Oriole reports positive potential from recent drilling at Bibemi

West Africa-focussed exploration company Oriole Resources updated the market on its 90%-owned Bibemi gold project in Cameroon on Wednesday, reporting that the first two holes of the ongoing diamond drilling programme confirmed the existence of mineralised sub-horizontal quartz veins between the previously-defined sub-vertical shear veins.

The AIM-traded firm explained that confirmation of these sub-horizontal veins could be important for building a volume of mineralised material at Bakassi Zone 1 - one of four prospects at the project.

It said the two vertical holes, BBDD050 and BBDD052, were completed at Bakassi Zone 1, with the results, once received, having the potential to enhance the volume of the company's internal three-dimensional geological and mineralisation model for the prospect.

The firm said it was working towards delivering a JORC-classified exploration target at Bakassi Zone 1.

“The successful intersection of sub-horizontal extensional veins at Bakassi Zone 1, in addition to the already defined sub-vertical northeast-trending shear veins, continues to support the team's technical assessment of the system,” said chief executive officer Tim Livesey.

“This extensional event appears to have created opportunities for the injection of mineralising fluids, which may in turn - subject to positive assay results - lead to a significant volumetric increase in the known mineralisation in Zone 1.”

Livesey said it was such structural interplays that created the potential for mineable grades and widths in orogenic systems, with the company “keen” to see how the analysis stacked up against the positive results received to-date at Bibemi.

“With a high success rate to date of intersecting gold mineralisation on the licence, we are confident the systems at Bibemi have the capacity to host an orogenic gold deposit.”

At 1359 BST, shares in Oriole Resources were down 1.33% at 0.22p.

Reporting by Josh White at Sharecast.com.