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Oriole Resources aims to expand footprint in Cameroon as it updates strategy at AGM

Non-executive chairman John McGloin said Cameroon was “a key growth centre” going forward and the company would be expanding its footprint with additional licences under its existing joint ventures as well as new licence applications
Gold pieces
The firm currently has interests in two early-stage gold projects in Cameroon - Bibemi and Wapouzé

Oriole Resources PLC (LON:ORR) is aiming to expand its footprint in Cameroon this year, the group said as it updated on strategy at its AGM.

At the meeting, which was held on Thursday afternoon, the explorer’s non-executive chairman John McGloin said the company saw Cameroon as “a key growth centre” going forward and would be expanding its footprint over the year with additional licences under its existing joint ventures as well as new licence applications under its subsidiary.

WATCH: Oriole Resources PLC - Mining Capital Conference May 2019

The companies also anticipated that the pace of investment in the central African country would increase once results from the first phase of the World Bank-funded 'PRECASEM' geological targeting programme - led by the French and Finnish geological surveys - are released later this year.

The firm currently has interests in two early-stage gold projects in Cameroon - Bibemi and Wapouzé. In March, the company identified multiple gold-in-soil anomalies at the Wapouzé project, including an eight-kilometre long anomaly grading at over 10 parts per billion of gold.

Meanwhile, McGloin said its partner in Senegal, IAMGOLD, will extend its exploration programmes at its Dalafin project after fully testing 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”, McGloin said.

In its financials, Oriole said its cash balance, which stood at £1mln at the end of April, had been “further bolstered” by value realisation across its various investments and royalties.

The company was also expecting to apply for further research & development relief claims later this year having previously received £40,000 from HMRC in relation to its activities in 2016.

Heading into the Cameroon rainy season, the firm also expected its operational spend to be “significantly reduced” as it continued to monitor its investment positions and royalty portfolio to “review monetisation opportunities”.

Oriole also said all resolutions were duly passed at its AGM.

In lunchtime trading on Friday, Oriole shares were 2.8% lower at 0.4p.

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