Oriole Resources Share Discussion Threads

[silverspoon2009] 20/11/2020 11:29

Bought back in for a trade, if I say so myself my timing has been impeccable to date.

Looking for a run back to .50p -.55p range from a materially oversold position.

Shares traded above .65p in October.

[kilijarslan] 20/11/2020 10:10

Someone dump stock so I can buy more please

[the_sage1] 19/11/2020 14:51

Folk seem to be missing the point here, Tim Livesey said he was meeting Cameroon officials next week, he is pursuing those 8 exploration licences.

If Oriole get the 8 licences they would hold one of the largest exploration land packages in country, that could attract serious interest from majors, the CEO has already suggested Cameroon could be the next Tanzania by way of gold resource.

What a great entry price, sub 0.40p is a gift, think this will be 1p+ by January as drilling results attract demand for the shares.

[observer007] 19/11/2020 12:30

Delays are not liked by the market plain and simple, this is the 2nd delay RNS in short time, both on key projects.

I think next year will be the time for ORR, excitement should start to build in early/mid Q1.

In the meantime it is a waiting game.

[the skipper] 19/11/2020 11:40

Well said Stig. What gets me is that someone bought 1.5m of these at 8.30 yet still the muppets sell. Why don't they just learn to follow the serious money?

[the skipper] 19/11/2020 08:15

One thing you can’t argue with is that this company is very honest with its investors and keeps them fully informed. I like that and have the patience to ride this out, noting that news could emerge from Senegal via IAMGOLD at any time or in relation to legacy assets.

[aussiebeach] 19/11/2020 07:54

3 week delay for drill rig to arrive in Cameroon due to COVID, that is probably a best case scenario.

As others have implied, no material news until mid or late Q1, the CEO actually used the word next year in the recent presentation that is linked above.

Timescales seem to be being pushed further out.

[avsome1968] 19/11/2020 07:35

19 November 2020

Oriole Resources PLC

('Oriole Resources' or 'the Company' or 'the Group')

Update on Mobilisation of Drill Equipment to Bibemi Project , Cameroon

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its mobilisation of drill equipment to its Bibemi Project ('Bibemi' or the 'Project') in Cameroon (Announcement dated 24 September 2020). The Company is pleased to report that the drill rig has now been dispatched and is expected to arrive in Cameroon in early December 2020. Due to COVID-19 related border restrictions at the country of origin, this arrival schedule is approximately three weeks later than originally planned. However, the Company still anticipates being in a position to commence its 3,000m diamond drilling programme before the end of the year.

Meanwhile, the Oriole team has been working in Cameroon since early October and has now completed the planned detailed geological mapping at the northern extension of the Bakassi zone. It has also completed the planned reconnaissance mapping over the southern extension of that zone.

Highlights

-- Following minor COVID-19-related border restrictions, Capital Ltd has now dispatched a Boart Longyear diamond drill rig from Mali and will shortly be shipping it to Cameroon via Dakar, Senegal;

-- Ancillary equipment is currently en route from South Africa to Cameroon by sea;
-- Both shipments are expected to arrive in Cameroon early next month;
-- Construction of the drill camp is well underway;
-- 17 drill holes have already been identified within the high-grade Bakassi area ('Bakassi' or 'the Prospect') for a planned 1,940m and construction of the drill pads is now complete;

-- The programme will focus on testing the depth-extension of mineralisation identified to date;

-- Detailed mapping of Bakassi to the northeast, and reconnaissance mapping to the southwest is now complete - data currently being compiled and interpreted;

-- Subject to the usual customs clearance procedures and mobilisation of all equipment to site, the Company still anticipates commencing its 3,000m maiden diamond drilling programme at the Bakassi before the end of the year, assuming no further delays.

Oriole Resources CEO, Tim Livesey, said : "The mobilisation of the drill rig is a key milestone in the work stream and we are working hard to ensure a clean passage through customs when the equipment arrives in Cameroon, in anticipation of drilling commencing before the end of the year. A programme of 17 holes for 1,940m has already been designed but results from the recently completed mapping programmes to test the north-eastern and south-western extensions at Bakassi are expected to deliver further drill targets.

"We are confident that Bibemi will continue to build on the good results we've already yielded from the rock chip sampling and trenching programmes, and it will be great to get some vertical extension to the significant trends that the team have already identified on surface.

"We look forward to sharing the results of our drill programme with our shareholders early next year."

