The Oriole Resources PLC (LON: ORR) share price surged 27.3% after releasing the maiden Inferred JORC-compliant Mineral Resource Estimate (MRE) of 305,000 Troy ounces (oz) for Bakassi Zone 1.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The MRE was graded at 2.19 grammes per tonne (g/t), with Bakassi Zone 1 being one of four prospects at its 90%-owned Bibemi orogenic gold project in Cameroon. Investors cheered the news, which indicates that the prospect is worth multiple million over its lifetime.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
The maiden JORC Resource resource estimate emerged after Oriole Resources completed a pit optimisation study to upgrade a portion of the previously-reported JORC Exploration Target for the Bakassi Zone 1 prospect.
Forge International Limited (Forge), an independent consultant, created the JORC resource estimate and the exploration target. The estimates could be expanded in future after the company completes assessing the remaining three prospects at Bibemi.
Oriole Resources intends to conduct an infill geophysics programme in H1 2023 at Bibemi to enable drill targeting at the remaining three Bibemi prospects.
Tim Livesey, Oriole Resources’ CEO, said: “An excellent early result from the past season's drilling at the Bakassi Zone 1 prospect on our Bibemi licence in Cameroon, which we believe is the first-ever JORC MRE for orogenic gold in Cameroon. We are very pleased to have delivered an initial JORC MRE of significant size cost-effectively and within such a short timeframe, despite the impacts of the covid pandemic. This was the first drilling ever carried out at Bibemi, and it demonstrates the massive opportunity that exists in this underexplored region.”
Oriole Resources (ORR) shares have fallen 59.7% this year, and many hope today’s rally will lead to a sustained uptrend helping the shares reverse course and head higher.
*This is not investment advice.
Oriole Resources share price.
The Oriole Resources share price surged 27.27% to trade at 0.14p, rising from Friday’s closing price of 0.11p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.