Proactiveinvestors United Kingdom Oriole Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Oriole Resources PLC RSS feed en Fri, 19 Jul 2019 06:39:48 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Oriole Resources encouraged by Cameroon soil sampling results ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13644/oriole-resources-encouraged-by-cameroon-soil-sampling-results-13644.html Thu, 06 Jun 2019 14:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13644/oriole-resources-encouraged-by-cameroon-soil-sampling-results-13644.html <![CDATA[News - Oriole Resources pleased with soil sample results in Cameroon ]]> https://www.proactiveinvestors.co.uk/companies/news/221622/oriole-resources-pleased-with-soil-sample-results-in-cameroon-221622.html Oriole Resources PLC (LON:ORR) has reported good incidences of gold in soil samples from the Bataol zone at its Wapouzé project in Cameroon.

The three best samples contained more than 100 ppb (parts per billion) gold – with a peak assay of 210 ppb (0.21 g/t) while there were 45 above 20 ppb and 135 greater than ten.

“Seeing 0.2 g/t Au peaks in soil sampling is a pretty good indicator that there is potential for economic-grade gold in the system,” said Tim Livesey, chief executive.

“We are particularly pleased to see confirmation and improved definition of the anomalism at the south-western end of the previously identified anomalous trends.

"Multiple parallel soil anomalies create a significant footprint for potential mineralisation, which we will be following up on as a priority during the next field season."

Oriole has as an option over 51% of BEIG3's Bibemi and Wapouzé licences in Cameroon to be met by spending US$1.56mln on exploration over two years.

Its stake can rise to 90% if Oriole spends a  further US$1.56mln on exploration or produces a pre-feasibility study on either one of the projects.

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Thu, 06 Jun 2019 07:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221622/oriole-resources-pleased-with-soil-sample-results-in-cameroon-221622.html
<![CDATA[Media files - Oriole Resources looking forward to expanding its footprint in Cameroon ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13429/oriole-resources-looking-forward-to-expanding-its-footprint-in-cameroon-13429.html Tue, 21 May 2019 15:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13429/oriole-resources-looking-forward-to-expanding-its-footprint-in-cameroon-13429.html <![CDATA[News - Oriole Resources looks to expand its position in Cameroon, following encouraging exploration results ]]> https://www.proactiveinvestors.co.uk/companies/news/220661/oriole-resources-looks-to-expand-its-position-in-cameroon-following-encouraging-exploration-results-220661.html Oriole Resources PLC (LON:ORR) has intercepted nine metres grading 3.14 grams per tonne gold in trenching on the central Bakassi zone on the Bibemi project in Cameroon.

The intercept was the highlight of broad programme of work across Oriole’s Bibemi and Wapouzé gold projects.

WATCH: Oriole Resources PLC - Mining Capital Conference May 2019

Other good-looking intercepts included one metre at 4.53 grams per tonne, 16 metres at 0.5 grams, two metres at 1.58 grams and one metre at 2.27 grams.

At the earlier-stage Wapouzé project, around 20km to the north, Phase 1 infill soil sampling has recently been completed and results for a 639 soil samples and 123 rock-chip samples are expected later this quarter.

Oriole is a first-mover in Cameroon and, based on results received to date, is looking to expand its position in the country during the year.

"We are extremely encouraged to see that the second batch of Phase 1 trenching results from Bibemi continue to support an orogenic gold model, and that interrogation and interpretation of the data has identified two main mineralised vein trends to date,” said Oriole chief executive Tim Livesy. 

"Work continues to improve our understanding of the geological and structural setting of the mineralisation, with studies at the regional, camp and local scale.  We are currently undertaking a range of technical studies, including the interpretation of regional airborne geophysical data, structural and geological analysis of recently re-mapped areas and detailed petrographic studies of rock samples from the key lithologies identified during the trenching programmes. This will move us one step closer to designing a targeted drilling programme to test the prospective central Bakassi area - the main focus of our field work to date - during the next dry season, commencing in October 2019.”

 

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Tue, 21 May 2019 08:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220661/oriole-resources-looks-to-expand-its-position-in-cameroon-following-encouraging-exploration-results-220661.html
<![CDATA[News - Oriole Resources aims to expand footprint in Cameroon as it updates strategy at AGM ]]> https://www.proactiveinvestors.co.uk/companies/news/220483/oriole-resources-aims-to-expand-footprint-in-cameroon-as-it-updates-strategy-at-agm-220483.html Oriole Resources PLC (LON:ORR) is aiming to expand its footprint in Cameroon this year, the group said as it updated on strategy at its AGM.

At the meeting, which was held on Thursday afternoon, the explorer’s non-executive chairman John McGloin said the company saw Cameroon as “a key growth centre” going forward and would be expanding its footprint over the year with additional licences under its existing joint ventures as well as new licence applications under its subsidiary.

WATCH: Oriole Resources PLC - Mining Capital Conference May 2019

The companies also anticipated that the pace of investment in the central African country would increase once results from the first phase of the World Bank-funded 'PRECASEM' geological targeting programme - led by the French and Finnish geological surveys - are released later this year.

The firm currently has interests in two early-stage gold projects in Cameroon - Bibemi and Wapouzé. In March, the company identified multiple gold-in-soil anomalies at the Wapouzé project, including an eight-kilometre long anomaly grading at over 10 parts per billion of gold.

Meanwhile, McGloin said its partner in Senegal, IAMGOLD, will extend its exploration programmes at its Dalafin project after fully testing the potential for satellite deposits in the immediate vicinity of the Boto mine development project.

“The board believes that Dalafin alone more than underpins the current share price and is a stark example of how undervalued the company is in the current market”, McGloin said.

In its financials, Oriole said its cash balance, which stood at £1mln at the end of April, had been “further bolstered” by value realisation across its various investments and royalties.

The company was also expecting to apply for further research & development relief claims later this year having previously received £40,000 from HMRC in relation to its activities in 2016.

Heading into the Cameroon rainy season, the firm also expected its operational spend to be “significantly reduced” as it continued to monitor its investment positions and royalty portfolio to “review monetisation opportunities”.

Oriole also said all resolutions were duly passed at its AGM.

In lunchtime trading on Friday, Oriole shares were 2.8% lower at 0.4p.

--Adds share price--

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Fri, 17 May 2019 07:42:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220483/oriole-resources-aims-to-expand-footprint-in-cameroon-as-it-updates-strategy-at-agm-220483.html
<![CDATA[Media files - Oriole Resources PLC - Mining Capital Conference May 2019 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13280/oriole-resources-plc---mining-capital-conference-may-2019-13280.html Thu, 09 May 2019 08:01:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13280/oriole-resources-plc---mining-capital-conference-may-2019-13280.html <![CDATA[Media files - Capital Network analyst on Oriole Resources as it refocuses on Africa ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13057/capital-network-analyst-on-oriole-resources-as-it-refocuses-on-africa-13057.html Thu, 18 Apr 2019 10:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13057/capital-network-analyst-on-oriole-resources-as-it-refocuses-on-africa-13057.html <![CDATA[News - Oriole Resources identifies large gold anomaly at Wapouzé in Cameroon ]]> https://www.proactiveinvestors.co.uk/companies/news/216619/oriole-resources-identifies-large-gold-anomaly-at-wapouz-in-cameroon-216619.html Oriole Resources PLC (LON:ORR) has identified multiple gold-in-soil anomalies at the Wapouzé gold project in Cameroon.

Oriole can earn up to a 90% interest in Wapouzé.

