Cameroon Exploration Permits
In January 2012 the Company signed an Option and Joint Venture Agreement with the Bureau d’Etudes et d’Investigations Géologico-Minières, Géotechniques et Géophysiques (BEIG3 SÀRL) (“BEIG3”) to acquire 90% of two gold exploration properties: Bibémi and So’o, in the Republic of Cameroon. Under the terms of an Option and Joint Venture Agreement between the Company and BEIG3 a joint venture company has been formed which is 90% owned and managed by RMC. Commencing on the transfer of the the Bibemi and So’o properties to the joint venture company, RMC will pay to BEIG3 C$ 85,000 over a two year period, refund prior exploration costs of up to C$ 10,000 and incur exploration expenditure of C$ 4,000,000 prior to December 31 2022 or the expiry of the last exploration licence.
The Bibemi License covers approximately 1,000 square kilometres in northern Cameroon. The Property includes under-explored Archean greenstone formations, which are prospective for gold mineralization. Several sites of seasonal artisanal gold workings were mapped within the License.
During 2012 619 stream sediment samples were collected at a density ranging from 1 sample per 0.5 to 2 square kilometres which demonstrate gold geochemical anomalism (defined by 11 – 434 parts per billion gold) over the Archean greenstone terrain that extends on strike for approximately 35 kilometres NE-SW through the License.
A geochemical soil sampling campaign is ongoing in these areas to determine the source of the gold anomalism.
The So’o Property is approximately 1,000 square kilometres in size and extends over unexplored greenstone and banded iron formations, which are prospective for gold and iron mineralization. Initial reconnaissance including geological mapping and stream sediment sampling is ongoing.
Exploration to test gold mineralization at Bibemi License.
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