Oriole Resources PLC (AIM: ORR) has announced a 23% increase in the mineral resources at the Bakassi Zone 1 area of its Bibemi project in Cameroon, now totalling 375,000 ounces of gold.
This enhancement was facilitated by Forge International, a consulting firm, which based its upgrade primarily on a gold price of US$2,000 per ounce. This development is part of the preparatory technical studies for a mining permit application expected later in the year.
Highlights
· An updated MRE has been prepared by independent consultant Forge International Limited (‘Forge’), predominantly on the basis of an updated gold price, as part of the ongoing technical studies to support the application for an exploitation licence later this year;
· The pit-constrained Resource is estimated to be 5.1 million tonnes grading 2.30 g/t Au for approximately 375,000 oz Au in the JORC Inferred Resources category, reflecting a 23% increase in the resource inventory;
· The entire Resource has been defined within the limit of a US$2,000/oz gold price pit shell;
· The Resource has been modelled over a strike length of approximately 1.3 kilometres (‘km’) and to a depth of 263 metres (‘m’) below surface, using a cut-off grade of 0.45 g/t Au and a top-cut of 20 g/t Au;
· The updated MRE is open at depth and along strike to the northeast;
· There exists significant potential to expand the MRE at Bakassi Zone 1 and to identify additional resources at the other three prospects on the licence, namely Bakassi Zone 2, Lawa West and Lawa East, which are all located within a few kilometres of Bakassi Zone 1;
· Processing of the geophysics data collected in 2023 is currently underway to aid drill targeting at Bibemi (including at the other three prospects) as well as future Resource-expansion activities
The revised estimate for the pit-constrained resource stands at 5.1 million tonnes with an average gold grade of 2.30 grams per tonne (g/t). Oriole is optimistic about the potential to further expand the resources at Bakassi Zone 1 and to discover additional resources at the other three prospects within the license area, namely Bakassi Zone 2, Lawa West, and Lawa East.
Tim Livesey, the CEO of Oriole, expressed satisfaction with the progress, noting that the initial resource assessment supports the expansion of the pit, yielding not only more tonnes but also higher-grade gold.
He highlighted the ongoing collaboration with their partner BCM in the fifth phase of drilling at Bibemi, anticipating further growth in the Bakassi Zone 1 Resource. Livesey emphasized the project’s robust nature and its prospects for early development into a potential multi-pit gold mining operation.
