Rock-Chip Results from Bibemi Extends Gold System

RNS Number : 6303I

Oriole Resources PLC

15 December 2020

 

Oriole Resources PLC 

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

Rock-Chip Results from Bibemi in Cameroon Extends Gold System to 8.3km and

Update on Commencement of Maiden Drill Programme

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on its Bibemi project ('Bibemi') in Cameroon. The Company is pleased to report that recent mapping and selective rock-chip sampling to the south west of the main Bakassi area ('Bakassi') has identified two new prospects, Lawa West and Lawa East (the 'Prospects'), which have returned results of up to 11.68 grammes per tonne ('g/t') gold ('Au') and 22.38 g/t Au respectively.

The results have extended the known gold system at Bibemi by three kilometres ('km') to 8.3km and mineralisation remains open to the south west. The Company plans to test the new Prospects with eight drill holes and, together with further three holes at Bakassi Zone 1, the planned maiden diamond drilling programme now stands at 28 holes for 3,080 metres ('m'). The rig is now expected to arrive in Cameroon in late December 2020, following minor delays as a result of the impact of COVID-19 on the global shipping industry. Subject to any further delays, the Company anticipates commencing the programme in January 2021, with results expected later in Q1 and into Q2.

  Highlights

· At Bibemi, detailed mapping along strike from Bakassi has identified two new prospects, Lawa West and Lawa East, to the south west. Selective rock-chip sampling at the Prospects has returned best results of 11.68 g/t Au and 22.38 g/t Au respectively;

· The results have extended the known mineralised system by 3km for a total of 8.3km and it remains open to the south west;

· The maiden diamond drill programme at Bibemi has been increased by 11 holes to test these Prospects, as well as a further target at Bakassi Zone 1. The total planned programme now stands at 3,080m in 28 holes;

· The Capital Limited team is on site, with the rig now expected to arrive in Cameroon in late December 2020 following minor delays as a result of the impact of COVID-19 on the global shipping industry;

· The Company anticipates commencing its maiden diamond drilling programme in January 2021, assuming no further delays;

· At the Wapouzé project ('Wapouzé'), 20km to the north, two pilot trenches have been planned and will commence shortly to test key gold-in-soil anomalies identified from previous soil sampling campaigns;

· The Company is currently exercising its option to acquire a 51% interest in Bibemi and Wapouzé, having met the financial and work-programme commitments under the terms of the joint venture with its local partner.

Oriole Resources CEO, Tim Livesey, said :  " We are extremely encouraged by the discovery of further mineralised veins to the south west of the Bakassi zones, which have returned results of up to 22.38 g/t Au. 

"The continued presence of high-grade gold mineralisation confirms the prospectivity of the Bibemi project, now outside of the central Bakassi area where we had already planned a 20-hole diamond drilling programme. This recent identification of vein swarms at the new Prospects, supports the possibility of structurally controlled, higher volume areas of mineralisation, and we are pleased to have expanded the programme to enable testing of them.

"Each progressive programme at Bibemi has returned yet more evidence of gold mineralisation and continues to support our exploration model and our early ideas on the structural controls on the mineralising system. We look forward to sharing the results of the drilling programme which will focus on the most prospective targets along this 8.3km mineralised gold trend.

"Though frustrated by the small delay to the arrival of the drilling equipment, we are still on track to be seeing results at Bibemi in Q1 2021. 

"Work also continues at Wapouz é , where the 13km of gold anomalism is being followed up with a pilot trenching campaign, to further investigate the structural controls ."

Further Details

As previously reported, the Company has completed detailed mapping (1:2,000 scale) along strike to the north-east of Bakassi, and reconnaissance mapping to the south-west (announcement dated 19 November 2020). In the north, the system was found to be truncated by a north-northwest trending regional fault. However,   mapping to the south west has identified two new prospects, Lawa West and Lawa East, which relate to the intersection of the dominant north-north east shears in Bakassi Zone 1 and Bakassi Zone 2, with a north east structure. This structural intersection is supported by the magnetic imagery that highlighted the zone as prospective in the first place, and appears to correlate with the margin of a granitic body.

At Lawa West, closely-spaced quartz veins up to 1.30m wide have developed, and these are commonly sheared and/or brecciated with fractures filled with sulphides, signifying multiple phases of deformation and fluid flow. Importantly, at Lawa East, mineralisation is also observed within the host rock (mafic schist) rather than discrete quartz veins as found elsewhere within the licence, supporting an interpretation of more pervasive fluid flow and gold deposition.

A total of 49 rock-chip samples were taken, with 13 samples returning more than 0.3 g/t Au and six samples grading over 1 g/t Au. Best results include:

Prospect	Grade (g/t Au)	Vein Width (m)
Lawa West	11.68	0.60
	3.48	0.40
	0.58	1.30
	0.91	1.00
Lawa East	22.38	c. 3.00
	11.07	0.90
	4.70	0.40
	1.62	1.00
	0.98	0.50
	0.70	0.40

The results have extended the known gold system at Bibemi by 3km to 8.3km and mineralisation remains open to the south west. The new Prospects will be tested by eight drill holes for 800m, extending the planned maiden diamond drilling programme to 28 holes for 3,080m. R eassessment of earlier high-grade rock-chip samples and geological mapping around the centre of Bakassi Zone 1 has resulted in the identification of a further priority target, also showing closely-spaced mineralised veins up to 1m wide that returned up to 35.50 g/t Au. This zone will be tested by a further 3 holes for 300m, with the total programme now standing at 28 holes for 3,080m.

Capital Limited is now on site in Cameroon, with the rig due to arrive later this month , following minor delays as a result of the COVID-19 pandemic on the global shipping industry. Subject to any further delays, the Company anticipates commencing the programme in January 2021, with results expected later in Q1 and into Q2.

At the Wapouzé project, 20km to the north, two short pilot trenches will commence shortly for a total of 200m, to test key anomalies identified during the 2019 soil sampling campaigns (announcements dated 18 March 2019 and 16 June 2019). Sampling and detailed mapping will be undertaken to help understand the spatial-temporal relation between lithologies, alteration and structures. Subject to results, it is possible that the drill rig could be moved to test targets at Wapouzé following the programme at Bibemi.

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 and it is in the process of exercising its option to acquire 51% of both projects, having met the necessary financial and work-programme commitments. C ompletion of the drilling programme at Bibemi 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 drilling location maps and JORC Table 1 disclosure, please see  the following page of the Company's website   https://orioleresources.com/projects/bibemi-and-wapouze/ .

Competent Persons Statement  

The information in this release that relates to Exploration Results has been compiled by Claire Bay (VP 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 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]
Blytheweigh (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks	Tel: [phone]
Grant Thornton UK LLP Samantha Harrison / Seamus Fricker	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

 

 

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