Oriole Resources PLC (AIM:ORR) said a fifth phase of drilling is now underway at its 82.2% owned Bibemi gold project in Cameroon targeting the Bakassi Zone 1 prospect.
Partner BCM International is funding up to US$4 million in exploration expenditure at Bibemi in return for up to a 50% interest in the project.
Currently, Bakassi Zone 1 has a JORC-compliant inferred resource of 375,000 ounces of gold.
The Phase 5 programme will drill a further 7,060 metres in 62 holes split between the main resource area (MRE) and along-strike in two other target areas
Subsequent drilling will be focussed on identifying additional, near-surface resources within 1 to 2km of the existing MRE.
Results should be available from the third quarter of 2024., said the statement.
Claire Bay, Orioles’s executive exploration director, added: "We have faced a number of logistical challenges in getting this programme underway, but I'm delighted to report that the drill rig is now operational.
"The majority of the programme will focus on infill and extensional drilling within the pit limit of our existing resource at Bakassi Zone 1, with the primary aim of upgrading and expanding that target.
"In spite of the delayed start, we have made certain provisions to ensure we are able to continue well into the rainy season and expect the majority of the programme to be completed by the end of Q3 2024.”
Separately. Oriole said it had received US$80,000 as the final payment for the Hasançelebi and Doğala mining projects in Turkey following their sale.