The exploration licence over the Senala gold project, in Senegal, has been renewed for a further three years, from February 17 this year, Aim-listed Oriole Resources reports.
Oriole's interest in Senala is held through its 85% interest in Stratex-EMC, the holding vehicle for the renewed licence.
AGEM Senegal Exploration, a wholly-owned subsidiary of Managem Group, has recently completed a six-year investment to acquire a 59% beneficial interest in Senala.
In accordance with the Senegalese Mining Code, the surface area of the licence has been reduced by 25% and now stands at 354.5 km2. To retain tenure over the key prospects identified to date, in particular Faré and Madina Bafé, the licence area has been split into two blocks.
Oriole is currently undertaking a review of expenditure to confirm AGEM's percentage ownership. Discussions on the next steps are also under way.
This includes the formation of a joint venture company and associated technical committee, the finalisation of a work plan and budget, and a decision by Stratex-EMC on whether to contribute to the work costs or dilute its percentage ownership.