Oriole Resources (LON: ORR) share price is trading 6.9% above Friday's close after the company said it looks set to satisfy the conditions to earn a 90% interest in RMC Cameroon SARL, which owns the Bibemi project.
Following the report of multiple holes showing evidence of visible gold mineralisation, which the company announced in April, they have now completed the drilling programme for a total of 3,118 metres in 29 holes.
However, since the company reported results from the first hole back in late March, there have been delays at the assaying laboratory in Cote d'Ivoire that impacted turnaround times, predominantly due to the widely-reported national power outages.
Oriole said they have been reassured that measures have been put in place so that regular turnaround times (usually 14 days) have resumed.
The current multielement analysis results will be longer due to them being completed in Canada.
Oriole anticipates full results for the programme will be released before the end of Q2.
Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL, Oriole Resources will, upon completion of the work to analyse the samples, satisfy the conditions to earn a 90% interest in RMC Cameroon SARL, which owns the Bibemi project.
Elsewhere, the AIM-listed company has commenced its regional mapping and stream sediment sampling programme at the Central Licence project, covering 3,592 square kilometres. So far, 180 samples have been collected of a planned 1,360 sample programme. The results are expected in the second half of 2021.
After initially climbing to 0.80p per share, Oriole's share price is now at 0.75p, up 3.45% from Friday's close.
Oriole Resources shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Oriole shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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