Oriole Resources PLC (LON:ORR), the AIM-quoted exploration company focused on West Africa, reports that it has disposed of its 12.27% holding in Tembo Gold Corp. following the sale of 19,975,000 ordinary shares for net proceeds of £172,000.
In a statement, the AIM-listed firm said the sale – by Oriole’s wholly-owned subsidiary company, Stratex Gold AG -supports the company’s previously announced strategy of asset realisation of non-core assets to help fund its ongoing exploration programmes in Cameroon.
The company anticipates making a number of further announcements around non-core asset disposals in the coming months.
At the end of January, Oriole revealed positive initial results from its 2020 exploration campaign at the Bibemi gold project in Cameroon.
The group said mapping work, at the 90% owned project, has shown a continuation of mineralisation at the main Bakassi area adding 1.3 kilometres to the known strike which now exceeds 5 kilometres. Preparations are underway for a drill programme of 1,500 metres, it added.