Oriole Resources (AIM: ORR) has announced the resumption of exploration at the Mbe gold project in Cameroon following a recent earn-in agreement with BCM.
The company has initiated infill soil sampling at MB-01 with a density of 100 meters by 25 meters, in preparation for a trenching program scheduled for the second quarter of this year.
Additionally, a broader sampling effort with 100m x 50m spacing is planned across the extensive 12.5 km-long area of soil anomalies at Mbe.
As part of the earn-in deal with BCM, Oriole anticipates receiving the remaining US$450,000 of the US$1 million initial payment by the end of the current month.
BCM has committed to investing US$4 million in exploration activities and will make additional payments linked to resource success, in exchange for acquiring a 50% interest in the Mbe project.
Tim Livesey, CEO of Oriole, expressed enthusiasm about the recommencement of operations at Mbe. He highlighted the identification of targets that suggest a corridor of gold mineralization spanning all five of Oriole’s Eastern CLP licenses.
Livesey remarked on the potential of Mbe as a new gold district, noting the significant opportunities emerging in this promising region of Cameroon. He also mentioned plans to keep the market updated on the exploration results and the company’s strategies for the other Eastern CLP licenses, which are still under Oriole’s management and control.
