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Oriole Resources PLC

Oriole Resources starts to identify targets at Bibemi in Cameroon

Mapping and rock-chip samples will also be taken in the northeast of the Bakassi Zone in order to identify additional drill targets.

Oriole Resources PLC -
Oriole is speeding up its asset sale plans to help fund further exploration

Oriole Resources PLC (LON:ORR) has identified targets for a 14 hole drill programme at Bakassi Zone on its Bibemi licence in Cameroon.

An initial 1,500 metres of drilling will follow up on a trenching programme that unearthed a best result of 9 metres at 3.14 grammes per tonne gold.

Mapping and rock-chip samples will also be taken in the northeast of the Bakassi Zone in order to identify additional drill targets.

Given the tough condition for funding for junior miners, Oriole is speeding up its asset sale plans to help fund further exploration with discussions underway on numerous opportunities.

To save cash, all the directors have agreed to be paid in share options, with up to 70mln to be issued at an exercise price of 0.1p each.

In early morning trading, Oriole shares were 5.3% higher at 0.30p.

 -- Adds share price --

Quick facts: Oriole Resources PLC

Price: 0.375 GBX

Market: LSE
Market Cap: £2.63 m
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