Mobilisation of Drill Rig to Bibemi Project

RNS Number : 9361Z

Oriole Resources PLC

24 September 2020

 

Oriole Resources PLC 

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

Mobilisation of Drill Rig to Bibemi Project, Cameroon

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to announce that it has signed a 3,000 metre ('m') diamond drilling contract with Capital Limited ('Capital') with respect to its Bibemi exploration licence in Cameroon ('Bibemi' or 'the Project'). It is anticipated that mobilisation of equipment will take approximately six to eight weeks, which will enable the Company to commence its planned maiden drilling programme at the Project during Q4-2020 (announcement dated 11 May 2020).

Highlights

· Capital appointed as drill contractor for Cameroon;

· Contract signed for an initial 3,000m of diamond drilling;

· 17 drill holes already identified and pegged within the high-grade Bakassi area ('Bakassi' or 'the Prospect') for a planned 1,940m;

· The programme will focus on testing the depth-extension of mineralisation identified to date;

· Further targeting planned at the northern end of Bakassi, which remains open along strike;

· Mobilisation of equipment to site is now underway and is expected to take six to eight weeks;

· Maiden drilling programme at Bakassi expected to commence during Q4-2020.

Oriole Resources CEO, Tim Livesey, said : "We are very pleased that the mobilisation of the equipment for the drill programme at Bibemi, which was delayed due to the COVID-19 pandemic, has begun. 

"We are confident that Bibemi will continue to build on the good results we've already yielded from the rock chip sampling and trenching programmes, and it will be great to get some vertical extension to the significant trends the team have already identified on surface. 

"Additionally, following the completion of the drill programme, we will have achieved an investment milestone at Bibemi having satisfied the earn-in conditions to vest at 90% of the Project.

"We look forward to sharing the results of our drill programme with our shareholders in due course ."

Further Details

Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), the Company is earning-up to a 90% interest in the Bibemi and Wapouzé projects in northern Cameroon by spending US$3.12 million over four years (announcement dated 12 June 2018). The Company is currently in year three of that investment period.

The Company today announces that it has signed a 3,000m diamond drilling contract with Capital to enable a maiden drilling programme at the Project. Mobilisation of equipment ahead of the next field season is now underway and is expected to take six to eight weeks to arrive on site. Customs clearance of the drilling equipment is subject to renewal of the existing licence, a process that is well-advanced and is expected to complete within the coming weeks.

The Company plans to commence a maiden drilling programme in Q4-2020, which will focus on testing the depth-extension of mineralisation at Bakassi. To date, the Company has identified and pegged targets for an initial c.2,000 metres of drilling (over 17 holes) at the Bakassi Zone to test the depth-extension of mineralisation identified to date. The drilling will particularly focus on the stacked veins recently identified at the northern end of the 5.3 kilometres 'Zone 1' target, where sampling has returned up to 35.86 grammes per tonne (' g/t') gold ('Au') from rock-chip sampling and a best trenching intersection of 9m at 3.14 g/t Au (announcement dated 21 May 2019).

The team is currently mobilising to site ahead of the new field season. Further detailed (1:2,000 scale) mapping along strike to the north east is expected to identify further drilling targets to support a total 3,000m programme (announcement dated 11 May 2020). Completion of the drilling programme is expected to see Oriole satisfy the conditions for the Company to earn a 90% interest in the Project.

For further information on Bibemi, including a drill plan and JORC Table 1 disclosure, please see  the following page of our website   https://orioleresources.com/projects/bibemi-and-wapouze/ .

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

** ENDS **

For further information please visit   www.orioleresources.com ,   @OrioleResources  on Twitter, or contact:

Oriole Resources PLC Bob Smeeton / Tim Livesey / Claire Bay	Tel: [phone]
B lytheweigh (IR/PR contact) T im Blythe / Megan Ray / Rachael Brooks	Tel: [phone]
Grant Thornton UK LLP Samantha Harrison / Niall McDonald	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 West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé 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. Year two commitments have been met at all three projects. The Company 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.

 

END

 

 

MSCSEWFADESSESU