Oriole Resources PLC (AIM:ORR) told investors it has completed Phase 5 drilling at its Bibemi gold project in Northern Cameroon.
It comprised 6,915 metres of drilling, across 56 holes at the Bakassi Zone 1 prospect, and detailed assay results are expected later in the current quarter.
The Phase 5 programme is intended to enable an upgrade on the project’s gold resource estimates.
"We are pleased to have now completed the Phase 5 drilling programme at Bibemi and will make a detailed announcement on the next steps once we have assimilated and reviewed all the data from the campaign,” chief executive Martin Rosser said in a statement.
“We anticipate that this will enable a partial upgrade of the JORC Inferred MRE to the Measured and/or Indicated categories and will benefit from significantly improved gold price assumptions.
“This should highlight and underpin the potential value of the licence."
Rosser added that the drilling campaign finished later than planned due to factors beyond the company’s control. He noted that efficiency improvements within the group should enable faster progress at the Mbe gold project, where drilling is 25% complete.
"The decision has been made to continue the drilling programme at Mbe with a single rig so that we can optimally manage the exploration programme, including, most importantly, the structural model interpretation,” Rosser said.
“However, the company will keep a watching brief on this. Currently, the programme is advancing at an appropriately measured pace whilst the company works to delineate a mineral resource."
Meanwhile, metallurgical testing and other technical and environmental work are ongoing to support the company’s exploitation licence application for Bibemi.