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Oriole Resources PLC (LSE:ORR) has announced encouraging developments from ongoing drilling at its 82.2%-owned Bibemi orogenic gold project in Cameroon. The latest phase of exploration, Stage 5, has yielded multiple high-grade gold intersections near the surface at the Bakassi One (BZ1) target. Notable results include grades of 7.99 g/t over 4.1 meters and 14.67 g/t over 2.70 meters.
To date, twenty-two holes have been drilled in this phase, demonstrating promising results and validating for further mineralization. The company plans to drill an additional 15 holes at BZ1-MRE to focus on expanding and upgrading the current resource. Another 25 holes are scheduled to be drilled at two along-strike target areas, BZ1-NE and BZ1-SW.
Martin Rosser, Chief Executive of Oriole Resources, highlighted the significance of the initial results from the Phase 5 drilling program, which included high-grade intersections close to the surface. These findings support the company's belief in the to increase the Mineral Resource Estimate, both in terms of tonnage and contained gold ounces, within the current open pit design.
In addition to these advancements, BCM International is funding up to $4 million in exploration expenses at the Bibemi project, in exchange for the to acquire up to a 50% interest in the project. This partnership underscores ongoing efforts to advance the exploration and development of the Bibemi gold project. The progress at Bibemi reflects Oriole Resources’ commitment to expanding its resource base and enhancing the project's value.
