Oriole Resources (LON: ORR) said on Wednesday that it has, through its 90% owned subsidiary Oriole Cameroon, been awarded five new licences in central Cameroon.
The new licences, along with three other licences granted to Oriole’s partner, Reservoir Minerals Cameroon Sari, represent a contiguous district-scale land package covering 3,592 km.
Oriole said the licences have an initial three-year term of a possible 9-year tenure. An initial program of desktop remote sensing and regional scale stream sediment sampling will begin during the first half of 2021 to identify follow-up targets.
BEIG3 and its associate, Roxane Minerals Ltd, will have a collective 10% free carried interest in each of the Oriole Cameroon licences until the definition of a minimum measured and indicated resource of 50,000 oz of gold.
BEIG3 will also have a 10% free carried interest in the three licences granted to Reservoir Minerals until the definition of a minimum measured and indicated resource of 50,000 ounces of gold with Oriole having the remaining beneficial interest.
Shares of Oriole Resources jumped to 1.45p per share after the open on Wednesday. They are now trading at 1.40p up 10.12%.
Should you invest in Oriole Resources shares? Oriole Resources shares are traded on the AIM market of the London stock exchange (the alternative investment market) which is the sub market specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Oriole Resources shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
