RNS3 Feb 2021 07:15
Wed, 3rd Feb 2021 07:00
RNS Number : 7822N
Oriole Resources PLC
03 February 2021
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Award of New Licences Significantly Expands Footprint in Cameroon
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is delighted to report that it has, through its 90%-owned subsidiary Oriole Cameroon SARL, been awarded five new licences in Central Cameroon (the 'Licences'). The Licences, together with a further three new licences granted to Oriole's partner Reservoir Minerals Cameroon Sarl, a subsidiary of Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), represent a contiguous, district-scale land package covering 3,592km2 of highly prospective geological terrane. An initial programme of desktop remote sensing and regional-scale stream sediment sampling will commence during H1-2021 to identify targets for follow-up.
The licences have significantly expanded the Company's operational base in Cameroon, complementing the more advanced exploration programmes currently ongoing at the Bibemi and Wapouzé projects.
Highlights
· Oriole receives approval for five new exploration licences via its 90%-owned subsidiary, Oriole Cameroon SARL;
· BEIG3 and its associate Roxane Minerals Limited will have a collective 10% free-carried interest in each of the Oriole Cameroon Sarl Licences up until the definition of a minimum Measured and Indicated resource of 50,000 ounces of gold; thereafter, funding will be pro-rata on a contribute or dilute basis;
· Three further licences granted to Reservoir Minerals Cameroon Sarl, a wholly-owned subsidiary of Oriole's partner in Cameroon, BEIG3. BEIG3 will have a 10% free-carried interest in each of these three licences up until the definition of a minimum Measured and Indicated resource of 50,000 ounces of gold with Oriole having the remaining beneficial interest; thereafter, funding will be pro-rata on a contribute or dilute basis;
· The combined, contiguous licence package covers a total 3,592km2 gold-prospective terrane in central Cameroon:
· The licences have an initial three-year term of a possible total nine years tenure;
· An initial programme of desktop remote sensing work and regional-scale stream sediment sampling will be commenced during H1-2021 to identify targets for follow-up programmes.
Oriole Resources CEO, Tim Livesey, said: "As first movers in Cameroon, and with further advanced exploration ongoing at our Bibemi and Wapouzé projects in the north of the country, we are extremely pleased to have received formal approval for these additional new licences in central Cameroon.
"Based on our in-house prospectivity analysis in 2019, this district-scale grassroots licence package was identified as having significant potential to host orogenic-type gold mineralisation. Key geologica
Sign In
Follow the stocks
