Located 250 km west of Ankara, the 14.87%-owned Muratdere property comprises three licences covering a substantial copper-gold- granodiorite-porphyry system with significant silver, molybdenum and rhenium credits.
The porphyry system extends east-west for a distance of c.4,000 m and has a width of between 200 m and 400 m. A JORC-compliant Inferred Resource of 51 million tonnes (186,000 tonnes Cu, 204,296 oz Au, 3.9 million oz Ag, 6,390 tonnes Mo and 17,594 kg Re) has been estimated over a distance of approximately 2,000 metres but is open-ended to the east and west and at depth, suggesting considerable potential to increase the resource.
Oriole’s joint-venture partner Lodos Maden Yatırım Sanayii ve Ticaret A.Ş. (“Lodos”), a wholly-owned mining investment company of Pragma Finansal Danışmanlık Ticaret A.Ş., a leading private Turkish financial institution and investment company, earned-in to the project by undertaking drilling, making cash payments to the Company totalling US$2.2 million, and by completing a feasibility study in May 2015.
Lodos is committed to ongoing expenditure in 2018, with a focus on developing the Environmental Impact Assessment programme. In Februrary 2018, the Board confirmed that it will not be committing further funds to the project and consequently the Company anticipates being diluted to below 10% during 2018, which will trigger dilution to a 1.2% (post Turkish tax) royalty.