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Oriole Resources (ORR) Shares Rise After Confirming Gold at All Four Prospects

Sam Boughedda
Sam Boughedda trader
Updated 29 Jun 2021

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Mine Drilling

Oriole Resources (LON: ORR) said on Tuesday that the final results for its recently completed maiden diamond drilling programme at the Bibemi gold project support the potential for large-scale mineralisation at the, with gold now confirmed at all four prospects.


The 8.3km-long orogenic system at the 51%-owned Bibemi gold project in Cameroon showed best intersections from holes BBDD010 to BBDD029 include 3.10m grading 1.07 grammes per tonne of gold (g/t) and 0.80m grading 27.90 g/t.

The widest zones of mineralisation have been returned from the southern end of the Bakassi Zone 1 prospect, with the most robust intervals including 2.45m grading 2.96 g/t of gold, 3.60m grading 1.75 g/t of gold, and 12.40m grading 0.71 g/t Au.

“Infill and extension drilling around these lines will be a priority focus for further drilling later in the year, although work plans are currently being designed for all of the prospects,” said Oriole in a statement released on Tuesday.

The company also said that the continuity of mineralisation is highly likely between the Bakassi Zone 1 and Lawa West prospects.

An 800m-long zone at the southwestern extent of Bakassi Zone 1 has been identified as a priority target for infill and extension drilling, while follow-up programmes are also being planned for the Bakassi Zone 2 and Lawa East prospects in preparation for the next field season in Q4.

Oriole Resources CEO, Tim Livesey, said: “We are extremely pleased that the maiden diamond drill programme at Bibemi has been so successful, returning multiple gold intersections in over half of the holes.

“This is very encouraging, indicating that the orogenic gold system we have defined over an 8.3km strike length at surface, through previous rock-chip sampling and trenching programmes, has been proven to extend below surface at all four prospects and for depths of more than 100m.”

Source: IG

The positive news has seen Oriole’s share price rally 4.27% to 0.704p. It initially jumped to a high of 0.80p at open.

Should you invest in Oriole Resources shares?

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Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.