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Oriole Resources looks forward drilling Bibemi gold project in coming weeks

The rig contract is signed and the mobilisation to Bibemi is beginning

Oriole Resources PLC - Oriole Resources looks forward drilling Bibemi gold project in coming weeks

Oriole Resources PLC (LON:ORR) told investors it has signed-up drill contractor Capital Limited (LON:CAPD) for a 3,000-metre programme at the Bibemi exploration licence in Cameroon.

Mobilisation of crew and equipment is expected to take six to eight weeks, so this maiden drill programme at Bibemi is likely to start during the fourth quarter.

The programme is planned include 17 drill holes in Bibemi’s high-grade Bakassi prospect area, which will account for around 1,940 of the programme. It is also intended that the programme will target the northern end of Bakassi, which remains open along strike.

READ: Oriole Resources books first half profit

"We are very pleased that the mobilisation of the equipment for the drill programme at Bibemi, which was delayed due to the COVID-19 pandemic, has begun,” Tim Livesey, Oriole chief executive said in a statement.

“We are confident that Bibemi will continue to build on the good results we've already yielded from the rock chip sampling and trenching programmes, and it will be great to get some vertical extension to the significant trends the team have already identified on surface.”

Livesey noted that with the completion of the planned programme, the company will have satisfied investment criteria of its earn-in deal to seal its 90% interest in the Bibemi asset.

"We look forward to sharing the results of our drill programme with our shareholders in due course," he added.

Quick facts: Oriole Resources PLC

Price: 0.4999 GBX

LSE:ORR
Market: LSE
Market Cap: £4.56 m
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