Proactive Investors - Run By Investors For Investors
Why invest in ORR?
Oriole Resources PLC: DEEP DIVE
OVERVIEW

Oriole Resources name change indicates return to 'grass roots geology'

Consolidation is ahead for junior miners due to the pressure on costs, says new CEO Tim Livesey
gold
OVERVIEW: ORR The Big Picture
Back to greenfield exploration for Oriole

After a year of substantial upheaval, the dust has settled at Oriole Resources PLC (LON:ORR).

Indeed, the name itself is a move to distance the business as it stands now from its legacy as Stratex International.

WATCH: Rebrand sees Stratex International begin trading as Oriole Resources

There are still a few assets left from the old regime in Turkey and Djibouti, but under new chief executive Tim Livesey, the group has already started to rebuild in new locations.

Prime focus currently is Cameroon, where the junior has an option with local firm BEIG3 over two early-stage gold exploration projects at Bibemi and Wapouze.

Oriole has an earn-in agreement where it will take 90% stakes in the licences by spending US$3.1mln on exploration.

Livesey knows the prospects well, as the option was formerly held by Canadian group Reservoir Minerals, where he was COO until it was taken over in 2016.

Gold district ambition

The aim is to build up a new gold district as that is the way to attract a larger company either to take them over or partner.

So far, he says, its area in Northern Cameroon is relatively unexplored with only artisanal workings so far.

A countrywide geological survey is underway under the auspices of BEIG3 to help build understanding of the resource potential in the country.

Livesey hopes it will confirm what he sees as a mineral belt running through its licences and surrounding areas.

Work plans are for trenching at the Bakassi area of Bibemi and soil sampling and mapping at Wapouze ahead of any drilling.

In Senegal, Oriole is getting a free carry on an exploration programme by IAMGOLD, which can earn-in 70% of the Dalafin prospect for a US$8mln spend.

IAMGOLD started drilling started in June.

Consolidation ahead for junior miners

Livesey told Proactive the aim is to get the company focused back on early-stage work, with the re-naming the final stage of the restructuring.

He says one of the changes will see Oriole focus on new districts, which is higher risk but potentially higher reward.

Dalafin is an existing gold belt, but the company needed a step-back into 'grass roots, bush geology' hence the move into Cameroon.

Livesey also sees consolidation ahead for smaller junior miners in the coming years due to the pressure on costs and Oriole has had discussions over a number of possibilities, though nothing yet close to fruition.

View full ORR profile View Profile

Oriole Resources PLC Timeline

Related Articles

Gold bars
November 27 2018
Panmure Gordon’s analysts noted that Ariana’s third-quarter update continued the trend of above plan production with its full-year 2018 guidance of 20,00 ounces almost reached in nine months
1542818749_minera-alamos-santana.jpg
November 21 2018
On Wednesday, the group reached a permit milestone at its La Fortuna gold project in Durango state
1522843655_shutterstock_102742847.jpg
October 25 2018
BAM East will be the focus in 2018, after Landore completed a £3.15mln funding
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use