Oriole Resources has secured a controlling position in Reservoir Minerals Cameroon Sarl for its early-stage exploration licenses in Cameroon.
Following completion of an initial funding commitment of US$1.56 million over two years at the Bibemi and Wapouzé projects in northern Cameroon, the Company has now formalised its 51% ownership of the local holding company, RMC Sarl, that also holds three of the newly-granted licenses in central Cameroon.
READ MORE ARTICLES ABOUT GOLD
Completion of the drilling programme at Bibemi is expected to see the Company meet its second expenditure commitment to acquire a 90% interest in all five licences.
Oriole Resources CEO, Tim Livesey, said:
“The transfer of ownership of 51% of RMC Cameroon SARL is another key milestone for Oriole, with the final increase to 90% ownership expected at the end of this initial drill programme.
READ MORE ARTICLES ABOUT WEST AFRICA
“With controlling interest in a total of ten licences at varying stages of exploration, including a significant footprint in Central Cameroon, giving us a total land package of almost 4,000 km2, we are well placed as first movers in this new frontier for gold exploration.”
- The Company has acquired 51% ownership of RMC Sarl, the holding company for the Bibemi and Wapouzé orogenic gold projects in northern Cameroon;
- 51% ownership of the Mana, Dogon and Sanga licences in central Cameroon have also been acquired at no additional cost. These licences are contiguous with the Company’s 90%-owned licences in central Cameroon, which together form a 3,592 km2 district-scale land package;
- Completion of the ongoing maiden drilling programme at Bibemi is expected to satisfy Oriole’s second earn-in commitment to acquire a 90% interest in all five licences.