Oriole signs diamond drilling contract over Bibemi licelce

West Africa-focussed exploration company Oriole Resources has signed a 3,000 metre diamond drilling contract with Capital, over its Bibemi exploration licence in Cameroon, it announced on Thursday.

The AIM-traded firm said it expected mobilisation of equipment to take around six to eight weeks, which would enable it to start its planned maiden drilling programme at the project during the fourth quarter.

It said 17 drill holes had already been identified and pegged within the the high-grade Bakassi area, for a planned 1,940 metres.

The programme would focus on testing the depth-extension of mineralisation identified to date, the board said, with further targeting planned at the northern end of Bakassi, which remained open along strike.

Mobilisation of equipment to site was now underway.

“We are very pleased that the mobilisation of the equipment for the drill programme at Bibemi, which was delayed due to the Covid-19 pandemic, has begun,” said chief executive officer Tim Livesey.

“We are confident that Bibemi will continue to build on the good results we've already yielded from the rock chip sampling and trenching programmes, and it will be great to get some vertical extension to the significant trends the team have already identified on surface.

“Additionally, following the completion of the drill programme, we will have achieved an investment milestone at Bibemi having satisfied the earn-in conditions to vest at 90% of the project.”

At 1611 BST, shares in Oriole Resources were down 7.11% at 0.35p.