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West Africa focused explorer Oriole Resources posted a narrower full-year loss as it cut back on expenses.
Pre-tax losses for the year through December amounted to £0.47 million, compared to year-on-year losses of £1.74 million.
'Whilst 2020 was a difficult and unprecedented year at a global level, at Oriole we succeeded in advancing the company's pre-stated development goals,' chief executive Tim Livesey said.
These included signing a drill contract and securing necessary funds to allow the company to finish the year poised for the commencement of maiden drilling programme at Bibemi in Cameroon.
'With initial results anticipated in first quarter, and continuing into the second, we look forward to building our knowledge of the extensive gold mineralisation on the licence,' Livesey said.
"We also secured, alongside our partner, a district-scale package of eight new licences in central Cameroon covering 3,592 square kilometres.'
'We believe the area to be highly prospective for gold, both from historic results and from our initial remote sensing studies on the area.'
'A reconnaissance visit has already been completed ahead of an upcoming stream sediment sampling programme, which we anticipate will commence in the second quarter.'
In Senegal, earn-in partner Iamgold completed a year-three earn-in behind their cumulative expenditure commitment of $2.5 million.
The shortfall was mainly due to not completing planned drilling at the northernmost Fare prospect.
'We have agreed to roll this shortfall forward into the year four work programme which will commence shortly,' Livesey said.
At 8:05am: (LON:ORR) Oriole Resources Plc Ord 0.1p share price was 0p at 0.4p