Bibemi and Wapouzé are early-stage gold exploration projects, covering highly prospective Neoproterozoic Pan-African greenstone belts in north-eastern Cameroon. Oriole has the option to earn a 90% interest by spending US$3.12m.
The Company’s interests in the projects are held 100% by local company BEIG3 through its wholly-owned subsidiary, RMC Cameroon SARL, formerly held in JV with Reservoir Minerals Corporation. The majority of work to date has been completed at the Bibemi licence.
Bibemi (202 km2 ) is held by BEIG3’s wholly-owned subsidiary Reservoir Minerals (BVI) Cameroon and has a renewal date of April 2019.
Surface exploration – predominantly stream sediment, soil, rock and trench sampling – on the Bibemi project to date has focused on the central Bakassi area of the licence where gold is predominantly hosted in a series of irregular quartz veins. Three parallel NNE-trending mineralised trends were identified on the licence by former operator Reservoir Minerals Inc., over a strike distance of c.20km. Historic best results from 7,744 trench samples included 8.5m @ 4.04g/t Au and 6.2m @ 8.05g/t Au (Reservoir announcement dated 18 November 2014).
In July and August, the Company undertook mapping and a rock sampling programme on the Bakassi area. A total of 454 rock chips samples were collected and have been sent for Fire Assay analysis – results anticipated next month.
A 5,500 m Phase 1 trenching programme is now underway, focused on the infill and extension of previously defined ‘Zone 1’ and ‘Zone 2’. Trenching will be conducted on 200 m lines, with 1 m channel samples collected at the bedrock interface. Results are anticipated in early Q1-19. More detailed Phase 2 infill trenching is planned for Q1-19 over the 2 priority zones at a 100 m spacing to enable better delineation of key mineralised veins.
Wapouzé (180 km2 ) is held by BEIG3’s wholly-owned subsidiary Reservoir Minerals (BVI) Cameroon and is currently pending renewal until 2020.
Located 20 km north of Bibemi, and in a similar geological setting, the main gold anomaly is located in the east of the licence. Reservoir Minerals conducted 1.5/ km2 stream sediment sampling between 2011 and 2015 and results (with 269 out of 573 samples analysed) included 14 samples >10ppb Au, 6 samples >25ppb Au and 3 samples >50ppb Au. The main anomalous structure follows the same orientation as at Bibemi and additional zones showing signs of mineralisation have been identified for follow-up.
Systematic soil sampling will commence shortly on a 400m by 100m grid to test the eastern portion of the licence, where previous stream sediment sampling by Reservoir returned 5 samples >25ppb Au over a distance of 8 km. A planned 2,140 samples will be collected from 10-20 cm below the saprolitic bedrock and analysed using a low-level detection Fire Assay method. Results are anticipated H1-19.
BEIG3 Option Agreement
Under the terms of the Option Agreement, the Company will earn an initial 51% of both Projects by funding US$1.56m of exploration over the next two years. Thereafter, Oriole can earn a further 39% for an additional U$1.56m exploration expenditure, or on the completion of a pre-feasibility study on at least one of the Projects, over the subsequent two years. BEIG3 will retain a 10% free carried interest in both projects up to completion of the Second Option or the completion of a pre-feasibility study on at least one of the Projects.