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(Sharecast News) - Central Africa-focussed gold explorer Oriole Resources updated the market on its 82.2%-owned Bibemi orogenic gold project in Cameroon on Wednesday.
The AIM-traded firm said BCM International was currently funding up to $4m in exploration expenditure in exchange for up to a 50% interest in the project.
It said the project was currently undergoing a fully funded phase five drilling programme, comprising 7,060 metres across 62 holes at the Bakassi Zone 1 prospect.
To date, 10 vertical holes totaling around 1,244 metres have been completed at the main Bakassi Zone 1 mineral resource estimate area.
Samples from the holes were being prepared in-country, with initial results expected in the third quarter.
Encouragingly, multiple shallow-dipping and steeply dipping quartz and quartz-tourmaline veins, up to 2.40 metres wide, had been intersected, indicating potential for additional near-surface mineralisation within the existing open pit design limits.
The programme planned include a further 23 inclined and four vertical holes focused on expanding and upgrading the existing JORC inferred mineral resource estimate.
Additionally, 25 holes were planned at two along-strike target areas, BZ1-NE and BZ1-SW, where previous exploration identified coincident geochemical and geophysical targets.
SGS South Africa had been engaged to conduct the next phase of mineralogical and metallurgical test work on representative mineralised material from Bibemi.
Furthermore, Oriole Resources had submitted an exploitation licence application to the Cameroon Mines Ministry.
It said that licence was essential to secure the tenure of the Bibemi licence as exploration and development activities continued.
"The drilling at Bibemi is making good progress and we continue to investigate opportunities to accelerate the programme," said chief executive officer Martin Rosser.
"The drill cores from the initial vertical holes look promising and we are looking forward to reporting the results in due course.
"These results will feed into our ongoing technical and economic studies as part of the ELA process with the government."
At 1440 BST, shares in Oriole Resources were down 1.55% at 0.32p.
Reporting by Josh White for Sharecast.com.
