Actualización de Mbe: jefes de términos firmados con BCM
Recursos Oriole PLC
('Oriole Resources' o 'la Compañía' o 'el Grupo')
Heads of Terms on the Mbe Licence, Cameroon
Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is delighted to report that it has signed a non-binding Heads of Terms ('HoT') with Ghana-based BCM International Limited ('BCM'), a well-respected mining and civil contractor, for an earn-in by BCM ('Earn-In Agreement') to fast-track exploration at the Company's 90%-owned Mbe gold licence ('Mbe' or the 'Licence') in central Cameroon. Following the HoT, the conditional Earn-in Agreement is expected to be executed before the end of the year.
Destacados
· Non-binding HoT signed with BCM to enter into the Earn-In Agreement whereby BCM will earn up to a 50% interest in the Licence in return for the following staged commitments:
o Following execution of the HoT, BCM will, at its own cost, complete a period of due diligence ('Due-Diligence Period') at Mbe, ending no later than 31 January 2024;
o Following execution of the Earn-In Agreement and subject to a positive outcome of that Due-Diligence Period, BCM will pay Oriole US$1m cash payment ('Signature Payment');
o BCM will commit to US$4m in exploration expenditure, focused on defining Resources at the Licence;
o Otros pagos basados en el éxito de BCM a Oriole, cuyo nivel está sujeto al número de onzas de recursos reportadas bajo JORC.
· Subject to completion of the Earn-In Agreement, it is anticipated that maiden drilling will commence at Mbe in Q1-2024;
· Beyond these commitments, any further expenditure at Mbe will be on a contribute or dilute basis. In the event that Oriole's percentage holding in the Licence falls below 5%, then its interest will convert to a 3% net smelter returns ('NSR') royalty on future production from the Licence;
· BCM realizará la perforación, según un contrato separado, al costo más un 10% a libro abierto;
· Oriole will continue to manage the technical programmes, under a separate contract, and will provide its geological and administrative teams to BCM at cost plus 10%;
· Following signature of the HoT, Oriole has received a non-refundable payment of US$50k (the 'Advanced Payment'), which shall be set off against the Signature Payment on execution of the Earn-In Agreement;
· The Earn-In Agreement is currently being drafted and is expected to be executed before the end of 2023 subject to the satisfaction of certain conditions precedent. Completion of the Earn-In Agreement will be subject to certain conditions;
· La Compañía proporcionará un anuncio adicional tras la ejecución del Acuerdo de Ganancia.
Recursos de Oriole CEO, tim livesey, Dijo: "As with the Bibemi project, BCM has committed to a significant investment at Mbe, and we look forward to working with them as partners as we develop and expand the potential of this highly prospective licence.
"Coming as it does, alongside the Bibemi Heads of Terms agreement, this deal delivers strategic investment into early-stage exploration for Oriole and for Cameroon. The 'proof of concept' works carried out in 2021 and 2022 has delivered and the discovery made by the Oriole team in 2022/23 at Mbe has opened the area as a new gold frontier in Africa. We hope that continued exploration success will drive further interest in Cameroon as a new mining jurisdiction.
"As a partner to Oriole, BCM brings a wealth of experience in mining in Africa and we look to capitalise on this alliance across our projects. Mbe is just one licence in the prospective Eastern CLP and so it's worth noting that we have four other, neighbouring licences ripe for similar deals or indeed 'go-it-alone' exploration."
Más detalles sobre la transacción
The Company has signed a HoT with BCM regarding the intention for both parties to enter into an Earn-In Agreement on the Company's 90%-owned Mbe gold licence project in central Cameroon, where Oriole has recently identified high-grade gold mineralisation (up to 134.10 grammes per tonne ('g/t') at surface) within a 3 kilometre-long by 70-metre-wide structural corridor.
The terms outlined in the HoT would see BCM earn up to a 50% beneficial interest in the Licence in return for meeting certain staged commitments as presented in the following table.
Compromiso BCM | Condiciones |
US$1m Signature Payment in cash |
· On execution of Earn-In Agreement. · Subject to an initial Due Diligence Period, ending 31 January 2024 and BCM deciding to proceed beyond that Due Diligence Period. · Al recibir el pago, Oriole se comprometerá ante BCM a mantener un interés beneficiario del 10% en el Proyecto en fideicomiso para BCM.
