Shares of AIM-quoted Oriole Resources (LON: ORR) are down over 6% on Thursday after the company reported initial results from Thani Stratex Djibouti's Phase 2 exploration programme at the Assaleyta project.
Oriole has a 10.61% interest in Thani Stratex Djibouti Limited, where African Minerals Exploration & Development Fund III is managing and funding a multi-million dollar exploration programme. The first $2.5 million of the funding was used to undertake drilling programmes at the Pandora and Hesdaba projects, and the second $2.5 million is being used to fund further work
The best results from reverse circulation drilling include 16.00m grading 1.08 grammes per tonne of gold from 12.00m and 5.00m grading 8.97 grammes per tonne of gold from 110.00m, including 1.00m grading 43.00 grammes per tonne of gold.
According to Oriole, a total of 1,106 diamond core and reverse circulation samples for Assaleyta and 2,159 rock, diamond core, and reverse circulation samples from Hesdaba are currently pending ministerial clearance in Djibouti, with final gold assay results anticipated in the second half of 2021.
“It's great to see yet more encouraging results from this project, with targeted second phase drilling building on the results of the earlier exploration phases. As work progresses in Djibouti, we are happy to see this continued success as we expect this will ultimately be reflected in an increased value in our equity position in the projects,” said Oriole CEO, Tim Livesey.
Despite the CEO's positivity, investors haven't been as enthusiastic so far on Thursday, with Oriole's shares down 6.33% at 0.562p.
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