By:Miningweekly

BCM International has acquired an initial 10% interest in the project and is earning up to a further 40% interest by spending up to $4-million on exploration.

The project’s updated mineral resource estimate (MRE) shows 375 000 oz of contained gold, grading 2.30 g/t gold, as announced in January.

So far, a total of 3 741.7 m has been drilled in 31 holes in the ongoing Phase 5 diamond drilling programme of 7 060 m in 62 holes at the Bakassi Zone 1 (BZ1) MRE prospect.

Several mineralized intersections are within 50 m of the surface, providing further support for the definition of additional near-surface resources within the footprint of the existing MRE. Results to date suggest that the mineralization is more strongly developed with wider zones of mineralization at the southern end of the BZ1 MRE prospect.

Results for a further seven holes at BZ1 MRE are still awaited.

Meanwhile, drilling has started at a second target, BZ1 northeast (NE), where 18 drill holes are planned.

Completion of the Phase 5 drilling programme is expected in the fourth quarter.

"Phase 5 drilling continues apace at Bibemi, especially as the wet season is easing, and gratifyingly, we are now over halfway for the planned total number of meters.

“The results continue to support the case for resource expansion within the BZ1 MRE zone and we look forward to additional results from that target, as well at the BZ1 NE zone, where drilling has recently commenced," Oriole CEO Martin Rosser said on October 14.