The Oriole Resources PLC (LON: ORR) share price spiked 7.14% higher after issuing an update about its Central Licence Package (CLP) project in Cameroon, which continues to deliver high-grade gold assay results.
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The CLP project has nine contiguous zones that stretch over 4,091 square kilometres (km2) of previously unexplored Paleo-Proterozoic to Pan-African age rocks. The rocks are highly prospective for various commodities, including orogenic-style gold mineralisation and lithium.
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Earlier in January, Oriole Resources reported initial rock-chip sample results of up to 134.10 grammes per tonne (g/t) gold (Au) from a three-kilometre-long corridor of sheared and strongly altered quartz-feldspar porphyry (‘QFP') and quartz veins at Mbe, one of five licences within the Eastern CLP block.
Furthermore, results from another 27 additional selective rock-chip samples returned up to 64.30 g/t Au, further proving the high potential within the target area. Samples were collected from a mixture of shear veins, extensional veins, and the host-altered QFP.
All the samples returned anomalous gold, confirming that the mineralisation is not restricted to just the quartz veins and providing early indications that Mbe could deliver a bulk-mineable gold deposit. A ground-based geophysics programme is currently underway at the Mbe anomaly to test the vein structures at depth and to help develop the geological model.
Oriole Resources CEO, Tim Livesey, said: “We are excited to share this latest data from our current programme, with a focus on the Mbe gold anomaly. In addition to the very high gold grades seen in the quartz veins, the presence of highly significant mineralisation within the host rocks is an excellent indicator of the potential of this anomaly to host a gold resource of scale.”
Adding:
“The abundant evidence of mineralisation confirms and supports our belief in the area's geology. With excellent infrastructure close by, including main road access and the national power grid, we believe the Eastern CLP will deliver on our early indications of a new gold district in Cameroon.”
*This is not investment advice.
Oriole Resources (ORR) share price.
The Oriole Resources share price spiked 7.14% higher to trade at 0.15p, from Friday’s closing price of 0.14p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.