LONDON (ShareCast) - (Sharecast News) - West Africa-focussed explorer Oriole Resources updated the market on its 90%-owned Central Licence Package (CLP) project in Cameroon on Wednesday, with further gold targets identified.
The AIM-traded firm said the district-scale project comprises eight contiguous licences covering 3,592 square kilometres of previously-unexplored Paleo-Proterozoic to Pan-African age rocks, that were "highly prospective" for orogenic-style gold mineralisation.

Work to-date had focussed on the five easternmost licences, where a first-pass semi-regional soil sampling programme was recently completed across six target areas, following an initial regional stream sediment sampling programme in 2021.

Results had been received for 3,533 soil samples from the eastern CLP, with anomalous results confirmed within all grids.

The best results included 520 parts per billion of gold, 463 parts per billion of gold and 111 parts per billion of gold, with 12 samples grading above 51 parts per billion, and 105 samples reporting above the eight parts per billion threshold.

Oriole said the results had extended the east-west trending anomalous zone at Mbe by a further kilometre, and identified a 1.5km parallel trend to the north.

Mineralisation occurred as a series of en-echelon - structurally-controlled - trends that occupied a 12.5 kilometre long-by-three kilometre wide corridor.

Multiple-kilometre anomalies were also identified within the Pokor and Niambarampermits, with all targets now to be ranked and follow-up programmes planned ahead of the new field season.

"We are pleased to report outstanding results from this early stage prospectivity work in the CLP," said chief executive officer Tim Livesey.

"We are extremely encouraged by the addition of another batch of positive gold-in-soil anomalies, as well as the extension to our longest existing anomaly in the Mbe licence, where additional sampling has extended the target zone to over 12 kilometres.

"The return of yet more successful results from this second phase of targeted soil sampling, which was based on previous positive results from the prospect-wide stream sediment programme in 2021, really does appear to confirm our proposition that the CLP covers a brand-new gold district in central Cameroon."

Livesey quipped that, as with all early-stage exploration, it was a "simple numbers game".

"The more strong, gold-in-soil targets we can identify in the early stages of exploration, the more chance we have of discovering multiple new gold deposits as we progress our programmes.

"The Eastern CLP covers over 70 kilometres of strike length of the Tcholliré-Banyo Shear Zone - a wide corridor of structural deformation that appears to be controlling the location of multiple potential gold targets on our ground.

"Cameroon is certainly delivering on our idea of a new frontier for gold exploration in Africa, and we look forward to following up on these targets as the dry season commences later this year."

At 1438 BST, shares in Oriole Resources were down 7.8% at 0.18p.

Reporting by Josh White at Sharecast.com.

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