Mbe Exploration Update - MB01 Trenching Results

Oriole Resources PLC

03 September 2024

 

Oriole Resources PLC 

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

 Mbe Exploration Update -

 Initial Trenching Results at MB01 return up to 50.00m at 1.11g/t Au

Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed on West and Central Africa, is pleased to provide an exploration update for its 80%-owned Mbe gold project in the Adamawa region of Cameroon ('Mbe' or the 'Project'), where BCM International Limited ('BCM') is currently funding up to US$4 million in exploration expenditure.

Mbe is just one of five licences within the Company's broader package of contiguous exploration licences, the 'Eastern CLP', which covers 2,266 square kilometres ('km²') of ground prospective for gold deposits.

Highlights

·    Initial results for three of the first nine (Phase 1) trenches, approximately 200 metres ('m') apart (targeting the 0.95 kilometre ('km')-long MB01-N sub-prospect), include the following best channel sample intersections (north to south):

o  Trench MBT001 - 50.00m at 1.11 grammes per tonne ('g/t') gold ('Au'), including 20.00m at 2.23g/t Au;

o  Trench MBT003 - 68.00m at 0.77g/t Au, including 12.00m at 1.00g/t Au, 24.00m at 1.18g/t Au;

o  Trench MBT002 - 38.00m at 0.55g/t Au.

·    Intersections correlate well with the previously reported gold-in-soil anomalism (announcement dated 4 June 2024), with all three being associated with a mineralised and sheared felsic porphyry unit with mafic xenoliths.

·    Further results from the remaining trenches are expected to be released over the next few weeks.

·    The trenching results will inform the planning of the maiden drilling programme to be conducted in the 2024/2025 field season.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "These trenching results are highly encouraging, being over substantial widths and supporting our learned opinion that Mbe is a potentially significant gold discovery.  The remaining trench sampling results are eagerly anticipated so we can commence planning for the maiden drilling programme."

 

Figure 1. Trenching intervals from MBT001 to MBT003 at MB01-N, presented on the 100m x 25m soil survey contours and Maxar satellite imagery. Note Phase 1 trenches are at ~200m spacing, with Phase 2 infill trenches (MBT010 to MBT014) reducing the spacing to 100m.

Further Details

Mbe (licence area 312km²) is an orogenic gold project at an early-stage of exploration, located within the broader 2,266km² 'Eastern CLP' package of five contiguous gold-focussed exploration licences in the Adamawa region in central Cameroon.  Since 2022, the Company's systematic exploration programmes have identified a 3km-long, northeast-trending prospect, named MB01 (the 'Prospect'), which sits within a wider 12.5km-long zone of gold-in-soil anomalism that trends east-northeast.

At MB01, increased dilation at the sites of structural intersections has resulted in enhanced levels of gold deposition at the MB01-N and MB01-S targets.  Gold mineralisation at these targets comprises high-grade, sulphide-rich quartz veins that occur within, or at the contact with, an intensely altered felsic unit, which itself is mineralised and creates wide envelopes of pervasive, lower grade gold mineralisation.  Rock-chip sampling to date has delivered results of up to 260.03g/t Au from outcropping quartz veins, and up to 25.16g/t Au from artisanal pits (announcements dated 30 January 2023, 27 February 2023, 21 June 2023 and 22 January 2024).

Results from 4,537 infill soil samples (taken on a 100m x 25m grid, including QAQC) over the Prospect, delivered up to 8,174 parts per billion ('ppb') (8.17g/t) Au and identified three substantial zones of in-situ gold mineralisation, the most significant being at MB01-S, where a greater than 100 ppb Au soil anomaly extends over an area of 1.15km by up to 0.75km.

Following on from the infill soil programme at MB01, two phases of trenching for a total of 7,055m have been completed.  This programme targeted the soil anomalism over the MB01-N and MB01-S sub-prospects, where access and ground conditions have allowed:

o  A Phase 1 maiden trenching programme of 5,338m over nine trenches (MBT001 to MBT009), completed at a spacing of approximately 200m apart.

o  A Phase 2 infill programme of further seven trenches (MBT010 to MBT016), completed for 1,717m, reducing the above spacing to approximately 100m over key zones of the soil anomalies.

 

Figure 2. Trench plan showing the location of Phase 1 and Phase 2 trenches at MB01, in relation to gold-in-soil anomalism at the Prospect. Superimposed on Maxar satellite image background.

Sampling was completed as a continuous channel, with material being collected from the trench wall (30-40 centimetres from the trench floor) and from weathered, in-situ material, to negate contamination from the stone-line or near surface material. Each sample typically comprised material composited over 2m intervals, taking into account lithological boundaries.  

Results for 1,357 samples (including QAQC) have been received for trenches MBT001 to MBT003.  All samples were analysed for gold at Bureau Veritas in Abidjan using a fire assay with an atomic absorption spectrometry (AAS) finish.  A review of QAQC confirmed that all data falls within acceptable limits of error. Significant intersections (calculated using a 0.20g/t Au cut-off grade and with no more than 6m internal dilution) are presented in Table 1 below.  The best results include 50.00m at 1.11 g/t Au (MBT001), 68.00m at 0.77g/t Au including 24.00m at 1.18g/t Au (MBT003), and 38.00m at 0.55g/t Au (MBT002).

