Exploration Update: Bibemi Gold Project, Cameroon

RNS Number : 1455N

Oriole Resources PLC

30 May 2022

 

Oriole Resources PLC 

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

Exploration Update: Bibemi Gold Project, Cameroon

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an exploration update on its 90%-owned Bibemi gold project ('Bibemi' or 'the Project') in Cameroon.

To date, four main prospects have been identified at the Project, with the majority of drilling having been focussed on a circa 1 kilometre ('km') section at the Bakassi Zone 1 prospect ('Bakassi Zone 1' or the 'Prospect'). Drilling to date at the Prospect has delivered encouraging near-surface intervals including 6.50 metres ('m') grading 3.92 grammes per tonne ('g/t') gold ('Au'), 9.20m grading 1.31 g/t Au and 5.20m grading 1.97 g/t Au (announcements dated 20 December 2021 and 9 February 2022).

Highlights

· Phase 4 diamond drilling programme has commenced at Bakassi Zone 1;

· The programme will comprise an initial 550m drilling, primarily focussed on testing the sub-horizontal extensional quartz veins that are believed to be a strong control on the location of gold within the shear corridor;

· The results will be used to update the Company's three-dimensional geological and mineralisation model for the Prospect;

· Expansion of the drilling programme will be subject to ongoing geological observations;

· A geomagnetic survey has recently been completed across the four key prospects at Bibemi and an interpretation of the results is currently underway;

· A series of technical studies are also underway to support a two-year extension of the Bibemi licence and a report will be submitted in Q3 to support this process;

· A drill plan showing the location of the upcoming programme can be viewed, together with a cross section through the 3D model, at the following link:

http://www.rns-pdf.londonstockexchange.com/rns/1455N_1-2022-5-27.pdf

Oriole Resources  CEO,  Tim Livesey , said:  "We're pleased to be drilling again at the Bakassi Zone 1 prospect within the Bibemi licence. We have aggressively progressed our programmes at the Project and are excited to be moving toward a clearer definition of the mineralising systems.  

"Structural studies carried out previously identify these cross-cutting, sub-horizontal structures as being important for controlling the location of higher-grade intervals within the shear corridor. This programme offers the potential for significant volumetric increase to the known system and so we look forward to sharing the findings from this programme with the market as they become available.

"At the Lawa East prospect, similar sub-horizontal structures have been observed in relation to high-grade mineralisation including 0.80m grading 27.90 g/t Au which included a quartz-tourmaline vein with visible gold."

Further Details

Since commencing its maiden drilling programme in Q1-2021, the Company has completed a total of 6,154.10m diamond drilling in 49 holes at the Project, which have confirmed shear-hosted gold mineralisation at all four prospects. T he 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, 5.20m grading 1.97 g/t Au and 9.20m grading 1.31 g/t Au (a nnouncements dated 20 December 2021 and 9 February 2022) . The mineralised corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of sub-vertical laminated quartz tourmaline veins as well as extensional, sub-horizontal quartz veins.

The Company reports today that a Phase 4 diamond drilling programme has commenced for an initial 550m that will primarily focus on testing the sub-horizontal extensional quartz veins as their intersection with the sub-vertical veins is believed to be a strong control on the location of gold within the shear corridor. The results of the programme will be used to update the Company's three-dimensional geological and mineralisation model for the Prospect. Expansion of the drilling programme will be subject to ongoing geological observations.

A geomagnetic survey has recently been completed at Bibemi to test the four key prospects over a total survey area of 6km², with an investigation depth of 200m from surface. The survey was completed at a line spacing of 100m (lines orientated towards 130 degrees) and using a survey point spacing of 20m. Processing of the data and interpretation of the results is currently underway and may lead to further drill target definition.

A series of technical studies, including specific gravity measurements and metallurgical testwork, are also underway to support a two-year extension of the Bibemi licence beyond its current term which expires on 5 October 2022 (announcement dated 8 October 2020) and a technical report will be submitted to the Ministry of Mines in Q3 this year to support this process.

For further information on the Bibemi project, including drill plans 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.

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 Bob Smeeton / Tim Livesey / 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]
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.

 

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