Oriole Resources PLC (AIM:ORR) said results from the latest drilling at Bibemi in Cameroon have indicated more mineralised intersections.
Selective sampling of the second set of 10 holes at the BZ1 MRE target sections of 1.20m at 25.54g/t gold, 2m at 2.76g/t gold and 1.80m at 3.26g/t,
Several of these intersections are within 50m of the surface, said Oriole, providing further support for the definition of additional near-surface resources within the footprint of the existing resource estimate (MRE).
The current MRE is 375,000 ounces of contained gold at a grade of 2.30g/t.
A total of 3,741m has been drilled in 31 holes as part of this ongoing Phase 5 diamond drilling programme, with 7,060m in total planned in total over 62 holes at the Bakassi Zone 1 prospect (BZ1).
Results for a further seven holes (BBDD074 to BBDD080) at BZ1-MRE are still awaited while drilling has commenced at a second target, BZ1-NE, where 18 drill holes are planned.
Completion of the whole Phase 5 drilling programme is anticipated this quarter.
Martin Rosser, Oriole’s chief executive, said: "Phase 5 drilling continues apace at Bibemi, especially as the wet season is easing, and gratifyingly, we are now over halfway for the planned total number of metres.
"The results continue to support the case for resource expansion within the BZ1-MRE zone."
Oriole owns 82.2% of Bibemi with BCM having a 10% interest and opportunity to increase that to 50% through up to US$4 million of exploration expenditure.