Aim-listed Oriole Resources has received approval for a new exploration licence at the Dalafin gold project, in Senegal, with the licence now designated as Senala.
This follows the exclusive exploration licence at Dalafin having met and exceeded its maximum tenure of nine years, plus a one-year special extension.
The Senala licence will be governed by the new Senegalese Mining Code that will secure the tenure of the licence for up to a further ten years, plus an up to two-year special extension, subject to meeting the criteria at each renewal period.
New joint venture and side letter agreements have been signed with the company’s local partner, Energy & Mining Corporation (EMC).
The terms of the agreements are the same as the previous agreements such that Senala is owned 85% by Stratex West Africa, a wholly-owned subsidiary of Oriole, and 15% by EMC.
Canadian gold producer Iamgold Corporation has the option to spend up to $8-million to earn a 70% interest in Dalafin.
Iamgold is in the second year of its earn-in at the project, having completed more than 9 300 m drilling to date at the southernmost Madina Bafé prospect.
Further, Iamgold has completed a further 3 200 m of air core drilling at the Saroudia prospect immediately to the north.
Planning for the 2020 programme is under way.
Both prospects have the potential to identify additional mine feed for the neighbouring Boto gold project, for which Iamgold received its mine permit last week.