Oriole Resources plc (LON:ORR), the AIM quoted exploration and development company focussed on Central and West Africa, has announced that it will shortly commence a maiden drilling programme at its 85%-owned Wapouzé limestone project in north-eastern Cameroon.
Highlights
· Maiden diamond drilling programme to commence later this month for a planned 1,000m.
· The Programme will target outcropping limestone/marble units that have previously been classified as high-grade carbonate material, potentially suitable for use predominantly within the cement industry in Cameroon.
· The Company anticipates that the Programme will support the estimation of a JORC Exploration Target and/or a maiden Mineral Resource Estimate for the Property.
· BCM International, the Company’s partner on the Bibemi and Mbe gold projects in Cameroon, has agreed to cover US$120,000 of direct drilling costs via ‘drill for equity’ in return for 24,400,000 ordinary shares of 0.1p each in the capital of the Company issued at 0.36 pence per share, matching the exercise price of the Warrants issued as part of the November 2025 fundraise (see announcement dated 14 November 2025).
· Oriole Resources is continuing its discussions with industrial partners for the potential development of this asset.
Chief Executive Officer of Oriole Resources, Martin Rosser, said:
“We are delighted to be commencing a maiden drilling programme at the Wapouzé limestone prospect, with support from BCM. The Property has serious economic potential based on the possible size of a strategically located resource which could supply valuable in-country feed material for manufacturing cement. This would be for use in concrete both within Cameroon, but also nearby Chad, which has a significant cement shortfall and is reliant currently on significant imports from Cameroon.”
Further Details
Wapouzé is in north-eastern Cameroon, approximately 100km NE of Garoua and 20km north of the Bibemi project. It was initially an early-stage gold exploration project; however, the Property was deemed less prospective for gold than Bibemi and instead, the Company noted the presence of large quantities of carbonate (predominantly metamorphosed limestone).
In 2022, 14 rock-chip samples were collected for laboratory-based X-ray fluorescence (XRF) analysis to assess the suitability of the carbonate for industrial use. Out of the 14 samples collected across Wapouzé, thirteen samples were classified as high-grade carbonate material, potentially suitable for use in cement production and the Company subsequently proceeded to apply for a change of commodity for the Wapouzé licence, from gold to limestone, which was approved by the Ministry of Mines in September 2023. As part of corporate restructuring in 2024, Oriole Resources has an 85% ownership of the Property (see announcement dated 17 October 2024), with the remaining 15% being held by its Local Partners BEIG3 Sarl and Roxane Minerals Limited.
During 2025, a further 139 samples (not including QAQC) were analysed and further confirmed the material’s high-grade carbonate limestone (>50% CaO with low magnesium and silica) classification that would make it suitable for use in the cement industry (see announcement dated 21 April 2026).
Oriole Resources today reports that it will shortly commence a planned 1,000m diamond drilling programme at Wapouzé to provide a better understanding of the depth continuity of these outcropping limestone units. Further details on the programme will be announced in due course. The Company anticipates that this will enable the estimation of a JORC Exploration Target and/or a maiden MRE for the Property.
The Company has negotiated a ‘drill for equity’ contract with BCM whereby BCM will fund US$120,000 of the direct drilling costs in return for the 24.4 million Drill for Equity Shares. The pricing of the Drill for Equity Shares will be 0.36 pence per share, being the same price as the Warrant Exercise price in the November 2025 Fundraise.
Commercially, a significant limestone deposit at Wapouzé could be highly suitable for use within Cameroon’s cement industry, which is believed to be worth several hundred million pounds per year, largely supported by expensive imports. The Company believes that there is a significant demand for cement (for concrete) within Cameroon and neighbouring Chad (with its capital, N’Djamena, located approximately 250km NNE of Wapouzé). Furthermore, Cameroon has seen substantial foreign investment made into expanding its cement manufacturing capacity, and the government is keen to see its reliance on imported clinker reduce significantly.
Oriole Resources is continuing its discussions with potential industry partners that could advance Wapouzé towards development and exploitation on an expedited basis. The Company is ultimately looking to achieve royalty-based income from a commercial scale quarrying operation, likely to be based upon the volume of material extracted, which would provide valuable in-country revenue that could be used for funding its gold-based exploration in Cameroon.
For further information on Wapouzé, including maps and a JORC Table 1, please see the following page of the Company’s website https://orioleresources.com/projects/wapouze/.
