Oriole Resources plc has signed a definitive earn-in agreement with BCM International Ltd for the 177km2 Bibemi orogenic gold project in Cameroon.
SIGNIFICANT
The transaction follows the heads of terms signed in November for the licence as well as a second at Mbe, for which an agreement is expected later this month.
BCM’s US$4 million expenditure will largely focus on expanding resource at the Bakassi Zone 1 prospect with drilling anticipated to start during this quarter.
Other identified prospects at Bibemi include Bakassi Zone 2, Lawa East and Lawa West.
The Australian mining and civil earthworks contractor has already spent $72,000 for camp upgrades and technical studies with plans to apply for an exploitation licence this year.
Oriole chief executive officer Tim Livesey said the company had established a very close and strong working relationship with BCM.
“With our strategies and goals aligned at Bibemi, and also Mbe, we believe this is the start of something significant for Oriole, BCM and for exploration and mining in Cameroon.
“We are a long way from the company realignment and rebranding we undertook back in 2018, when I originally took the helm, and I am very pleased to see that the decisions we have made and the time we have invested are now paying dividends for the team at Oriole, our partners, shareholders and the wider exploration and mining community in Cameroon.“