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Financiación de exploración de 4 millones de dólares |
· Expenditure to be allocated against a pre-agreed work programme, focussed on identifying and building Resources within the Licence. · Upon completion of each US$500k tranche of funding, Oriole shall undertake to hold an additional 5% beneficial interest in the Project on trust for BCM. · The technical programme and all administration will be managed by Oriole through a separate contract, the key commercial terms of which will be included in the Earn-In Agreement and charged to the Project at cost plus 10%. · La exploración y la perforación de recursos se realizarán a través de un contrato separado con BCM y se cargarán al Proyecto al costo más un 10% sobre una base de libro abierto.
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Success-based payments related to the definition of JORC-classified Resources, with at least 50% being estimated within the Indicated and/or Measured categories. |
· A maximum of 10 Resource payments are payable on the release of JORC Inferred Resource milestones (set at 1-million-ounce increments) in relation to Mbe; · BCM will pay Oriole the First Resource Payment of US$1m on the release of a 1-million-ounce JORC-classified Resource in relation to Mbe; · Additional resource payments of US$1m each will be due for each additional million ounces JORC-classified Resources reported at Mbe up to 5 million ounces, and will increase in value for the remaining five milestones to 10 million ounces; · Un máximo Cumulative Resource Payment of US$20m will be payable by BCM to Oriole on delivery of a 10-million-ounce JORC-classified Resource.
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The Earn-In Agreement is currently being drafted and is expected to be executed before the end of the year, with payment of the Signature Payment being subject to BCM electing to proceed beyond the initial Due-Diligence Period. Beyond these commitments, any further expenditure at Mbe will be on a contribute or dilute basis. In the event that Oriole's percentage holding in the Licence falls below 5%, then its interest will convert to a 3% NSR royalty on future production at Mbe.
BCM está pagando a Oriole un pago anticipado no reembolsable de 50 dólares estadounidenses, que se compensará con el pago firmado.
Following signing, completion of the Earn-In Agreement will be conditional on the satisfaction of certain conditions and the Company will provide a further announcement upon execution of the Earn-In Agreement in due course.
La transferencia del interés beneficiario en el Proyecto a BCM estará condicionada, entre otras cosas, a la obtención de los consentimientos gubernamentales o de otro tipo necesarios.
Más detalles sobre BCM
BCM began as "Bayswater Contracting", a family firm in Western Australia in the early 1950s, primarily in the civil works and mining construction business. Under the same family ownership, BCM expanded into Ghana in 1990 and thereafter further into Mali, Tanzania, Guinea and Niger. By the year 2000, BCM had established itself as one of the leading mining and civil contractors in Sub-Saharan Africa, an area containing significant mineral wealth.
BCM es un contratista de movimientos de tierras civiles y minería por contrato de larga trayectoria en África Occidental. Los clientes anteriores y existentes de BCM incluyen: AngloGold Ashanti Limited; African Minerals Limited (Tonkolili Iron Ore); Abosso Goldfields; Ausenco; Bogosu Ghana Limited; Minería de acantilados; Endeavor Mining, Ghana; Goldfields Ghana Limited; Licopodio; Minproc; Recursos Randgold; África Marashiki Gold Limited; Semafo Holdings; Compañía Minera Sabodala Société Des Mines Du Liptako, SA; Newmont Ghana Gold Limited y Oxus Gold Resources Glencore/Kazzinc.
Más recientemente, en enero de 2023, BCM firmó un acuerdo de minería por contrato con el actual propietario de la mina de mineral de hierro Tonkolili en Sierra Leona, Leone Rock Metal Group, que tiene reservas probadas de 15.8 millones de toneladas de mineral de hierro. La mina Tonkolili es la segunda mina de mineral de hierro más grande de África y uno de los depósitos de magnetita más grandes del mundo, con un período operativo estimado de más de 60 años.
La compañía emplea a casi 5,000 personas en sus sitios con su negocio diversificado, que abarca desde contratación minera, movimiento de tierras, construcción civil, perforación de exploración, perforación y voladura y soporte técnico y de gestión en la mina.
Further Details on Mbe
Los 312km2 Mbe licence is located within a wider, district-scale package of licences known as the Central Licence Package ('CLP' of the 'Package'). The CLP covers 4,091km2 of geologically-prospective ground in the centre of Cameroon, and has significant potential for orogenic gold mineralisation and other minerals. The Package comprises nine contiguous licences (five defined as Eastern CLP, three defined as Western CLP and the lithium-focussed Gamboukou licence) and the Company has a 90% interest in all nine licences, which it holds through local subsidiary companies. The Eastern CLP (Tenekou, Niambaram, Pokor, Ndom, and Mbe) licences were granted in February 2021 and have an initial exploration term of three years, plus three renewable extensions of two years each.
