The Oriole Resources PLC (LON: ORR) share price rose 10.5% after issuing an update about its Bibemi orogenic gold project in Cameroon, which is 90% owned by the company. The company noted that it had completed a follow-up geophysics (ground magnetics) programme to assist in further drill targeting.
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The exploration company focused on West Africa reported a maiden JORC-compliant Resource of 305,000 Troy ounces (oz) grading 2.19 grammes per tonne (g/t) gold (Au) for Bakassi Zone 1 in December 2022, which is one of four prospects at the Project.
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An additional JORC Exploration Target at Bakassi Zone 1 is estimated to be between 1.5 and 2.2 million tonnes at grades ranging from 1.10 to 2.10 g/t for an additional 53,000 to 148,000 oz of Au. Both estimates remain open at depth and along strike to the northeast.
There is significant potential to expand the Resource at Bakassi Zone 1 and to identify additional resources at the other three prospects on the licence, which are the Bakassi Zone 2, Lawa West and Lawa East, all located within a few kilometres of Bakassi Zone 1.
The infill ground magnetics programme recently completed at the Project will provide more complete and detailed coverage than the prospect-level data acquired in 2022. Processing the data, planned for H2-2023, will aid drill targeting for Resource expansion at Bakassi Zone 1 and the remaining three prospects, each showing evidence of gold mineralisation.
The company plans to use the new data to refine its targets and identify additional resources within the Project.
Oriole Resources CEO, Tim Livesey, said: “Following the delivery of our JORC-compliant maiden Resource in December, our team has focused on the identification of additional targets to expand and extend the global resource at the Project. The detailed geophysical interpretations from this new dataset are still being processed, but the early imagery, as seen in Figure 1 below, clearly indicates a much finer structural detail than had previously been visible and one that we already know to be highly significant with respect to controlling gold deposition.”
*This is not investment advice.
Oriole Resources (ORR) share price.
The Oriole Resources share price rose 10.53% to trade at 0.21p, from Wednesday’s closing price of 0.19p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.