Oriole Resources plc’s partner and operator has started an inaugural 2,950 metre diamond drilling programme at the MB01-North target at the Mbe gold project in central Cameroon.
PAYMENTS
BCM International Ltd will pay Oriole US$900,000 in three equal monthly instalments, beginning this month, and contribute $300,000 to drilling costs, as agreed on 5 November, for up 50% of the licence.
Oriole said that most of the cash payments would fund the MB01-N drilling programme, with a portion funding detailed testwork at the Bibemi orogenic gold project in northeast Cameroon.
On payment of the first November tranche, BCM will also earn a 50% interest in Bibemi.
The start of operations at MB01-N follows the recent JORC resource of 870,000oz of contained gold at the MB01-South deposit, located 700m to the southwest.
BCM will drill 13 planned holes at MB01-N to convert the existing exploration target of 15 to 20 million tonnes at 0.77 to 0.94g/t for 370,000oz to 605,000oz of contained gold, into JORC resources.
The campaign is expected to complete towards the end of the first quarter of 2026.
“We are delighted that soon after announcing the tremendous maiden MRE at MB01-S, we have swiftly started the maiden drilling programme at the nearby MB01-N prospect,” added Oriole chief executive officer Martin Rosser.
“I would like to thank my hard-working colleagues and our partner BCM International very much for all the preparation work and the fast drilling team mobilisation.
“With the precedent of the JORC exploration target conversion success rate at MB01-S, the potential for a similar achievement at MB01-N and the reporting of drilling results are eagerly anticipated.”
Oriole said that since 31 August 2025, it had received US$600,000 from BCM, mainly in relation to the drilling programme at MB01-S.
As at 31 October 2025, Oriole had £640,000 cash which will cover general and administrative costs and completion of follow-up exploration at the Pokor and Ndom licences, also in the eastern Central Licence Package.
Along with Mbe, Pokor and Ndom, the eastern CLP holds the Tenekou and Niambaram licences.
The western CLP contains the Mana, Dogon and Sanga licences.