Aim-listed Oriole Resources has reported an updated inferred Joint Ore Reserves Committee-compliant mineral resource estimate (MRE) of 375 000 oz grading 2.30 g/t gold for Bakassi Zone 1, one of four prospects at its 82.2%-owned Bibemi orogenic gold project, in Cameroon.
An updated MRE has been prepared by independent consultant Forge International, predominantly on the basis of an updated gold price, as part of the ongoing technical studies to support the application for an exploitation licence later this year.
The pit-constrained resource is estimated to be 5.1-million tonnes grading 2.30 g/t gold for about 375 000 oz of gold in the inferred resources category, reflecting a 23% increase in the resource inventory.
The entire resource has been defined within the limit of a $2 000/oz gold price pit shell.
The resource has been modelled over a strike length of about 1.3 km and to a depth of 263 m below surface, using a cut-off grade of 0.45 g/t gold and a top-cut of 20 g/t gold.
The updated MRE is open at depth and along strike to the northeast.
There is significant potential to expand the MRE at Bakassi Zone 1 and to identify additional resources at the other three prospects on the licence, namely Bakassi Zone 2, Lawa West and Lawa East, which are all located within a few kilometres of Bakassi Zone 1, Oriole says.
Processing of the geophysics data collected last year is currently under way to aid drill targeting at Bibemi (including at the other three prospects), as well as future resource-expansion activities.
“We have been pleased to see the maiden resource support this pit expansion and deliver not only additional tonnes, but also at a higher grade.
“As we progress toward our fifth phase of drilling at Bibemi, with our partners BCM, we look forward to further expansion of the Bakassi Zone 1 resource. We are also keen to test and define the potential at the other three prospect areas,” says Oriole CEO Tim Livesey.
“This project is shaping up to be very robust and offers the opportunity for early development of a potential multi-pit gold mining operation,” he adds.