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
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
The drilling programme is targeting previously identified but as yet unquantified gold mineralisation at Faré Far South and Faré North
Faré has the opportunity to host a stand-alone resource and the potential to host a mine development
Results from the mapping and stream sediment sampling programme are expected in the third quarter
IAMGOLD has the option to spend as much as US$8mln to earn a 70% interest in Senala
Bay is a long-standing member of the Oriole Resources team
Final gold assay results are anticipated in the second half of 2021
Higher grades in some holes suggest the likelihood of a 'nugget gold' effect
Oriole’s claim was based on R&D tax relief from research work on potential areas of mineralisation.
Oriole Resources has considerable experience in West African gold exploration
Last month, Oriole said it reached an agreement with IAMGOLD over funding the exploration work at Senala after IAMGOLD underspent during Year 3
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Oriole's exploration in West Africa is beginning to gain real traction
The drill programme is designed to test the depth of surface gold mineralisation previously identified at four key prospects.
Oriole said it had acquired, at no additional cost, a 51% interest in RMC's three newly granted licences - Mana, Dogon and Sanga - in central Cameroon
The ongoing 28-hole programme is now approximately 50% complete
“Now with a robust gold price, a significantly improved share price and a strong cash position, we will look back on 2020 as a year of significant progress in the development of the company, providing the foundation blocks to support our gr
"We are very pleased to have completed our review and approval of IAMGOLD's Year 4 programme at Senala and to have reached a simple resolution with regard to the Year 3 underspend,” said Oriole Resources chief executive Tim Livesey
Oriole Resources has an extensive portfolio of gold exploration assets
Oriole Resources has a diverse portfolio of exploration assets in Africa
Oriole said its joint venture partner on the project, IAMGOLD Corp, underspent on its Year 3 commitment
Oriole Resources has a long track-record of exploration in Africa
The company said an independent desktop remote sensing study had identified the targets across a 3,592 square kilometre licence package
The explorer sees exciting greenfield potential and its now planning first pass exploration
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