Proactive Investors - Run By Investors For Investors

Oriole Resources shines as it hits ‘bonanza’ grades at Bibemi project

The firm said the results from a sampling of 454 rock chips had returned 16 samples containing over 10 grams per tonne of Gold
Gold nuggets
The best results included samples containing 135.4 grams per tonne of Gold

Oriole Resources PLC (LON:ORR) shares soared in early trading Tuesday after it hit ‘bonanza’ gold grades at its Bibemi project in Cameroon following the results from a rock-chip sampling programme.

The AIM-listed firm said the results from a sampling of 454 rock chips from predominantly quartz and quartz-tourmaline veins had returned 16 samples containing over 10 grams per tonne (g/t) of Gold (Au), with 43 samples assayed containing over 1 g/t Au.

READ: Oriole Resources starts early exploration of Cameroon prospects

The best results included samples containing 135.4 g/t Au, 119.7 g/t Au, 117.2 g/t Au, and 107.2 g/t Au.

Oriole added that north-east trending high-grade mineralisation at Zone 1 of the project had been confirmed over a 4-kilometre strike, as well as a confirmation of Zone 2 to the East with assays of up to 35.9 g/t Au.

Current Phase 1 trenching would also be increased by four trenches to cover a total of 2,000 metres.

Tim Livesey, chief executive of Oriole, said the project had delivered “high-grade results from what is an initial phase of ground-truthing”, adding that the extended trenching programme would “tighten up” targeting for a drilling programme planned in 2019.

Oriole has an option to earn up to a 90% interest in the Bibemi project, which is located in the highly prospective neoproterozoic Pan-African greenstone belts in north-eastern Cameroon.

Shares were up 23.8% at 0.41p.

--Adds share price--

View full ORR profile View Profile

Oriole Resources PLC Timeline

Related Articles

Yukon gold rush stamp
December 21 2018
KGC is seeking out the sources of the gold rush that made the Yukon's Klondike region famous
gold and dollars
December 17 2018
A first interim dividend was announced in September, since when there has been more good news
Gold bars
November 27 2018
Panmure Gordon’s analysts noted that Ariana’s third-quarter update continued the trend of above plan production with its full-year 2018 guidance of 20,00 ounces almost reached in nine months

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use