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) share price dropped on Monday after it announced further results from the 3,118m maiden diamond drilling programme at its Bibemi gold project but said the remaining results won't be released until the end of Q2.
The company reported results for holes BBDD002 to BBDD009 at the 5.3km-long Bakassi Zone 1 prospect, stating that they have “confirmed more than 100m vertical continuity (from surface) to the system, which remains open at depth.”
The results also include best intersections of 2.45 m grading 2.96 g/t Au, 3.60m grading 1.75 g/t Au and 12.40m grading 0.71 g/t Au.
“These results confirm the potential for Bibemi to host multi-gramme intervals within wider envelopes of lower grade mineralisation,” stated Oriole.
Oriole Resources CEO, Tim Livesey, said: “We are very pleased to share these early results from the Bakassi Zone 1 prospect, a significant strike length of mineralisation within the more extensive Bibemi gold system. These results prove that our preliminary exploration model for mineralisation is correct and that the orogenic-style mineralisation we had previously identified at surface does indeed continue vertically along the mapped shear / vein systems.
Livesey continued, stating that the “maiden drill programme is proving to be a success and the team is starting to plan the follow-up work programmes that will commence in Q4.”
Despite the company's positivity, shares are down 16% at 0.63p on Monday.
Oriole Resources shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Oriole Resources shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .