Cameroon Exploration Update

RNS Number : 2065T

Oriole Resources PLC

21 July 2022

 

Oriole Resources PLC 

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

Cameroon Exploration Update

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an exploration update on its 90%-owned Central Licence Package ('CLP') and Bibemi gold projects in Cameroon.

Following completion of the 2021/22 field season earlier this month, a total of 1,980 samples from both projects have now been dispatched for analysis and results are expected in Q3-2022.

Highlights

· CLP:

o  A total of 1,742 soil samples from the Eastern CLP (relating to Grid 3, Grid 5 and Grid 6) have now been dispatched for analysis;

o  The grids were targeted on the basis of previously reported stream-sediment anomalism (up to 291 parts per billion ('ppb') gold ('Au') or 0.29 g/t Au) and an extension of the 11.5 kilometre ('km') gold-anomalous zone identified from Grid 1 data at the Mbe licence (announcement dated 14 March 2022) ;

o  All outstanding results (Grid 2 to Grid 6) are anticipated during Q3-2022;

o  Review of the multi-element data from Grid 1, which has already returned gold grades of up to 838 ppb Au (0.84 g/t Au), has identified the potential for non-precious metals upside within the Eastern CLP. A further update will be provided in due course.

· Bibemi:

o  A total of 238 core samples from the recently completed Phase 4 diamond drilling programme have now been dispatched for analysis;

o  Phase 4 drilling was completed to test the theory of mineralised horizontal veining - in addition to the already confirmed sub-vertical veining - which could enhance the mineralised volume within the hydrothermal system;

o  Results are anticipated during Q3-2022;

o  The Company anticipates the definition of a JORC Compliant Exploration Target at Bibemi later this year.

·     Maps showing the extent of the programmes can be found on the respective project pages of the Company's website, https://orioleresources.com/projects/central-licence-package/ and

       https://orioleresources.com/projects/bibemi/;

· Both field camps have been closed for the season. Further details on follow-up programmes at CLP and Bibemi will be provided in due course.

Oriole Resources CEO, Tim Livesey, said:  "The first half of 2022 has been a busy time for the team, completing the outstanding soil grids and continued mapping in the easternmost CLP licences, and wrapping up the Phase 4 drilling programme at Bibemi ahead of the start of the rainy season.

"We continue to be impressed by the discoveries in the CLP. Significant gold-in-soil anomalies from the initial sampling grids indicate to us that this has the potential to become a new gold district in Africa.

"At Bibemi, we await assay results from the most recent drilling, with a view to improving our understanding of the geological controls on mineralisation, hopefully leading to the delivery of an initial JORC Exploration Target later in the year.  Visual inspection of the core looks promising, especially in relation to the horizontal veining, which has the capacity to increase mineralised volumes significantly."

Further Details

During the 2021/22 field season (the 'period'), the Company focussed its operations on grassroots exploration at the CLP and Bibemi gold projects in Cameroon.

CLP project

At the CLP project (3,592km² in area), located in the centre of Cameroon, eight contiguous licences (five defined as Eastern CLP and three defined as Western CLP) cover a land package that has significant potential for orogenic and epithermal style gold mineralisation. Recently published maps by a World Bank-funded prospectivity programme, 'PRECASEM', have confirmed that the CLP project overlies the highest priority gold district identified by the programme.

During the period, the Company completed semi-regional (400 metre ('m') x 200m spaced) soil sampling over six soil grids within the Eastern CLP. Five of the grids were designed to target the source of the stream-sediment anomalism identified during the previous season (announcement dated 2 November 2021).

Results from Grid 1 delineated multiple 2-3km long gold-in-soil anomalies at the Ndom licence and an 11.5km-long anomalous zone within the Mbe licence. The highest soil result from Mbe was 838 ppb Au (0.84 g/t Au) and resulted in a sixth soil sample grid being executed over the southwestern extension of the Mbe anomaly. The Company today reports a further 1,742 samples (including QAQC), relating to Grid 3, Grid 5 and Grid 6, have now been sent for analysis with results for all outstanding grids (Grid 2 to Grid 6) expected during Q3-2022.

