Maiden drilling at Bibemi
Aim-listed Oriole Resources says the results from Phase 5 drilling at its 90%-owned Bibemi gold project, in Cameroon, have successfully demonstrated that the mineralisation continues between the existing fence lines, and that there is scope to expand and partially upgrade the resource to the measured and/or indicated Australasian Joint Ore Reserve Committee Code categories.
With Phase 5 drilling complete, an independent structural review is under way to help refine the geological and mineralisation model.
This will give the key inputs for the next independent consultant’s mineral resource estimate (MRE) upgrade using an appropriate gold price, slated for completion in the second quarter. The results all fall within the existing MRE pit shell design.
Bibemi currently has an inferred MRE of 375 000 oz of contained gold, grading 2.3 g/t gold, which was announced in January 2024, based only on drilling data from Phases 1 to 4 and a $2 000/oz gold price.
This MRE will now be updated to include data from the Phase 5 drilling programme and using an updated gold price.
The gold price breached the $3 000/oz mark on March 14.
As part of the ongoing exploitation licence application (ELA) process, the company has also submitted an updated environmental- and social-impact assessment report and is about to complete more advanced metallurgical testwork to determine the appropriate mineral processing flow sheet.
CEO Martin Rosser says that, with the completion of important technical and other requisite studies, the company expects to advance significantly the ELA lodged with the Cameroon Mines Ministry.
The drilling programme was completed for about 6 900 m in 56 holes at the Bakassi Zone 1 prospect.
It was fully funded by BCM International, which has acquired an initial 10% interest and is earning up to a further 40% interest by spending up to $4-million on exploration. 