Oriole Resources PLC (AIM:ORR) said it is mobilising drilling equipment for a planned programme to investigate 14 new targets identified at the Bibemi gold project in Cameroon.
Following the publication of its updated mineral resource estimate (MRE) for Bakassi Zone 1 in January, ground-based geophysics data has provided eight point-targets and six elongated targets across the survey area, many of which are in untested zones along-strike of known mineralisation trends.
According to the MRE, Bakassi Zone 1 contains 5.1 million tonnes grading 2.30 grammes per tonnes of gold, for approximately 375,000 ounces of gold in the JORC inferred resources category. The MRE remains open along strike to the northeast and at depth.
The fifth phase of diamond drilling, which is planned to start between April and June, and include 7,060 metres in 62 holes, of which 37 holes will be infill drilling at the existing Bakassi Zone and 25 shallower holes to identify near-surface resources in two areas, BZ1-NE and BZ1-SW.
Chief executive Tim Livesey, said it was “very encouraging to see that the recent geophysical interpretation has given strong support for additional drill targets along the existing main trend at Bibemi.
“As we have previously indicated, the opportunity exists at Bibemi for a multi-pit gold operation. The planned drill programme is focussed on the early expansion and extension of the existing MRE at Bakassi Zone 1, and two additional targets identified by the recent geophysics programme.
"These new geophysical targets, and the associated quartz veining, add yet more opportunity at Bibemi, which is proving to be an extremely promising gold project."