A review of multi-element data for the Grid 1 stream sediment and soil sediment samples have also identified the potential for non-precious metals upside within the Eastern CLP. A further update will be provided in due course.

For further information on the CLP project, including a JORC Table 1, please see the following page of the Company's website https://orioleresources.com/projects/bibemi/.

Bibemi project

At the Bibemi orogenic gold project in northern Cameroon (177km² in area), four main prospects have been identified to date: Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East, with Bakassi Zone 1 being the most advanced in terms of exploration work completed. 

Between Q1-2021 and Q1-2022, the Company completed three phases of diamond drilling for a total of 6,154.10m in 49 holes at the Project, which confirmed shear-hosted gold mineralisation at all four prospects. The majority of the drilling has been focussed on a circa 1 km section at the southern end of the Bakassi Zone 1 and has delivered best results to date including 6.50m grading 3.92 g/t Au, including 1.00m grading 16.79 g/t Au (hole BBDD034), 5.20m grading 1.97 g/t Au and 9.20m grading 1.31 g/t Au (announcements dated 20 December 2021 and 9 February 2022). The mineralised shear corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of sub-vertical laminated quartz tourmaline (shear) veins as well as extensional, sub-horizontal quartz veins.

Last month the Company completed a Phase 4 diamond drilling programme that targeted the extensional quartz veins to assess their potential to enhance the volume of gold mineralisation within the system (announcement dated 29 June 2022). Following the confirmation of repeated extensional veining downhole within two holes at Bakassi Zone 1, three of the drill holes were relocated to test the Lawa West prospect, circa 3 km along strike to the southwest and where previously reported soil geochemistry has suggested interconnectivity with Bakassi Zone 1 (announcement dated 5 January 2022), and the Lawa East prospect, where Phase 1 diamond drilling delivered visible gold related to an intersection of0.80m grading 27.90 g/t Au(announcement dated 12 April 2021). The revision was on the basis of recent small-scale artisanal workings at both prospects that exposed structural intersections between the flat-lying and sub-vertical vein sets and so has the potential to replicate what has been observed at Bakassi Zone 1.

A total of 238 core samples (including QAQC) from the programme have been dispatched for analysis and results are anticipated in Q3-2022. The results will primarily be used to update the Company's three-dimensional geological and mineralisation model for Bakassi Zone 1, where the Company anticipates defining a JORC Compliant Exploration Target later this year on the basis of all drilling completed to date. It will also be used, alongside results from the recently completed geomagnetic survey (announcement dated 29 June 2022), to assess the potential for further resource definition at Lawa West and Lawa East. For further information on the Bibemi project, including a JORC Table 1, please see   the following page of the Company's website https://orioleresources.com/projects/central-licence-package/ .

Field camps at both projects have been closed for the season. Further details on follow-up programmes in Cameroon will be provided in due course.

Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), the Company has satisfied the conditions to earn a 90% interest in Bibemi, the Wapouzé project (20km to the north) and three licences in Central Cameroon. Beneficial ownership in the licences has been confirmed and the administrative process to formalise this ownership is currently underway.

Competent Persons Statement  

The information in this release that relates to Exploration Results has been compiled by Claire Bay (Executive Director, Exploration and Business Development). Claire Bay (MGeol, CGeol) is a Competent Person as defined in the JORC code and takes responsibility for the release of this information. Claire has reviewed the information in this announcement and confirms that she is not aware of any new information or data that materially affects the information reproduced here.

** ENDS **

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.  

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

Oriole Resources PLC Tim Livesey / Claire Bay / Bob Smeeton	Tel: [phone]
BlytheRay (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks	Tel: [phone]
Grant Thornton UK LLP Samantha Harrison / George Grainger /Ciara Donnelly	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 in West Africa. It is focussed on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Licence Package 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. Under the terms of the Option Agreement, IAMGOLD has recently met its first commitment by spending US$4 million within an initial four years and will shortly acquire a 51% interest in Senala. The Company also 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.

 

END

 

 

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