Oriole Resources PLC (AIM:ORR) surged 40% on the AIM market this week, catalysed by news that the Africa-focused exploration company delivered the first-ever JORC mineral resource estimate for orogenic gold in Bibeme, Cameroon.
JORC is the mining industry’s official code for reporting exploration results.
In a statement, chief executive Tim Livesey said “We are very pleased to have delivered an initial JORC mining resource estimate of significant size in a cost-effective manner and within such a short timeframe, despite the impacts of the covid pandemic.
"This was the first drilling ever carried out at Bibemi and it clearly demonstrates the massive opportunity that exists in this underexplored region.”
Oriole’s rally brought its market value up to £4.4mln.