Oriole Resources : extends Bibemi and Wapouzé exploration licences

'We have worked up these targets, with encouraging results from the very beginning,' chief executive Tim Livesey said

Oriole Resources PLC (LON:ORR) told investors that it has extended the Bibemi and Wapouzé exploration licences in Cameroon.

It comes as drill equipment is being mobilised to the Bibemi site ahead of a maiden 3,000-metre drill programme.

The licence tenure was renewed for a third two-year exploration term. Oriole has a team on the ground in the field present, with work presently underway to high-grade prospects in the Bakassi project area.

'We are very pleased to have received the final documentation relating to the renewals of the Bibemi and Wapouzé licences today,' Tim Livesey, Oriole chief executive said in a statement.

He added: 'We have worked up these targets, with encouraging results from the very beginning, and we are eager to test the vertical extent of the mineralisation identified to date. We have recently signed a contract with Capital Limited for an initial 3,000 m diamond drilling programme at Bibemi, and are pleased to be working with a company which has been at the forefront in the development of work processes with a keen focus on the environment, health, safety and employee development.'

The Wapouzé licence has been extended for its second two-year term. In the next period, the company is required to work-up targets to drill-ready status.

The company noted that licence applications are pending for eight new licences in central Cameroon.

'At Wapouzé, the possibility of defining yet further drill targets exists and we hope to develop our understanding of the area sufficiently during the upcoming field season to allow a drill programme to be planned there for 2021,' Livesey said.

'We await notification of the finalisation of our applications for the new licence areas in central Cameroon and look forward to beginning early stage work on these licences as appropriate. We will update the markets with results as all of these programmes progress.'

Oriole yesterday announced it has conditionally raised £1.576mln through a placing and share subscription. Separately, it raised £293,000 funding on the NRPrivateMarket.