Oriole Resources PLC - Mobilisation of Drill Rig to Bibemi Project
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Mobilisation of Drill Rig to Bibemi Project,
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on
· Capital appointed as drill contractor for
· Contract signed for an initial 3,000m of diamond drilling;
· 17 drill holes already identified and pegged within the high-grade Bakassi area ('Bakassi' or 'the Prospect') for a planned 1,940m;
· The programme will focus on testing the depth-extension of mineralisation identified to date;
· Further targeting planned at the northern end of Bakassi, which remains open along strike;
· Mobilisation of equipment to site is now underway and is expected to take six to eight weeks;
· Maiden drilling programme at Bakassi expected to commence during Q4-2020.
Oriole Resources CEO,
"We are confident that Bibemi will continue to build on the good results we've already yielded from the rock chip sampling and trenching programmes, and it will be great to get some vertical extension to the significant trends the team have already identified on surface.
"Additionally, following the completion of the drill programme, we will have achieved an investment milestone at Bibemi having satisfied the earn-in conditions to vest at 90% of the Project.
"We look forward to sharing the results of our drill programme with our shareholders in due course."
Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), the Company is earning-up to a 90% interest in the Bibemi and Wapouzé projects in northern
The Company today announces that it has signed a 3,000m diamond drilling contract with Capital to enable a maiden drilling programme at the Project. Mobilisation of equipment ahead of the next field season is now underway and is expected to take six to eight weeks to arrive on site. Customs clearance of the drilling equipment is subject to renewal of the existing licence, a process that is well-advanced and is expected to complete within the coming weeks.
The Company plans to commence a maiden drilling programme in Q4-2020, which will focus on testing the depth-extension of mineralisation at Bakassi. To date, the Company has identified and pegged targets for an initial c.2,000 metres of drilling (over 17 holes) at the
The team is currently mobilising to site ahead of the new field season. Further detailed (1:2,000 scale) mapping along strike to the north east is expected to identify further drilling targets to support a total 3,000m programme (announcement dated
For further information on Bibemi, including a drill plan and JORC Table 1 disclosure, please see the following page of our website https://orioleresources.com/projects/bibemi-and-wapouze/.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.
** ENDS **
For further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:
Oriole Resources PLC
Tel: +44 (0)20 7830 9650
Blytheweigh (IR/PR contact)
Tim Blythe /
Tel: +44 (0)20 7138 3204
Grant Thornton UK LLP
Tel: +44 (0)20 7383 5100
Shard Capital Partners LLP
Tel: +44 (0)20 186 9900
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company, operating
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