Oriole Resources plc announced it had secured a controlling interest in it orogenic gold exploration projects at Bibemi and Wapouzé in northern Cameroon.
LICENCES
The move follows the completion of an initial funding commitment of $1.56 million set out under the terms of an option agreement signed in June 2018.
Oriole now has 51% ownership of the local holding company Reservoir Minerals Cameroon Sarl (RMC Sarl)* and its early stage exploration licences, including three granted in February.
The Mana, Dogon and Sanga licences in Central Cameroon were acquired at no additional cost.
The licences are contiguous with the company’s five 90%-owned licences in Central Cameroon, held through Oriole’s 90%-owned local subsidiary, Oriole Cameroon Sarl, and form a 3,592 km2 district-scale land package.
EARN-IN
Completion of the drilling programme at Bibemi of a planned 3,080 metres in 28 holes will see Oriole meet its second earn-in commitment of a further $1.56m to acquire a 90% interest in all five licences.
Oriole chief executive Tim Livesey said that the transfer of 51% ownership of RMC Cameroon SARL was another key milestone for Oriole.
“With controlling interest in a total of ten licences at varying stages of exploration (held between RMC Cameroon SARL and our 90%-owned subsidiary Oriole Cameroon SARL), including a significant footprint in Central Cameroon, giving us a total land package of almost 4,000km2, we are well placed as first movers in this new frontier for gold exploration.”
*RMC Sarl was previously a subsidiary of Bureau d’Etudes et d’Investigations Géologico-minières, Géotechniques et Géophysiques SARL (BEIG3).
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