The Company has made submissions for eight new licences in central Cameroon, which cover a continuous land package of c.3,500m. Three of the applications have been made through its existing partnership with BEIG3 (via wholly-owned subsidary RMC Cameroon), and the remaining five through a 90%-owned local subsidiary, Oriole Cameroon SARL. BEIG3 and its associate Roxane Minerals Limited will have a collective 10% free-carried interest in each licence within Oriole Cameroon SARL up until the definition of a minimum Measured and Indicated resource of 50,000 oz Au; thereafter, funding will be pro-rata on a contribute or dilute basis. BEIG3 is an excellent, technically-competent partner that is well-connected both at the Governmental and local community level and Oriole looks forward to sharing success with its partner going forward.
At the 3rd Cameroon International Investment Mining and Exhibition Conference (“CIMEC”; http://cimec2019.com/home/) held on 2-4 September 2019 in Yaoundé, Phase 1 geological data was presented from the World Bank-funded PRECASEM programme (in association with the French and Finnish geological surveys (BRGM and GTK, respectively) and BEIG3). This included regional-scale stream-sediment sampling that has confirmed multiple gold anomalies within the new licence areas.
The licence applications are now live on the government’s mining cadastre and the Company looks forward to providing a further update once the licences are granted, currently anticipated in early 2020, and cementing further Oriole’s first-mover advantage.