Business
Renewal of Bibemi and Wapouze Licences, Cameroon
Renewal of Bibemi and Wapouze Licences, Cameroon.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4406B\n Oriole Resources PLC\n 08 October 2020\n \n \n \n \n Oriole Resources PLC \n \n \n ('Oriole Resources' or 'the Company' or 'the Group')\n \n \n \n \n \n Renewal of Bibemi and Wapouzé Licences, Cameroon\n \n \n \n \n \n Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is delighted to announce that renewals have been received for the Bibemi and Wapouzé exploration licences in Cameroon ('Bibemi' and 'Wapouzé' respectively), where the Company is \n earning-up to a 90% interest\n .\n \n \n \n \n \n Drill equipment is currently being mobilised to site ahead of the planned maiden 3,000 metre ('m') drilling programme later this year (announcements dated 24 September 2020 and 11 May 2020). Following a recent fundraise for £1.869 million, the drilling programme is fully funded subject to shareholder approval at a General Meeting scheduled for 27 October 2020 (announcement dated 7 October 2020).\n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Licence tenure at Bibemi renewed for a third two-year term, covering a licence area of 177 square kilometres ('km2');\n \n \n · \n Drilling equipment is currently being mobilised ahead of a maiden 3,000 m drilling programme, expected to commence later in the fourth quarter;\n \n \n · \n Drilling programme is fully funded subject to shareholder approval at a General Meeting scheduled for 27 October 2020;\n \n \n · \n 17 drill holes already identified and pegged within the high-grade Bakassi area ('Bakassi') for a planned 1,940 m;\n \n \n · \n Oriole team now on the ground in Cameroon - further targeting currently underway at the northern end of Bakassi, which remains open along strike;\n \n \n · \n Licence tenure at Wapouzé renewed for a second two-year term, covering a licence area of 136 km2. Oriole intends to work-up this target to drill-ready status, alongside the programme at Bibemi;\n \n \n · \n Licence applications still pending for eight new licences in central Cameroon, which cover a contiguous land package of c.3,500 km2 within highly prospective terrane for gold mineralisation.\n \n \n \n \n \n Oriole Resources CEO, Tim Livesey, said\n : \"\n We are very pleased to have received the final documentation relating to the renewals of the Bibemi and Wapouzé ...