Oriole Resources (ORR) , the exploration company focused on West Africa, said on Thursday that the group had identified drill targets for a 14 hole programme at the Bibemi licence in Cameroon.
An initial 1,500 metres of drilling is planned at the Bakassi Zone to test the depth-extension of mineralisation identified to date, including previous trenching intersection of up to 9 meters at 3.14 grammes per tonne gold.
Whilst the team mobilise the site to ground-truth the proposed drill locations, mapping and rock-chip samples will also be taken in the northeast of the Bakassi Zone to identify further drill targets.
The Company has said it will concentrate on pursuing its asset realisation plans to help fund further exploration, and discussions are underway regarding a number of opportunities.
The Board of Directors have agreed to be paid in share options, with up to 70 million options to be issued at an exercise price of 0.1p each, in order to continue maximising cash available for the ongoing exploration work.
Oriole Resources Chairman, John McGloin said this move affirmed the board's confidence in the “underlying value" of the company’s assets.
“We look forward to updates from our West and Central African projects as we enter the new field season, and anticipate strong newsflow from these and the rest of our portfolio over the coming weeks,” he added.
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