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.
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.
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 taken from quartz and quartz-tourmaline veins, and the host wall rock. Best results include 135.4 g/t Au, 119.7 g/t Au, 117.2 g/t Au and 107.2 g/t Au, with 16 samples returning >10 g/t Au and 43 samples assaying >1 g/t Au. The results have extended the previously defined NE-trending ‘Zone 1’ gold anomaly to more than 4km in strike, as well as defining parallel zones of mineralisation (100-200 m to the east) extending over 500 m. The mineralisation is off-set in places by late NW-trending faulting. Results have also confirmed mineralisation in Zone 2, a parallel NE-trending zone c.1km to the east, where results up to 35.9 g/t Au have extended the known mineralisation to over 1km.
A 7,500 m Phase 1 trenching programme is now underway for 17 lines, 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.
JORC Table 1