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Bibemi Gold Increased Mineral Resource Estimate
Bibemi Gold Increased Mineral Resource Estimate.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \nOriole Resources PLC\n('Oriole Resources' or the 'Company')\n \nIncreased Mineral Resource Estimate for the Bibemi Gold Project in Cameroon\nand new Exploration Target\n \nOriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company focused on West and Central Africa, is pleased to provide an update on its 90% owned Bibemi orogenic gold project in Cameroon (the 'Project'), including an increased JORC Code Mineral Resource Estimate ('MRE') for the Bakassi Zone 1 (or 'BZ1') prospect and an additional JORC Exploration Target* range, highlighting the significant upside potential of the wider licence area.\nHighlights\n \n\n\n\n\n· \n\n\nIndependent consultant Forge International Limited has produced an updated total MRE for the BZ1-MRE zone of 460,000oz of contained gold ('Au'), using a US$2,750/oz gold price. This is a 23% increase on the BZ1 MRE published in January 2024.\n\n\n\n\n\n\n\n\n\n\n\n\n· \n\n\nThe new MRE has also achieved a greater level of confidence, with 100,000oz at 2.05 g/t Au in the Indicated and 360,000oz Au at 2.06g/t Au in the Inferred JORC categories. The Indicated Resources occur as a unified block in the centre of the deposit and could provide a suitable location for a starter pit if mined. \n\n\n\n\n\n\n\n\n\n\n\n\n· \n\n\nAn additional JORC Exploration Target* range of 3 to 5 million tonnes at 1.50 to 2.50g/t Au for 145,000oz to 400,000oz contained Au has been estimated for the Bakassi Zone 1, Bakassi Zone 2, Lawa East and Lawa West prospects, highlighting the significant upside potential of the wider licence area.\n\n\n\n\n\n\n\n\n\n\n\n\n· \n\n\nA separate, small-scale study was undertaken which flagged possible underreporting of gold grades (determined by fire assay...