Further Gold Targets identified

RNS Number : 2419W

Oriole Resources PLC

17 August 2022

 

Oriole Resources PLC 

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

Exploration Update:

Further Gold Targets identified in the Central Licence Package, Cameroon

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focused on West Africa, provides an exploration update on its 90%-owned Central Licence Package ('CLP') project in Cameroon. The district-scale CLP project comprises eight contiguous licences covering 3,592 square kilometres ('km ² ') of previously unexplored Paleo-Proterozoic to Pan-African age rocks that are highly prospective for orogenic-style gold mineralisation .

Work to date has focused on the five easternmost licences ('Eastern CLP') where a first pass semi-regional soil sampling programme has recently been completed across six target areas, following an initial regional stream sediment sampling programme in 2021.

Highlights

· Results received for 3,533 soil samples (including QAQC) from the Eastern CLP (relating to Grid 2 to Grid 6);

· Anomalous results confirmed within all grids. Best results include 520 parts per billion (' ppb') gold ('Au'), 463 ppb Au and 111 ppb Au with 12 samples grading ≥51 ppb Au and 105 samples reporting ≥8 ppb Au threshold;

·   Results have extended the east-west trending anomalous zone at Mbe by a further kilometre ('km') and have identified a 1.5km parallel trend to the north. Mineralisation occurs as a series of en-echelon (structurally-controlled) trends that occupy a c.12.5km long by 3km wide corridor;

· Multi-km anomalies have also been identified within the Pokor (Grid 3) and Niambaram (Grid 4) permits;

· All targets will now be ranked and follow-up programmes planned ahead of the new field season.

Oriole Resources  CEO,  Tim Livesey , said:  "We are pleased to report outstanding results from this early stage prospectivity work in the CLP. We are extremely encouraged by the addition of another batch of positive gold-in-soil anomalies, as well as the extension to our longest existing anomaly in the Mbe licence, where additional sampling has extended the target zone to over 12km.

"The return of yet more successful results from this second phase of targeted soil sampling, which was based on previous positive results from the prospect-wide stream sediment programme in 2021, really does appear to confirm our proposition that the CLP covers a brand-new gold district in central Cameroon.

"As with all early-stage exploration, this is a simple numbers game. The more, strong, gold-in-soil targets we can identify in the early stages of exploration, the more chance we have of discovering multiple new gold deposits as we progress our programmes.

"The Eastern CLP covers over 70km strike length of the Tcholliré-Banyo Shear Zone (TBSZ), a wide corridor of structural deformation that appears to be controlling the location of multiple potential gold targets on our ground.

"Cameroon is certainly delivering on our idea of a new frontier for gold exploration in Africa, and we look forward to following up on these targets as the dry season commences later this year."

Figure 1: Results from Phase 1 soil sampling over Eastern CLP

Figure 2: Regional geology of the Mbe licence, highlighting Phase 1 soil sampling anomalies

Further Details

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. All licences were granted in February 2021 and have an initial exploration term of three years, plus three renewable extensions of two years each. Recently published maps by a World Bank-funded prospectivity programme, 'PRECASEM', confirm that the CLP project overlies the highest priority gold district identified by the programme.

The Company has recently completed semi-regional (400m x 200m spaced) soil sampling over six soil grids within the Eastern CLP (announcements dated 23 May 2022 and 21 July 2022). 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 two-three km long gold-in-soil anomalies at the Ndom licence and an 11.5km-long anomalous zone within the Mbe licence (announcement dated 14 March 2022) . The highest soil result from Mbe was 838 ppb Au (0.84 g/t Au) and resulted in a sixth soil sample grid ('Grid 6') being executed over the southwestern extension of the Mbe anomaly.

The Company today reports results for a further 3,533 samples (including QAQC), relating to Grid 2 to Grid 6. Anomalous results have been identified in all grids, with best results including 520 ppb Au, 463 ppb Au and 111 ppb Au and 12 samples grading ≥51 ppb Au. Using a threshold of 8 ppb Au, 105 samples have outlined further multi-km anomalies within the Mbe, Pokor and Niambaram permits.

At Mbe, the results have identified a new 1.5km-long anomaly that is parallel and c.400m to the north of the previously identified anomalous zone in Grid 1. Together with a kilometre-long extension to the Grid 1 zone, the en-echelon, structurally-controlled trends at Mbe are now confirmed to occupy a c.12.5km long by 3km wide corridor. All targets will now be ranked and follow-up programmes planned ahead of the new field season.

As previously reported, a review of multi-element data for the Grid 1 stream sediment and soil sediment samples has also identified the potential for non-precious metals upside within the Eastern CLP (announcement dated 23 May 2022). 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/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 / 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.

 

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