Bibemi Receives Two-Year Licence Extension

RNS Number : 4238B

Oriole Resources PLC

03 October 2022

 

Oriole Resources PLC 

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

Bibemi Receives Two-Year Licence Extension

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to report that it has received a two-year licence extension for its 90%-owned Bibemi orogenic gold project ('Bibemi' or 'the Project') in Cameroon. Under Cameroonian law, there is no mandatory ground relinquishment required on renewal and, as such, the Company has maintained the full 177km² licence area. The non-renewable extension is valid until 26 September 2024, at which point the Company will need to apply for an exploitation licence.

Exploration to date at the Project has identified shear-hosted gold mineralisation at four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - with Bakassi Zone 1 being the most advanced in terms of work completed. Since Q1-2021, the Company has completed four phases of diamond drilling for a total of 6,685.40 metres ('m') in 54 holes. The majority of the drilling has been focussed on a circa 1 kilometre ('km') section at the southern end of the Bakassi Zone 1 prospect and has delivered  best intersections of 14.80m grading 4.27 grammes per tonne ('g/t') gold ('Au') and 7.70m grading 2.74 g/t Au (hole BBDD050), 6.50m grading 3.92 g/t Au (hole BBDD034),   5.20m grading 1.97 g/t Au, 9.20m grading 1.31 g/t Au   (announcements dated  20 December 2021 ,  9 February 2022 and 15 September 2022 ). The mineralised corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of sub-vertical quartz-tourmaline veins as well as extensional, sub-horizontal quartz veins. The system remains open along strike and at depth.

The latest Phase 4 drilling has supported the potential for mineable widths of mineralisation at the Project and estimation of a JORC Exploration Target for Bakassi Zone 1 is now underway, with delivery anticipated in early Q4-2022.

Oriole Resources  CEO,  Tim Livesey , said:  "We are pleased to have received this two- year extension for Bibemi. Having only started drilling at the Project a year and a half ago, we have been able to move quickly to test our priority targets and look forward to reporting a JORC Exploration Target shortly.

"None of this would have been possible without the support of the Ministry of Mines and the local communities and we look forward to continuing to work together to help unlock Cameroon's significant mineral potential."

For further information on the Bibemi project, including drill plans, cross-sections and a JORC Table 1, please see the following page of the Company's website https://orioleresources.com/projects/bibemi/.

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.

** 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 in East Africa and Turkey that could deliver future cash flow.

 

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