Oriole Resources (ORR) Shares Spiked 7.69% on a Crucial Update

The Oriole Resources PLC (LON: ORR) share price spiked 7.69% after announcing that it had confirmed the presence of Lithium Pegmatites on its 90%-owned Central Licence Package (CLP) project in Cameroon.

The CLP project comprises nine contiguous licences covering 4,091 square kilometres (km²) of Paleo-Proterozoic to Pan-African age rocks that were previously unexplored yet are highly likely to contain multiple commodities, such as lithium and orogenic-style gold mineralisation.

Oriole Resources was focused on conducting early-stage exploration at two of the nine licenses, known as the Gamboukou and Ndom licenses to determine whether they contain lithium-bearing pegmatites. 

The company has now identified several pegmatite units that have helped support the presence of the 9 kilometres (km) lithium-in-soil anomalies reported in Q4-2022. However, the firm is still conducting mapping and sampling programmes at Gamboukou.

In addition, Oriole Resources noted that it had identified lithium-in-soil anomalism at the Ndom licence from the soil sampling programmes run at the license area. Each anomalism extended over a 9 km strike length and was identified from the programme’s geochemical data. 

The company then acquired the Gamboukou licence to the south of the Ndom license expecting it to contain similar soil anomalisms. 

Oriole has since completed reconnaissance exploration at the Ndom and Gamboukou licences to assess their potential to host lithium-bearing pegmatites and has confirmed multiple pegmatite veins within the granitoid and the older basement rocks. 

Tim Livesey, the Oriole Resources CEO, said: “With the multi-element work flagging potential lithium anomalies during 2022, we are pleased to be progressing reconnaissance work on our licences as part of our CLP programme in 2023. Whilst lithium was not an original target for Oriole, the anomalies highlighted by the earlier programmes seem to be associated with the correct granitic host units, and this has created a great opportunity for additional value add in this extensive package of ground.” 

Adding:  

“The addition of the Gamboukou licence in late 2022 further expanded our target area and is testimony to our teams' continued focus on the delivery of value in Cameroon through good, consistent, boots-on-the-ground exploration.”

*This is not investment advice. 

Oriole Resources (ORR) share price. 

The Oriole Resources share price spiked 7.69% higher to trade at 0.14p, rising from Monday’s closing price of 0.13p.