Mbe Exploration Update, Cameroon

Oriole Resources PLC

24 May 2023

 

Oriole Resources PLC 

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

Mbe Exploration Update, Cameroon

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an exploration update on its Mbe prospect ('Mbe' or the 'Prospect'), where a pilot channel-chip sampling programme has been completed. Mbe, which is part of the Eastern CLP project ('Eastern CLP', or the 'Project') 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 lithium.

Highlights

·    In Q1-2023, selective rock-chip sampling at Mbe delivered 17 samples grading over 1 g/t Au from a north-northeast trending structural corridor that cross-cuts a broader 12km-long anomaly. The corridor is 3km-long and at least 70m-wide;

·    Mineralised veins within this corridor returned grades of up to 134.10 g/t Au;

·    Minor artisanal workings have exposed narrow trench-like profiles at six locations over a 200m strike length of one of the shear veins in the main corridor, which has enabled the collection of channel-chip samples on lines that are perpendicular to the dominant north-east shear trend;

·    Steeply-dipping, shear-parallel, massive silica veins are observed over zones up to 3m wide, with strong alteration extending into the wall rock. These zones are intersected by narrower (up to 1m wide), extensional quartz veins that are steeply dipping to the northeast and typically trend north-west;

·    Both structures have abundant sulphides, predominantly pyrite, and visible gold has been observed in the extensional veins;

·    A total of 22 (including QAQC) channel-chip samples have been collected and will now be sent for analysis, with results anticipated in Q3-2023;

·    A full interpretation of data from the recently-completed ground-based geophysics programme is also anticipated during Q3-2023 and will assist with the identification of these and other structures at depth to enable development of the geological model;

·    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. Rock-chip sampling to date has already reported up to 3 g/t Au in the altered wall rock;

·    Due to the highly altered nature of the rocks, a total of 23 samples have also been collected for thin section and other analyses to assist with lithological interpretation and gold deportment studies;

·    The Company is currently engaged in securing project level funding for the forthcoming Eastern CLP work programmes, with an update expected within Q2-2023 (announcement dated 11 April 2023).

Oriole Resources CEO, Tim Livesey, said: "We are very pleased to see yet more evidence of the size and grade potential of this gold anomalism in the north of the Mbe licence. 

"Two complimentary mineralised vein sets with significant widths, grades up to 3 g/t gold in the altered host rocks, grades in excess of 100 g/t gold in the main vein systems and visible gold identified in the extensional veins - a hugely positive result. 

"Although the large footprint of this system led us to concentrate initially in this northern part of the Mbe licence, we should remember that we have several other gold anomalies along this 75 km corridor of the Tchilloré Banyo Shear Zone, again emphasising the enormous opportunity in this new gold district. 

"The second half of 2023 should see us drill testing some of these targets and we are confident that, with the results seen to date, we can expect great things from these Eastern CLP licences."

Figure 1: Photo taken across trench MBTR005 at Mbe, highlighting approximate location of channel-chip sampling across a 2m-wide, shear-parallel vein of massive silica and the surrounding altered granitoid wallrock. Whilst artisanal digging has been completed along the strike length of the shear vein (therefore in a north-east direction), sampling has been completed perpendicular to that trend to ensure representivity.

Further Details

At the CLP project (4,091km² 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. 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) licences were granted in February 2021 and have an initial exploration term of three years, plus three renewable extensions of two years each.

Earlier this year, 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 have exposed narrow trench-like profiles which has enabled the collection of channel-chip samples on six parallel lines. These are perpendicular to the dominant north-east shear trend and cover a 200m strike length of one of multiple veins within the broader 70m-wide corridor.  

   

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

The workings have clearly exposed steeply-dipping, dark grey massive silica veins that are up to 3m wide and can pinch and swell with depth. These structures are shear-parallel and have pervasive sulphide mineralisation, predominantly pyrite. These shear veins are intersected by narrower (up to 1m wide), extensional quartz veins that are steeply-dipping and typically trend north-west. They are strongly sheared and contain visible gold.

Whilst surface exposure is limited, these structural relationships are also observed in sub-crops, an example of which is shown in the following figure.

 

Figure 3: Left: Sub-cropping brecciated grey silica vein in strongly-silicified porphyritic granitic host. Extensional veins cross-cut in a north-northwest direction, creating sigmoidal t-veins and dilational jog features. Right: Massive grey silica quartz vein pinching and swelling over the vertical profile of an artisanal pit.

Strong alteration is observed extending laterally into the wall rock and continues to the base of the pits/trenches (up to 4m depth); a range of mineralisation and alteration styles identified to date is shown in Figure 4. 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. Rock-chip sampling to date has already reported up to 3 g/t Au in the altered wall rock.

A total of 22 samples (including QAQC) have been collected (see Figure 2) and will now be sent for analysis, with results anticipated in Q3-2023. It should be noted that these channels only cover a 3-4m wide cross-section of one of multiple veins within the 70m-wide shear corridor.

Figure 4. Common mineralisation and alteration styles observed at Mbe.

Due to the highly altered nature of the rocks, a total of 23 samples have also been collected (see Figure 5) for thin section and other analyses to assist with lithological interpretation and gold deportment studies.

Figure 5: Location of thin section samples collected over the main mineralised 3km-long corridor at Mbe, within the Eastern CLP, on mapped geology.

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. A further update on this is anticipated in Q2-2023.

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