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Oriole Resources (LON: ORR) shares have gained 7% on Wednesday after the company noted its excellent exploration progress when releasing its unaudited Interim Results for the six months ended 30 June.
Admin expenses for the company rose to £0.52 million from £0.42 million the previous year, with the company putting it down to the return to full-time salaries and an increase in exploration activities following cost-saving measures from the pandemic.
The AIM-quoted firm made a pre-tax loss of £0.87 million compared to £0.17 million in 2020. The cash balance of the company as of 30 June 2021 was £0.87 million.
Tim Livesey, CEO of Oriole, said: “We are delighted to report the excellent exploration progress in both Cameroon and Senegal, and to flag our continued commitment to financial discipline and ring-fenced spending on our projects, giving our investors and shareholders confidence that our focus is on progressing exploration in a timely manner on the highest ranked targets in our portfolio.
“We continue to be free carried for all exploration on the Senala Licence in Senegal, where IAMGOLD has advanced its understanding of the Faré and Madina Bafé prospects through its 2021 drilling campaigns. The additional results received at the Faré prospect enabled us to announce a JORC compliant maiden resource of 155,000 oz Au at the Faré South anomaly, within a broader Exploration Target of up to 280,000 oz Au. The resource is currently unconstrained along strike and at depth. The same programme provided very encouraging results circa.1km to the south of that maiden resource at Faré Far South, further strengthening our belief in the potential for Faré to be a standalone, open-pit mine.”
Livesey continued, stating that “with a strong cash position and the drill rig already on site, we are well placed to kick off the next phase of more detailed infill drilling at Bibemi that will begin as soon as the rains allow, hopefully before the end of Q3.”
Oriole's share price is currently trading at 0.536p, up 7%.
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