Significant Mineralised Intervals Returned at Mbe

Oriole Resources PLC

21 June 2023

 

Oriole Resources PLC 

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

Significant Mineralised Intervals Returned at Mbe, Cameroon -

 including 8.47 g/t gold over 2.20 metres

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide exploration results for its Mbe prospect ('Mbe' or the 'Prospect') within the Mbe licence. A pilot channel-chip sampling programme, which was completed last month (announcement dated 24 May 2023), has returned significant mineralised intervals across all six sample lines, including 2.20 metres ('m') grading 8.47 grammes per tonne ('g/t') gold ('Au') and 5.00m grading 2.03 g/t Au.

Mbe is part of the Eastern CLP project ('Eastern CLP', or the 'Project') and lies within its 90%-owned, district-scale Central Licence Package ('CLP') in Cameroon. The CLP covers Paleo-Proterozoic to Pan-African age rocks that are highly prospective for a range of commodities, including orogenic-style gold mineralisation and pegmatite-hosted lithium.

Highlights

·    During Q2-2023, minor artisanal pits exposed narrow, trench-like profiles at six locations over a 200m strike length of one of the shear veins in the main three kilometre ('km')-long by 70m wide corridor at Mbe;

·    The hand-dug workings enabled the collection of channel-chip samples on short 2-5m wide lines that are approximately perpendicular to the dominant north-east shear trend and provide a small window into the much wider corridor of mineralised veins;

·    Results for a total of 19 channel-chip samples (22 including QAQC) have returned mineralised intervals across all six sample lines, with 11 samples grading over 1 g/t Au. Best intervals (using a 0.30 g/t Au cut off) include:

o  MBTR01 : 2.20m @ 8.47 g/t Au

o  MBTR02 : 5.00m @ 0.90 g/t Au

o  MBTR04 : 5.00m @ 2.03 g/t Au

o  MBTR05: 2.10m @ 3.69 g/t Au

·    Samples were all taken from oxide material within a few metres of surface, with all channel sample lines ending in mineralisation on one or both sides of the interval (therefore the end of mineralisation being dictated by the geometry of the artisanal pit rather than a lack of grade). The full width of the mineralised zone is not fully sampled but is estimated to be approximately 70m considering the distribution of surface outcrops;

·    Mineralisation has been returned from a range of host rocks including variably brecciated shear and extensional quartz veins and altered wall rock. The highest grade returned from a wall rock sample was 5.94 g/t Au over 0.90m, within the MBTR05 interval, suggesting the potential for near-surface bulk-minable mineralisation;  

·    Maiden drilling at the Prospect is planned for the 2023/24 field season;

·    Work on previously announced project level funding for the forthcoming Eastern CLP work programmes is still in progress and is now forecast to complete in Q3-2023.

Oriole Resources Exploration & Business Development Director, Claire Bay, said: "The Central Licence Package, and indeed Cameroon as a whole, continues to highlight itself as an exciting new frontier for mineral exploration. These latest results are no exception.

"Having been on the ground with the team just last month, it's extremely pleasing to have validated our geological observations so quickly and with such success. The fact that we have now confirmed significant widths of multi-gramme gold mineralisation within a few metres of surface, and extending over a 200m strike length, not only endorses our previous selective rock-chip results, it highlights the enormous opportunity that exists at the Prospect and within the wider Project. It's important to note that this 200m-long section covers just one vein within a 3km-long by 70m-wide mineralised corridor at Mbe, and that Mbe is just one Prospect within the Eastern CLP project.

"Mbe has a prime location, being close to the regional airport, tarred road, power and water. With Oriole having published Cameroon's first JORC-Compliant gold resource just last year at its Bibemi project, Mbe is fast becoming the next target for resource development, and we look forward to a maiden drilling programme in the next field season, as well as following-up on other geochemical anomalies identified at the Project. We have plenty of space to find multiple 'Mbes' and that is hugely exciting."

    

Figure 1: Location of the best channel sampling intervals over a 200m-long zone of one shear vein within the main 3km-long corridor at Mbe.

Further Details

At the CLP project (total 4,091 square kilometre ('km²) in area), located in the centre of Cameroon, nine contiguous licences (five defined as Eastern CLP, three defined as Western CLP and the lithium-focussed Gamboukou licence) cover a land package that has significant potential for orogenic gold mineralisation and other minerals, including pegmatite-hosted lithium. The Company has a 90% interest in all nine licences, which it holds through local subsidiary companies.

The Eastern CLP (Tenekou, Niambaram, Pokor, Ndom, and Mbe; covering a total of 2,266km² licences were granted in February 2021 and have an initial exploration term of three years, plus three renewable extensions of two years each.

In Q1-2023, the Company reported results for a total 76 rock-chip samples (including QAQC) at Mbe, predominantly taken from a 3km-long (and at least 70m-wide) north-northeast trending corridor comprising sulphide-rich and locally brecciated quartz veins within strongly altered granitic host rocks (announcements dated 30 January 2023 and 27 February 2023). 17 samples yielded greater than 1 g/t Au with best results including 134.10, 131.80, 64.30, 40.80, 19.44 and 16.20 g/t Au.

