According to the Mining Journal, Oriole Resources' drilling program in Cameroon has yielded results, with an updated resource estimate for the Bebemi project and encouraging drilling results from the Mbe project.
Last week, the company announced a 23% increase in the gold resource at its 90%-owned Bebemi gold mine, with 460,000 ounces of gold resources in the Bakassi Zone 1, averaging 2.06 grams per tonne (g/t) grade.
This includes 100,000 ounces of indicated resources and 360,000 ounces of inferred resources.
The central part of the indicated resources is suitable for the construction of an open-pit mine.
In addition, drilling at the Mbe project encountered mineralization with grades as high as 25.77 g/t.
To date, the company has completed 13 drill holes, with an additional one currently underway as part of the first phase of drilling.
Next steps
"The key now is to use the latest resource data to conduct a preliminary economic assessment and metallurgical testwork to obtain preliminary estimates of capital and operating costs," said Martin Rosser, the company's CEO.
"An important thing, as mentioned in past and current announcements, is that we need to engage with the government to advance the development permit application submitted in the middle of last year."
"So we will soon engage with the government to report on what has been achieved, what needs to be done next, and to advance the development permit application."
A Competitive Investment Destination
Cameroon has relatively few mining projects, but amid geopolitical tensions, the country is becoming more attractive for investment compared to other West African nations.
"We are seeing a deterioration in the investment climate in some West African countries, with red flags appearing in some, making them no longer suitable for investment," Rosser said.
"If a country wants to develop its mining industry and has introduced supportive policies, its attractiveness will increase."
Rosser noted that mergers and acquisitions (M&A) in the mining sector are on the rise, as major miners seek to expand amid rising gold prices.
"In particular, we have seen a significant amount of M&A activity in gold-rich West African countries."
"We believe that as the number of acceptable countries is actually decreasing, people will start to show greater interest in Cameroon, which is good."
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