Oriole Resources secures US $1M for exploration
Oriole Resources has provided an update on its Eastern CLP licences in central Cameroon, which form part of the Central Licence Package.
The company plans to increase its ownership to 100% after resource definition and will transfer its interest into a sub-holding company called NewCo to enable project-level investment and minimize equity dilution. The firm has secured US$1 million of project-level exploration financing from a Canadian investment banking firm, in return for a 10% non-carried interest in NewCo.
The funding will be used exclusively for gold exploration and will enable the company to pursue other funding opportunities for lithium exploration within the CLP. The financing is expected to close in Q2-2023, subject to final terms and conditions. Oriole is committed to sustainable mining practices and community development and is optimistic about the future of the project, which is focused on West Africa and Cameroon.
About the CLP
The Eastern CLP licences were granted for their first term in February 2021. Work to date has identified multiple 2-3 kilometre (‘km’) long gold-in-soil anomalies across the Project in addition to a 12.5km-long zone of anomalism at Mbe. Follow-up rock-chip sampling at Mbe recently returned up to 134.10 grammes per tonne gold from a cross-cutting structural corridor that extends over a strike length of 3km and over a width of at least 70 metres (announcement dated 27 March 2023).
