Oriole upbeat on latest work at Central Licence Package

West Africa-focussed Oriole Resources updated the market on exploration at its 90%-owned Central Licence Package (CLP) project in Cameroon on Monday.

The AIM-traded company said the district-scale CLP project contains nine contiguous licences covering 4,091 square kilometres of previously-unexplored Paleo-Proterozoic to Pan-African age rocks, “highly prospective” for a range of commodities including orogenic-style gold mineralisation and lithium.

In January, it reported initial rock-chip sampling results of up to 134.10 grams of gold per tonne from a three kilometre-long corridor of sheared and strongly-altered quartz-feldspar porphyry (QFP) and quartz veins at Mbe - one of five licences within the Eastern CLP block.

It said on Monday that results from an additional 27 selective rock-chip samples had returned up to 64.3 grams of gold per tonne, further endorsing the high potential of the target area.

The samples were collected from a mixture of shear veins, extensional veins and the host altered QFP, all of which returned anomalous gold, further confirming that the mineralisation was not restricted to the quartz veining and providing early indications that Mbe could deliver a bulk-mineable deposit;

A ground-based geophysics programme was currently underway at the Mbe anomaly to test the vein structures at depth, and to help develop the geological model.

“We are excited to share this latest data from our current programme, with a focus on the Mbe gold anomaly,” said chief executive officer Tim Livesey.

“"In addition to the very high gold grades seen in the quartz veins, the presence of highly significant mineralisation within the host rocks is an excellent indicator of the potential of this anomaly to host a gold resource of scale.”

Livesey said the “abundant evidence” of mineralisation again confirmed and supported the company’s belief in the geology of the area.

“With excellent infrastructure close by, including main road access and the national power grid, we believe the Eastern CLP will deliver on our early indications of a new gold district in Cameroon.”

At 1536 GMT, shares in Oriole Resources were down 2.96% at 0.13p.

Reporting by Josh White for Sharecast.com.