Award of New Licences Expands Cameroon Footprint

RNS Number : 7822N

Oriole Resources PLC

03 February 2021

 

Oriole Resources PLC 

('Oriole Resources' or 'the Company' or 'the Group')

Award of New Licences Significantly Expands Footprint in Cameroon

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is delighted to report that it has, through its 90%-owned subsidiary Oriole Cameroon SARL, been awarded five new licences in Central Cameroon (the 'Licences'). The Licences, together with a further three new licences granted to Oriole's partner Reservoir Minerals Cameroon Sarl, a subsidiary of Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3') , represent a contiguous, district-scale land package covering 3,592km ² of highly prospective geological terrane. An initial programme of desktop remote sensing and regional-scale stream sediment sampling will commence during H1-2021 to identify targets for follow-up.

The licences have significantly expanded the Company's operational base in Cameroon, complementing the more advanced exploration programmes currently ongoing at the Bibemi and Wapouzé projects.

  Highlights

· Oriole receives approval for five new exploration licences via its 90%-owned subsidiary, Oriole Cameroon SARL;

· BEIG3 and its associate Roxane Minerals Limited will have a collective 10% free-carried interest in each of the Oriole Cameroon Sarl Licences up until the definition of a minimum Measured and Indicated resource of 50,000 ounces of gold; thereafter, funding will be pro-rata on a contribute or dilute basis;

· Three further licences granted to Reservoir Minerals Cameroon Sarl, a wholly-owned subsidiary of Oriole's partner in Cameroon, BEIG3. BEIG3 will have a 10% free-carried interest in each of these three licences up until the definition of a minimum Measured and Indicated resource of 50,000 ounces of gold with Oriole having the remaining beneficial interest; thereafter, funding will be pro-rata on a contribute or dilute basis ;

· The combined, contiguous licence package covers a total 3,592km ² gold-prospective terrane in central Cameroon:

· The licences have an initial three-year term of a possible total nine years tenure;

· An initial programme of desktop remote sensing work and regional-scale stream sediment sampling will be commenced during H1-2021 to identify targets for follow-up programmes.

Oriole Resources CEO, Tim Livesey, said :  " As first movers in Cameroon, and with further advanced exploration ongoing at our Bibemi and Wapouzé projects in the north of the country, we are extremely pleased to have received formal approval for these additional new licences in central Cameroon.

"Based on our in-house prospectivity analysis in 2019, this district-scale grassroots licence package was identified as having significant potential to host orogenic-type gold mineralisation. Key geological attributes of the district include suitable host rock geology, a favourable structural location covering deep crustal structures, and historic evidence of gold mineralisation.

"We believe that this contiguous package of nearly 3,600 km², offers exciting greenfield potential and we look forward to commencing our first-pass exploration programmes during the first half of the year.  

"We thank the Ministry for their support and attention in delivering these licences and look forward to continuing to work with the Minister and his team, as ambassadors for the development of the exploration and mining investment environment in Cameroon."

Further Details

Oriole Cameroon Sarl has received approval for  five new licences (Tenekou, Niambaran, Pokor, Ndom and Mbe) in central  Cameroon, located to the west of the regional capital, Ngaoundéré.Together with a further three new licences (Mana, Dogon and Sanga) granted to Reservoir Minerals Cameroon Sarl, a subsidiary of Oriole's partner BEIG3,   the district-scale licence package covers a contiguous land package of 3,592km ² .

The Licences were applied for in 2019, following an in-house, country-wide prospectivity analysis that deemed the district as having significant potential to host orogenic-type gold mineralisation (announcement dated 30 September 2019). This assessment was made on the basis of host-rock geology, structural location - targeting the regional Tcholliré-Banyo shear zone (TBSZ) which is a major splay off the larger scale Central African Shear Zone - and evidence of historic gold anomalism (as reported in scientific journals and publicly available data).

BEIG3 and its associate Roxane Minerals Limited will have a collective 10% free-carried interest in each of the Oriole Cameroon Sarl Licences up until the definition of a minimum Measured and Indicated resource of 50,000 ounces of gold; thereafter, funding will be pro-rata on a contribute or dilute basis. BEIG3 will have a 10% free-carried interest in each of the Reservoir Minerals Cameroon Sarl licences under the same terms as above, with Oriole having the remaining beneficial interest .

All licences have an initial exploration term of three years and are renewable three times for a term of two years each.

An initial programme of desktop remote sensing and regional-scale stream sediment sampling will be undertaken during H1-2021 to identify targets for follow-up. This work will be conducted alongside the existing ongoing programmes at Bibemi and Wapouzé (announcement dated 18 January 2021).

For further information on the Central Licences, please see  the following page of the Company's website   https://orioleresources.com/projects/central-cameroon/ .

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

** ENDS **

For further information please visit   www.orioleresources.com ,   @OrioleResources  on Twitter, or contact:

Oriole Resources PLC Bob Smeeton / Tim Livesey / Claire Bay	Tel: [phone]
Blytheweigh (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks	Tel: [phone]
Grant Thornton UK LLP Samantha Harrison / Seamus Fricker / George Grainger	Tel: [phone]
Shard Capital Partners LLP Damon Heath / Erik Woolgar / Isabella Pierre	Tel: [phone]

Notes to Editors:

Oriole Resources PLC is an AIM-listed exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8 million to earn a 70% interest. Year two commitments have been met at all three projects. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.

 

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