The Oriole Resources PLC (LON: ORR) share price fell 10% after announcing that it was resuming its drilling and prospecting activities in Cameroon after the end of the country’s rainy season.
YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The mining and mineral exploration company noted that a pit optimisation study and a site visit were underway at the Bibemi gold orogenic project in the Northern parts of the country. In addition, the company is working on converting part of the existing JORC Exploration Target of between 290,000 and 440,000 Troy ounces (‘oz) Au into a maiden resource estimate (MRE).
Oriole Resources expects to complete the MRE for the Bibemi project by the end of the year. In addition, the firm plans to conduct an infill geophysics programme in H1 2023 to help with the drill targeting of the remaining three prospects at the Bibemi licence area.
The company is mapping and sampling rock chips at Mbe, one of its five licences in the Eastern CLP block. Initial solid sampling has helped the company identify a wide gold mineralisation corridor 12.5km long and 3km wide.
Oriole plans to conduct ground-based geophysics at Mbe in Q1 2023 to identify the structural control of the mineralisation. The company has also secured a new licence in Gamboukou, located south of Ndom, where it plans to explore gold, lithium and other elements.
Tim Livesey, Oriole Resources CEO, said: “The work underway to upgrade the Bibemi JORC Exploration Target into a JORC Resource is a very significant step for Oriole and for the developing exploration sector in Cameroon. To our knowledge, this discovery and transformation of an exploration asset into a maiden JORC MRE will be the first internationally-accredited Mineral Resource for orogenic gold targets in Cameroon.”
“In a previously overlooked exploration jurisdiction like Cameroon, this rapid assessment of greenfield opportunities allows first movers like Oriole the advantage of identifying and securing prime land positions, which is exactly what we have done.”
Oriole shares fell despite the positive update amid sour investor sentiment. The company’s shares have fallen 63.29% YTD but seem to have bottomed in November.
*This is not investment advice.
Oriole Resources share price.
The Oriole Resources share price plunged 9.96% to trade at 0.12p, from today’s opening price of 0.14p.