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LONDON - Oriole Resources PLC (AIM: ORR), an AIM-quoted gold exploration company, has announced a delay in reporting results from its maiden drilling program at the Mbe Gold Project in Cameroon. The company, which focuses on gold exploration in West and Central Africa, cited customs-related delays for the setback in receiving the batch of results, which were initially expected in February.
Chief Executive Officer Martin Rosser conveyed that while the results arrived later than anticipated, Oriole Resources is expediting the necessary quality assurance and quality control (QAQC) checks, along with corporate reporting compliance procedures. Rosser assured stakeholders that the company is working to announce the results as soon as possible.
The Mbe Gold Project, part of Oriole’s Central Licence Package, is 90% owned by Oriole Resources. BCM International has acquired an initial 10% interest in the project and can earn up to an additional 40% by spending up to US$4 million on exploration.
In addition to Mbe, Oriole Resources has reported a Resource of 375,000 ounces of gold at 2.30 grams per tonne in the JORC Inferred category at its Bibemi project, also in Cameroon. BCM International is also involved in the Bibemi project, where it is earning up to a 50% interest through a combined investment of US$1.5 million in signature payments and up to US$8 million in exploration expenditure, along with JORC resource-based success payments.
Elsewhere in West Africa, at the Senala gold project in Senegal, AGEM Senegal Exploration Suarl, a subsidiary of Managem Group, has completed a six-year earn-in to acquire an approximate 59% beneficial interest in the exploration license by spending US$5.8 million. Discussions are currently underway to establish a joint-venture company.
The news of the delay follows an announcement on October 17, 2024, that Oriole is restructuring to increase its stake from 80% to 90% in the Mbe project.
This report is based on a press release statement from Oriole Resources PLC.
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