (the 'Licence').

In Q1-2021, TSR entered into an earn-in agreement with Red Sea Resources Limited ('RSR'), whereby RSR was issued an initial 7% shareholding in Thani Dubai Mining Holdings Limited ('TDMHL'), the holding company of the Egyptian-company which holds the Licence and had the option to earn an overall 85% shareholding by incurring US$2.2 million of exploration expenditure by March 2023 ('the Option') (announcement dated 2021). RSR's exploration programmes have been focused on the Anbat project (the 'Project'), one of two projects on the Licence and where TSR had previously reported an Inferred Mineral Resource Estimate ('MRE') (announcement dated 6 December 2017).

The Company today reports that RSR has completed its investment in full. However, RSR has confirmed that it will not be exercising the Option on the basis that the exploration programmes have not resulted in the significant improvement in the MRE required to meet RSR's investment criteria. Accordingly, the operation of the Licence, which is currently due to expire on 31 December 2022, will be returned to TSR, and RSR's 7% shareholding in TDMHL will be cancelled. A further update will be provided in due course.

** ENDS **

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.  

For further information please visit   www.orioleresources.com ,   @OrioleResources  on Twitter, or contact:

Oriole Resources PLC Tim Livesey / Claire Bay / Bob Smeeton	Tel: [phone]
BlytheRay (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks	Tel: [phone]
Grant Thornton UK LLP Samantha Harrison / George Grainger /Ciara  Donnelly	Tel: [phone]
Shard Capital Partners LLP Damon Heath / Erik Woolgar / Isabella Pierre	Tel: [phone]

Notes to Editors:

Oriole Resources PLC is an AIM-listed exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Licence Package projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8 million to earn a 70% interest. Under the terms of the Option Agreement, IAMGOLD has recently met its first commitment by spending US$4 million within an initial four years and will shortly acquire a 51% interest in Senala. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could deliver future cash flow.

 

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