WATCH: Oriole Resources focused on advancing key assets after year of turnaround

Among the highlights of recent exploration work was the identification of an eight-kilometre long anomaly grading at over 10 parts per billion gold.

In the Bidar zone, selective rock-chip and lag samples have returned the best grade of 7.36 grams per tonne.

An infill soil sampling programme is now planned at the Bataol zone and will commence shortly.

"This initial wide spaced soil sampling programme at Wapouzé was designed to test the eastern limb of the licence, where reconnaissance sampling by Reservoir Minerals had previously returned occasional gold assays from stream sediments,” said Tim Livesey, chief executive of Oriole Resources. 

He remains optimistic that Oriole’s licences at Bibemi and Wapouzé have the capacity to host a brand-new gold district.

 

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Mon, 18 Mar 2019 08:14:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216619/oriole-resources-identifies-large-gold-anomaly-at-wapouz-in-cameroon-216619.html
<![CDATA[Media files - Oriole Resources focused on advancing key assets after year of turnaround ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12585/oriole-resources-focused-on-advancing-key-assets-after-year-of-turnaround-12585.html Wed, 13 Mar 2019 15:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12585/oriole-resources-focused-on-advancing-key-assets-after-year-of-turnaround-12585.html <![CDATA[News - Oriole Resources cuts losses in 2018, says it is “encouraged” by sector developments going forward ]]> https://www.proactiveinvestors.co.uk/companies/news/216363/oriole-resources-cuts-losses-in-2018-says-it-is-encouraged-by-sector-developments-going-forward-216363.html Oriole Resources PLC (LON:ORR) said it is “encouraged” by a recent increase in the price of gold and several sector developments as it concluded a transformative 12 months that saw its operating losses cut by more than 60%.

For the year ended 31 December 2018, the gold miner reported an operating loss of £2.55mln, 66% lower than the £7.5mln loss from the prior year.

READ: Oriole Resources receives US$0.5mln from Turkish partner at Karaağaç

The company also ended the year with a cash balance of £1.29mln, with another £520,000 expected in the second quarter of 2019 from the settlement of a long-running VAT dispute with the UK revenue and customs authority (HMRC).

Another £500,000 is also expected over the next 20 months as part of a pay-out from Oriole’s Turkish partner Andolu.

Tim Livesey, chief executive, said the final step in the company’s “corporate transformation” had been completed in September when the firm changed its name to Oriole from Stratex International and shifted its focus toward its African projects and away from legacy assets in Turkey.

New management team

The firm also appointed a new management team and altered its strategy toward early stage exploration.

John McGloin, Oriole’s non-executive chairman, added that the recent rise in the price of gold, which has increased 8.3% in the last 6 months to around US$1,306 an ounce, was encouraging as well as “potential opportunities” arising from the merger of gold mining giants Barrick Gold Corp (NYSE:GOLD) and Randgold Resources in December and a possible acquisition of Canadian miner Goldcorp Inc (NYSE:GG) by US firm Newmont Mining Corp (NYSE:NEM).

“In 2019, we need to build on the foundations we have put in place during 2018. With a new Board and an excellent team of experienced geologists, there is a great opportunity for the Company to establish itself as a high-quality exploration company”, McGloin added.

In early trading Wednesday, Oriole shares were steady at 0.38p.

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Wed, 13 Mar 2019 08:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216363/oriole-resources-cuts-losses-in-2018-says-it-is-encouraged-by-sector-developments-going-forward-216363.html
<![CDATA[News - Oriole Resources receives US$0.5mln from Turkish partner at Karaağaç ]]> https://www.proactiveinvestors.co.uk/companies/news/216163/oriole-resources-receives-us05mln-from-turkish-partner-at-karaaa-216163.html Gold explorer Oriole Resources PLC (LON:ORR) is to receive US$0.5mln from its Turkish partner, Andolu.

The pay-out was triggered after Andolu defined a JORC-compliant resource estimate of 348,150 ounces gold and 2.83mln ounces of silver at the Karaağaç project in Turkey.

Oriole will receive US$25,000 a month for the next 20 months. The first payment has already been perceived.

READ: Oriole’s stake at Muratdere now below 10%

“We are delighted that Anadolu have progressed the licence to a point where the success-based payment has been triggered and to see a significant uplift in the defined resource,” said chief financial officer Bob Smeeton.

“We have now reached a commercial arrangement with them to receive the payment over a period that suits both parties.”

He added: “This agreement is further evidence of the success of Oriole's self-funding exploration strategy that has been applied throughout our portfolio.”

Oriole transferred the Karaağaç licences to Andolu back in 2015 in return for a commitment by Andolu to spend up to US$1.5mln on exploration and drilling at the project.

AIM-quoted Oriole has been managing the exploration and drilling programmes throughout – at Anadolu's cost – and retains a 1.5% net smelter royalty on any future production.

Shares were unchanged at 0.37p at the opening bell on Monday.

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Mon, 11 Mar 2019 08:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216163/oriole-resources-receives-us05mln-from-turkish-partner-at-karaaa-216163.html
<![CDATA[News - Oriole's stake at Muratdere legacy project now less than 10% ]]> https://www.proactiveinvestors.co.uk/companies/news/216074/oriole-s-stake-at-muratdere-legacy-project-now-less-than-10-216074.html Oriole Resources PLC (LON:ORR) told shareholders its stake in the Muratdere copper-gold project in Turkey is now less than 10% as a result of dilution.

The AIM-quoted exploration company operating in Africa and Europe said the dilution was a result of further investment in the project by its joint-venture partner, Lodos.

READ: Oriole Resources hails "very encouraging" Cameroon gold results

As per the terms of the joint venture, the company's remaining equity interest will shortly be converted to a 1.2% post-Turkish tax net smelter returns royalty.

"We are pleased by the progress Lodos is making at the Muratdere project and we look forward to a positive response to their permitting submittal, taking us one step closer to realising value from this legacy asset,” said Tim Livesey, the chief executive officer of Oriole.  

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Fri, 08 Mar 2019 08:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216074/oriole-s-stake-at-muratdere-legacy-project-now-less-than-10-216074.html
<![CDATA[Media files - Oriole Resources CEO Tim Livesey 'encouraged' by Cameroon trench results ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12509/oriole-resources-ceo-tim-livesey--encouraged--by-cameroon-trench-results-12509.html Thu, 07 Mar 2019 11:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12509/oriole-resources-ceo-tim-livesey--encouraged--by-cameroon-trench-results-12509.html <![CDATA[News - Oriole Resources hails "very encouraging" Cameroon gold results ]]> https://www.proactiveinvestors.co.uk/companies/news/215887/oriole-resources-hails--very-encouraging--cameroon-gold-results-215887.html Oriole Resources PLC (LON:ORR) said a trench programme at one of its Cameroon gold assets had returned what it described as “very encouraging” results.

At the Bibemi project, geologists found orogenic-style gold mineralisation, which is formed when the earth’s crust folds.

READ: Oriole Resources offers considerable upside in West African gold exploration

Among the more eye-catching returns was six metres at just over three grams per tonne of the yellow metal with individual veins measuring up to 13.7 grams per tonne.

Though the higher-grading intercepts appeared at first glance to be rather sporadic, they do follow the previously-mapped trends and confirm the early model of shear-related vein mineralisation, said Oriole chief executive Tim Livesey.

“When one considers the scale of the area and the average 200m-spacing between trenches, the results to date suggest the presence of multiple mineralised ore shoots within what is a major 600m-wide structural corridor,” he added.

