Oriole Resources PLC (AIM:ORR) has upgraded the mineral resource at Bakassi Zone 1 at its Bibemi project in Cameroon by 23% to 375,000 ounces of gold.
Consultant Forge International upgraded the resource bases predominantly on the gold price of US$2,000 an ounce as part of the ongoing technical studies ahead of a mining permit application later this year.
The pit-constrained resource is now estimated to be 5.1 million tonnes grading 2.30 grammes per tonne (g/t).
Oriole believes there is scope to expand further the resources at Bakassi Zone 1 and also identify additional resources at the other three prospects on the licence, Bakassi Zone 2, Lawa West and Lawa East.
Tim Livesey, chief executive, said: "We have been pleased to see the maiden resource support this pit expansion and deliver not only additional tonnes but also at a higher grade.
"As we progress toward our fifth phase of drilling at Bibemi, with our partners BCM, we look forward to further expansion of the Bakassi Zone 1 Resource.
"This project is shaping up to be very robust and offers the opportunity for early development of a potential multi-pit gold mining operation."