(Sharecast News) - West Africa-focussed exploration company Oriole Resources has received a two-year licence extension for its 90%-owned Bibemi orogenic gold project in Cameroon, it announced on Monday.
The AIM-traded firm said that under Cameroonian law, there was no mandatory ground relinquishment required on renewal and, as such, it maintained the full 177 square kilometre licence area.
It said the non-renewable extension would be valid until 26 September 2024, at which point it would need to apply for an exploitation licence.
Exploration to date at the project identified shear-hosted gold mineralisation at four main prospects - Bakassi zone 1 and zone 2, and Lawa West and East - with Bakassi zone 1 being the most advanced in terms of work completed.
Since the first quarter of 2021, the firm has completed four phases of diamond drilling for a total of 6,685.40 metres in 54 holes.
The majority of the drilling had been focussed on a one kilometre section at the southern end of the Bakassi zone 1 prospect, and had delivered best intersections of 14.8 metres grading 4.27 grams of gold per tonne and 7.7 metres at 2.74 grams per tonne on hole BBDD050, 6.5 metres grading 3.92 grams per tonne at hole BBDD034, 5.2 metres grading 1.97 grams per tonne, and 9.2 metres grading 1.31 grams per tonne.
Its board said the mineralised corridor at Bakassi zone 1 was confirmed up to 150 metres wide, and contained a package of sub-vertical quartz-tourmaline veins as well as extensional, sub-horizontal quartz veins.
The system remains open along strike and at depth.
Oriole said the latest phase four drilling supported the potential for mineable widths of mineralisation at the project, with estimation of a JORC exploration target for the zone was now underway, with delivery anticipated early in the fourth quarter.
"We are pleased to have received this two- year extension for Bibemi," said chief executive officer Tim Livesey.
"Having only started drilling at the project a year and a half ago, we have been able to move quickly to test our priority targets and look forward to reporting a JORC exploration target shortly.
"None of this would have been possible without the support of the Ministry of Mines and the local communities and we look forward to continuing to work together to help unlock Cameroon's significant mineral potential."
At 1048 BST, shares in Oriole Resources were up 5.88% at 0.18p.
Reporting by Josh White at Sharecast.com.
Oriole (ORR)