Oriole Resources narrows pre-tax loss
Oriole Resources (LON:ORR) is strongly positioned for the year ahead as the company confirmed active drilling campaigns at its core projects in Cameroon and Senegal, in addition to its investment projects in Djibouti and Turkey, in its full-year results.
The AIM-listed exploration company posted a loss before tax of £320,000, down from £1.67m loss the year before.
The improved performance came about as a result of a £317,000 foreign exchange gain on its Senala asset in Senegal, successful growth of its Turkish consultancy business and cost-saving measures that reduced the group’s administrative overheads by 35%.
The company confirmed it ended the year with a cash balance of £1.75m.
Tim Livesey, chief executive of Oriole Resources, commented on the diffciculties faced by the company during 2020 while looking ahead.
“Whilst 2020 was a difficult and unprecedented year at a global level, at Oriole we succeeded in advancing the Company’s pre-stated development goals of signing of a drill contract and securing the necessary funds to allow us to finish the year poised for the commencement of our maiden drilling programme at Bibemi in Cameroon. With initial results anticipated in Q1, and continuing into Q2, we look forward to building our knowledge of the extensive gold mineralisation on the licence.”
“We also secured, alongside our partner, a district-scale package of eight new licences in central Cameroon covering 3,592 km2. We believe the area to be highly prospective for gold, both from historic results and from our initial remote sensing studies on the area. A reconnaissance visit has already been completed ahead of an upcoming stream sediment sampling programme, which we anticipate will commence in Q2.”
“The next stage of exploration at Faré will be an RC and DD programme, which is planned for completion by the end of Q2, and we also look forward to the planned RC and DD programme at Madina Bafé later in the year.”