West African explorer Oriole Resources has secured a controlling interest of 51% in Reservoir Minerals Cameroon (RMC) – a former subsidiary of Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques (BEIG3) – for its early-stage exploration licences in Cameroon.
Following completion of an initial funding commitment of $1.56-million over two years at the Bibemi and Wapouzé projects in northern Cameroon, Oriole now also holds three of the newly-granted licences – Mana, Dogon and Sanga – in central Cameroon.
Oriole CEO Tim Livesey says the transfer of ownership of 51% of RMC is another key milestone for Oriole, with the final increase to 90% ownership expected at the end of the initial drill programme.
“With controlling interest in a total of ten licences at varying stages of exploration, including a significant footprint in Central Cameroon, giving us a total land package of almost 4 000 km2, we are well placed as first movers in this new frontier for gold exploration.”
At the more advanced Bibemi project, a maiden drilling programme is under way for a planned 3 080 m in 28 holes.
Recently reported results for the first hole have confirmed the continuity of the orogenic gold system to more than 90 m below surface, with a best intersection of 1 m grading 4.09 g/t gold. Further results from the programme are expected throughout the second quarter of the year.
At the Wapouzé project, located 20 km to the north, a recent 150 m pilot trenching programme across a portion of the 8-km-long gold-in-soil anomaly has not returned any significant intersections. The team is currently reviewing all data, including what it is seeing in the drill core at Bibemi, ahead of potential follow-up work later in the year.
Further, Oriole has also acquired, at no additional cost, a 51% interest in RMC’s recently-granted Mana, Dogon and Sanga licences in central Cameroon, which together with the five licences held through Oriole’s 90%-owned local subsidiary, Oriole Cameroon, are part of a contiguous, district-scale land package that covers 3 592 km2 of highly prospective geological terrane.
An orientation study has recently been completed at the licences ahead of a package-wide mapping and stream sediment sampling programme, planned to commence later this quarter.
Completion of the drilling programme at Bibemi is expected to see Oriole meet its second commitment (a further $1.56-million) to earn a 90% interest in all five licences, after which BEIG3 will have a 10% free-carried interest in each of the licences up until the definition of a minimum measured and indicated resource of 50 000 oz of gold with Oriole having the remaining beneficial interest. Thereafter, funding will be pro-rata on a contribute or dilute basis.