Oriole Resources produces JORC exploration target for Bibemi of between 290,000 and 440,000 ounces of gold
Oriole has a diverse portfolio of gold exploration assets in Africa
Company
LON:ORR
Oriole Resources PLC is a gold exploration company, focused on Cameroon and West Africa. The company's main activity is exploration in Cameroon, where it identified multi-kilometre long gold anomalies within its Central Licence Package, including at its flagship Mbe project.
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Oriole has a diverse portfolio of gold exploration assets in Africa
Oriole Resources has an attractive portfolio of gold exploration assets in Africa
Multiple gold anomalies were identified situated outside of the currently defined gold mineralised footprint
'With several targets to follow up on, these results again indicate the potential for the Faré area to host a stand-alone resource,' said chief executive Tim Livesy
"In Senegal, we continue to be free-carried for all exploration at Senala"
The results confirm two gold-bearing vein sets at Bakassi Zone 1 and additional potential for mineralisation at the two Lawa prospects
Work so far on the eight-licence project has focused on the five easternmost licences
Batches from soil sampling at CLP and drilling at Bibemi are both with the lab
The exploration group raised £340,000 in a placing and plans to raise an additional £60,000 via a salary sacrifice scheme by the board
Oriole is engaging with royalty groups regarding a potential sale of its 1.2% net smelter return royalty in the project
Positive assay results from the sub-horizontal veins could “lead to a significant volumetric increase in the known mineralisation in Zone 1”, said chief executive Tim Livesey
The Phase 4 diamond drilling programme will comprise an initial 550 metres of drilling
Oriole has a significant portfolio of gold assets spread across West Africa
'The prospectivity and potential scale of the gold system at Senala and Faré are becoming clearer with every additional round of exploration'
Talks are underway between the companies and IAMGOLD as to the most appropriate method for the change in interest to be carried out
The start of 2022 has been exceptionally busy, the company said.
The company qualified for the tax relief by performing research work on potential areas of mineralisation to build the geological data necessary to assess the economic feasibility of future mining operations in those areas
"They are confirming proof-of-concept for the Central Licence Package," said Tim Livesey
"2021 has proven to be a bounce-back year ... with the award of the new licence package in central Cameroon, follow-on exploration drilling programmes at Bibemi ... and the ... completion of a maiden mineral resource estimate at Senala"
Oriole Resources has a diverse portfolio of gold exploration assets