Oriole Resources PLC (LSE:ORR, FRA:S1Y) (LSE:ORR) said multiple areas of elevated gold concentrations have been identified on the Central Licence Package (CLP) in Cameroon.
A programme of mapping and stream sediment sampling has been completed over the five easternmost licences, with gold results of up to 95 parts per billion (ppb) gold received for the Niambaram and Tenekou licences.
Assay results have been received for 376 stream sediment samples for these two licences, with 87 sample sites returning gold values greater than 2 ppb gold and 51 sample sites returning gold values above 5 ppb.
"The initial results from this first phase of exploration in the package, associated as it is with the main Tcholliré-Banyo shear zone corridor, supports our hypothesis of the CLP being an area of huge potential for gold exploration,” said chief executive Tim Livesey.
“The fact that multiple areas of elevated gold concentrations have been identified in multiple drainage basins gives us confidence in our exploration model and reaffirms our encouragement for the prospectivity of the area.”
Samples for the remaining three eastern licences, Pokor, Ndom and Mbe, are in the process of being submitted for analysis and the results are expected in the third quarter.
The sampling of the three western licences has been suspended for the rainy season and is expected to resume in the fourth quarter.
Meanwhile, the AIM-quoted company said it will mobilise its field team over the next two to three weeks ahead of the next round of drilling at the Bibemi gold project, also in Cameroon, where its maiden programme identified a number of follow-up targets.