Infill work at Bibemi over 4,360 metres is expected to begin in the second quarter.

The trench programme followed on from rock-chip sampling, which found high-grade gold along with a four-kilometre strike.

Some 20 kilometres away at the Wapouzé deposit, Oriole’s team took 2,119 soil samples and 146 rocks to complete this earlier-stage assessment of the asset.

The work being carried out by Oriole in Cameroon is part of an earn-in programme, which will give the company a 90% share of both Bibemi and Wapouzé.

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Wed, 06 Mar 2019 07:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215887/oriole-resources-hails--very-encouraging--cameroon-gold-results-215887.html
<![CDATA[News - Oriole Resources details IAMGOLD’s exploration plans for Dalafin project ]]> https://www.proactiveinvestors.co.uk/companies/news/215482/oriole-resources-details-iamgolds-exploration-plans-for-dalafin-project-215482.html Oriole Resources PLC (LON:ORR) has told investors that its exploration partnership with IAMGOLD is continuing at the Dalafin project, where the Year-2 earn-in period has now begun.

As part of its option to acquire up to 70% of the project - by spending up to US$8mln on exploration – IAMGOLD is expected to invest at least US$1mln this year.

The new exploration phase is expected to focus on the southernmost Madina Bafé prospect. It will see some 5,000 metres of regional aircore drilling and 4,000 metres of reverse circulation drilling.

Additionally, the Saroudia prospect will also be looked at with 2,500 metres of aircore and 1,600 metres of reverse circulation anticipated.

READ: Oriole Resources offers considerable upside in West African gold exploration

Both exploration areas are within 20 kilometres of IAMGOLD’s Boto gold project which is host to some 2.49mln ounces of gold.

It is anticipated that first exploration results will be ready late in the second quarter or early in the third.

"We are delighted to announce that IAMGOLD has committed to its year two earn-in on the Dalafin licence following an initial successful drilling programme last year,” said Tim Livesey, Oriole chief executive.

“The exploration programme outlined will continue to build on the exciting results already delivered at the Madina Bafé prospect with additional drilling planned for the Saroudia prospect to the North-West.

“Our partnership with IAMGOLD at Dalafin has already contributed significantly to the increasing value of Oriole's wider portfolio, and we look forward to updating the market on this stage of the drilling programme later on in the year."

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Thu, 28 Feb 2019 07:27:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215482/oriole-resources-details-iamgolds-exploration-plans-for-dalafin-project-215482.html
<![CDATA[News - Oriole Resources offers considerable upside in West African gold exploration ]]> https://www.proactiveinvestors.co.uk/companies/news/215411/oriole-resources-offers-considerable-upside-in-west-african-gold-exploration-215411.html Oriole Resources PLC (LON:ORR) is a resources exploration and development specialist with a focus on gold. The company has a long-standing presence in West Africa, and also Turkey, and has lately decided to focus on Cameroon.

The chief executive is Tim Livesy, an experienced mining professional with a long track record in the industry. The board also comprises other well-known faces in the junior mining space, notably John McGloin, formerly of Amara and now of Perseus, and David Pelham, one of the geological brains behind Hummingbird’s early exploration success.

What does Oriole Resources own?

Oriole’s major area of focus is early-stage gold exploration in Cameroon, in particular, the Bibemi and Wapouzé projects.

These projects lie over highly prospective neoproterozoic Pan-African greenstone belts in north-eastern Cameroon. Oriole has the option to earn a 90% interest by spending US$3.12 mln.

Under the terms of the option agreement, Oriole will earn an initial 51% of both projects by funding US$1.56mln of exploration over the next two years. Thereafter, Oriole can earn a further 39% for an additional U$1.56mln exploration expenditure, or on the completion of a pre-feasibility study on at least one of the projects, over the subsequent two years.

The company also has a significant stake in the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8mln to earn a 70% interest.

In addition, Oriole holds a number of interests and royalties in companies operating throughout Africa and Turkey, and continues to assess new gold and base metal opportunities in both regions.

Inflection points IAMGOLD likely to widen its area of exploration focus at Dalafin Continued results from exploration in Cameroon Cash from Turkish royalties Potential for further deals Chief executive Tim Livesy encouraged by progress in West Africa

“We are encouraged to see positive results from the drilling results received so far for the Madina Bafé area of the Dalafin licence,” said chief executive Tim Livesy.

“The intersections confirm and extend the known areas of anomalism and as such continue to add to our understanding and confidence in this target area. Although the Madina Bafé area is the current focus for IAMGOLD, due to its proximity to their Boto development project to the immediate east, we are also looking forward to future work on the other anomalies in the north of the licence - notably at Faré, where previous work has also shown very promising results.”

He added: “These initial results from the Madina Bafé are further evidence of the increasing value of the Dalafin project, as well as the wider Oriole portfolio, and we look forward to working with IAMGOLD through the year to further progress the exploration programme.”

 

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Wed, 27 Feb 2019 11:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215411/oriole-resources-offers-considerable-upside-in-west-african-gold-exploration-215411.html
<![CDATA[News - Oriole Resources planning further R&D tax rebate applications after latest success ]]> https://www.proactiveinvestors.co.uk/companies/news/215016/oriole-resources-planning-further-rd-tax-rebate-applications-after-latest-success-215016.html Oriole Resources PLC (LON:ORR), the exploration company operating in Africa and Europe, has received a £40,000 rebate from the tax-man.

The rebate is in relation to a research and development (R&D) tax relief claim in respect of geoscientific advances sought by the company through its exploration programmes.

READ: Oriole Resources gets VAT rebate to spend on its gold programme in Cameroon

The claim submitted by Oriole for 2016 successfully demonstrated that the company performs research work on potential areas of mineralisation in order to build the geological data necessary to prove or disprove the economic feasibility of mining operations in those areas.

On the basis of this success, the company will complete its R&D submissions for the 2017 and 2018 later this year.

“The scientific research underpinning all of Oriole's exploration activities very clearly improves the understanding of the geology and potential economic feasibility of the areas in which we operate,” said Bob Smeeton, the chief financial officer of Oriole.

“R&D tax credits are an excellent incentive for research companies to continue their activities and develop successful UK-based businesses that can operate internationally,” he added.

#ORR @OrioleResources

Boost for Oriole Resources with £500k VAT rebatehttps://t.co/Wmdh0vaVZZ

— Andrew Scott (@AndrewScottTV) January 31, 2019 ]]>
Thu, 21 Feb 2019 07:39:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215016/oriole-resources-planning-further-rd-tax-rebate-applications-after-latest-success-215016.html
<![CDATA[Media files - Oriole Resources' Tim Livesey encouraged by results of follow-up Dalafin drilling ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12141/oriole-resources--tim-livesey-encouraged-by-results-of-follow-up-dalafin-drilling-12141.html Thu, 07 Feb 2019 18:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12141/oriole-resources--tim-livesey-encouraged-by-results-of-follow-up-dalafin-drilling-12141.html <![CDATA[News - Oriole Resources says follow up drilling at Dalafin indicates gold at depth ]]> https://www.proactiveinvestors.co.uk/companies/news/214062/oriole-resources-says-follow-up-drilling-at-dalafin-indicates-gold-at-depth-214062.html Further drilling at Oriole Resources PLC's(LON:ORR) Dalafin project in Eastern Senegal has indicated gold mineralisation at the Medina Bafe target continues at depth.

Oriole has an 85% stake in Dalafin, but Canadian major IAMGOLD is carrying out the exploration and can earn a 70% stake in the project if it spends US$7mln.

