Oriole Resources announces fresh drilling plans in Cameroon

25th Mar 2024 15:20

(Sharecast News) - West Africa-focussed gold explorer Oriole Resources announced plans for a phase five diamond drilling programme at its Bibemi orogenic gold project in Cameroon on Monday, scheduled to start in the second quarter.

The AIM-traded firm reported an updated pit-constrained mineral resource estimate (MRE) for the Bakassi Zone 1 prospect, standing at 5.1 million tonnes grading 2.3 grams of gold per tonne, totalling about 375,000 ounces of gold in the JORC inferred resources category.

It said the estimate remained open along strike to the northeast, and at depth.

Subsequent interpretation of ground-based geophysics data revealed eight point targets and six elongated targets across the survey area.

The board said those elongated targets, parallel to known shear zones, represented largely untested zones along the strike of known mineralization trends.

Oriole said the results of the geophysics data interpretation informed the update of Oriole's phase five diamond drilling programme.

The programme was planned for 7,060 metres in 62 holes, with new locations determined based on a combination of surface exploration data and ground magnetics data.

Of the planned drilling, 4,560 metres in 37 holes would focus on infill and extensional drilling at the existing Bakassi Zone 1 MRE zone, aimed at upgrading and expanding the current MRE.

Additionally, 2,500 metres in 25 holes would primarily target two areas, BZ1-NE and BZ1-SW, which are proximal to two geophysics targets along-strike extensions to Bakassi Zone 1, showing coincident gold anomalism and quartz veining at surface.

Those shallow holes were designed to identify additional near-surface resources within one to two kilometres of the existing MRE.

Currently, mobilisation of the drilling equipment was underway, and the programme was set to start in the second quarter.

"We are pleased to be progressing the exploration programmes at Bibemi, where we recently updated the maiden MRE at Bakassi Zone 1," said chief executive officer Tim Livesey.

"It is also very encouraging to see that the recent geophysical interpretation has given strong support for additional drill targets along the existing main trend at Bibemi.

"As we have previously indicated, the opportunity exists at Bibemi for a multi-pit gold operation."

Livesey said the planned drill programme was focussed on the early expansion and extension of the existing MRE at Bakassi Zone 1, and two additional targets identified by the recent geophysics programme.

"These new geophysical targets, and the associated quartz veining, add yet more opportunity at Bibemi, which is proving to be an extremely promising gold project."

At 1514 GMT, shares in Oriole Resources were up 11.88% at 0.29p.

Reporting by Josh White for Sharecast.com.