Oriole Resources PLC (AIM:ORR) said it continues to hit encouraging grades from its ongoing phase 5 drill programme at the Bibemi project in Cameroon.
Recent intersections at Bibemi included 5.30 metres at 1.68 grammes per tonne gold and 1.20m at 13.60g/t from the BZ1-NE and BZ1-SW targets.
Results for a further seven drilled holes at BZ1-SW are awaited and the programme is expected to complete later this quarter.
AT Mbe, also in Cameroon, a 6,590m maiden diamond drilling programme has seen 990.50m completed in the first three holes at the MB01-S prospect.
Gold producer BCM is spending US$8 million on exploration at the two projects to take up to a 50% stake in each licence.
Restructuring work with its local partner to formalise Oriole's 90% interest in Bibemi is now complete, added the statement, with a similar restructuring at Mbe also going well said the statement.
In Senegal at Senela, the drafting of a joint-venture agreement to cover continued exploration has begun with details exact earn-in percentage split being finalised with partner Managem.
At legacy asset Muratdere in Turkey, an environmental impact assessment study ('EIA') has been approved, and a forestry permit is now awaited.
A buyer for the Company's 1.2% Net Smelter Return ('NSR') royalty is being sought.
Martin Rosser, Oriole’s chief executive, said: “Drilling results are eagerly awaited for the first Mbe holes and for the conclusion of the Bibemi Phase 5 programme.
“At Senala in Senegal, we expect that our partner Managem will be re-focussed on advancing the project now that it has achieved significant progress with its more advanced, core assets."