At the Karaağac gold project, located 300 km west-south-west of Ankara, mineralisation is hosted by an outcropping thrust zone and altered limestone.
Systematic chip sampling has yielded numerous values in excess of 0.5 g/t gold and high values of 2 m @ 9.71 g/t gold and 1 m @ 6.92 g/t gold along approximately 7 km of the exposed thrust contact.
Karaağac has an inferred non-JORC resource of 156,798 oz Au. Under the terms of a joint-venture agreement, Turkish partner Anadolu Export Maden Sanayi ve Ticaret Limited Şirketi (“Anadolu”) is working towards resource definition.
Under the terms of the transfer agreement between Stratex and Anadolu (announcement dated 2 February 2015), the licence has been transferred to Anadolu, which has accepted all financial liability for the licence and is funding a resource-drilling programme up to US$1.5 million. Subject to Anadolu delivering a minimum JORC 2012-compliant Indicated Resource of 50,000 ounces gold, it is required to pay Oriole Resources a one-off cash payment of US$500,000.
Oriole Resources also retains a 1.5% net smelter returns royalty on any future mineral production. The completion date for the investment and resource definition was originally targeted for 2 February 2017 but delays in permitting have extended this. The first stage of permitting – to allow hydrogeological boreholes and road access – was granted to Anadolu on 27 November 2017 and Anadolu expects infill drilling to commence in Q1 or Q2-2018, depending on weather conditions.