Oriole Resources has signed a definitive earn-in agreement for its Mbe gold project (Mbe) in Cameroon in its second deal with BCM International this month.
On 5 January, Oriole signed an earn-in with BCM for the Bibemi project again in Cameroon.
At Mbe, BCM can earn up to 50% for a US$1 million signature payment plus U$4 million in exploration expenditure and resource-linked success payments.
Oriole has already received US$50,000 of the signature payment, with BCM's due diligence expected to be completed on or before 31 January 2024.
Sampling results from that due-diligence review are anticipated later this month, Oriole added.
Tim Livesey, chief executive, commented: "With the signing of this second earn-in agreement with BCM, we look forward to advancing the exploration at the Mbe licence in parallel with our resource expansion work at Bibemi.
"At Mbe, the originally identified 12 km-long gold-in-soils anomaly has delivered several zones of significant surface gold mineralisation in vein sets grading up to 134 g/t Au.
“We expect the current period of due diligence by BCM will show further support for this area when results are received from their sampling programme later this month.
"With two of our 11 licences in Cameroon now under earn-in agreements, we still retain a significant position in this emerging jurisdiction for gold exploration.