What does Oriole Resources do?
The company has a long-standing presence in West Africa and Turkey and has lately decided to focus on Cameroon.
Chief executive Tim Livesey is an experienced mining professional with a long track record in the industry.
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, are also on the board.
What does Oriole Resources own?
Cameroon: Oriole’s own focus is early-stage gold exploration in Cameroon and the Bibemi and Wapouzé projects in particular.
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$3.12mln.
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.
Senegal: 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.
Elsewhere: In addition, Oriole holds interests and royalties in companies operating throughout Africa and Turkey and continues to assess new gold and base metal opportunities in both regions.
The Muratdere copper-molybdenum-gold deposit is being advanced towards mine-construction by owner Lodos.
In August, Oriole agreed a US$300,000 sale agreement with its joint venture partner Anadolu over the Karaağac mining royalty in Turkey.
How it's doing
Gold exploration in Africa is accelerating rapidly with the rise in the price of the precious metal.
The initial 2020 exploration campaign at the Bibemi gold project revealed positive initial results and the miner is preparing a drill programme of 1,500 metres. In May the company announced that a further 17 holes were planned.
IAMGOLD is undertaking a three-year exploration programme as part of its plans to meet its earn-in commitments.
Meanwhile, investee Thani Stratex Resources, in which Oriole owns 26.1%, reached an agreement with its joint venture partner Onyx for the funding of an exploration programme in Djibouti.
The funding is being underwritten by African Minerals Exploration & Development Fund III and will allow for an accelerated exploration programme in Djibouti over the next three years.
What the boss says: Tim Livesey, chief executive
"We are delighted to see the start of drilling at the Faré prospect, in the north of the Senala licence.
“IAMGOLD has mobilised as quickly as possible, despite the restrictions imposed by the Covid-19 pandemic, and is now carrying out their planned 10,000m AC drill programme, which marks its third year of investment with Oriole,”
- Continued results from exploration in Cameroon
- Cash from Turkish royalties
- Gold price continues to rise