Since that work was completed, minor artisanal workings/pits have exposed narrow (3-4m wide) trench-like profiles that have enabled the collection of 19 channel-chip samples (22 including QAQC) on six parallel lines (Figure 2). These are approximately perpendicular to the dominant north-east shear trend and cover a 200m strike length of one of the multiple mineralised veins within the broader 70m-wide corridor. They should be considered partial trenches as they do not test the full width of the mineralised zone, only the portion exposed in the artisanal pit.

Figure 2. Main: Rock-chip sampling results to date within the main 3km-long gold-mineralised corridor at Mbe. Inset: Location of the best channel sampling intervals over a 200m-long zone within the main corridor.

Results have returned 17 samples grading more than 1 g/t Au and mineralised intervals on all lines, as detailed in Table 1 (also see Figures 1 and 2). Best intervals include 2.20m grading 8.47 g/t Au (MBTR001), 5.00m grading 2.03 g/t Au (MBTR004) and 2.10m grading 3.69 g/t Au (MBTR005).

Table 1. Significant mineralised intervals (using 0.30 g/t Au cut off) from channel-chip sampling* at Mbe.

Trench number	Interval Length (m)	Average Grade (g/t)
MBTR001	2.20	8.47
including	1.20	14.30
MBTR002	5.00	0.90
including	2.00	1.08
MBTR003**	0.20	5.00
MBTR004	5.00	2.03
including	2.00	3.52
MBTR005	2.10	3.69
including	0.90	5.94
MBTR006	3.00	0.88
including	1.20	1.13

*Completed perpendicular to the north-east shear zone where possible, subject to the artisanal pit geometry and therefore have not tested the full width of the mineralisation.

**A single sample taken over a single extensional quartz vein; wall rock not tested.

Mineralisation has been confirmed in steeply-dipping, shear parallel (north-east trending) massive silica veins, that are up to 3m wide and can pinch and swell with depth, as well as narrower (up to 1m wide), extensional quartz veins that are also steeply-dipping and typically trend north-west (Figure 3B).

Figure 3: Photos taken across partial trenches MBTR004 (A; viewing to the south-southwest) and MBTR001 (B; viewing towards the south) showing approximate location of sampling over intersecting shear and extensional vein sets.

However, as seen at surface, significant gold grades have also been returned from the strongly altered wall rocks, including 0.90m grading 5.94 g/t Au in MBTR005 (Figure 4). As highlighted by Figure 1, 3 and 4, the length of the mineralised interval was often limited by the width of the artisanal pits, with all intervals ending in mineralisation in one or both directions. The full width of the mineralised zone is therefore not yet fully tested; however, it is believed to be at least 70m wide based on the distribution of mineralised outcrops at surface (Figure 2). The deep weathering profile is typical of that seen in the Birimian rocks of West Africa and offers the potential for bulk-mineable mineralisation from surface.

Figure 4: Photo taken across partial trench MBTR005 at Mbe, highlighting approximate location of channel-chip sampling across a central shear-parallel vein of massive silica and high-grade gold extending into the surrounding altered granitoid wall rock to the east. Viewing towards the north-northwest.

As previously announced, a ground-based magnetic survey has also recently been completed over the entire anomalous zone at Mbe to help identify structures that could further assist in defining the geological context of the gold anomalism at the prospect. Processing and interpretation of the data will be completed by Australia-based Terra Resources during Q3-2023 and will enable the identification of drill targets, particularly within the main 3km-long corridor.

As announced on 11 April 2023, the Company has engaged a Canadian investment banking firm to secure US$1 million of project-level exploration financing in return for a 10% non-carried interest in the Company's 90% shareholding in the Eastern CLP. The investment will be earmarked exclusively for gold exploration and funding the Company's proposed work programme on the Project, thus enabling the Company to pursue other funding opportunities to further lithium exploration within the CLP. The financing was initially scheduled for completion in Q2-2023 but the Company has been advised that this will now extend into Q3-2023.

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/central-licence-package. 

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 / Bob Smeeton / Claire Bay	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]
SP Angel Corporate Finance LLP Ewan Leggat / Harry Davies-Ball	Tel: [phone]

Notes to Editors:

Oriole Resources PLC is an AIM-listed gold exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon, where the Company has a maiden Resource of 305,000 oz Au in the JORC Inferred category at the Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. At the more advanced Senala gold project in Senegal, Oriole was advised by IAMGOLD on 26 April 2023 that AGEM Senegal Exploration Suarl ('AGEM') was now a wholly-owned subsidiary of Managem Group. As previously announced, AGEM has earned an initial 51% beneficial interest by spending US$4 million and has the option to spend up to a further US$4 million by 28 February 2024 to earn a further 19% interest. Reverse Circulation drilling is planned as part of AGEM's Year 6 programme at Senala. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could deliver future cash flow.

 

END