AIM-quoted gold exploration company Oriole Resources says the Inferred JORC-compliant Mineral Resource Estimate (MRE) at its 82.2%-owned Bibemi orogenic gold project in Cameroon increased 23% to 375,000 ounces (oz), grading 2.30 grammes per tonne (g/t) gold.
It said the updated MRE was prepared mainly based on an updated gold price as part of the ongoing technical studies to support the application for an exploitation licence later this year.
Oriole said the entire resource was defined within the limit of a $2,000/oz gold price pit shell.
"We have been pleased to see the maiden resource support this pit expansion and deliver not only additional tonnes but also at a higher grade,” said Oriole chief executive Tim Livesey.
"As we progress toward our fifth phase of drilling at Bibemi, with our partners BCM, we look forward to further expansion of the Bakassi Zone 1 Resource. We are also keen to test and define the potential at the other three prospect areas. This project is shaping up to be very robust and offers the opportunity for early development of a potential multi-pit gold mining operation."
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
