Iamgold agrees to enter second option to take Senala stake to 70%
Midtier gold miner Iamgold intends to proceed with the second option agreement to spend a further $4-million in the next two years to increase its stake in the Senala project to 70%, owner Oriole Resources reports.
The 472.5 km2 Senala licence in south-eastern Senegal is positioned in the centre of the Birimian-age Kédougou-Kenieba gold belt that extends from eastern Senegal into western Mali and has already seen multiple major gold discoveries.
Current Senala owner, Aim-listed West Africa-focused explorer Oriole received a notice from Iamgold confirming that it has duly exercised the first option outlined in the option agreement of February 28, 2018, by incurring expenditures in excess of $4-million within the first four years of the agreement.
Therefore, subject to Oriole completing a review of these expenditures, Iamgold will have earned a 51% interest in Senala.
Oriole CEO Tim Livesey says Iamgold’s commitment to the Senala project is reflective of the “excellent” results Oriole has seen coming out of the year four exploration programme at the project.
“We will be engaging with Iamgold to move through the process of formalising the new ownership arrangements and discussing the future exploration plans,” he adds.
To date, four main geochemical targets have been identified through drilling at Senala – Faré, Baytilaye, Saroudia and Madina Bafé.
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