Gold exploration company Oriole Resources has announced the resumption of activities at the Senala gold project in Senegal. The company holds a 41.65% interest in the project. The resumption follows the acquisition of AGEM Senegal Exploration, a wholly owned subsidiary of IAMGOLD Corporation, by Moroccan mining company Managem Group. AGEM Senegal Exploration will continue to operate the project, while Managem takes control.
Under the terms of a 2018 option agreement, Managem Group will fund the AGEM Senegal Exploration earn-in on the Senala gold project. The agreement stipulates that Managem Group has the option to earn up to a maximum 70% interest in the project by February 28, 2024, with a total spend of $8 million.
Managem Group’s exploration team is currently updating the litho-structural model to incorporate all the results achieved thus far. Additionally, a comprehensive 2,000 meter diamond drilling program has been scheduled for later this year. The program will consist of nine holes, covering the entire 6km length of the main mineralized trend at Faré, which is the project’s most advanced prospect. The results from this program will play a crucial role in guiding future exploration efforts at Faré.
Oriole Resources CEO, Tim Livesey, expressed delight at the resumption of activity at Faré. Livesey stated that the company is aware of the potential to extend the existing maiden resources at Faré South, identify additional resources at Faré South and Faré North, and explore additional targets identified during the 2022 auger drilling program. Livesey wished Managem Group success in the development and advancement of all its assets in the region and expressed anticipation for the results from the 2023 program at Senala.
