Aim-listed Oriole Resources has advised of a number of logistical challenges hampering a Phase 5 drilling programme on the main mineral resource area of its Bibemi gold project, in Cameroon.
Despite the delays, Oriole expects the 7 060 m drill programme across 62 holes in the Bakassi Zone 1 prospect of Bibemi to conclude by the end of the third quarter.
Oriole owns 82% of the Bibemi project, with BCM International currently funding up to $4-million in exploration expenditure at the project in return for a 50% interest in the project.
An updated mineral resource estimate for Bibemi in January determined a 5.1-million-tonne resource grading 2.3 g/t gold for about 375 000 oz of contained gold.
The resource remains open along strike to the north-east and at depth, with significant upside potential in the wider licence.
The Phase 5 drill programme aims to confirm geochemical and geophysical anomalies having been identified by prior works. Infill and extensional drilling of Phase 5 will focus on upgrading and expanding the current resource.
Subsequent drilling will be focused on identifying additional, near-surface resources within one- to two kilometres of Bakazzi Zone 1.
The logistical challenges relate to the Red Sea shipping crisis, but Oriole has put provisions in place for the programme to continue into the rainy season.
The company expects the results of the drilling during the third and fourth quarters of the year, while technical studies remain ongoing for the wider area of the prospect and will form part of an exploitation licence application.
The company intends to submit an exploitation licence application late in 2024.
Meanwhile, the company has received $80 000 in a final payment related to the company’s interest in the Hasançelebi and Doğala mining projects, in Türkiye.
The proceeds will be used to fund further exploration work.