Oriole Resources intercepts 'bonanza' gold grades at 90%-owned Bibemi project in Cameroon
The AIM-listed company also provided a positive exploration update on its 90%-owned Wapouzé gold project in Cameroon
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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The AIM-listed company also provided a positive exploration update on its 90%-owned Wapouzé gold project in Cameroon
"With Eileen's extensive experience of the mining industry and previous board positions, she will help us to continue the successful development of the company's portfolio"
Oriole Resources has an extensive gold exploration programme in West Africa
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“The gold system at Bibemi is now confirmed over a strike length of almost 12km at surface," said Claire Bay
Faré is the most advanced prospect within the Senala licence and the Oriole has said it believes this prospect has the potential to host a standalone deposit
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Oriole has a number of exploration projects in West Africa and Europe
Oriole has an extensive African exploration portfolio
The best reported gold grade of 291 parts per billion (ppb) was returned from the Ndom licence
“These recently reported results confirm the opportunity for grading intersections of significant width, further de-risking this 'new frontier' project,” said chief executive Tim Livesey
“The board firmly believes the most effective route to exploration success is moving quickly to follow up encouraging results," John McGloin said.
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“This gives support to our idea that there are opportunities for multiple pods of mineralisation along the c.6.3 kilometre Faré trend"
The exploration company expects to see initial results during the final quarter of this year
Oriole's current market cap of £7.7mln is extremely unchallenging, the broker said
The first half of 2021 has seen the company return to business as usual after the operational issues suffered around the world as a result of the COVID-19 pandemic
The Faré South prospect contains an estimated 155,000 ounces of gold in the inferred category
Gold results of up to 95 parts per billion (ppb) gold were received for the Niambaram and Tenekou licences