READ: Oriole Resources gets VAT rebate to spend on its gold programme in Cameroon

The best intersections were 8m at 2.56 g/t gold and 6m at 1.61 g/t at depths of 47m and 76m.

Tim Livesey, Oriole’s chief executive, said: 'We are encouraged to see positive results from the drilling results received so far for the Madina Bafé area of the Dalafin licence.

"The intersections confirm and extend the known areas of anomalism and as such continue to add to our understanding and confidence in this target area.

"Although the Madina Bafé area is the current focus for IAMGOLD, due to its proximity to their Boto development project to the immediate east, we are also looking forward to future work on the other anomalies in the north of the licence - notably at Faré, where previous work has also shown very promising results."

 

 

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Wed, 06 Feb 2019 08:16:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214062/oriole-resources-says-follow-up-drilling-at-dalafin-indicates-gold-at-depth-214062.html
<![CDATA[Media files - Boost for Oriole Resources with £500k VAT rebate ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12050/boost-for-oriole-resources-with-500k-vat-rebate-12050.html Thu, 31 Jan 2019 15:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12050/boost-for-oriole-resources-with-500k-vat-rebate-12050.html <![CDATA[News - Oriole Resources gets VAT rebate to spend on its gold programme in Cameroon ]]> https://www.proactiveinvestors.co.uk/companies/news/213705/oriole-resources-gets-vat-rebate-to-spend-on-its-gold-programme-in-cameroon-213705.html Mineral resources exploration company Oriole Resources PLC (LON:ORR) is to receive a rebate of around £500,000 from the taxman.

Her Majesty's Revenue and Customs reversed its 2017 decision over value-added tax (VAT) rebates in November of last year.

WATCH: Boost for Oriole Resources with £500k VAT rebate

The company expects to receive the money in the first quarter of this year and intends to use it to progress it's new-frontier gold exploration programme in Cameroon, as well as pursue other opportunities it is reviewing in Africa and Europe.

"Reaching agreement with HMRC on our VAT status is excellent news as it removes a significant area of uncertainty around our operations, and brings a substantial amount of cash back to us. It has been a long process to reach this agreement and a significant and costly distraction that we can now put behind us, concentrating fully on our exciting exploration operations," said Bob Smeeton, Oriole's chief financial officer.

Shares in Oriole were up 6.7% at 0.47p in early deals, giving the company a stock market valuation of £3.1mln.


 

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Thu, 31 Jan 2019 09:16:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213705/oriole-resources-gets-vat-rebate-to-spend-on-its-gold-programme-in-cameroon-213705.html
<![CDATA[Media files - Oriole Resources' partner begins RC drill programme at Senegal project ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11495/oriole-resources-partner-begins-rc-drill-programme-at-senegal-project-11495.html Thu, 06 Dec 2018 15:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11495/oriole-resources-partner-begins-rc-drill-programme-at-senegal-project-11495.html <![CDATA[News - Oriole Resources' partner starts deeper drilling at Dalafin in Senegal ]]> https://www.proactiveinvestors.co.uk/companies/news/210647/oriole-resources-partner-starts-deeper-drilling-at-dalafin-in-senegal-210647.html A reverse circulation drilling programme is underway at Oriole Resources PLC’s (LON:ORR) Dalafin prospect in eastern Senegal.

Canadian group IAMGOLD is undertaking the drilling as part of its option to earn a 70% interest through US$8mln of exploration.

WATCH: Oriole Resources' partner begins RC drill programme at Senegal project

The drilling will target three main zones: A 1.5km long, broadly west-northwest-trending anomaly; an artisanal mining site in the northeast of the licence and a gold anomaly extending over 400m.

A diamond drill rig has also been mobilised to validate the two best intersections previously reported by Oriole: MBDD-002 in the southeast and MBRC-117 in the west.

Holes will be drilled towards the east and to a depth of 100m and 150m (87m and 130m true depth) at each target, respectively.

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Thu, 06 Dec 2018 08:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210647/oriole-resources-partner-starts-deeper-drilling-at-dalafin-in-senegal-210647.html
<![CDATA[Media files - 'Bonanza' grades at Bibemi give Oriole Resources a boost ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11343/-bonanza-grades-at-bibemi-give-oriole-resources-a-boost-11343.html Wed, 28 Nov 2018 08:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11343/-bonanza-grades-at-bibemi-give-oriole-resources-a-boost-11343.html <![CDATA[News - Oriole Resources shines as it hits ‘bonanza’ grades at Bibemi project ]]> https://www.proactiveinvestors.co.uk/companies/news/210004/oriole-resources-shines-as-it-hits-bonanza-grades-at-bibemi-project-210004.html Oriole Resources PLC (LON:ORR) shares soared in early trading Tuesday after it hit ‘bonanza’ gold grades at its Bibemi project in Cameroon following the results from a rock-chip sampling programme.

The AIM-listed firm said the results from a sampling of 454 rock chips from predominantly quartz and quartz-tourmaline veins had returned 16 samples containing over 10 grams per tonne (g/t) of Gold (Au), with 43 samples assayed containing over 1 g/t Au.

READ: Oriole Resources starts early exploration of Cameroon prospects

The best results included samples containing 135.4 g/t Au, 119.7 g/t Au, 117.2 g/t Au, and 107.2 g/t Au.

Oriole added that north-east trending high-grade mineralisation at Zone 1 of the project had been confirmed over a 4-kilometre strike, as well as a confirmation of Zone 2 to the East with assays of up to 35.9 g/t Au.

Current Phase 1 trenching would also be increased by four trenches to cover a total of 2,000 metres.

Tim Livesey, chief executive of Oriole, said the project had delivered “high-grade results from what is an initial phase of ground-truthing”, adding that the extended trenching programme would “tighten up” targeting for a drilling programme planned in 2019.

Oriole has an option to earn up to a 90% interest in the Bibemi project, which is located in the highly prospective neoproterozoic Pan-African greenstone belts in north-eastern Cameroon.

Shares were up 23.8% at 0.41p.

--Adds share price--

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Tue, 27 Nov 2018 08:14:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210004/oriole-resources-shines-as-it-hits-bonanza-grades-at-bibemi-project-210004.html
<![CDATA[Media files - Oriole Resources begins sample analysis and trenchwork in Cameroon ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11258/oriole-resources-begins-sample-analysis-and-trenchwork-in-cameroon-11258.html Tue, 20 Nov 2018 12:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11258/oriole-resources-begins-sample-analysis-and-trenchwork-in-cameroon-11258.html <![CDATA[News - Oriole Resources starts early exploration of Cameroon prospects ]]> https://www.proactiveinvestors.co.uk/companies/news/209446/oriole-resources-starts-early-exploration-of-cameroon-prospects-209446.html Oriole Resources PLC (LON:ORR) has started sample analysis and trenchwork at two projects in Cameroon.

The junior signed options over Bibemi and Wapouzé earlier in the year.

Partner BEIG3 has now set up a new sample preparation lab in Yaounde, Cameroon’s capital, which has dispatched 454 samples from Bibemi to Bureau Veritas in the Ivory Coast for assaying.

READ: Oriole Resources makes significant progress on VAT appeal

A 5,500m initial trench programme is now underway at Bibemi, but drilling has been put back until next year to allow better targeting.

“A more detailed Phase 2 infill trenching programme on Zone 1 and Zone 2 at a 100m spacing will enable better delineation of the mineralised zones in these high-priority areas, to ensure that the subsequent drill programme can be targeted with higher confidence,”

Tim Livesey, Oriole’s chief executive, said the early field work had at Bibemi confirmed the close proximity of the bedrock interface to surface.

