Oriole Resources PLC (LON: ORR) said it acquired a controlling stake in local holding company Reservoir Minerals Cameroon Sarl (RMC) for its early-stage exploration licences in Cameroon.
Under an option agreement, Oriole secured an initial 51% interest in RMC after the AIM-listed company recently completed US$1.56mln of exploration funding over two years for RMC’s parent company at the Bibemi and Wapouzé gold projects in northern Cameroon. RMC is a former subsidiary of Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL (BEIG3).
Oriole said it acquired, at no additional cost, a 51% interest in RMC's three newly granted licences - Mana, Dogon and Sanga - in central Cameroon.
The exploration company said it expected to reach its second expenditure commitment, giving it a 90% interest in all five licences, once the ongoing maiden drilling programme at Bibemi is completed.
"The transfer of ownership of 51% of RMC Cameroon SARL is another key milestone for Oriole, with the final increase to 90% ownership expected at the end of this initial drill programme,” said Oriole chief executive Tim Livesey.
"With controlling interest in a total of ten licences at varying stages of exploration (held between RMC Cameroon SARL and our 90%-owned subsidiary Oriole Cameroon SARL), including a significant footprint in Central Cameroon, giving us a total land package of almost 4,000km2, we are well placed as first movers in this new frontier for gold exploration," he said.