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Oriole Resources identifies gold targets in central Cameroon

The company said an independent desktop remote sensing study had identified the targets across a 3,592 square kilometre licence package

Oriole Resources PLC - Oriole Resources identifies gold targets in central Cameroon

Oriole Resources PLC (LON:ORR) said an independent desktop remote sensing study has identified gold targets at its 90%-owned district-scale licence package in central Cameroon.

The AIM-listed company said the study covered the entire 3,592 square kilometre area, with an initial 12 priority gold targets identified for follow-up.

WATCH: Licence awards create new mining district for Oriole Resources

Oriole also said that a reconnaissance visit to complete initial ground-truthing of the targets and to inform the local authorities of its upcoming work programmes has been completed and that gold recovery has been confirmed from alluvial workings in the centre of the easternmost Ndom licence.

The firm added that regional-scale mapping and stream sediment sampling is also planned to commence in the first half of 2021.

"This work endorses the company's initial assessment that the district has significant potential to host orogenic-type gold mineralisation. Whilst these 12 'first-pass' remote sensing targets look interesting from a desktop analysis point of view, we will also be carrying out a wider, district-scale stream sediment sampling programme and mapping, as the main part of the 2021 programme across the entire Licence Package. From this work we expect to identify many more areas of interest for detailed follow up in later exploration phases. Throughout, we will continue to re-evaluate and re-prioritise our targets across this potential new gold exploration district as more data becomes available from the field programmes, ably led by Abdoul Mbodji, our West African Exploration Manager and Claire Bay our VP Exploration”, Oriole chief executive Tim Livesey said in a statement.

"We have already had encouraging indications from our team's initial reconnaissance visit on the licences just last week, with evidence of alluvial gold in streams being identified. As the old adage goes, the best indicator for the presence of gold is gold itself, and so we are very happy to see evidence of this during such a brief field visit! We look forward to updating the market further as our Central Licence programmes progress through 2021, and of course reporting back on the results of our maiden drilling programme at Bibemi and ongoing work at Wapouzé through Q1 and Q2," he added.

The company’s shares jumped 11.2% to 1.6p in early deals on Thursday.

Quick facts: Oriole Resources PLC

Price: 1.15 GBX

LSE:ORR
Market: LSE
Market Cap: £17.86 m
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