Oriole Resources PLC has identified further gold targets at its 90%-owned Central License Package, or CLP, project in Cameroon.
The London-listed West Africa-focused mining company announced the results from a second phase of targeted soil sampling appear to confirm the company’s view that the CLP covers a brand-new gold district in central Cameroon. The firm is set to rank all targets, and that it will plan follow-up programs ahead of the new field season.
“Cameroon is certainly delivering on our idea of a new frontier for gold exploration in Africa, and we look forward to following up on these targets as the dry season commences later this year,” Chief Executive Tim Livesey said.
Gold mining in Cameroon
Cameroon is one of the few gold-rich countries in Africa that is keen to tap the rare natural resource and kick start its economy. Currently, Cameroon gold is mainly mined by small-scale artisans. In fact, according to the government, the estimate of small-scale artisanal mining produced about 16,653 kgs of gold between 2010 and 2015.
The Cameroon government says that it has some 140 identified sites with gold deposits. Most of these deposits are situated in the eastern part of the country and are mainly mined by small-scale artisans who produce around 20,000 kilograms of gold per year. However, it is estimated that most of this gold is smuggled out of the country to avoid taxes. The country is also struggling to manage its growing mining industry and finding a way to ensure that commercial mining operations also pay their share of revenue to the government.