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Oriole Resources (ORR) Shares Surged 26.7% on Drilling Results

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Updated 15 Sep 2022

Key points:

  • Oriole Resources (ORR) shares surged 26.7% on upbeat drilling results.
  • The company is making progress at its Bibemin gold project in Cameroon.
  • Investors cheered the positive results and progress evidenced by the rally.

The Oriole Resources PLC (LON: ORR) share price surged 26.7% after releasing the drilling results from the phase 4 drilling programme at its Bibemi project in Cameroon. The results revealed the presence of multiple high-grade gold deposits within multiple sub-horizontal veins.

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Some of the impressive results include 2.00m grading 39.42 g/t Au from 160.00m and 1.00m grading 75.36 g/t Au within hole BBDD034. Other positive results included 1.00m grading 17.01 g/t Au from 141.80m in hole BBDD050 and 3.00m grading 12.30 g/t Au from 58.00m in hole BBDD053.

Also read: The Five Best Gold And Gold Mining Stocks To Buy Now.

Tim Livesey, Oriole Resources CEO, said: “These are extremely exciting results from the latest phase of drilling; yet again, our projects in Cameroon have delivered, with these results confirming that we have two gold-bearing vein sets at Bakassi Zone 1 and that we have additional potential for mineralisation at the two Lawa prospects.”

Adding:

“At Bakassi Zone 1, the vertical hole BBDD050 was designed to test for gold mineralisation in sub-horizontal extensional quartz veins. These sub-horizontal veins are in addition to the already proven sub-vertical quartz-tourmaline veins, and as such, they offered the opportunity to significantly increase the volume of mineralisation by creating a lattice-work of mineralisation.”

The CEO further noted that it had encountered wide zones of gold mineralisation within hole BBDD050 at the interplay of veins sets downhole. The company identified five separate intersections in the particular hole showing significant width and grade. The project’s widest ever zone drilled to date was nearly 15m at over 4 g/t Au.

The company noted that it had identified four main prospects: Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East at the Bibemi project in Cameroon. Bakassi 1 is the most advanced prospect in terms of the work done on the prospect.

Oriole Resources noted that the Bakassi 1 prospect has the potential to create wide zones of gold mineralisation due to its composite vein sets that could be suitable for open pit or underground bulk mining.

*This is not investment advice.

Oriole Resources share price.

Oriole Resources share price 15-09-2022
Source: IG

The Oriole Resources share price surged 26.67%to trade at 0.19p, rising from Wednesday’s closing price of 0.15p.