Oriole Resources plc reported a 23% increase in the mineral resource estimate for Bakassi Zone 1 (BZ1) at its 90% owned Bibemi orogenic gold project in Cameroon.
PEA
Independent consultant Forge International Ltd’s revised MRE of 460,000oz of contained gold has 100,000oz at 2.05 g/t gold in the indicated and 360,000oz gold at 2.06g/t gold in the inferred JORC categories.
Oriole said that the indicated resources occurred as a “unified block” in the centre of the deposit, possibly suitable for a starter pit if mined.
The report also includes an estimated further JORC exploration target range of three to five million tonnes at 1.50 to 2.50g/t gold for 145,000oz to 400,000oz contained gold at Bakassi Zone 1, Bakassi Zone 2, Lawa East and Lawa West prospects.
A separate, small-scale study raised the possible underreporting of gold grades for samples over 10g/t gold, which could show additional resource using photon assay.
Oriole will review the new MRE, JORC exploration target and mineral processing scouting test work reports before beginning preliminary economic assessment study work.
The company will also consider the potential for further converting more of the MRE to the JORC indicated category.
“We are delighted with the new Bibemi MRE upgrade,” added chief executive officer Martin Rosser.
“Separately, mineral processing work has enabled our consultant to prepare a provisional treatment plant flow sheet which, with the new MRE, will enable us to undertake provisional economic assessment studies, consider the next technical study steps, and progress the lodged exploitation licence application with the Cameroon Government.”