Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to report that it has received a two-year licence extension for its 90%-owned Bibemi orogenic gold project (‘Bibemi’ or ‘the Project’) in Cameroon.
Under Cameroonian law, there is no mandatory ground relinquishment required on renewal and, as such, the Company has maintained the full 177km2 licence area. The non-renewable extension is valid until 26 September 2024, at which point the Company will need to apply for an exploitation licence.
Exploration to date at the Project has identified shear-hosted gold mineralisation at four main prospects – Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East – with Bakassi Zone 1 being the most advanced in terms of work completed. Since Q1-2021, the Company has completed four phases of diamond drilling for a total of 6,685.40 metres (‘m’) in 54 holes. The majority of the drilling has been focussed on a circa 1 kilometre (‘km’) section at the southern end of the Bakassi Zone 1 prospect and has delivered best intersections of 14.80m grading 4.27 grammes per tonne (‘g/t’) gold (‘Au’) and 7.70m grading 2.74 g/t Au (hole BBDD050), 6.50m grading 3.92 g/t Au (hole BBDD034), 5.20m grading 1.97 g/t Au, 9.20m grading 1.31 g/t Au (announcements dated 20 December 2021 , 9 February 2022 and 15 September 2022 ). The mineralised corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of sub-vertical quartz-tourmaline veins as well as extensional, sub-horizontal quartz veins. The system remains open along strike and at depth.
The latest Phase 4 drilling has supported the potential for mineable widths of mineralisation at the Project and estimation of a JORC Exploration Target for Bakassi Zone 1 is now underway, with delivery anticipated in early Q4-2022.
Oriole Resources CEO, Tim Livesey, said: “We are pleased to have received this two- year extension for Bibemi. Having only started drilling at the Project a year and a half ago, we have been able to move quickly to test our priority targets and look forward to reporting a JORC Exploration Target shortly.
“None of this would have been possible without the support of the Ministry of Mines and the local communities and we look forward to continuing to work together to help unlock Cameroon’s significant mineral potential.”
For further information on the Bibemi project, including drill plans, cross-sections and a JORC Table 1, please see the following page of the Company’s website https://orioleresources.com/projects/bibemi/.
Under the terms of its option agreement with Bureau d’Etudes et d’Investigations Géologico-minières, Géotechniques et Géophysiques SARL (‘BEIG3’), the Company has satisfied the conditions to earn a 90% interest in Bibemi, the Wapouzé project (20km to the north) and three licences in Central Cameroon. Beneficial ownership in the licences has been confirmed and the administrative process to formalise this ownership is currently underway.
For further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:
Oriole Resources PLC
Tim Livesey / Claire Bay / Bob Smeeton
Tel: +44 (0)20 7830 9650