“We expect that the two-phase trenching in these areas will lead to better definition of the existing zones and possible extensions of those areas currently supported by soil anomalies alone.”

At Wapouzé, soil sampling will start next month.

 

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Mon, 19 Nov 2018 08:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209446/oriole-resources-starts-early-exploration-of-cameroon-prospects-209446.html
<![CDATA[Media files - Oriole put HMRC battle behind them and now plan for growth ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11198/oriole-put-hmrc-battle-behind-them-and-now-plan-for-growth-11198.html Wed, 14 Nov 2018 15:23:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11198/oriole-put-hmrc-battle-behind-them-and-now-plan-for-growth-11198.html <![CDATA[News - Oriole Resources makes significant progress on VAT appeal ]]> https://www.proactiveinvestors.co.uk/companies/news/209070/oriole-resources-makes-significant-progress-on-vat-appeal-209070.html The tax and customs authorities in the UK, HMRC, have now recognised that supporting overseas exploration activity constitutes an economic activity as far as Oriole Resources PLC (LON:ORR) is concerned.

WATCH: Oriole Resources 'very excited' by results from Dalafin drill programme

This bodes well for Oriole’s appeal against a demand that it pay back £557,000 in reclaimed VAT last year, and the company now expects that the provision it made in its 2017 accounts will be released.

A partial restriction will remain in regard to activities in Turkey, the size of which is subject to ongoing discussions.

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Tue, 13 Nov 2018 08:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209070/oriole-resources-makes-significant-progress-on-vat-appeal-209070.html
<![CDATA[Media files - Oriole Resources 'very excited' by results from Dalafin drill programme ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10987/oriole-resources-very-excited-by-results-from-dalafin-drill-programme-10987.html Thu, 25 Oct 2018 14:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10987/oriole-resources-very-excited-by-results-from-dalafin-drill-programme-10987.html <![CDATA[News - Oriole Resources reports good gold indications from Senegal drill programme ]]> https://www.proactiveinvestors.co.uk/companies/news/207816/oriole-resources-reports-good-gold-indications-from-senegal-drill-programme-207816.html Oriole Resources PLC (LON:ORR) has reported encouraging gold intercepts from a drill programme at Dalafin in Senegal.

The campaign was carried out by partner IAMGOLD and identified broad zones of anomalous gold mineralisation as well as higher grade samples that could indicate a feeder zone at depth.

WATCH: Oriole Resources 'very excited' by results from Dalafin drill programme

Samples from termite mounds at the drill pads also indicated gold, said Oriole.

IAMGOLD has an option to spend US$8M on exploration to earn a 70% interest in Dalafin.

In May, it started a shallow drill programme at the Madina Bafe target that from 552 holes identified two anomalies with gold present over 1.5km and 400m respectively.

READ: Oriole Resources name change indicates return to 'grass roots geology'

IAMGOLD intends to start deeper drilling in November at Madina Bafe to test results from the previous exploration carried out by Oriole.

The licence is 12km to the west-northwest of IAMGOLD's 2.49Moz (Indicated) Boto gold project, where it intends to apply shortly for a mining licence.

 -- Adds video link --

 

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Thu, 25 Oct 2018 07:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207816/oriole-resources-reports-good-gold-indications-from-senegal-drill-programme-207816.html
<![CDATA[News - Oriole Resources name change indicates return to 'grass roots geology' ]]> https://www.proactiveinvestors.co.uk/companies/news/204437/oriole-resources-name-change-indicates-return-to-grass-roots-geology--204437.html After a year of substantial upheaval, the dust has settled at Oriole Resources PLC (LON:ORR).

Indeed, the name itself is a move to distance the business as it stands now from its legacy as Stratex International.

WATCH: Rebrand sees Stratex International begin trading as Oriole Resources

There are still a few assets left from the old regime in Turkey and Djibouti, but under new chief executive Tim Livesey, the group has already started to rebuild in new locations.

Prime focus currently is Cameroon, where the junior has an option with local firm BEIG3 over two early-stage gold exploration projects at Bibemi and Wapouze.

Oriole has an earn-in agreement where it will take 90% stakes in the licences by spending US$3.1mln on exploration.

Livesey knows the prospects well, as the option was formerly held by Canadian group Reservoir Minerals, where he was COO until it was taken over in 2016.

Gold district ambition

The aim is to build up a new gold district as that is the way to attract a larger company either to take them over or partner.

So far, he says, its area in Northern Cameroon is relatively unexplored with only artisanal workings so far.

A countrywide geological survey is underway under the auspices of BEIG3 to help build understanding of the resource potential in the country.

Livesey hopes it will confirm what he sees as a mineral belt running through its licences and surrounding areas.

Work plans are for trenching at the Bakassi area of Bibemi and soil sampling and mapping at Wapouze ahead of any drilling.

In Senegal, Oriole is getting a free carry on an exploration programme by IAMGOLD, which can earn-in 70% of the Dalafin prospect for a US$8mln spend.

IAMGOLD started drilling started in June.

Consolidation ahead for junior miners

Livesey told Proactive the aim is to get the company focused back on early-stage work, with the re-naming the final stage of the restructuring.

He says one of the changes will see Oriole focus on new districts, which is higher risk but potentially higher reward.

Dalafin is an existing gold belt, but the company needed a step-back into 'grass roots, bush geology' hence the move into Cameroon.

Livesey also sees consolidation ahead for smaller junior miners in the coming years due to the pressure on costs and Oriole has had discussions over a number of possibilities, though nothing yet close to fruition.

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Fri, 07 Sep 2018 12:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204437/oriole-resources-name-change-indicates-return-to-grass-roots-geology--204437.html
<![CDATA[Media files - Rebrand sees Stratex International begin trading as Oriole Resources ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10350/rebrand-sees-stratex-international-begin-trading-as-oriole-resources-10350.html Wed, 05 Sep 2018 15:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10350/rebrand-sees-stratex-international-begin-trading-as-oriole-resources-10350.html <![CDATA[Media files - Stratex in 'strong position' and looking ahead to continued project development ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10153/stratex-in-strong-position-and-looking-ahead-to-continued-project-development-10153.html Thu, 16 Aug 2018 14:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10153/stratex-in-strong-position-and-looking-ahead-to-continued-project-development-10153.html <![CDATA[News - Stratex entering new era as chairman announces retirement ]]> https://www.proactiveinvestors.co.uk/companies/news/203040/stratex-entering-new-era-as-chairman-announces-retirement-203040.html Stratex International PLC (LON:STI) shares rose on Thursday after the miner said it is expecting strong news flow over the coming months from IAMGOLD's drill programme at the Dalafin project.

The company, which faced a shareholder revolt last year over a proposed takeover of Crusader Resources, set about stabilising things in the first half of 2018, with a realignment of existing assets and a refresh of the management team.

READ: Stratex says IAMGOLD to commence drilling at Dalafin gold project in Senegal

Peter Addison, the non-executive chairman, has announced his retirement from the company while Chris Worcester, an independent non-executive director, is also bowing out.

The company has identified replacements and these will be announced when Addison and Worcester leave on September 3.

The departures were announced in the interim results of the gold explorer and project developer.

The loss before tax in the first six months of the year was £3.30mln versus a profit of £800,000 in the corresponding period of last year but this was largely a result of Stratex’s share of a write-off – US$2.7mln – of roughly US$8.7mln on the value of licences in Ethiopia that were cancelled in May.