Further Details

Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), the Company is earning-up to a 90% interest in the Bibemi and Wapouzé projects in northern Cameroon by spending US$3.12 million over four years (announcement dated 12 June 2018). The Company is currently in year three of that investment period.

The Company announced on 24 September 2020 that it had signed a 3,000m diamond drilling contract with Capital Ltd to enable a maiden drilling programme at the Project. Mobilisation of equipment is now well advanced, with all shipments expected to arrive in Cameroon early in December 2020. Due to COVID-19 related border restrictions at the country of origin, this arrival schedule is approximately three weeks later than originally planned. Assuming no further delays, and following customs clearance of the drilling equipment and its transportation to site, the Company anticipates commencing drilling before the end of the year.

The maiden drilling programme, which will run through Q1-2021, will focus on testing the depth-extension of mineralisation at Bakassi. To date, the Company has identified and pegged targets for an initial 1,940 metres of drilling (over 17 holes) that will particularly focus on the stacked veins recently identified at the northern end of the 5.3 kilometres 'Zone 1' target. Earlier sampling there returned up to 35.86 grammes per tonne (' g/t') gold ('Au') from rock-chip sampling and a best trenching intersection of 9m at 3.14 g/t Au (announcement dated 21 May 2019).

The team is currently on site ahead preparing for the drill campaign, including construction of drill pads (now complete) and a drill camp. Detailed mapping (1:2,000 scale) along strike to the north-east of Bakassi, and reconnaissance mapping to the south-west, has also recently been completed. The data is currently being compiled and interpreted and is expected to deliver further drilling targets to support a total 3,000m programme. Completion of the drilling programme is expected to see Oriole satisfy the conditions for the Company to earn a 90% interest in the Project.

[the skipper] 18/11/2020 23:38

Recording of webinar now available:

[the stigologist] 17/11/2020 20:29

Chart setting up to go higher I reckon. I will need to accelerate my purchases.

This is too cheap. In a Gold bull market being able to buy at a discount to Book Value is an opportunity too good to pass up

[the skipper] 17/11/2020 19:43

And it is worth noting that buying picked up immediately after the session finished, which is readily apparent from the intra day chart above.

[the skipper] 17/11/2020 19:41

Some obviously didn’t listen to today’s presentation and Q&A. That clarified that IAMGOLD will be drilling hard for the next two months, first with an AC rig to get more representative samples. Then subject to results they will undertake 5000 metres of RC drilling followed by 1000 metres of diamond drilling. This would create a ‘healthy news flow’ with a decision on Boto ‘sometime soon’. ORR are fully funded in Senegal until 2024 and this underpins the current market cap on its own,with very significant growth potential.

In response to questions about the value of Senala license, the response was that the closest direct comparable was Chesser Resources but Senala is bigger with more targets, so about $100 million. Another question asked whether the oxidised material at Fare could be extracted by free digging, to which the response was that the first 40 metres or so could be extracted this way.

Someone else asked how much cash they currently had at bank. There was no direct answer but they referred to the recent raise of £1.8 million which would cover them until the latter part of 2021 at least as they have a very low cash burn rate. They will be in Cameroon on Monday mobilising the drilling team and meeting officials at the Mining Ministry but rock chip samples had already being obtained by their West African drilling manager.These would help define surface targets for drilling.

The last question specifically asked whether any other raises were planned before the drilling results were available, to which the response was that was ‘very, very unlikely’.

[kilijarslan] 17/11/2020 12:49

It still has lots coming and this should be valued closer to 1p. However market sentiment.. it's not liking it at at the moment. Drop to placing price and bounce

[silverspoon2009] 17/11/2020 11:44

This is heading back into my mid .30p's buy zone, Senegal news delayed till next year & Cameroon drilling results ages away there is nothing to excite the market near term.

Not forgetting the little matter of over 500m new shares kicking around at .34p with bored owners continually dumping at will.

[observer007] 17/11/2020 07:59

Failure to deliver real cash from asset sales has cost shareholders dearly via heavy dilution at penal rates, Thor Mining shows how it should be done, a clue, they actually get the cash.

[the skipper] 16/11/2020 22:20

Ahead of tomorrow’s webinar it’s worth reminding ourselves of Shard’s assessment of ORR as an undervalued stock in their recent note to clients:

Oriole swoops on a new gold frontier

Oriole is gearing up to press its first-mover advantage in Cameroon, a new frontier in goldexploration. A drill rig has been mobilised to commence a maiden drill programme at the company’s Bibemi gold project, part of a major exploration push in the country. Oriole will befollowing up on high-grade gold results identified in rock chips and trenches. Despite having similar prospective geology to other West African gold-producing countries, Cameroon has seen minimal modern exploration. In Senegal, Oriole’s partner IAMGOLD fully funds exploration and has commenced Year-3 earn-in drilling at the Senala project as part of an $8m deal.

