Oriole Resources PLC on Thursday said that it is looking to refining targets at its gold project in Cameroon, after early imagery from testing showed ‘much finer structural detail’ than previously visible.
Oriole is a London-based gold exploration company, focused on an early stage exploration project in Cameroon and the more advanced Senala gold project in Senegal. It also has a number of interests and royalties in companies operating throughout Africa and Turkey.
Since delivering a maiden resource assessment in December, the company has been focused on identifying additional targets to expand and extend resources at Bibemi, its gold project in northern Cameroon.
To date, Oriole has identified shear-hosted gold mineralisation at four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - within a 12 kilometre-long mineralised hydrothermal system at surface.
The firm said on Thursday that there is ‘significant potential’ to expand the resource at Bakassi Zone 1, and to identify additional resources at the other three prospects on the licence, Bakassi Zone 2, Lawa West and Lawa East.
Most recently, Oriole completed a follow-up geophysics programme to aid further drill targeting, and is now waiting for data processing results, expected in the second half.
‘The detailed geophysical interpretations from this new dataset are still being processed but the early imagery as seen in Figure 1 below, clearly indicates a much finer structural detail than had previously been visible, and one that we already know to be highly significant with respect to controlling gold deposition,’ said Chief Executive Officer Tim Livesey.
‘These four gold prospects are at most three kilometres apart. Due to this proximity, we believe there is a good potential to develop a substantial global, economic resource, comprising a series of open pits centred on these prospects and a centralised ore processing facility.’
Oriole shares were trading 4.5% higher at 0.20 pence each in London on Thursday morning.
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