AIM-listed exploration company focused on West Africa, Oriole Resources, is expanding its footprint in Cameroon following early success at the Bibemi and Wapouzé gold projects.
It said in a statement that it was earning up to a 90% interest through its partnership with Bureau d’Etudes et d’Investigations Géologico-minières, Géotechniques et Géophysiques SARL (BEIG3).
CEO Tim Livesey said: “As we indicated back in May, our success to date in Cameroon has given us the confidence to build on our existing footprint in the country to capitalise on our position as first movers in this new frontier for gold exploration.”
Oriole has formed a new 90%-owned local subsidiary, Oriole Cameroon SARL, and has submitted applications for a district-scale land package in the centre of the country. The company has submitted applications for eight new licences. These are three through existing joint venture agreements with BEIG3 and five through Oriole Cameroon SARL.
Livesey explains that the regional-scale stream-sediment programme has confirmed multiple gold anomalies within the licence areas in a Pan African dominated geological setting; and that granting of licences are anticipated in early 2020. The first year of exploration will include prospect-scale stream-sediment sampling to identify priority targets ahead of follow-up soil sampling and detailed geological mapping.
He added that during technical review meetings in July, the team identified and ranked seven key areas within Cameroon, where they felt the geological potential merited staking new licences. The company has now submitted eight new licence applications covering a district-scale land package in our highest ranked areas.
“We have been very encouraged by the welcome shown to us by the Ministry of Mines and the Prime Minister, Head of Government. The development of the exploration and mining sector is a critical focus in Cameroon, contributing to the continuing development of the country through the responsible identification and extraction of primary minerals. Alongside our partner at BEIG3, we look forward to an active field season and to progressing this land package through the next stage of exploration,” said Livesey.