Oriole Resources has entered a definitive earn-in deal with BCM International for its Mbe gold project in Cameroon.
The agreement follows a previous deal for the Bibemi gold licence and marks a significant step in the development of the Mbe project.
Covering an area of 312km², the Mbe gold project is part of the larger 2,266km2 Eastern CLP package in central Cameroon.
During 2023, Oriole Resources identified a 3km-long zone of high-grade gold mineralisation within the project area, with surface samples yielding up to 134.10g per tonne of gold.
Under the terms of the Mbe earn-in agreement, BCM International will acquire up to a 50% interest in the project.
This is contingent on meeting certain commitments including a $1m signature payment, $4m in exploration expenditure and additional success-based payments linked to resource discovery.
The agreement is subject to the successful completion of BCM's due diligence, which is expected to conclude by 31 January 2024.
The due diligence sampling results are anticipated later this month, providing further insight into the project's potential.
Upon completion of the due diligence, the signature payment will be made in two parts; the first tranche of $500,000 by 31 January 2024 and the remaining $450,000 by 29 February 2024.
Oriole Resources CEO Tim Livesey stated: "Since Oriole was granted its package of eight contiguous licences in central Cameroon back in February 2021, we have advanced with great success, identifying a large number of significant gold anomalies in what we suggest could be a corridor of mineralisation some 75km long. Prior to our licence application, this area was open ground and indicates the huge opportunity Cameroon has for new discoveries.
"At Mbe, the originally identified 12km-long gold-in-soils anomaly has delivered several zones of significant surface gold mineralisation in vein sets grading up to 134 g/t [grams per tonne] Au [gold]. We expect the current period of due diligence by BCM will show further support for this area when results are received from their sampling programme later this month.”
