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(Sharecast News) - Oriole Resources announced on Thursday that it has completed its phase five drilling programme at the Bibemi gold project in Northern Cameroon, where joint venture partner BCM International was earning an increased interest through exploration funding.
The AIM-traded firm said the latest campaign covered 6,915 metres across 56 holes at the Bakassi Zone 1 prospect, targeting three sub-prospects - BZ1-MRE, BZ1-NW, and BZ1-SW.
Results from the final seven holes were expected this quarter, after which the company said it would conduct a full review of drilling data, now totalling about 13,600 metres across 110 holes.
The updated dataset was expected to support a partial upgrade of Bibemi's existing 375,000-ounce inferred mineral resource estimate, potentially reclassifying part of the resource into the measured and indicated categories under JORC standards.
It said the mineral resource estimate update would also benefit from revised gold price assumptions.
Oriole said it was continuing to advance Bibemi's exploration, with BCM funding up to $4m to earn a 40% stake
The project remained the company's primary focus as it looked to expand and de-risk the resource base.
"We are pleased to have now completed the phase five drilling programme at Bibemi and will make a detailed announcement on the next steps once we have assimilated and reviewed all the data from the campaign," said chief executive officer Martin Rosser.
"We anticipate that this will enable a partial upgrade of the JORC inferred mineral resource estimate to the measured or indicated categories, and will benefit from significantly improved gold price assumptions.
"This should highlight and underpin the potential value of the licence."
Rosser noted that, although the programme had ended and the team worked "tirelessly" throughout the programme, the completion of drilling was somewhat later than originally planned.
"This was largely due to factors beyond our control; however, we also have worked hard to deliver efficiencies across the group.
"We are confident that this will allow the Mbe drilling programme to continue at a swifter pace, which is what we have seen to date with the programme already being 25% complete."
The decision had been made to continue the drilling programme at Mbe with a single rig, Martin Rosser said, so that the company could "optimally manage" the exploration programme, including the structural model interpretation.
"However, the company will keep a watching brief on this.
"Currently, the programme is advancing at an appropriately measured pace whilst the company works to delineate a mineral resource."
At 1022 GMT, shares in Oriole Resources were down 5.57% at 0.22p.
Reporting by Josh White for Sharecast.com.
