Oriole Resources PLC - AGM Results and Strategic Overview
AGM Results and Strategic Overview
A new corporate presentation is now available on the Company's website https://orioleresources.com/investors/reports-presentations/.
At the meeting
"During 2018, we secured a new
"In Cameroon, systematic exploration has continued, delivering solid progress at Bibemi and Wapouzé, through the respective Phase 1 trenching (8,742 metres, with 3,608 samples reported to date) and soil (2,119 samples) programmes, and delivering on the Year 1 earn-in expenditure commmitment. Phase 2 infill programmes are nearing completion, with further results from both projects anticipated later this quarter.
"In Senegal, our partner IAMGOLD recently confirmed that it had met its Year 1 commitment at the Dalafin project, following 5,195 metres confirmatory drilling at the Madina Bafé prospect in the southern end of the licence. It has now commenced its Year 2 programme with a further 13,000 metres drilling planned to extend the 2018 programme at Madina Bafé northwards, as well as stepping two kilometres to the northwest to test the Saroudia prospect. First results from these programmes are anticipated late Q2/Q3 2019. IAMGOLD is focusing initially on these two southernmost prospects which are closest to its 2.49 million ounce Boto gold project, where approval of a mining permit is anticipated by mid-year. Madina Bafé and Saroudia are located within 10 kilometres and 20 kilometres 'truckable distance' of Boto, respectively, and as such should be seen as satellite targets for Boto, with the potential to provide additional feed for IAMGOLD's planned mine. However, additional targets within the licence, in particular in the north at the Faré prospect (where Oriole has previously completed over 16,000 metres drilling and delivered multiple long intercepts of ore grade material, including best near-surface results of 96 metres at 1.51 grammes per tonne ("g/t") gold ("Au") and 7 metres at 86.39 g/t Au) could provide additional standalone mine targets. We believe that IAMGOLD will extend its exploration programmes to test other targets within Dalafin, including Faré, once they have fully-tested the potential for satellite deposits in the immediate vicinity of the Boto mine development project. The Board believes that Dalafin alone more than underpins the current share price and is a stark example of how undervalued the Company is in the current market.
"Financially speaking, we have continued to improve our operating efficiency across the Group. During the year thus far we have seen the conclusion of our appeal against the
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Tel: +44 (0)20 830 9650
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Tel: +44 (0)20 7138 3204
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Notes to Editors:
This information is provided by RNS, the news service of the
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Market Cap: £2.62 m
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