Oriole raises £245 000 for Cameroon project
Aim-listed exploration company Oriole Resources has raised £245 000 before expenses through a private placement.
The proceeds, together with proceeds from the sale of shares in Tembo Gold, will primarily be used to support ongoing exploration at the company’s Bibemi project, in Cameroon, moving the programme towards drill mobilisation later this year.
It will also provide the company with general working capital, while management continues to deliver on its asset realisation programme.
Oriole CEO Tim Livesey on Monday said the company in January confirmed the extension of gold mineralisation at the Bakassi zone at Bibemi to over 5 km with focused rock-chip sampling returning up to 35 g/t gold.
“The recent results have validated our exploration model and evidence of sub-horizontal ‘stacked’ veins have highlighted the potential for enhanced volumes of near-surface gold towards the northern end of the trend.
“We are delighted with the support shown for the company by the incoming investors for this limited private placement in such difficult market conditions and it is a testament to the hard work of the management team and quality of the assets that the placing has been agreed at this price and not at a discount,” he noted.
The funds, collectively, from the placing and the sale of shares in Tembo will be used to further develop the company’s understanding of the structural setting through continued exploration of the northern Bakassi zone.
This will allow Oriole to identify further targets for its drill campaign, which the company expects to start later in the year.
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