Oriole Resources Share Price
The Oriole Resources share price (LON:ORR) is up by 9.98% on Monday as the gold and base metals explorer received some positive news from its project in Senegal. The bounce follows what has been a challenging past six months for the company which has seen the value of its stocks fall by 62.69% in that period of time. However, that is having taken into account a spike in February. Since the beginning of the year, the Oriole share price is up 8.16% at the time of writing.
Drilling Results
Drilling results from the Senala project in Senegal came as welcomed news to Oriole Resources and its investors today.
A key highlight was that the gold explorer intersected up to 70 metres grading 1.46 grammes per tonne of gold from Faré and 10.00 metres grading 1.69 grammes per tonne of gold from Madina Bafé.
Results for 38 holes from the RC programme at Faré have also been received and the AIM-listed company is currently undertaking its usual validation checks ahead of their release.
Oriole Resources CEO, Tim Livesey, said: “We are delighted to see the results from the latest exploration programmes carried out at the Senala licence by our partner IAMGOLD.”
“At Faré, results from the two diamond holes drilled to test the main Faré South anomaly support previous drilling carried out by our own team between 2013 and 2014. We hope that the information from these two confirmatory diamond intersections will take us one step closer to developing a maiden resource at Faré South which, based on the wide zones of near-surface gold mineralisation, we believe would lend itself well to open pit mining. Of note, this mineralisation is open at depth.”
“At Faré North and Faré Far South, there are two additional anomalies within the c.6.5km Faré trend, we look forward to sharing the results of the recent RC drilling programme shortly. These RC holes were targeting evidence of gold mineralisation identified previously by our own field work and by IAMGOLD’s air core drilling in 2020.”
“Continued positive results from Faré reconfirms our belief that this prospect, with its three distinct, yet neighbouring zones of mineralisation, has the opportunity to host a stand-alone resource and ultimately the potential to host a mine development.”
Oriole Resources
Oriole Resources is an AIM-listed exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Cameroon projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8 million to earn a 70% interest.
The firm also has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.
