Oriole Resources PLC (AIM:ORR) led the charge in the small-cap mining sector on Monday after announcing a non-binding heads of terms (HoT) agreement with BCM International, a renowned mining and civil contractor based in Ghana.
This agreement is a precursor to an earn-in agreement, which is set to accelerate the development of Oriole's 92.2%-owned Bibemi gold project in northern Cameroon.
Under this agreement, Bibemi is poised for rapid advancement, with the final earn-in agreement expected to be finalised before the end of the current year.
Drilling is expected to commence in the first quarter of 2024.
Shares rocketed up 57% to 0.16p following the announcement.
Oriole Resources’ chief executive, Tim Livesey, stated: "Following the great success in our exploration programmes to date, we are delighted to welcome BCM as incoming partners on the Bibemi project, where in late 2022 we delivered Cameroon's first ever JORC-classified gold resource.
"We are pleased that the value proposition has been recognised and we look forward to working with BCM to enlarge and upgrade the maiden resource at Bakassi Zone 1 as well as identifying additional resources within the wider Bibemi licence."