Oriole Resources plc has signed a completion agreement, including 2,950m inaugural diamond drilling, with its earn-in partner on the Bibemi and Mbe gold projects in Cameroon.
EXPLORATION
BCM International Ltd expects to begin operations in December, and will focus on MB01-N.
The operator aims to convert the target’s range 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 final figure will add to the recently determined JORC inferred mineral resource of 24.8Mt at a grade of 1.09g/t gold for 870,000oz contained gold.
Under the agreement, BCM will pay Oriole US$900,000 in three equal monthly cash instalments, starting this month, and contribute $300,000 to drilling costs for MB01-N.
BCM will in return earn a 50% interest in both Bibemi and Mbe, which lie within the eastern Central Licence Package.
Oriole said that the payments would also fund further detailed metallurgical test work at Bibemi.
The balance will add to the company’s current cash of £640,000, as at 31 October 2025, and fund general and administrative costs.
The payment will also further exploration on the Pokor and Ndom licences, which are within the eastern CLP and contiguous with Mbe, but outside the agreements with BCM.
Chief executive officer Martin Rosser added: “The completion agreement with BCM will mean that the next phase of important mineralogical and metallurgical testwork on selected Bibemi representative samples can commence once they are delivered to the independent testing laboratory.
“Concurrently, we will intensify the exploitation licence application negotiations with the Cameroon Government.”