Oriole Resources PLC (AIM:ORR) said it has renewed its 85%-owned Wapouzé limestone property in northern Cameroon for a further two years.
A work programme focussed on limestone exploration has also been approved.
That is a shift from the original gold focus after tests from outcropping limestone indicated a high-grade carbonate material with scope for use in Cameroon’s cement-making sector.
Potentially, a limestone product could also be used in Cameroon's nascent gold mining sector to adjust the pH levels during ore processing, reduce cyanide use in leaching operations, and as an acid water neutraliser for wastewater, Oriole added.
Approval for a change of substance at Wapouzé, from gold to limestone, was given in September 2023 but exploration work has been on hold pending renewal, said the statement.
Cameroon’s cement industry is worth around £700 million per year and dependent upon the import of clinker, a raw material made from cement-quality limestone.
Securing a royalty-based payment on potential material extracted could provide a valuable income stream for Oriole in Cameroon, the statement concluded.
Martin Rosser, Oriole’s chief executive, added: "The renewal of the Wapouzé licence is very good news and we are hopeful that we will be able to attract an industrial minerals partner to determine a commercially viable limestone deposit and fast track it through to commercial exploitation.
“ In turn, this could generate significant royalty income to Oriole, provide a diversified revenue stream, and would be a win-win for the company and Cameroon."