Oriole Resources pleased with latest drilling at Pandora

The AIM-traded firm said the 13-hole programme delivered a number of “significant” intersections, including a near-surface interval of 16.86 metres grading 1.42 grams of gold per tonne, including 6.63 metres at 2.68 grams per tonne on hole Ok-D-46.

Pandora is held by Thani Stratex Djibouti, in which Oriole holds an 11.80% interest.

Among the other highlights, Oriole said there was 1.5 metres grading at 1.05 grams of gold per tonne from 43.25 metres at hole Ok-D-35, and 6.8 metres grading 2.19 grams of gold per tonne from 23.58 metres at Ok-D-36.

Finally, on hole Ok-D-44, Oriole reported five metres grading 1.10 grams of gold per tonne from 107 metres.

The board said the mineralisation was primarily related to quartz vein and hydrothermal silica breccia, with associated demagnetisation of the basalt host rocks.

It explained that the highest grades were related to the presence of sulphide-rich chalcedonic silica.

There was “good potential” for resource delineation in the structural zone between the Pandora and Pyrrha veins, the company claimed, subject to further exploration and infill drilling.

“We are very pleased to see continued success with the drilling at Pandora, reconfirming this project as a highly prospective gold target,” said Oriole chief executive officer Tim Livesey.

“If drilling continues to deliver grades and widths like these, this could quickly be built into a resource with open pit potential.”

Livesey said the board was “looking forward” to further updates as the programmes in Djibouti restart.

“We also look forward to reporting results from Hesbada later this quarter and we wish the exploration team continued success.”

At 1542 BST, shares in Oriole Resources were flat at 0.34p.