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Oriole Resources PLC - Thani Stratex Djibouti Exploration Update

RNS Number : 3584F
Oriole Resources PLC
09 March 2020
 

Oriole Resources PLC

('Oriole' or 'the Company')

 

Thani Stratex Djibouti Exploration Update and

Tim Livesey to be Appointed as Director of Thani Stratex Djibouti

 

Oriole Resources PLC, the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its 11.80 per cent holding in Thani Stratex Djibouti Limited ('TSD') following its spin-out from parent company Thani Stratex Resources Limited ('TSR') last year (Announcement dated 19 November 2019).

 

Under the terms of a funding agreement, African Minerals Exploration & Development Fund III ('AMED Fund III') is investing an initial US$2.5 million via convertible loan notes to fund exploration in Djibouti, and an ambitious exploration programme is now underway. Following a shareholder vote, Tim Livesey will shortly be appointed as a director of TSD, alongside representatives from Nurture Ex B.V. (NEX), Thani Emirates and AMED Fund III.

 

 

Highlights

 

·    AMED Fund III commits first US$2.5 million tranche of funding to test the Oklila (Pandora) and Hesdaba epithermal gold projects in Djibouti;

 

·    Pandora:

Exploration camp refurbished and >1.5 kilometres ('km') access roads constructed;

13 holes completed at Pandora for c.1,200 metres ('m') - successful intersection of vein system in all holes;

Results anticipated late Q1-2020.

·    Hesdaba:

Phase 1 drilling underway for 1,800m diamond and 4,000m reverse circulation ('RC');

Results anticipated late Q1 to Q2, 2020;

Extensive surface sampling planned for Q2-2020.

·    Assaleyta:

Camp construction and major road and drill access works planned for Q3-2020;

2,000m Phase 2 diamond drilling programme planned for Q4-2020.

 

·    Tim Livesey to be appointed as director of TSD.

 

 

 

Oriole CEO Tim Livesey, said: "We are excited to see the recent progress on the Djibouti targets, under new management.  Early indications are that the vein systems at Pandora continues to be intersected along strike and at depth. 

"These prospects, originally identified by the Company, have the potential to host significant gold mineralisation and we look forward to seeing the drill programmes progress through 2020."

 

 

 

Further Details

In November, the Company announced the spin-out of TSD into a standalone private company, focussed on Djibouti, that would be managed and funded independently of TSR (19 November 2019). In the same announcement, the Company confirmed a direct investment into TSD by AMED Fund III. The first US$2.5 million tranche of that investment has now been deployed, and partially converted under the agreed terms, and an ambitious exploration programme is currently underway at TSD's assets in Djibouti.

 

At the Pandora prospect (Oklila Licence), the exploration camp has been refurbished and over 1.5km of access roads have been constructed to support drilling. Further to the initial phases completed between 2017 and 2018 (Announcements dated 6 June 2017 and 19 April 2018), a Phase 3 diamond drilling programme has been completed in 13 holes for c.1,200m, predominantly focused on the Pyrrha vein system where a maiden drill hole previously returned 55.4 grammes per tonne ('g/t') gold ('Au') over 1.22m from approximately 32m below surface (Announcement dated 19 April 2018). TSD management has reported that successful intersection of the vein system has been achieved in all holes and we look forward to receiving the result when they become available later in Q1. Subject to results, infill and resource definition drilling will follow.

 

At the Hesdaba project, 10km northwest of Pandora, a Phase 1 drilling programme comprising 1,800m diamond (for c.12 holes) and 4,000m RC (for c.30 holes) drilling is currently underway to test the epithermal system that extends over a combined strike of more than 5km. The programme is expected to be completed in April, with all results anticipated before the end of Q2-2020. Subject to results, extensive surface sampling is planned for Q2-2020.

 

Work is also planned at the Assaleyta project c.16 km to the north of Pandora, where previous work has defined disseminated and vein-hosted mineralisation in rhyolite domes. Phase 1 drilling in 2017 confirmed sub-surface gold mineralisation of up to 17.40m grading 2.24 g/t Au from surface and 3.16m grading 6.79 g/t Au from 20m (Announcement dated 27 February 2017). Camp construction and major road and drill access works are planned for Q3-2020, with a 2,000m Phase 2 diamond drilling programme currently scheduled for Q4-2020.

 

Following the spin-out of TSD, a TSR shareholder vote was held in order to approve the board constitution of TSD.  Alongside representatives from NEX, Thani Emirates and AMED Fund III, Oriole's Chief Executive Officer Tim Livesey will shortly be appointed as one of five directors of TSD, having gained the support of fellow TSR shareholders including Capital Drilling Limited and Resource Capital Funds.

 

 

Competent Persons Statement 

The information in this release that relates to Exploration Results has been compiled by Claire Bay (VP Exploration and Business Development). Claire Bay (MGeol, CGeol) is a Competent Person as defined in the JORC code and takes responsibility for the release of this information. Claire has reviewed the information in this announcement and confirms that she is not aware of any new information or data that materially affects the information reproduced here

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

 

** ENDS **

 

For further information please visit www.orioleresources.com,  @OrioleResources on Twitter, 

or contact:

 

Oriole Resources PLC

Tim Livesey / Bob Smeeton / Claire Bay

 

Tel: +44 (0)20 7830 9650

Blytheweigh (IR/PR contact)

Tim Blythe / Megan Ray / Rachael Brooks

 

Tel: +44 (0)20 7138 3204

Grant Thornton UK LLP

Samantha Harrison / Niall McDonald

 

Tel: +44 (0)20 7383 5100

WH Ireland

Adrian Hadden / Darshan Patel / Lydia Zychowska

 

Tel: +44 (0)20 7220 1666

 

Notes to Editors:

 

Oriole Resources PLC is an AIM-listed exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. Year 1 commitments have been met at all three projects. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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