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Oriole Resources hails progress on Djibouti projects

Pandora and Hesdaba are owned by Thani Stratex Djibouti, in which Oriole has an 11.8% stake

Oriole Resources PLC -

Tim Livesey, chief executive of Oriole Resources PLC (LON:ORR), said he was “delighted” to see the advancement of exploration at the Pandora and Hesdaba prospects in Djibouti.

Preliminary metallurgical test work on samples taken from the former confirmed gold recoveries of up to 94.56%, which Livesey called “encouraging for any future resource development”.

Results from the 1,242-metre phase 3 diamond drilling programme are expected in the third quarter, investors were told.

The big news from Hesdaba was the extension of the potential strike zone to 16 kilometres from five following detailed mapping of the deposit.

A total of 1,931 metres of diamond drilling and 1,529 metres of reverse circulation drilling have been completed.

Oriole said COVID 19-related travel restrictions have delayed shipment and receipt of samples. The first results from the latest exploration round are expected in Q3.

Work on the two epithermal gold prospects has been supported by a US$2.5mln investment from the African Minerals Exploration & Development Fund III, which committed an additional US$250,000 convertible bridging loan.

Pandora and Hesdaba are owned by Thani Stratex Djibouti, in which Oriole has an 11.8% stake.

"The ongoing success at both projects is likely to bring more attention to this under-explored region of East Africa and we are keen to see further results as and when they become available," said Livesey.

Oriole said exploration on both deposits was “subject to receipt and interpretation of all results”, adding that exploration at Assaleyta is “on hold until further notice”, due to COVID-19.

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Price: 0.4 GBX

LSE:ORR
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Market Cap: £3.65 m
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