Oriole Resources plc earn-in partner has completed 10 of 62 drill holes in the phase IV exploration programme at its 82.2%-owned Bibemi orogenic gold project in Cameroon.
STUDIES
The company said that multiple shallow-dipping, less than 45˚ from horizontal, and steeply dipping quartz and quartz-tourmaline veins, up to 2.40m wide, have been intersected.
BCM International Ltd is currently funding up to US$4 million exploration expenditure in return for up to a 50% interest in the project.
At Bakassi Zone 1 (BZ1), drilling has so far totalled 1,244 metres, of an overall 7,060m, at the main BZ1 mineral resource estimate area.
Sample results are due during this quarter.
The company added that the findings were encouraging for additional near-surface mineralisation within the existing open pit design limits.
Operations will include a further 23 inclined and four vertical holes focused on expanding and upgrading the existing JORC inferred MRE.
An additional 25 holes are planned at two along-strike target areas, BZ1-NE and BZ1-SW, where exploration to date has generated “coincident geochemical and geophysical targets”.
Oriole has also submitted an application for an exploitation licence to secure the tenure of the licence as activities continue.
“The drilling at Bibemi is making good progress and we continue to investigate opportunities to accelerate the programme,” added chief executive Martin Rosser.
“The drill cores from the initial vertical holes look promising and we are looking forward to reporting the results in due course.
“These results will feed into our ongoing technical and economic studies as part of the ELA (exploitation licence application] process with the Government.”
SGS South Africa has been engaged to undertake the next phase of mineralogical and metallurgical test work on representative mineralised material from Bibemi.