Oriole Resources advances with maiden drilling at Wapouzé Limestone

Oriole Resources plc is preparing to begin its maiden drilling programme at the Wapouzé limestone project in Cameroon, marking an important step towards defining a potential industrial mineral resource capable of supplying the region’s growing cement industry. The planned 1,000-metre diamond drilling campaign will target outcropping limestone and marble units that previous sampling has identified as high-grade carbonate material suitable for cement production. Management expects the programme to provide sufficient geological data to support the estimation of either a JORC Exploration Target or a maiden Mineral Resource Estimate, representing a significant milestone in the advancement of the project. The drilling programme will be partially funded through an innovative “drill-for-equity” arrangement with mining contractor BCM International, Oriole’s existing partner on the Bibemi and Mbe gold projects. Under the agreement, BCM will cover US$120,000 of direct drilling costs in exchange for 24.4 million new ordinary shares issued at 0.36p per share. Wapouzé is located approximately 100 kilometres northeast of Garoua in northern Cameroon and was initially explored for gold. However, exploration work revealed extensive carbonate-rich formations, prompting the company to shift its focus towards limestone development. The project’s mining licence was formally converted from gold to limestone in 2023. Exploration results to date have been highly encouraging. Initial rock-chip sampling identified thirteen high-grade carbonate samples from fourteen tested, while a more extensive 2025 sampling programme further confirmed the presence of high-quality limestone containing more than 50% calcium oxide with low levels of magnesium and silica. These characteristics are considered highly favourable for cement manufacturing and clinker production. Oriole believes the project could be strategically positioned to supply both Cameroon and neighbouring Chad, where cement demand continues to outstrip local production capacity. Chad’s capital, N’Djamena, lies approximately 250 kilometres from the project area, providing access to an additional potential market. The company noted that Cameroon has attracted significant investment into cement manufacturing infrastructure in recent years, while the government remains keen to reduce reliance on imported clinker and strengthen domestic supply chains. Alongside the drilling programme, Oriole continues discussions with potential industrial partners regarding future development options. Management’s preferred strategy is to establish a royalty-based income stream from any future commercial quarrying operation, creating a source of non-dilutive cash flow that could help fund the company’s gold exploration activities elsewhere in Cameroon. For investors, Wapouzé offers exposure to a potentially lower-risk industrial minerals opportunity alongside Oriole’s precious metals portfolio. The forthcoming drilling programme will be the first test of the depth continuity and scale of the limestone units and could provide the foundation for the project’s first formal resource estimate.