Oriole Share News (ORR)

(Sharecast News) - West Africa-focussed exploration company Oriole Resources said on Wednesday that it has, through its 90%-owned subsidiary Oriole Cameroon, been awarded five new licences in central Cameroon.
The AIM-traded firm said the licences, together with a further three new licences granted to its partner Reservoir Minerals Cameroon, a subsidiary of Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques (BEIG3), represented a contiguous, district-scale land package covering 3,592 square kilometres of "highly prospective" geological terrane.

An initial programme of desktop remote sensing and regional-scale stream sediment sampling would begin during the first half of 2021, to identify targets for follow-up.

The company said the licences had "significantly expanded" its operational base in Cameroon, complementing the more advanced exploration programmes currently ongoing at the Bibemi and Wapouzé projects.

"As first movers in Cameroon, and with further advanced exploration ongoing at our Bibemi and Wapouzé projects in the north of the country, we are extremely pleased to have received formal approval for these additional new licences in central Cameroon," said chief executive officer Tim Livesey.

"Based on our in-house prospectivity analysis in 2019, this district-scale grassroots licence package was identified as having significant potential to host orogenic-type gold mineralisation. Key geological attributes of the district include suitable host rock geology, a favourable structural location covering deep crustal structures, and historic evidence of gold mineralisation."

Livesey said it believed that the contiguous package of nearly 3,600 square kilometres offered "exciting" greenfield potential, with the company looking forward to starting its first-pass exploration programmes during the first half of the year.

At 1440 GMT, shares in Oriole Resources were up 2.35% at 1.31p.