Oriole continues exploration at Djibouti prospects
Aim-listed explorer Oriole Resources confirmed that a first tranche of $2.5-million of funding has been secured for exploration work on the Oklila, or Pandora, and Gesdaba ephithermal gold projects, in Djibouti.
Oriole has an 11.8% holding in Thani Stratex Djibouti (TSD), which owns the projects.
TSD spun out from parent company Thani Stratex Resources (TSR) in November last year into a standalone private company that would be managed and funded independently of TSR.
The funding will be provided by the African Minerals Exploration and Development (AMED) Fund III.
Oriole CEO Tim Livesey said in a statement on Monday that early indications were that the vein systems at Pandora continued to be intersected along strike and at depth.
The company expected results of a 13-hole, or 1 200 m, drilling programme on Pandora later this quarter, while a 1 800 m diamond drilling and 4 000 m reverse circulation drilling programme was planned at the Hesdaba prospect.
Additionally, a 2 000 m Phase 2 drill programme would start in the fourth quarter at the company’s Assaleyta project.
Livesey expected to be appointed to the Thani Stratex board soon, alongside representatives from Nuture Ex, Thani Emirates and AMED Fund III.
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