Oriole Resources plc has been granted a two-year licence extension for its 90%-owned Bibemi orogenic gold project in Cameroon.
PROSPECTS
The company said that under Cameroonian law, no mandatory ground relinquishment was required on renewal and the Oriole has maintained the full 177km2 licence area.
The extension, which is non-renewable, is valid until 26 September 2024 after which Oriole will need to apply for an exploitation licence.
The four main prospects to date on the licence are Bakassi Zone 1, which has undergone the most completed work; Bakassi Zone 2; Lawa West; and Lawa East.
Since Q1-2021, Oriole has diamond drilled 54 holes for a total 6,685.40m, mainly at Bakassi Zone 1.
PRIORITY TARGETS
“We are pleased to have received this two- year extension for Bibemi,” said chief executive Tim Livesey.
“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.”