The share price of Oriole Resources (LSE:ORR) was up 40% to 0.45p this morning after the company announced it had discovered ‘bonanza gold grades’ at its Bibemi project in Cameroon. Results have confirmed significant gold anomalism extending over approximately 4 km strike.
The grades are high, with 16 samples returning gold (Au) greater than 10 g/t, and 4 samples returning over 100 g/t Au. The highest grade discovered in the batch of samples was 135.4 g/t of gold.
Over the summer, the Company undertook mapping and rock-chip sampling in the central Bakassi area of the Bibemi licence where three gold mineralized trends had previously been identified. The rocks were sent to Bureau Veritas laboratory in Cote d'Ivoire who provided results for 454 samples.
The results have extended the previously defined 'Zone 1' gold anomaly to more than 4km in strike, as well as defining nearby parallel zones of mineralisation extending over 500 m. Results have also confirmed mineralisation in Zone 2, a zone approximately 1 km to the east. Oriole has kicked off a 5,500 m Phase 1 trenching programme at Bakassi, on 200m lines, focused on the infill and extension of these zones. Channel samples are being collected over 1m intervals at the bedrock interface close to surface with results expected in Q1-2019.
Based on the sampling results announced today, an additional 4 lines totalling 2 km will be added to the Phase 1 programme to target the new anomalies on the NE-extension of Zone 1. Subject to results from the Phase 1 programme, a more detailed Phase 2 infill trenching programme on Zone 1 and Zone 2 will be completed at a 100m spacing to further enhance accuracy of the subsequent drilling campaign.
A field team has now been dispatched to the Wapouzé licence, located 20 km north of Bibemi to initially test the eastern portion of the licence. It’s estimated around 2,140 samples will be collected for analysis at Bureau Veritas, with results expected in the first half of next year.
Oriole CEO Tim Livesey, said: "We are delighted that this early sampling at Bibemi has delivered such high-grade results from what is an initial phase of ground-truthing. The results delivered along the 4km strike only serve to strengthen the rationale for Oriole's investment in this highly prospective region, and we are excited at the prospect of further results from the planned increased in the current trenching programme. The trenching programme is designed to tighten up our targeting for a drill programme in 2019, and the recent results support this work.
These excellent results in Cameroon, together with the encouraging progress being made by our partner, IAMGOLD, at the Dalafin project in Senegal, highlight the increasing value that we are realising across our portfolio of highly exciting early-stage assets."
Author: Stuart Langelaan
Disclosure: The author does not own shares in the company mentioned above