Bonanza Gold Grades at Bibemi, Cameroon

RNS Number : 5540I

Oriole Resources PLC

27 November 2018

 

Oriole Resources PLC 

('Oriole Resources' or 'the Company')

Bonanza Gold Grades at Bibemi, Cameroon

Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is pleased to announce excellent results from its recently completed rock-chip sampling programme at the Bibemi project in Cameroon (announcement dated 19 November 2018), where the Company is earning up to a 90% interest. Results have confirmed significant gold anomalism extending over c.4 km strike, predominantly from quartz and quartz-tourmaline veins hosted within granodiorite; 16 samples have returned >10 g/t Au, and 4 samples returning over 100 g/t Au.

Highlights

-      Results received for 454 rock-chip samples from predominantly quartz and quartz-tourmaline veins:

o  Best results include 135.4 g/t Au, 119.7 g/t Au, 117.2 g/t Au and 107.2 g/t Au;

o  16 samples returned >10 g/t Au;

o  43 samples assayed >1 g/t Au;

-      NE-trending high-grade mineralisation at Zone 1 confirmed over a c.4km strike;

-      Confirmation of Zone 2 to the east, with assays  up to 35.9 g/t Au;

-      Current Phase 1 trenching (200m-spacing) to be increased by 4 trenches totalling 2,000 m.

Oriole CEO Tim Livesey, said: "We are delighted that this early sampling at Bibemi has delivered such high-grade results from what is an initial phase of ground-truthing. The results delivered along the 4km strike only serve to strengthen the rationale for Oriole's investment in this highly prospective region, and we are excited at the prospect of further results from the planned increased in the current trenching programme. The trenching programme is designed to tighten up our targeting for a drill programme in 2019, and the recent results support this work.

These excellent results in Cameroon, together with the encouraging progress being made by our partner, IAMGOLD, at the Dalafin project in Senegal, highlight the increasing value that we are realising across our portfolio of highly exciting early-stage assets."

Further Information

In July and August 2018, the Company undertook mapping and rock-chip sampling focussed on the central Bakassi area of the Bibemi licence, where Reservoir Minerals Corporation ('Reservoir') had previously identified three parallel NNE-trending gold mineralised trends (>10 ppb Au halos enveloping strongly anomalous zones>100 ppb Au that extend along strike for up to 2 km and confirmed in places by outcropping veins) over a cumulative strike distance of c.20km. Samples were collected from predominantly quartz and quartz-tourmaline veins (2 samples per site; one from the vein and one from the wallrock) and were analysed for gold (10 ppb detection limit) using the FA450 method, and utilising the FA550 method where reported assays exceeded 10 g/t Au.

Results have been received for 454 samples from Bureau Veritas laboratory in Cote d'Ivoire, including 45 QAQC samples (10% of total). Analysis of QAQC plots for standard certified reference materials, inserted blanks and duplicates was completed and found to be within acceptable ranges. Best results include 135.4 g/t Au, 119.7 g/t Au, 117.2 g/t Au and 107.2 g/t Au, with 16 samples returning >10 g/t Au and 43 samples assaying >1 g/t Au. The results have extended the previously defined NE-trending 'Zone 1' gold anomaly to more than 4km in strike, as well as defining parallel zones of mineralisation (100-200 m to the east) extending over 500 m. The mineralisation is off-set in places by late NW-trending faulting. Results have also confirmed mineralisation in Zone 2, a parallel NE-trending zone c.1km to the east, where results up to 35.9 g/t Au have extended the known mineralisation to over 1km.

Earlier this month, Oriole commenced a 5,500 m Phase 1 trenching programme at Bakassi, on 200m lines, focused on the infill and extension of previously defined 'Zone 1' and 'Zone 2' (Announcement dated 19 November 2018). Channel samples are being collected over 1m intervals at the bedrock interface, which lies within a few metres of surface. Results are anticipated in early Q1-2019. Based on these new rock-chip sampling results, an additional 4 lines totalling 2,000 m will be added to the Phase 1 programme to target the new anomalies on the NE-extension of Zone 1

Subject to results from the Phase 1 programme, a more detailed Phase 2 infill trenching programme on Zone 1 and Zone 2 will be completed at a 100m spacing. This trench programme will enable accurate delineation of the mineralised zones in these high-priority areas, so ensuring that the subsequent drill programme will be targeted with a high degree of confidence.

Further to the Company's announcement on 19 November 2018, a field team has now been dispatched to the Wapouzé licence, located c.20km to the north of Bibemi. Soil sampling will commence next week and will initially test the eastern portion of the licence on a 400m by 100m grid, an area where previous stream sediment sampling by Reservoir returned 5 samples >25ppb Au over a distance of 8 km. Approximately 2,140 samples will be collected from 10-20 cm below the saprolitic bedrock and analysed at Bureau Veritas using a low-level detection Fire Assay method. Results are anticipated H1-19.

For further information, including a JORC Table 1 disclosure and a map showing rock-chip sampling results and trench locations, please see the Bibemi and Wapouzé page of our website https://orioleresources.com/projects/bibemi-and-wapouze/

Deal Terms

Under the terms of the Option Agreement, Oriole can earn an initial 51% of BEIG3's Bibemi and Wapouzé licences (the 'Projects') in Cameroon by funding US$1.56m of exploration over two years (the 'First Option'). Thereafter, Oriole can earn a further 39% for an additional U$1.56m exploration expenditure, or on the completion of a pre-feasibility study on at least one of the Projects, over the subsequent two years (the 'Second Option'). BEIG3 will retain a 10% free carried interest in both Projects up to completion of the Second Option or the completion of a pre-feasibility study on at least one of the Projects.

Oriole and BEIG3 will form a JV company managed by a committee, comprising three representatives of Oriole and two representatives of BEIG3 following exercise of the First Option, that will hold and operate the Projects.

Oriole will manage the exploration programme and BEIG3 will provide operational and logistical support via a technical services agreement.

Competent Persons Statement 

The information in this release that relates to Exploration Results has been compiled on behalf of the Company by Issouf Ouedraogo (General Manager West Africa). Claire Bay (VP Exploration and Business Development) has reviewed the information in this announcement, including in respect of the exploration on the Cameroon Project that was carried out by Reservoir, and which was disclosed by Reservoir in accordance with the requirements of National Instrument 43-101 (Reservoir News Release on SEDAR dated 18th November, 2014), and confirms that she is not aware of any new information or data that materially affects the information included in the original Reservoir news release and reproduced here. Claire Bay (MGeol, CGeol, EurGeol, FIMMM) and Issouf Ouedraogo (MSc, MAusIMM) are Competent Persons as defined as defined in the JORC code and take responsibility for the release of this information.

** ENDS **

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

Oriole Resources PLC Tim Livesey / Bob Smeeton / Claire Bay	Tel: [phone]
Camarco (IR/PR contact) Gordon Poole / Nick Hennis / Emily Hall	Tel: [phone]
Grant Thornton UK LLP Samantha Harrison / Ben Roberts / Samuel Rowe	Tel: [phone]
Hannam & Partners Neil Passmore / Andrew Chubb	Tel: [phone]
Turner Pope Investments (TPI) Ltd Ben Turner / James Pope / Andy Thacker	Tel: [phone]

Notes to Editors:

Oriole Resources PLC is an AIM-listed exploration company, operating in Africa and Europe. It is focused on early-stage exploration in Cameroon and the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. The Company has a number of interests and royalties in companies operating throughout Africa and Turkey and is assessing new opportunities in both regions.

 

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