Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Oriole Resources (LON: ORR) said on Wednesday that it has, through its 90% owned subsidiary Oriole Cameroon, been awarded five new licences in central Cameroon.
The new licences, along with three other licences granted to Oriole’s partner, Reservoir Minerals Cameroon Sari, represent a contiguous district-scale land package covering 3,592 km.
Oriole said the licences have an initial three-year term of a possible 9-year tenure. An initial program of desktop remote sensing and regional scale stream sediment sampling will begin during the first half of 2021 to identify follow-up targets.
BEIG3 and its associate, Roxane Minerals Ltd, will have a collective 10% free carried interest in each of the Oriole Cameroon licences until the definition of a minimum measured and indicated resource of 50,000 oz of gold.
BEIG3 will also have a 10% free carried interest in the three licences granted to Reservoir Minerals until the definition of a minimum measured and indicated resource of 50,000 ounces of gold with Oriole having the remaining beneficial interest.
Shares of Oriole Resources jumped to 1.45p per share after the open on Wednesday. They are now trading at 1.40p up 10.12%.
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