Within the Eastern CLP, work during 2023 has been focussed in particular on the Mbe licence, where rock-chip sampling over a 3km-long (and at least 70m-wide) north-northeast trending structural corridor (comprising sulphide-rich and locally brecciated quartz veins within strongly altered granitic host rocks) delivered high-grade gold (announcements dated 30 January 2023 and 27 February 2023). Of the 76 samples analysed, 17 samples yielded greater than 1 g/t Au with best results including 134.10, 131.80, 64.30, 40.80, 19.44 and 16.20 g/t Au. Subsequent artisanal workings exposed narrow (3-4m wide) trench-like profiles over a single quartz vein within the broader 70m-wide package of veins. This enabled the collection of 19 channel-chip samples (22 including QAQC) on six parallel lines, which were completed perpendicular to the dominant north-east shear trend and covered a 200m strike length (announcement dated 21 June 2023). Seventeen of the samples graded more than 1 g/t Au, with mineralised intervals returned on all lines and best intervals including 2.20m grading 8.47 g/t Au (MBTR001), 5.00m grading 2.03 g/t Au (MBTR004) and 2.10m grading 3.69 g/t Au (MBTR005). These results should be considered partial trenches as they do not test the full width of the mineralised zone, only the portion exposed in the artisanal pits.
The Company plans to complete maiden drilling at Mbe in 2024 and further details on this programme will be announced in due course.
For further information on Mbe, including maps and a JORC Table 1, please see la siguiente página del sitio web de la Compañía: https://orioleresources.com/projects/central-licence-package/.
Declaración de personas competentes
La información de este comunicado que se relaciona con los resultados de exploración ha sido recopilada por Claire Bay (directora ejecutiva de exploración y desarrollo comercial). Claire Bay (MGeol, CGeol) es una persona competente según se define en el código JORC y asume la responsabilidad de la divulgación de esta información. Claire ha revisado la información de este anuncio y confirma que no tiene conocimiento de ninguna información o datos nuevos que afecten materialmente la información reproducida aquí.
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Se considera que la información contenida en este anuncio constituye información privilegiada según lo estipulado en la versión conservada de la legislación de la UE del Reglamento sobre abuso de mercado (UE) n.º 596/2014 (el "RU MAR"), que forma parte de la legislación del Reino Unido en virtud de la Ley de (Retiro) de la Unión Europea de 2018. La información se divulga de acuerdo con las obligaciones de la Compañía en virtud del Artículo 17 del MAR del Reino Unido. Tras la publicación de este anuncio, esta información privilegiada ahora se considera de dominio público.
Para más información, visite www.orioleresources.com, @OrioleResources en Twitter, o comuníquese con:
Oriole Resources Plc | Tel.: +44 (0) 23 8065 1649 |
tim livesey / Bob Smeeton / Bahía Claire | |
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BlytheRay (contacto de relaciones públicas/IR) | Tel.: +44 (0) 20 7138 3204 |
Tim Blythe / Megan Ray | |
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Grant Thornton Reino Unido LLP | Tel.: +44 (0) 20 7383 5100 |
Samantha Harrison/Ciara Donnelly | |
SP Ángel Finanzas Corporativas LLP Ewan Leggat / Harry Davies Ball
| Tel.: +44 (0) 20 3470 0470 |
Notas para los redactores:
Oriole Resources PLC es una empresa de exploración de oro que cotiza en AIM y opera en África Occidental. Se centra en la exploración en etapa inicial en Camerún, donde la Compañía tiene un recurso inaugural de 305,000 oz de Au a 2.19 g/t en la categoría JORC Inferido en el proyecto Bibemi y ha identificado anomalías de oro y litio de varios kilómetros dentro del distrito. escalar el proyecto del paquete de licencia central. En el proyecto de oro Senala, más avanzado en Senegal, IAMGOLD informó a Oriole el 26 de abril de 2023 que AGEM Senegal Exploration Suarl ('AGEM') era ahora una subsidiaria de propiedad total de Managem Group. Como se anunció anteriormente, AGEM obtuvo una participación beneficiosa inicial del 51% en la Licencia de Exploración de Seala al gastar 4 millones de dólares y tiene la opción de gastar hasta 4 millones de dólares adicionales antes del 28 de febrero de 2024 para obtener una participación adicional del 19% en la licencia. . La Compañía también tiene varios intereses y regalías en compañías que operan en África Oriental y Turquía que podrían generar flujo de caja futuro.
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