Oriole Resources PLC (AIM:ORR) said ongoing drilling at its 82.2% owned Bibemi orogenic gold project in Cameroon had recorded more high-grade gold-bearing intersections near the surface.
So far twenty-two holes have been drilled in this latest phase of exploration (stage 5) at the Bakassi One (BZ1) target with the best grades of 7.99 g/t over 4.1m and 2.70m at 14.67g/t.
A further 15 holes are planned at BZ1-MRE, focusing on expanding and upgrading the existing resource, with another 25 holes earmarked at two along-strike target areas, BZ1-NE and BZ1-SW.
Martin Rosser, Oriole’s chief executive, said: "The first tranche of results from the Phase 5 drilling programme has delivered up to 4.10m at 7.99g/t Au close to surface.
“This supports our belief that there exists the potential to increase the Mineral Resource Estimate tonnes and contained ounces of gold nearer to surface and within the current open pit design.”
BCM International is currently funding up to US$4 million in exploration expenditure at Bibemi in return for up to a 50% interest in the project.