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 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 14m @ 1.00g/t Au to 6.2m @ 8.05g/t Au (Reservoir announcement dated 18 November 2014).
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.
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 (First Option). 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 (Second Option). 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.
Oriole and BEIG3 will form a JV company managed by a committee, comprising three representatives of Oriole and two representatives of BEIG3 following exercise of the First Option, that will hold and operate the Projects.
Oriole will manage the exploration programme and BEIG3 will provide operational and logistical support via a technical services agreement.
Following completion of a £1.15 m placing in June 2018, the work programme for the First Option is fully-funded. At Bibemi, mapping and rock-chip sampling is currently underway and will be followed by infill trenching later in the year to better define key gold anomalies. Following a full project evaluation, RC and diamond drilling will be completed to target key geochemical/geophysical anomalies and structural intersections ahead of resource drilling.
At Wapouzé, Oriole intends to conduct detailed mapping and reconnaissance soil and rock sampling and trenching in order to define areas of more concentrated gold anomalies which can subsequently be drilled, subject to ongoing positive results.
On both licences, the Company hopes to define areas of more concentrated gold anomalies for subsequent drilling.