Oriole Resources PLC (AIM:ORR) has successfully renewed the exploration licence for its Senala gold project located in Senegal.
The renewal is expected to allow the continuation of exploration in a region that Oriole Resources holds in a joint venture, after partner Managem completed an investment programme.
As part of the renewal, the overall exploration area reduces by 25%, to now span some 354.5 square kilometres. The renewed license is valid for three years, and, subject to results, can be extended into further exploration and development phases in the future.
The exploration venture will now concentrate efforts on high-potential prospects, notably Faré and Madina Bafé.
Oriole noted that the partners are now is in the process of reviewing expenditures, with talks ongoing regarding the formation of a further joint venture agreement to outline the future course of exploration and development activities at Senala.
Specifically, Oriole – via the part-owned Stratex-EMC vehicle – will make a decision whether to contribute to the work costs or dilute its percentage ownership in the project.