(Sharecast News) - Gold explorer Oriole Resources updated the market on exploration at its 90%-owned Mbe gold project in Cameroon on Monday.
The AIM-traded company said the project had seen significant advancements, particularly with the involvement of BCM International (BCM), which is earning up to a 50% interest through investment and success-based payments.
In January, Oriole finalised an earn-in agreement with BCM, committing up to $4m for exploration at Mbe.#
BCM's due diligence over the primary three-kilometre target MB-01 had yielded promising results, with outcrop sampling returning up to 256.74 grams of gold per tonne, and pit sampling showing 25.16 grams per tonne.
Structural mapping of the pits had been completed, aiding in identifying gold distribution controls.
Infill soil sampling at MB-01 had started at a 100 by 25 metre spacing, preceding a trenching program slated for the second quarter of 2024.
Additionally, infill soil sampling at 100 by 50 metre spacing was scheduled over the broader 12.5-kilometre zone of soil anomalism, identified during the semi-regional programme, with a start expected later in the first quarter.
Oriole said it would report results from the programmes as they became available.
Under the terms of the earn-in agreement with BCM, Oriole anticipated receiving the remaining $0.45m in signature payments by the end of the month.
"We are pleased to see the restart of work at Mbe, where we believe we have identified targets indicative of a corridor of gold mineralisation which runs across all five of our Eastern CLP licences," said chief executive officer Tim Livesey.
"As a potential new gold district, early indications from Mbe suggest a huge opportunity is developing in this prospective area of Cameroon.
"We look forward to updating the markets on results as we receive them and also sharing our plans for the remaining Eastern CLP licences, which remain under Oriole's control and management."
At 1440 GMT, shares in Oriole Resources were up 9.65% at 0.34p.
Reporting by Josh White for Sharecast.com.
Oriole (ORR)