The licences were held by Thani Stratex Limited (TSR), in which Stratex has a 30.4% interest.

READ: Stratex International says Thani Stratex has Ethiopian licences cancelled

The company, which currently has no revenues, said it significantly reduced its administrative and operational costs during the first half of the year to £1.04mlm from £1.49mln in the same period of last year.

The company’s cash balance at the end of June was £2.31mln.

READ: Stratex takes up gold exploration in Cameroon, supported by a £1mln placing

“The first half of 2018 has been a time of significant change at Stratex. With a change to executive management and the board, the company has been busy consolidating its existing and well-developed portfolio in Turkey, executing agreements for the advancement of the Dalafin project and refocusing on new early stage exploration projects in Europe and Africa, including our exciting new project in under-explored Cameroon,” said Tim Livesey, the chief executive officer of Stratex.

“The completion of a significant earn-in option agreement with IAMGOLD on the Dalafin Licence in March was excellent and we expect strong news flow over the coming months as the results of IAMGOLD's drill programme come through. The potential of this deal to lead to a defined resource, and ultimately commercial mining, is very real and we believe will add significant value for our shareholders,” Livesey said.

In mid-morning trading, Stratex shares were 4.2% higher at 0.37p.

 -- Updates share price --

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Thu, 16 Aug 2018 08:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203040/stratex-entering-new-era-as-chairman-announces-retirement-203040.html
<![CDATA[Media files - Stratex makes move into Cameroon with two gold exploration projects ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9581/stratex-makes-move-into-cameroon-with-two-gold-exploration-projects-9581.html Thu, 14 Jun 2018 13:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9581/stratex-makes-move-into-cameroon-with-two-gold-exploration-projects-9581.html <![CDATA[News - Stratex takes up gold exploration in Cameroon, supported by a £1mln placing ]]> https://www.proactiveinvestors.co.uk/companies/news/198679/stratex-takes-up-gold-exploration-in-cameroon-supported-by-a-1mln-placing-198679.html Stratex International plc (LON:STI) has entered into a conditional option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL (BEIG3), a well-established Cameroonian company with strong in-country technical and logistic support, for its two early-stage gold exploration projects, Bibemi and Wapouzé, in north Cameroon.  

To support the Company's ongoing exploration programme, Stratex intends to raise a minimum of £1mln and up to £1.25mln via an issue of ordinary shares at an expected price of 0.5p per share.

READ: Stratex emerges from tumultuous period with new leadership and new direction

This money will be used primarily to get to work on the new projects.

Under the terms of the option agreement, Stratex can earn-up to a 90% interest in the Bibemi and Wapouzé projects.

Initially, it can earn an initial 51% of the projects by spending US$1.56m on exploration over two years, with a minimum commitment of US$560,000 within the first year.

It can then earn up to a further 39% interest in the projects for further exploration expenditure of US$1.56mln or completion of a pre-feasibility study on one of the projects over the subsequent two years.

BEIG3 will retain a 10% free carried interest in projects up to the point where Stratex goes to 90% or completes a pre-feasibility study.

"We are delighted to have entered into this option agreement with BEIG3 for what are exciting early-stage exploration targets in Cameroon,” said Tim Livesey, chief executive of Stratex.

“BEIG3 formerly held the projects in a joint venture with TSX-quoted Reservoir Minerals Inc, of which I was COO until 2016 when it was sold to Nevsun, but these have recently been returned 100% to BEIG3 and so we look forward to picking-up where Reservoir left off.”

During its due diligence, Stratex noted that 7,744 trench samples were assayed for gold at Bibemi, and the best results previously reported by Reservoir included 14 metres at 1 gram per tonne gold.

Wapouzé is earlier stage, but has been the subject of stream sediment sampling.

 

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Tue, 12 Jun 2018 08:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198679/stratex-takes-up-gold-exploration-in-cameroon-supported-by-a-1mln-placing-198679.html
<![CDATA[Media files - Stratex International expects “good, appropriately targeted exploration effort” at Dalafin ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9414/stratex-international-expects-good-appropriately-targeted-exploration-effort-at-dalafin-9414.html Thu, 31 May 2018 12:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9414/stratex-international-expects-good-appropriately-targeted-exploration-effort-at-dalafin-9414.html <![CDATA[News - Stratex says IAMGOLD to commence drilling at Dalafin gold project in Senegal ]]> https://www.proactiveinvestors.co.uk/companies/news/197990/stratex-says-iamgold-to-commence-drilling-at-dalafin-gold-project-in-senegal-197990.html Stratex International plc (LON:STI) has announced that IAMGOLD Corporation (TSE:IAG, NYSE:IAG) has completed its preliminary studies at the company’s 85%-owned Dalafin gold project in Senegal and the drilling will commence shortly.

The AIM-listed company said the mobilisation of drilling equipment to the site is nearing completion and IAMGOLD will shortly commence a 5,750m Air Core, Reverse Circulation and diamond core drilling programme at the Madina Bafe prospect on the south of the licence area.

WATCH: Stratex makes move into Cameroon with two gold exploration projects

Stratex said IAMGOLD is focusing on exploration at Madina Bafe prospect as part of initial US$4mln earn-in to 51% of the project.

The gold exploration group said full review of historical diamond drill core and RC chips is completed. Also, regolith mapping has been completed and is currently being digitised.

Tim Livesey, CEO of Stratex, said: “We are delighted to see the development of such a robust work programme and that IAMGOLD are moving ahead so quickly on the earn-in.”

He added: “We look forward to strong news flow on Dalafin over the coming months.” 

 

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Thu, 31 May 2018 08:02:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197990/stratex-says-iamgold-to-commence-drilling-at-dalafin-gold-project-in-senegal-197990.html
<![CDATA[News - Stratex International appoints new finance head ]]> https://www.proactiveinvestors.co.uk/companies/news/197898/stratex-international-appoints-new-finance-head-197898.html Stratex International plc (LON:STI) has appointed Bob Smeeton as its new chief financial officer.

He replaces Perry Ashwood who is retiring after holding the position at the mining junior since 2005.

Smeeton (50), who will be appointed to the board from 4 June, was previously the finance director at Universe Group.  

Peter Addison, Stratex’s chairman, said Smeeton has extensive experience of working with AIM-listed businesses and had contributed significantly to the successful turnaround and growth of several companies.

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Wed, 30 May 2018 07:58:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197898/stratex-international-appoints-new-finance-head-197898.html
<![CDATA[News - Stratex International says has received full repayment of loan made to Crusader Resources last year ]]> https://www.proactiveinvestors.co.uk/companies/news/196917/stratex-international-says-has-received-full-repayment-of-loan-made-to-crusader-resources-last-year-196917.html Stratex International PLC (LON:STI) said that it received full repayment of the loan it made to Australian firm Crusader Resources Limited (ASX:CAS) (LON:CAS) last year.

In a statement, the AIM-quoted gold exploration and development company - focused on Turkey and Africa – said that, consequently, it has received a total of around A$1.623mln (£885,086).

READ: Stratex emerges from tumultuous period with new leadership and new direction

The group said the total figure includes 12% compound interest on the original loan amount of A$1.500mln as full settlement in accordance with the terms of the loan.

In afternoon trading, Stratex shares were 12% higher at 0.70p. Crusader Resources shares, which were also floated on AIM last month, held steady at 3p.

