Oriole Resources PLC (AIM:ORR) executive director Claire Bay discusses promising gold results from the company's Mbe licence in Cameroon with Proactive's Stephen Gunnion.
Bay explained that Oriole is advancing the Mbe licence, funded by BCM, which involves a $4 million exploration expenditure for up to a 50% interest in the project, including milestone payments based on resource size.
Oriole has employed conventional exploration techniques, resulting in significant gold anomalies within the Mbe licence area. Rock sampling and mapping have identified high-grade quartz veins and lower-grade anomalies, which are crucial for building volume in the deposit.
Recent results include infill soil sampling at the MB-01 prospect, revealing discrete vein systems with mineable grades. The largest anomaly extends over a kilometre and shows promising grades of up to half a gram per tonne. Additionally, due diligence by BCM confirmed high-grade gold potential, with samples showing up to 260g per tonne from a new zone. Preliminary metallurgical tests suggest the gold is amenable to conventional leaching, indicating lower processing costs.
Future plans include ongoing infill soil sampling and a 5,500-metre drilling programme to build a comprehensive model for maiden drilling in the next field season starting in October. Oriole is also looking to secure additional funding for broader exploration activities and preparing to apply for a mining licence for their Bibemi project, which already has a 375,000-ounce maiden resource.
