Aim-listed Oriole Resources has recorded an update on its ongoing maiden diamond drilling programme at the Bibemi gold project, in Cameroon, where it is earning up to a 90% interest.
Results from the first hole of a planned 28-hole programme have returned 1 m grading 4.09 g/t gold and 1 m grading 0.67 g/t gold, confirming the continuity of the orogenic gold system to more than 90 m below surface.
The ongoing programme of 28 holes is about 50% complete and further results are expected throughout the second quarter.
Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques (BEIG3), Oriole is exercising its option to acquire a 51% interest in the Bibemi and Wapouzé projects, having spent an initial $1.56-million.
Completion of the drilling programme at Bibemi should see Oriole satisfy the conditions to earn a 90% interest in the projects, it says.
"We are extremely pleased that, as we hoped, our first hole of the maiden drill programme at Bibemi has given us proof of concept for the orogenic systems we are exploring in Cameroon, with two zones of gold mineralisation associated with quartz-tourmaline veining being identified.
“We have seen evidence of much wider zones of alteration and veining in subsequent holes elsewhere in the Bibemi systems and we are confident we will show continued evidence of vertical extension to the already identified surface anomalies in the four priority areas being targeted in this early programme. We will be sharing results from the ongoing programme of 27 further holes as and when they become available,” says Oriole CEO Tim Livesey.
With a large quantity of high-quality structural data coming from this first phase orientated core programme, the company expects to further refine its exploration targeting during the summer, he adds.
“Meeting the requirement for transfer of ownership of 51% of RMC Cameroon will be a key milestone for Oriole, with the final increase to 90% ownership expected at the end of this initial drill programme. We look forward to confirming this in due course,” Livesey says.