In November last year, dissident Stratex shareholders voted down a proposed merger with Aussie-listed Crusader, leading to Marcus Engelbrecht, Stratex’s chief executive stepping down from the junior miner's board

The dissident shareholders, which included two former Stratex directors David Hall and Paul Foord, had been vocal in their criticism of the Crusader merger ever since it was first announced in May 2017.

The share based-deal valued Crusader at £31.1mln (A$54.2mln) and would have seen its shareholders end up with an 81% stake in the enlarged company.

Stratex at that time turned to its former chief executive Bob Foster to take up his old job following the departure of Engelbrecht on an interim basis.

Then at the beginning of March this year, the firm appointed Tim Livesy, a geologist and chairman of Minexia Limited, a mining investment, development and advisory company, as its permanent chief executive.

-- Updates share prices --

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Mon, 14 May 2018 12:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196917/stratex-international-says-has-received-full-repayment-of-loan-made-to-crusader-resources-last-year-196917.html
<![CDATA[News - Stratex International says Thani Stratex has Ethiopian licences cancelled ]]> https://www.proactiveinvestors.co.uk/companies/news/196762/stratex-international-says-thani-stratex-has-ethiopian-licences-cancelled-196762.html Stratex International plc (LON:STI) said it has been informed by Thani Stratex Limited (TSR), in which it holds a 30.4% interest, that its exploration licences at Blackrock and Cussra in Ethiopia have not been renewed by the relevant authorities.

The AIM-listed gold explorer said the cancellation of the licences has resulted in the impairment of the carrying value of the licences by TSR, and has resulted in a write-off to its profit and loss of approximately US$8.7mln.

READ: Stratex International joint venture hits bumper grade at Djibouti

Stratex's share of this write-off is approximately US$2.7mln and the carrying value of the company's investment in TSR will reduce by this amount.

Tim Livesey, Stratex chief executive, said: "We understand that TSR had applied for a sabbatical at the Licences until 2019 so that it could concentrate on its core projects in Djibouti and Egypt. However, they have since received notification that this would be outside the scope of the mining legislation and the Licences have subsequently been cancelled.

He added: “Whilst this cancellation and the related write-down is disappointing, the projects in Ethiopia have been non-core for TSR since it formed in 2014 and its focus continues to be on its projects in Djibouti and Egypt."

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Thu, 10 May 2018 16:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196762/stratex-international-says-thani-stratex-has-ethiopian-licences-cancelled-196762.html
<![CDATA[News - Stratex International joint venture hits bumper grade at Djibouti ]]> https://www.proactiveinvestors.co.uk/companies/news/195342/stratex-international-joint-venture-hits-bumper-grade-at-djibouti-195342.html A second drill programme at its jointly held Pandora prospect in Djibouti hit a bumper gold vein in a previously untested area, said Stratex International plc (LON:STI).

Pandora is being explored by Thani Stratex Resources (TSR), a joint venture with Thani Emirates.

READ: Stratex emerges from tumultuous period with new leadership and new direction

The bonanza find was at the Pyrrha vein, a secondary structure to the main vein, where TSR found 55.4g/t over 1.22m at 32m below the surface.

The vein was narrow but mapped for 400m said TSR and subject to preliminary metallurgical tests will be drilled further.

In total, TSR drilled just over 3,000m at 18 holes.

David Hall, TSR’s chief executive, said he was delighted with the results, which showed ‘excellent grades over broad widths’.

“We are now seeing good continuity over 1000m strike and to depths of 150m below current surface.

“The presence of high grade in holes 25 and 32 are significant.

The intercept in 25 is some 130m below the current surface with the entire zone assaying 1.05 g/t Au over 66.5m drill width or an estimated true width of 30 metres.

Hall added the company had received considerable interest from third parties and a number are now under NDA’s for the project.

Stratex has a 30.4% stake in TSR.

 

 

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Thu, 19 Apr 2018 07:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195342/stratex-international-joint-venture-hits-bumper-grade-at-djibouti-195342.html
<![CDATA[News - Stratex emerges from tumultuous period with new leadership and new direction ]]> https://www.proactiveinvestors.co.uk/companies/news/194144/stratex-emerges-from-tumultuous-period-with-new-leadership-and-new-direction-194144.html Tim Livesy was appointed chief executive of Stratex International plc (LON:STI) at the beginning of March, replacing interim chief executive and longstanding Stratex stalwart Bob Foster, who has now stepped out of the limelight again. Foster took on the role temporarily, after shareholders voted down the proposed acquisition of Crusader Resources and thereby ejected the previous chief executive Marcus Engelbrecht.

“I am very pleased to be joining Stratex International,” Livesy said in March.

“In particular I am looking forward to working with the team to enhance the value of our existing portfolio and importantly, to develop some new avenues for exploration. The board and management have steered the company through a difficult year. It is now time for us all to focus on developing some new opportunities for exploration and development success, in what we hope will be a more positive market through 2018 and 2019."

Asset portfolio rationalisation now well advanced

With the uncertainty of the Crusader acquisition now receding in the rear view mirror, Stratex has set about rationalising its diverse portfolio of African and Turkish assets.

The Dalafin project in Senegal has recently been put into joint venture with Canadian major IAMGOLD (TSE:IMG).

The 45% interest in the Altintepe gold project in Turkey was sold last year, and US$8mln duly received.

The likelihood is that the interest in Muratdere will now be reduced to a 1.2% royalty.

The last remaining interest in Goldstone Resources was sold in October 2017.

Two other Turkish projects remain on the books, but are now considered non-core.

The 7.84% stake in Aforo remains in place, and Aforo is now focussing on gold in Burkina Faso.

Immediate focus on Thani Stratex

Stratex retains a 30.4% stake in Thani Stratex Resources Limited, and has injected just under £600,000 of new money into it recently.

Thani Stratex has assets in Djibouti and Egypt.

Djibouti portfolio to be spun out into new listed entity

In Djibouti, Thani Stratex is undertaking a 3,000 metre drilling campaign at the Pandora epithermal gold project. The aim of this drilling is to test the depth-extension of previously drilled mineralisation and identify potential higher-grade ore shoots. It’s thought that this work could lead to the definition of a resource.

Stratex has agreed to support completion of the current programme for an additional US$200,000, alongside further funding of US$300,000 by joint venture partner Thani Emirates Resources Holdings. Stratex will await full results of this programme before making a decision on whether to support further exploration.

Elsewhere in Djibouti, at Assaleyta, a five hole programme was undertaken by Thani Stratex across three key zones back in 2016.

Thani Stratex has indicated its intention to spin-off its Djibouti portfolio as a separate entity, seeking exposure to public markets in due course.

Maiden resource now in place at Anbat in Egypt

In Egypt, Thani Stratex is focused on advancing the Anbat project, where, in December 2017 it announced a maiden resource estimate of 209,000 ounces at 1.11 grams per tonne gold within porphyry sills. The geometry of these sills isn’t yet fully understood and will need to be investigated further before any resource estimation is undertaken.

Potential upside has also been highlighted within the granodiorite, where an exploration target has been revealed. More drilling is required to ascertain whether there is any potential for a larger open-pit resource here.

Capital reorganisation pending

Currently, Stratex’s shares are trading at a discount to the nominal 1p value, and under UK company law this prevents the company from issuing new shares. Accordingly, shareholders will be offered the opportunity to vote on a capital reorganisation at the upcoming AGM, to be held on 19 April 2018.

