Oriole Resources plc reported an inaugural inferred JORC mineral resource estimate (MRE) of 305,000 Troy ounces grading 2.19 g/t gold for Bakassi Zone 1 at Bibemi in Cameroon.
EXPLORATION
Forge International Ltd compiled the revised resource and exploration target at Bakassi Zone 1, one of four prospects at Oriole’s 90%-owned project.
Oriole said that the resource had been modelled over a strike length of 1,220 metres and to a depth of 260m below surface, using a cut-off grade of 0.30 g/t gold and a top-cut of 20 g/t gold.
The company estimated the residual JORC exploration target, excluding the resource blocks, to be between 1.5 and 2.2 million tonnes at grades ranging from 1.10 to 2.10 g/t for between an additional 53,000 and 148,000 oz gold.
Both estimates remain open at depth and along strike to the northeast.
Oriole added that there was “significant potential” to expand the MRE and identify additional resources at the other three prospects on the licence; Bakassi Zone 2, Lawa West and Lawa East, which lie within a few kilometres of Bakassi Zone 1.
The company plans an infill geophysics programme for H1 2023, to assist drill targeting at the remaining three prospects at Bibemi as well as future activities to expand resource.
MINING DISTRICT
Chief executive Tim Livesey said that the JORC MRE was believed to be the first for orogenic gold in Cameroon.
“With obvious similarities to the extensive gold-in-soils anomalism identified in the last field season across our Central Licence Package, the Oriole team’s exploration success at Bibemi reconfirms our commitment to Cameroon as a new frontier for gold exploration and mining.
“Cameroon has all the hallmarks of an underexplored mining district, with huge opportunity for early movers such as Oriole Resources.”