Aim-listed Oriole Resources says the Bibemi and Wapouzé exploration licences in Cameroon, in which the company is earning up to a 90% interest, have been renewed.
The licence tenure at Bibemi has been renewed for a third two-year term, covering a licence area of 177 km2.
Drill equipment is being mobilised to site ahead of the planned maiden 3 000 m drilling programme later this year.
Following a recent fundraise for £1.87-million, the drilling programme is fully funded subject to shareholder approval at a general meeting scheduled for October 27.
Seventeen drill holes have already been identified and pegged within the high-grade Bakassi area for a planned 1 940 m.
The Oriole team is now on the ground in Cameroon, with further targeting under way at the northern end of Bakassi, which remains open along strike.
The licence tenure at Wapouzé has been renewed for a second two-year term, covering a licence area of 136 km2.
Oriole intends to work-up this target to drill-ready status, alongside the programme at Bibemi.
Licence applications are still pending for eight new licences in central Cameroon, which cover a contiguous land package of about 3 500 km2 within highly prospective terrane for gold mineralisation.
“We are very pleased to have received the final documentation relating to the renewals of the Bibemi and Wapouzé licences today. We thank the Minister, His Excellency Gabriel Ndoke, and his staff for their assistance in progressing these renewals to allow the next phase of work on the licences to begin.
“We have worked up these targets, with encouraging results from the very beginning and we are eager to test the vertical extent of the mineralisation identified to date. We have recently signed a contract with Capital Limited for an initial 3 000 m diamond drilling programme at Bibemi, and are pleased to be working with a company which has been at the forefront in the development of work processes with a keen focus on the environment, health, safety and employee development.
"This maiden drill programme marks a significant step in Cameroon for the Oriole team and our partner BEIG3,” comments Oriole CEO Tim Livesey.