The AIM-traded firm said independent consultant Forge International delivered the Bakassi zone one prospect target of between six million and eight million tonnes, at grades ranging from 1.5 to 1.7 grams of gold per tonne, for between 290,000 and 440,000 Troy ounces of gold.
It said the potential quantity and grade of the exploration target was “conceptual in nature”.
The target was modelled over a strike length of 1,200 metres, and to a depth of 200 metres below surface, using a cut-off grade of 0.3 grams of gold per tonne, and a top-cut of 20 grams per tonne.
Following confirmation of a gold-mineralised sub-horizontal vein component within the shear system, the model included mineralised zones with a true width of up to 36 metres.
The remaining activities required to define a maiden mineral resource estimate for Bakassi zone one included data verification, which would be completed by Forge in the upcoming field season, and by undertaking a pit optimisation exercise to define blocks with “reasonable prospects” of economic extraction under JORC guidelines.
Oriole said the exploration target remained open along strike to the north-east and at depth, and was one of four prospects on the licence where drilling confirmed sub-surface gold mineralisation.
“We are delighted to report this maiden JORC exploration target for what is just one of four prospects at Bibemi,” said chief executive officer Tim Livesey.
“Given that Cameroon has had no hard rock gold resources reported to date, we are proud to be leading the charge in helping to change that.
“We are looking forward to upgrading and hopefully extending the mineralisation in due course.”
Livesey said that, as one of four prospect areas within Bibemi, Bakassi zone one had seen the majority of the firm’s drill focus up to now, as it “pushed hard” to deliver a JORC exploration target.
“In doing so we have taken a significant leap forward in de-risking the concept of there being economic orogenic-style gold mineralisation in Cameroon.
“Delivery of this target has been achieved in just 19 months since commencing the maiden drilling programme at Bibemi, demonstrating the team's ability to drive efficient and economical exploration in a new frontier.
“We are keen to expand our resource base both here at Bibemi and also within our highly prospective CLP licence areas in the centre of the country, where we have already identified multiple targets with similar characteristic gold anomalism and associated geology, alteration and structure as identified and drilled at Bibemi.”
At 1146 BST, shares in Oriole Resources were up 4.19% at 0.16p.
Reporting by Josh White at Sharecast.com.