► Balanced portfolio. Oriole has exposure to two jurisdictions in West Africa;
1.) early stage
exploration in Cameroon (Bibemi, Wapouzé), a new frontier for gold exploration and 2.)strategically partnered with mid-tier gold producer IAMGOLD in Senegal (Senala project)within a proven gold belt. We see this as an attractive project portfolio with differing risk-reward dynamics, yet both have compelling opportunities for discovery and value creation.

► First-mover in Cameroon. Despite Cameroon having highly prospective Pan-African geologysimilar to West African peers, it has seen very little in the way of exploration, especially using modern techniques/technology. There is extensive evidence of gold artisanal mining and Oriole itself has identified high-grade gold at surface, yet to be drill tested. The Cameroon government is now promoting foreign investment, and with an established base in the country and 2.5 years’ fieldwork under its belt, Oriole has an unrivalled opportunity to leverage a first mover advantage in the country. The majors will undoubtably have eyes on Cameroon and will be watching Oriole’s progress carefully.

► Drills about to turn at Bibemi. Following the recent placing, the planned 3,000m maiden drill programme at Bibemi is fully funded. Sites have been selected to follow up on zones of stacked quartz veins and high-grade results from rock chips and trenching. Within the 5km central zone of Bibemi (part of a 20km mineralised trend), Oriole’s work has returned highly encouraging results inc; rock chips of 43.76gt Au and 35.86g/t Au and trench results of 6m at 3.02g/t Au, 2m at 9.96g/t Au and 9m at 3.14g/t Au. With high grades over decent widths at surface, the first drill programme is highly anticipated and due to kick off later in Q4 2020.

► Pressing the advantage. Oriole is assembling a dominant land position in Cameroon, with the early stage Wapouzé project (mineralisation identified over a 13km strike) and the
application for c.3,500km2 of licences in Central Cameroon. The company has a clear
competitive advantage and in fact, once the licences are granted, Oriole will have one of thelargest landholdings out of any junior explorer in West Africa.

► Senegal. Mid-tier gold producer IAMGOLD is in Year-3 of a potential 6-year earn-in to Oriole’s Senala licence. Located in the highly prospective and productive Kédougou-Kéniéba inlier, a region with a +40Moz gold endowment, the licence is proximal to major crustal structures that control the distribution of multi-million-ounce gold deposits in the region.

► Senala drilling underway. Year-3 work by IAMGOLD includes a 10,000m air-core drill programme at the Faré prospect in the north of the 473km2 licence which Oriole believes has potential for a standalone deposit. Drill results are expected in Q1 2021. In the south of the licence, the Madina Bafé prospect has the potential for synergies with IAMGOLD’s 2.5Moz construction-ready Boto project, being within trucking distance. The work is being fully funded by IAMGOLD.

► Good entry point. At a £5.4m market cap, Oriole currently trades at a considerable discount to the market value of comparable West African gold explorers. The current entry point is compelling, prior to maiden drilling at Bibemi and prior to drill results due from Faré. The opening up of a new gold frontier to modern exploration happens only once, and Oriole is heading the charge in Cameroon. Neither project is adequately reflected in the current share price in our view, and we expect a re-rating as news flow increases.

We see little rationale for Oriole’s current value disconnect. We believe there is significant potential for discoveries and value-add from grassroots exploration in underexplored Cameroon, coupled with a major work programme in the heart of Senegal’s prolific gold belt.

[the stigologist] 16/11/2020 17:56

Bought more today.

Looking to have a 10 million share position for when fireworks begin (hopefully not November 5th 2021 ho ho)

[the skipper] 16/11/2020 17:44

Wrong again GH. Rising off the lower trend line.

[greekhovel] 15/11/2020 17:21

The pump is over and the dump continues.

The City boys know how you see.

[dogwalker] 13/11/2020 09:12

Oh I'm sure they're quite serious about the drilling process.

[avsome1968] 13/11/2020 08:52

They've raised 3.4 m recently for license fee and to fun drill that will be gone next 2 to 3 months price will rise before next dilution this should push 1p before drill updates we shall see good luck all .AV

[ssrmb] 13/11/2020 07:28

Of course they are not running low, just had a big raise in relative terms.