- Experienced management team
- Attractive portfolio of West African gold assets
- Joint venture with well-known industry name IAMGOLD
What does Oriole Resources do?
Oriole Resources PLC (LON:ORR) is a resources exploration and development specialist with a focus on gold. The company has a long-standing presence in West Africa, and also Turkey, and has lately decided to focus on Cameroon.
The chief executive is Tim Livesy, an experienced mining professional with a long track record in the industry. The board also comprises 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.
What does Oriole Resources own?
Oriole’s major area of focus is early-stage gold exploration in Cameroon, in particular, the Bibemi and Wapouzé projects.
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$3.12 mln.
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.
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.
In addition, Oriole holds a number of interests and royalties in companies operating throughout Africa and Turkey, and continues to assess new gold and base metal opportunities in both regions.
- 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
Chief executive Tim Livesy encouraged by progress in West Africa
“We are encouraged to see positive results from the drilling results received so far for the Madina Bafé area of the Dalafin licence,” said chief executive Tim Livesy.
“The intersections confirm and extend the known areas of anomalism and as such continue to add to our understanding and confidence in this target area. Although the Madina Bafé area is the current focus for IAMGOLD, due to its proximity to their Boto development project to the immediate east, we are also looking forward to future work on the other anomalies in the north of the licence - notably at Faré, where previous work has also shown very promising results.”
He added: “These initial results from the Madina Bafé are further evidence of the increasing value of the Dalafin project, as well as the wider Oriole portfolio, and we look forward to working with IAMGOLD through the year to further progress the exploration programme.”