Oriole Resources (AIM:ORR) has delivered a maiden resource estimate for the MB01-N deposit, within the Mbe Orogenic Gold Project in Cameroon.
MB01-N’s resource contains 10.5 million tonnes @ 1.05 grams per tonne gold for 360,000 ounces, using a US$3,200 per ounce gold price and a lower cut-off grade of 0.4g/t gold.
Combined with the existing inferred resource at MB01-S — 870,000 ounces of gold — the Mbe Project’s total resource now contains 1.23 million ounces of gold. Both deposits remain open in all directions and with further potential satellite targets within the wider licence area.
CEO Martin Rosser says work is continuing with a recently started 2,500m step-out diamond drilling program at the MB01-S deposit, which highlights potential to add more resources.
“For any gold exploration project reporting a more than one million ounce contained gold deposit is a major achievement and Mbe continues to build upon its status as not only Cameroon’s leading gold project, with highly encouraging potential to become a significant open-pit gold mine, but is also of a size that already bears favourable comparison with other major discoveries in Africa and the rest of the world,” Rosser says.
The ongoing diamond drilling program at MB01-S aims to expand the existing inferred resource. Oriole believes that there is potential to increase the size of the cumulative resource across the project.
The Mbe Project is underlain by 312km2 of previously unexplored Paleoproterozoic to pan-African age rocks that are highly prospective for a range of commodities, including orogenic-style gold mineralisation.
Oriole Resources is a mineral explorer focused primarily on gold discoveries in Cameroon and West Africa.
Write to Aaliyah Rogan at Mining.com.au
Images: Oriole Resources