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Tue, 03 Apr 2018 11:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/194144/stratex-emerges-from-tumultuous-period-with-new-leadership-and-new-direction-194144.html
<![CDATA[Media files - Stratex gets formal approval for IAMGOLD Corp subsidiary joint venture ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8951/stratex-gets-formal-approval-for-iamgold-corp-subsidiary-joint-venture-8951.html Mon, 26 Mar 2018 16:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/8951/stratex-gets-formal-approval-for-iamgold-corp-subsidiary-joint-venture-8951.html <![CDATA[News - Stratex International shares surge as it receives Senegal government approval for Dalafin gold project ]]> https://www.proactiveinvestors.co.uk/companies/news/193766/stratex-international-shares-surge-as-it-receives-senegal-government-approval-for-dalafin-gold-project-193766.html Stratex International plc (LON:STI) shares surged 33%  to hit 0.9p in early trading Monday after saying it had received approval from the Senegalese government regarding the Dalafin gold project.

The AIM-listed gold exploration group said the approval related to its Option Agreement with AGEM Senegal Exploration Suarl (AGEM), a subsidiary of IAMGOLD Corp (IAMGOLD).

READ: Stratex proposes capital re-organisation to resume issuing shares

Following the approval, the company said it would begin fast-tracking exploration at the Dalafin project, with the initial work programme focusing on the Madina Bafé prospect, the southernmost at the site.

The group said the work programme would primarily investigate the continuity of high-grade mineralisation at depth and along strike, with the intention of developing resources for either a stand-alone deposit or a satellite deposit for IAMGOLD’s Boto Project, located 12km north-east of Madina Bafé.

Tim Livesey, Stratex's chief executive, commented: "We are delighted to have had this agreement formalised so quickly by the Ministry, enabling the work programme at Dalafin to begin in earnest. We look forward to working with IAMGOLD and to keeping our shareholders updated on ongoing developments at the Project."

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Mon, 26 Mar 2018 07:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/193766/stratex-international-shares-surge-as-it-receives-senegal-government-approval-for-dalafin-gold-project-193766.html
<![CDATA[News - Stratex proposes capital re-organisation to resume issuing shares ]]> https://www.proactiveinvestors.co.uk/companies/news/193301/stratex-proposes-capital-re-organisation-to-resume-issuing-shares-193301.html Stratex International plc (LON:STI) has proposed a capital re-organisation so it has the flexibility to issue shares for potential investments or an equity fundraising.

The gold explorer said its ordinary shares have recently been trading at a discount to their nominal value of 1p for some time.

READ: Stratex's new interim chief kicks off strategic review of assets

"As the company cannot issue shares at a discount to the nominal value, this situation currently restricts the company from issuing shares which it may wish to do, for example, in the case of any potential transaction or new equity fundraising," Stratex said.

"The board is consequently proposing the capital re-organisation resolutions in order that the company has the flexibility to issue shares as is being put forward at the AGM (annual general meeting)."

The AGM will be held on April 19 in London.

Stratex said the capital re-organisation will involve subdividing each issued existing ordinary share of 1p each into one new ordinary share of 0.1p each and one deferred share of 0.9p each.

Each existing shareholder will hold one new ordinary share and one deferred share in place of each existing share.

New ordinary shares will keep all the rights of the existing shares and an application will be submitted for these to be admitted to trading on AIM.

READ: Stratex ends financial year with £2mln in the bank

Deferred shares will have no rights to vote or to receive dividends and there will be no application for AIM trading.  

The re-organisation will reduce the nominal value of the issued and unissued ordinary share capital of the company.

“The directors consider the capital re-organisation resolutions to be in the best interests of the company and its shareholders as a whole,” Stratex said. 

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Fri, 16 Mar 2018 11:45:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/193301/stratex-proposes-capital-re-organisation-to-resume-issuing-shares-193301.html
<![CDATA[News - Stratex strikes partnership deal with IAMGOLD for Senegal gold project ]]> https://www.proactiveinvestors.co.uk/companies/news/192456/stratex-strikes-partnership-deal-with-iamgold-for-senegal-gold-project-192456.html Stratex International PLC (LON:STI) has stuck a deal with IAMGOLD Corporation subsidiary AGEM Senegal Exploration for the Dalafin gold project in Senegal.

The deal gives AGEM the right to acquire a 51% stake in the project by spending US$4mln over a four-year period, and once the first option is exercised, the companies will form a joint venture.

AGEM will also have the option to increase its stake in the project further, to 70%, by spending another US$4mln over a subsequent two-year period – at that point, the STI vehicle would retain 25.5% interest in Dalafin.

Stratex International 're-balanced and re-engaging with shareholders'

"Following a project review in 2017, we reported that whilst we believed there was still exploration upside at Dalafin, we were not prepared to commit further funding and that seeking a joint-venture partner to progress exploration would be the best route for all stakeholders,” said Tim Livesey, Stratex chief executive.

“We are therefore delighted to have delivered on this agreement, with such a high-profile company, to fast-track exploration at Dalafin whilst minimising our financial exposure.

“IAMGOLD produces 800,000 gold ounces per annum, has an extremely good reputation in West Africa and we look forward to working with them and to developing a broader strategic relationship in the region."

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Thu, 01 Mar 2018 15:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192456/stratex-strikes-partnership-deal-with-iamgold-for-senegal-gold-project-192456.html
<![CDATA[Media files - Stratex International 're-balanced and re-engaging with shareholders' ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8808/stratex-international-re-balanced-and-re-engaging-with-shareholders--8808.html Tue, 27 Feb 2018 13:14:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8808/stratex-international-re-balanced-and-re-engaging-with-shareholders--8808.html <![CDATA[News - Stratex ends financial year with £2mln in the bank ]]> https://www.proactiveinvestors.co.uk/companies/news/192244/stratex-ends-financial-year-with-2mln-in-the-bank-192244.html Stratex International plc (LON:STI) ended the full year to 31 December 2017 with £2mln in the bank, after an eventful year.

The sale of company's 45% interest in the Altıntepe gold project in Turkey was completed in April 2017 and the proceeds of US$8mlm duly received.

In addition, following dilution of Stratex's shareholding in Goldstone Resources Limited, the company sold its 13.7% interest for £547,000 in October 2017.

However, Stratex has maintained its interest in Thani Stratex Resources Ltd , currently at 30.1%, by investing a further US$590,000 during the year under review, with a further US$200,000 to be invested before the end of the first quarter of 2018. Following that investment Stratex’s holding in Thani Stratex will increase to 30.4%.

READ: Stratex International updates on partially-owned associate's deal making

Elsewhere, Aforo Resources Ltd, in which Stratex has a 7.84% interest, signed option agreements for two gold projects in Burkina Faso. One of the projects, Niare, has a non-JORC gold resource of 98,000 ounces at 1.36 grams per tonne gold.

Finally, an attempt to acquire ASX-listed Crusader Resources was voted down, and Stratex chief Marcus Engelbrecht was replaced by former CEO Bob Foster on a temporary basis.

It all added up to a loss after tax of £5.4mln, even allowing for a £2.9mln profit booked from the sale of the Altintepe mine.

Stratex incurred charges relating to the Goldstone sale and the Crusader deal, and wrote off £1.3mln in relation to the Dalfin project in Senegal.

WATCH: Stratex International 're-balanced and re-engaging with shareholders'

The company is also engaged in various negotiations with the tax authorities in Turkey and the UK.

Stratex ended the year with a cash balance of £2mln, having started the year with £1.6mln.

New chief executive Tim Livesey is due to start work on March 1.

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Tue, 27 Feb 2018 08:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192244/stratex-ends-financial-year-with-2mln-in-the-bank-192244.html