Oriole Gold plc has identified “high-grade carbonate material” at Wapouzé but “significantly lower” gold potential than its nearby Bibemi project in northern Cameroon.
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A review of historical data showed the potential for “cement-quality limestone” with 13 of 14 rock chip samples from outcropping limestone suitable for the country’s £700 million cement industry.
The Ministry of Mines has approved Oriole’s formal request for a change in its licence of substance at Wapouzé from gold to industrial minerals.
The licence is currently undergoing a renewal process and is awaiting presidential approval.
Once granted, Oriole aims to find an industrial minerals partner to hasten development of Wapouzé to exploitation.
The company hopes to secure a royalty-based payment on material extracted to fund its gold and lithium exploration at Bibemi and Central Licence Package licences.
“Once the team identified the potential for cement-grade limestone deposits on the Wapouzé licence, we shifted focus and moved to evaluate alternative routes to deliver value, besides our primary goal of gold exploration in Cameroon,” said chief executive officer Tim Livesey.
“With the potential to deliver feedstock for the cement industry in this region, we hope to attract a local industry partner for Wapouzé.
“By realising the alternative value from this licence, we hope to provide ongoing funding to support our future gold exploration programmes at both Bibemi and in the Central Licence Package.“