Oriole Resources Plc (AIM: ORR) shares moved higher after the gold explorer completed a joint venture agreement for its Senala project in Senegal and reported further positive drilling results from its Mbe project in Cameroon.
The AIM-listed company rose 8.1% to 0.4p in early trading.
At Senala, Oriole has signed a joint venture agreement with AGEM, a subsidiary of Managem, replacing the previous earn-in arrangement. Under that earlier agreement, AGEM spent US$5.8 million on exploration to secure an approximate 59% interest in the project.
The new agreement clears the way for a US$2 million exploration programme, expected to begin in August. Planned work includes 3,000 metres of diamond drilling at the Faré prospect and 10,000 metres of auger drilling across nearby targets.
Chief executive Martin Rosser described completion of the agreement as “a major milestone”, saying it would allow the next phase of exploration at Senala to get underway.
Separately, Oriole reported final assay results from step-out drilling at its 50%-owned Mbe project in Cameroon. Results included an intersection of 16.4 metres grading 1.65 grams of gold per tonne.
The company said the drilling had extended mineralisation in several directions and is expected to support an increase to the current 870,000-ounce resource at the MB01-S deposit. An updated resource estimate is due later in the third quarter of 2026.
