Shares of Oriole Resources (LON: ORR) are gaining on Monday after the company provided an exploration update on the 3,592 square kilometre district-scale licence package in Central Cameroon.
The exploration firm said regional-scale mapping and stream sediment sampling has continued over the central licence package, and the programme is now 64% complete, with 874 samples taken over Oriole Cameroon SARL's five licences in the east.
The initial results are expected in Q3, with mapping and sampling over the remaining three licences west of the package resuming in Q4.
Oriole Resources CEO, Tim Livesey, said: “We are pleased with the progress our team is making on the stream sediment sampling programme in Central Cameroon, a vital first step in defining target areas by identifying river basins with associated gold anomalism.
“The speed and efficiency of the work is reflective of the well-trained nature of the teams, several of whom have worked with BRGM as part of the World Bank-funded, Cameroonwide, prospectivity mapping and sampling programme, ‘PRECASEM'.
“The Central Licence Package holds all the indicators of a new gold district, sitting within an area of appropriate host geology, with respect to age, metamorphic grade and alteration, and importantly being cross-cut by deep seated crustal structures that are crucial for the emplacement of gold in orogenic systems.”
Oriole's share price is currently trading at 0.546p, up 9% from Friday's close.
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