Oriole Resources completes maiden drilling at Cameroon gold project
Oriole Resources PLC on Friday said it has completed the maiden drilling programme at its Mbe gold project in Cameroon, reaching 3,000 metres at the MB01-N target.
The programme, which started in November to test the target, was completed with 3,000.40 metres drilled across 15 holes, and with 2,982.80 metres sampled.
Results from the first nine holes of the programme included 21.70 metres at 3.13 grams per tonne gold, including 7.20 metres at 8.19 grams per tonne.
Results for six other holes are expected next month, after which the company will prepare a maiden Joint Ore Resources Committee estimate to add to the existing 870,000 ounces contained at the MB01-S deposit, where a fully funded step-out programme is scheduled to start in the second quarter.
As a result of the completion of the maiden drilling programme, Oriole’s partner BCM International Ltd earned a 50% beneficial interest in the Mbe project, and the drafting of a joint venture agreement is underway.
Oriole shares were up 1.2% to 0.33 pence each on Friday afternoon in London.
‘We are delighted that the maiden drilling programme at the MB01-N target has been completed. The drilling crew and support personnel have worked tirelessly to achieve this on time and with excellent core recovery, and we thank them for their efforts. We look forward to reporting the remaining drill holes results and the consultant’s maiden MRE report,’ said Chief Executive Martin Rosser.
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