Significant Gold-in Soil Anomalism Identified

RNS Number : 5862E

Oriole Resources PLC

14 March 2022

 

Oriole Resources PLC 

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

Significant Gold-in Soil Anomalism Identified in eastern Central Licence Package, Cameroon

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its 90%-owned Central Licence Package ('CLP' or the 'Package') in Central Cameroon. The district-scale CLP 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 .

The Company today reports initial results from its semi-regional soil sampling programme at the five easternmost CLP licences. Grades of up to 838 parts per billion ('ppb') gold ('Au') have outlined multiple gold-in-soil anomalies, including a c.11.5 kilometre ('km') long anomalous zone at the Mbe licence ('Mbe anomaly') .  

Highlights

· Gold assay results received for 4,785 soil sediment samples related to a Pilot Area grid completed over the Mbe and Ndom licences.

· Multiple gold-in soil anomalies identified at both licences, related to the northeast-trending Tcholliré Banyo Shear Zone ('TBSZ') corridor.

· The highest reported result of 838 ppb Au was returned from the Mbe licence, within a c.11.5km in-situ anomalous gold-in-soil zone. The Mbe anomaly appears to be related to the same northeast-trending structure as a currently untested topographic high immediately to the southwest and so the sampling programme will be expanded to cover this potential extension.

· Sampling of the remaining four 'Priority 1' grids is ongoing.

Oriole Resources CEO, Tim Livesey, said : "Our initial stream sediment sampling programme confirmed gold in a number of drainage basins covering more than 50km strike length of the Tcholliré-Banyo Shear Zone corridor. The soil sampling results are providing further definition to those anomalies, enabling the team to focus-in on the most prospective areas that will lead naturally towards trenching and drill targeting.

"These results are hugely significant as they are confirming proof of concept for the Central Licence Package. We are seeing multiple areas of gold mineralisation in a brand-new gold district where there has been no historical exploration."

Further Details

In Q1 2021, the Company's 90%-owned Cameroonian subsidiary, Oriole Cameroon SARL, was granted  five new licences (Tenekou, Niambaram, Pokor, Ndom and Mbe) in central  Cameroon, located to the west of the regional capital, Ngaoundéré (announcement dated 3 February 2021).Together with a further three new licences (Mana, Dogon and Sanga) granted to Reservoir Minerals Cameroon SARL, in which the Company has subsequently earned a 90% interest (announcement dated 6 April 2021), the CLP covers a contiguous, district-scale land package of 3,592km ² .   

Covering Paleo-Proterozoic to Neoproterozoic (including Pan-African) age rocks, well-known hosts for orogenic gold deposits both in West Africa and worldwide, t he CLP licences were initially targeted by the Company's technical team due to their apparent proximity to the dominant regional structure, the TBSZ, a major southwest-northeast-trending splay off the larger-scale Central African Shear Zone. The TBSZ and its associated shears, thrusts and faults are (according to academic literature) thought to be one of the significant structural controls for gold and other mineralisation in the region.

To date, the Company has undertaken remote sensing studies over the entire Package and completed a first-pass regional mapping and stream sediment sampling programme over the five easternmost licences that identified 18 initial targets (>30 ppb Au) with grades of up to 291 ppb Au (announcement dated 6 October 2021). In Q4 2021, follow-up semi-regional soil sampling commenced over five priority grids designed to target the source of the anomalism over the most prospective drainage basins (announcement dated 2 November 2021). The first of these grids was completed over a Pilot Area that covers the east of the Ndom and Mbe licences. The majority of sampling was completed at a spacing of 400m by 200m, although higher density sampling (400m by 100m) was completed over the core of the anomaly as part of the Company's expanded orientation study.

Results reported today, for 4,785 samples, have returned up to 838 ppb Au and have outlined multiple gold in soil anomalies (using an 8 ppb Au threshold) greater than 2.5km in strike, the most significant of which is a c.11.5km east-northeast trending anomalous zone in the Mbe licence. The Mbe anomaly is confirmed to be in-situ and appears to be related to a topographic high immediately to the southwest. The team is currently collecting samples over the remaining four Priority 1 grids (for 7,764 samples) and a further 1,270 samples have been planned to test the likely westward continuation of the Mbe anomaly.

Meanwhile, commencement of the stream sediment sampling programme at the three westernmost licences, held by Reservoir Minerals Cameroon SARL, has been postponed to H2 2022.

A map showing results from the programme can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/5862E_1-2022-3-13.pdf Analysis of QAQC plots for standard certified reference materials, inserted blanks and duplicates was completed and found to be within acceptable ranges.

Elsewhere in Cameroon, a ground magnetics programme has recently been completed at the Company's 90%-owned Bibemi gold project in the north of the country. Diamond drilling at Bibemi has already identified a c.1 km-long zone at the southern end of Bakassi Zone 1, one of four targets at the licence, and has delivered multiple mineralised intersections, including 6.50m grading 3.92 grammes per tonne ('g/t') Au, 9.20m grading 1.31 g/t Au, 5.20m grading 1.97 g/t Au, 2.45m grading 2.96 g/t Au, 3.60m grading 1.75 g/t Au and 12.40m grading 0.71 g/t Au (announcements dated 29 June 2021, 20 December 2021 and 9 February 2022). It is anticipated that the results of this work, together with those from a recently completed infill soil sampling programme over the southern half of the licence (5 January 2022), will aid drill hole targeting at the other three targets, Lawa West, Lawa East and Bakassi Zone 2 prospects.

For further information on the Central Licence Package, including a JORC Table 1, please see  the following page of the Company's website   https://orioleresources.com/projects/central-licence-package/ .

For further information on the Bibemi project, including a JORC Table 1, please see  the following page of the Company's website https://orioleresources.com/projects/bibemi/ .  

Competent Persons Statement  

The information in this release that relates to Exploration Results has been compiled by Claire Bay (Executive Director, Exploration & 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) which is part of UK law by virtue of the European Union (withdrawal) Act 2018 . 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]
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 West Africa. It is focused 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. IAMGOLD has recently notified the Company that it has, under the terms of the agreement, met the first commitment by spending US$4 million within an initial four years. Subject to the Company completing a review of these expenditures, IAMGOLD will 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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