Shares of Oriole Resources (LON: ORR) are climbing Wednesday after it said multiple gold targets have been identified in its eastern Central Licence Package, Cameroon.
Following initial positive results from Q2 2020s, package-wide mapping, and stream sediment sampling programme, the AIM-quoted exploration company has reported results for the three easternmost licences, Pokor, Ndom, and Mbe.
Grades of up to 291 parts per billion (ppb) of gold continue to support an association with the northeast-trending Tcholliré-Banyo shear zone, a key regional control on gold distribution in Cameroon, Oriole said.
Gold assay results were received for 503 stream sediment samples from the three licences, with strong anomalous values returned — 26 samples were grading over 10 parts per billion of gold and six samples returning over 50 parts per billion of gold.
The best result was 291 ppb of gold returned from the Ndom licence.
The 18 targets will now be ranked ahead of designing follow-up programmes, while the sampling programme will continue over the three western licences in Q4 2021.
Oriole Resources CEO, Tim Livesey, was buoyed by the results, stating the company is “excited to see widespread gold-in-stream anomalism across all five licences sampled to date at our extensive and contiguous Central Licence Package. These early indications will now enable us to rank and prioritise areas for rapid follow-up exploration work.
Livesey also said that “as a first-mover in what we believe is a new gold district, these early results endorse our early targeting work and support our view that Cameroon is a new frontier for gold exploration.”
Oriole Resources shares rose over 2.4% to 0.43p following the news. However, the rally was short-lived, with shares now down 1.81% at 0.408p after the momentum faded.
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