Oriole Resources PLC, a gold exploration company in West and Central Africa, has completed a Phase 5 drilling program for approximately 6,900 metres in 56 holes at the 90%-owned Bibemi gold project in Cameroon, known as Bakassi Zone 1.
BCM International has fully funded the Bibemi programme, with an initial 10% interest and a potential 40% interest by spending up to $4 million on exploration. The Inferred Mineral Resource Estimate (MRE) for gold contained in Bibemi is 375,000 ounces, grading 2.30 g/t gold. The MRE will be updated with data from the Phase 5 drilling programme.
With Phase 5 complete, an independent structural review is underway to help refine the geological and mineralisation model. This will give the key inputs for the next independent consultant’s MRE upgrade using an appropriate gold price. This should be completed in Q2 2025.
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Chief Executive Officer of Oriole Resources, Martin Rosser, said: “With the completion of Phase 5 drilling at Bibemi, which returned more encouraging gold intersections, we can now look forward to an updated independent consultant’s mineral resource estimate, with scope to expand and partially upgrade it to the Measured and/or Indicated JORC Code categories. Moreover, with the completion of important technical and other requisite studies, we expect to be able to advance significantly the Exploitation Licence Application lodged with the Cameroon Mines Ministry.”
Oriole has submitted an updated Environmental and Social Impact Assessment report for the Exploitation Licence Application process and is preparing to complete advanced metallurgical test work to determine the appropriate mineral processing flow sheet.
• A Phase 5 drilling programme was recently completed over three sub-prospects: BZ1-MRE, BZ1-NW and BZ1-SW. At BZ1-MRE, drilling has reduced drill fence line spacing to around 50m over the existing MRE main pit design.
• Results for the final seven drill holes in the BZ1-MRE target (BBDD0103-109) show they are all mineralised, with a total of 49 reported intervals (using a 0.20g/t Au lower cut-off) including:
BBDD103
o 1.00m at 2.62g/t Au from 40.90m.
o 1.00m at 2.71g/t Au from 143.50m.
o 1.00m at 3.84g/t Au from 169.90m.
BBDD104
o 1.00m at 15.11g/t Au from 61.30m.
o 3.10m at 1.53g/t Au from 116.40m.
o 3.00m at 1.46g/t Au from 158.60m.
o 2.00m at 3.51g/t Au from 173.60m.
BBDD105
o 4.10m at 2.20g/t Au from 35.20m.
o 1.10m at 2.38g/t Au from 64.90m
BBDD106
o 1.00m at 3.93g/t Au from 145.30m.
o 4.00m at 1.71g/t Au from 161.50m.
BBDD107
o 3.10m at 1.30g/t Au from 52.40m.
o 1.10m at 4.34g/t Au from 92.20m.
BBDD108
o 1.00m at 1.43g/t Au from 61.40m.
o 1.00m at 2.01g/t Au from 158.10m.
BBDD109
o 2.20m at 8.11g/t Au from 122.90m.
o 2.00m at 2.50g/t Au from 132.00m.
• The results, which all fall within the existing MRE pit shell design, have successfully demonstrated that the mineralisation continues between the existing fence lines and that there is scope to expand and partially upgrade the resource to the Measured and/or Indicated Australasian Joint Ore Reserve Committee (‘JORC’) Code categories.
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