Aim-listed Oriole Resources has provided an update on the Senala gold project, in Senegal, where Managem Group has recently taken control of the project, having acquired AGEM Senegal Exploration, formerly a subsidiary of Iamgold for its portfolio of assets in Senegal.
Oriole currently has a 41.65% interest in the project.
Managem has acquired AGEM, which remains the operator of Senala.
Managem is continuing to fund the AGEM earn-in on Senala under the terms of a 2018 option agreement, with the option to earn up to a maximum 70% interest in the project by February 28, 2024, subject to a total spend of $8-million.
An update of the litho-structural model is currently being carried out by the exploration team to integrate all results achieved to date.
A 2 000 m diamond drilling programme comprising nine holes has been planned along the full 6 km length of the main mineralised trend at Faré, being the most advanced of five prospects at the project.
Drilling is expected to begin later this year and results from the programme will be used to help guide future programmes at Faré.
“We are delighted to see activity restart 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 to test additional targets identified during the 2022 auger drilling programme.
“The recent purchase by Fortuna Silver Mines, at a premium to market capitalisation, of Chesser Resources, our neighbour in Senegal, has once again re-enforced 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,” says CEO Tim Livesey.
“We would like to wish Managem great success in the development and advancement of all of its assets in the region and look forward to receiving results from the 2023 programme at Senala in due course,” he adds.