Oriole Resources has hailed exploration results across its prospects in Cameroon and Senegal over the past six months.
Tim Livesey, chief executive, said: "The diamond drilling campaigns at Bibemi [Cameroon] have been a great success, with the majority of holes intersecting orogenic-type gold mineralisation and providing depth continuity to the multiple targets identified within the 12km-long surface expression.
“The most recent results have confirmed the importance of sub-horizontal (extensional) veins in terms of their potential for significantly increasing the grade and width of the mineralised intervals.
"Our widest intersection to date of 14.80m grading 4.26 g/t Au is attributed to the interaction between these veins and the sub-vertical veins, confirming our geological model at the Bakassi Zone 1 prospect.
"Work on our CLP project [Cameroon] has progressed to soil sampling over the five eastern licences, and results from this programme has delivered a number of highly significant gold anomalies, including a 12.5km-long zone at the Mbe target, confirming the early potential in this area.
"In Senegal, we continue to be free-carried for all exploration at Senala, where IAMGOLD has reached the end of its First Option period and has elected to continue investment into the Second Option period.
This will see a further spend of US$4mln before 28 February 2024 for IAMGOLD, at its election, to reach a final equity position of 70%.
At Fare, also being explored by IAMGOLD, the most recent auger drilling programme has targeted the possible extensions to the currently-defined system, including towards the easternmost licence boundary, and results are awaited, Livesey added.
Oriole posted a loss for the six months to 30 June 2022 of £0.39mln (2021: loss of £0.87mln) with cash of £0.43mln at the period end ahead of a subsequent top-up equity raise of £0.34mln.