Table 1. Calculated intersections for trenches MBT001 to MBT003 using a 0.20g/t Au cut-off grade and no more than 6.00m internal dilution. The most significant intersections are highlighted in bold.

Trench ID	From (m)	To (m)	Grade (g/t Au)	Intersection
MBT001	198.00	200.00	0.24	2.00m at 0.24 g/t Au
	204.00	206.00	0.32	2.00m at 0.32 g/t Au
	224.00	226.00	0.27	2.00m at 0.27 g/t Au
	280.00	282.00	0.26	2.00m at 0.26 g/t Au
	314.00	320.00	0.34	6.00m at 0.34 g/t Au
	326.00	328.00	0.26	2.00m at 0.26 g/t Au
	338.00	340.00	0.22	2.00m at 0.22 g/t Au
	348.00	352.00	0.79	4.00m at 0.79 g/t Au
including	350.00	352.00	1.30	2.00m at 1.30 g/t Au
	356.00	372.00	0.29	16.00m at 0.29 g/t Au*
	388.00	396.00	0.37	8.00m at 0.37 g/t Au
	400.00	402.00	0.24	2.00m at 0.24 g/t Au
	414.00	464.00	1.11	50.00 at 1.11 g/t Au
including	432.00	452.00	2.23	20.00 at 2.23 g/t Au
MBT002	340.00	342.00	0.29	2.00m at 0.29 g/t Au
	504.00	510.00	0.20	6.00m at 0.20 g/t Au
	530.00	538.00	0.53	8.00m at 0.53 g/t Au
including	530.00	532.00	1.11	2.00m at 1.11 g/t Au
	546.00	554.00	0.23	8.00m at 0.23 g/t Au
	558.00	560.00	0.23	2.00m at 0.23 g/t Au
	568.00	576.00	0.73	8.00m at 0.73 g/t Au
including	572.00	576.00	1.00	4.00m at 1.00 g/t Au
	594.00	596.00	0.21	2.00m at 0.21 g/t Au
	600.00	638.00	0.55	38.00m at 0.55 g/t Au*
including	612.00	614.00	0.65	2.00m at 1.16 g/t Au
and	636.00	638.00	1.93	2.00m at 1.93 g/t Au
MBT003	56.00	58.00	0.65	2.00m at 0.65 g/t Au
	118.00	120.00	0.24	2.00m at 0.24 g/t Au
	188.00	194.00	0.36	6.00m at 0.36 g/t Au
	216.00	218.00	0.47	2.00m at 0.47 g/t Au
	448.00	516.00	0.76	68.00m at 0.77 g/t Au*
including	452.00	464.00	1.00	12.00m at 1.00 g/t Au
and	468.00	470.00	1.68	2.00m at 1.68 g/t Au
and	482.00	506.00	1.18	24.00m at 1.18 g/t Au
	558.00	562.00	0.45	4.00m at 0.45 g/t Au
	670.00	672.00	0.22	2.00m at 0.22 g/t Au

* intervals with up to 6m internal dilution

A geological review of trenches MBT001 to MBT003 has highlighted two main lithologies: amphibolite-gneisses and porphyritic felsic intrusions, also referred to as a 'quartz feldspar porphyry' or QFP.  The intrusions are sheared and range in width from a few centimetres to tens of meters.

The widest intersections from all three trenches correlate with the previously identified 'main' QFP intrusion which exhibits strong silicification, moderate fracturing, quartz veins and veinlets with boxwork textures after pyrite.  The fracture density is considered proportional to quartz vein thickness, with the thickest (metre scale) veins observed within areas of high fracture density in the QFP.

Figure 3. Trench MBT001 schematic cross-section covering 400m - 465m which hosts the 50.00m at 1.11g/t Au intersection from 414m.  Most of the intersection is hosted by QFP but grades of up to 0.50g/t Au occur up to 10m from QFP, within areas of fracturing and strong silicification.

Interpretation of the geology, in particular the structural controls, for the remainder of the trenching programme is on-going, and will be presented alongside additional results later in Q3-2024.  Samples for the Phase 2 infill trenching programme are also being processed with results to follow the Phase 1 programme.

The detailed understanding of the geology and structure of the deposit that will be obtained from the trenching data will be used to design a maiden drilling programme, which is expected to commence in the 2024/25 field season.

For further information on the Mbe 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 technical information in this release that relates to Exploration Results and the planned exploration programme 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.

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	Tel: [phone]
Martin Rosser / Bob Smeeton / Claire Bay
BlytheRay (IR/PR Contact)	Tel: [phone]
Tim Blythe / Megan Ray
Grant Thornton UK LLP	Tel: [phone]
Samantha Harrison / Ciara Donnelly / Elliot Peters
SP Angel Corporate Finance LLP Ewan Leggat	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 reported a Resource of 375,000oz Au at 2.30g/t in the JORC Inferred category at its 82.2%-owned Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project.  BCM International is currently earning up to a 50% interest in the Bibemi and Mbe projects in return for a combined investment of US$1.5 million in signature payments, up to US$8 million in exploration expenditure, as well as JORC resource-based success payments.

At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of Managem Group, has recently completed a six-year earn-in to acquire an estimated 59% beneficial interest in the Senala Exploration Licence by spending US$5.8 million.  A review of expenditure and discussions on the formation of a joint-venture company are currently underway.  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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