The Oriole Resources PLC (LON: ORR) share price surged 13.3% after issuing an update on its Cameroonian drilling and exploration activities. The company revealed that it had recently completed rock-chip sampling and mapping activities at Mbe.
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Mbe is one of five licences within the Eastern CLP block, where soil sampling in 2022 identified a c.12.5 kilometres long by 3km wide gold-mineralised corridor. The drilling results from Mbe delivered multiple high-grade gold assays, including 134.10, 131.80, 19.44, and 8.26 g/t gold (Au).
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Investors cheered today’s news despite the lack of significant upgrades to the initial results from Mbe. Oriole Resources noted that the district-scale CLP project has nine contiguous licences covering 4,091 square kilometres (‘km2‘) of Paleo-Proterozoic to Pan-African age rocks that had not been explored in the past.
The license area is highly prospective for multiple commodities, including orogenic-style gold mineralisation and lithium. The company completed regolith and lithological mapping on a 1:15,000 scale and selective rock-chip sampling over outcropping rocks, predominantly composed of quartz veins, in Q4 2022.
Oriole Resources noted that it might have reached the south-westerly boundary of the 12.5km long gold-in-soil anomalism at Mbe after an analysis of 493 soil samples over Grid 6 at Mbe returned a single anomalous sample of 257 ppb Au and did not extend the anomaly.
The company is set to commence a ground-based geophysics programme over the Mbe anomaly to test the vein structures at depth and develop the geological model. The firm is also reviewing the Ndom and Gamboukou licences to determine if they might host lithium-bearing pegmatites.
Tim Livesey, Oriole Resources CEO, said: “We are extremely pleased to report that yet again the results of our Cameroon programmes have delivered positive results. The identification of high-grade, multi-ounce gold in rock-chip samples within the extensive 12.5km Mbe anomaly reconfirms our confidence in this package of licences. As with the Bibemi licence to the north, the orogenic gold systems of the CLP project show the potential to host significant gold resources.”
*This is not investment advice.
Oriole Resources (ORR) share price.
The Oriole Resources share price surged 13.33% to trade at 0.17p, from Friday's closing price of 0.15p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.