Oriole Resources plc estimates a 23% increase, with “significant potential” to expand, in a revised inferred mineral resource for Bakassi zone 1 within the Bibemi orogenic gold project, Cameroon.
TARGETING
JORC-compliant 5.1 million tonnes grading 2.30 g/t for approximately 375,000 oz gold is based on a higher gold price.
The new MRE forms part of technical studies to support an application later this year for an exploitation licence.
Oriole modelled the resource over a strike length of approximately 1.3km and to a depth of 263m below surface and used a cut-off grade of 0.45 g/t and a top-cut of 20 g/t gold.
The MRE is open at depth and along strike to the northeast.
The company said that potential existed to expand Bakassi Zone 1 and identify additional resources at Bibemi’s three other prospects of Bakassi Zone 2, Lawa West and Lawa East, which lie within a few kilometres of Bakassi Zone 1.
Oriole is currently processing 2023 geophysics data to help drill targeting at all the prospects and future activities to expand resource.
The company owns 82.2% of the 177km2 licence and earlier this month signed an earn-in with BCM International Ltd.
Oriole chief executive Tim Livesey added: “As we progress toward our fifth phase of drilling at Bibemi, with our partners BCM, we look forward to further expansion of the Bakassi Zone 1 resource.
“We are also keen to test and define the potential at the other three prospect areas.
“This project is shaping up to be very robust and offers the opportunity for early development of a potential multi-pit gold mining operation.”