Oriole Resources upgrades gold resources at Oriole Resources project
Last updated: 15:13 15 May 2025 BST, First published: 08:08 15 May 2025 BST
Oriole Resources PLC (AIM:ORR) has reported a 23% increase in the Mineral Resource Estimate (MRE) at its 90%-owned Bibemi gold project in Cameroon.
Bibemi’s Bakassi Zone 1 prospect is now estimated to total 460,000 ounces of contained gold, at an average grade of 2.06 g/t.
It comprises 100,000 ounces in the Indicated category and 360,000 ounces in the Inferred category, with the Indicated resources forming a central block that could support a ‘starter pit’.
At the same time, Oriole said an additional JORC Exploration Target was declared for the Bakassi Zone 1, Bakassi Zone 2, Lawa East, and Lawa West areas with each target representing between 145,000 to 400,000 ounces of contained gold.
"We are delighted with the new Bibemi MRE upgrade,” chief executive Martin Rosser said in a statement.
The exploration targets “provide optimism for an ultimately even larger contained gold resource,” he highlighted.
Rosser, meanwhile, noted that mineral processing work has also enabled the mining consultant to prepare a provisional treatment plant flow sheet which, alonside the new MRE, enables work on provisional economic assessment studies.
The company can now also consider the next technical study steps, and progress the lodged Exploitation Licence Application with the Cameroon Government, Rosser added.
Earlier this week, on Monday, Oriole announced a new gold discovery with strong drill results at the Mbe gold project, also in Cameroon, with 125 gold-bearing intersections seen in its first eight drill holes.
In London, Oriole shares were up around 15.5% on Thursday changing hands at 0.23p, having traded up to 0.25p in earlier deals.
