What does Oriole Resources do?
The company has a long-standing presence in West Africa and Turkey and has lately decided to focus on Cameroon.
Chief executive Tim Livesey is an experienced mining professional with a long track record in the industry.
Other well-known faces in the junior mining space, notably John McGloin, formerly of Amara and now of Perseus, and David Pelham, one of the geological brains behind Hummingbird’s early exploration success, are also on the board.
What does Oriole Resources own?
Cameroon: Oriole’s own focus is early-stage gold exploration in Cameroon and the Bibemi and Wapouzé projects in particular.
These projects lie over highly prospective neoproterozoic Pan-African greenstone belts in north-eastern Cameroon.
Oriole has the option to earn a 90% interest by spending US$3.12mln.
Under the terms of the option agreement, Oriole will earn an initial 51% of both projects by funding US$1.56mln of exploration over the next two years.
Thereafter, Oriole can earn a further 39% for an additional U$1.56mln exploration expenditure, or on the completion of a pre-feasibility study on at least one of the projects, over the subsequent two years.
Senegal: The company also has a significant stake in the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8mln to earn a 70% interest.
Elsewhere: In addition, Oriole holds interests and royalties in companies operating throughout Africa and Turkey and continues to assess new gold and base metal opportunities in both regions.
How is it doing
Latest news from Cameroon was soil sample results from the Bataol zone at Wapouzé
The three best samples contained more than 100 ppb (parts per billion) gold – with a peak assay of 210 ppb (0.21 g/t) while there were 45 above 20 ppb and 135 greater than ten.
Meanwhile, trenchwork on the central Bakassi zone on the Bibemi project intercepted nine metres grading 3.14 grams per tonne gold.
What the boss says: Tim Livesey, chief executive
“Seeing 0.2 g/t Au peaks in soil sampling is a pretty good indicator that there is potential for economic-grade gold in the system.
“We are particularly pleased to see confirmation and improved definition of the anomalism at the south-western end of the previously identified anomalous trends.
"At Dalafin, initial results from the Madina Bafé are further evidence of the increasing value of the project, as well as the wider Oriole portfolio."
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- IAMGOLD likely to widen its area of exploration focus at Dalafin
- Continued results from exploration in Cameroon
- Cash from Turkish royalties
- Potential for further deals and more licences in Cameroon
- Setting up Cameroon subsidiary to expand footprint
- Have to capitalise of first mover position by acquiring more ground says Livesey