Thani Stratex Djibouti Exploration Update

RNS Number : 4414J

Oriole Resources PLC

22 December 2020

 

Oriole Resources PLC

('Oriole' or 'the Company')

Thani Stratex Djibouti Exploration Update

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on its 11.80% interest in Thani Stratex Djibouti Limited ('TSD'). Further to its announcement on 1 October 2020, the Company has been advised that TSD has completed an additional 321.50 metres ('m') diamond drilling, in three holes, and 1,884m reverse circulation ('RC') drilling, in 18 holes, at the Hesdaba epithermal gold project ('Hesdaba' or the 'Project') in Djibouti, thus completing its Phase 1 programme. Remaining results from this programme are anticipated in Q1-2021, and will follow previously reported intersections of up to 15.00m grading 4.08 grammes per tonne ('g/t') gold ('Au').

At the   Assaleyta project, immediately to the east of Hesdaba, construction of a camp, access routes and drill pads is now complete and a Phase 2 drilling programme is underway. F irst results from this programme are also expected in Q1-2021.

Highlights

· Mapping and chip-sampling across 10 channels were completed at Hesdaba to cover additional outcropping quartz-carbonate veins and to better-define the system at the Red Horns Prospect;

· Phase 1 drilling programme at Hesdaba is now complete, following completion of a further three diamond holes for 321.50m and 18 RC holes for 1,884m;

· At Assaleyta, construction of a camp, access routes and drill pads were completed during November;

· A Phase 2 drilling programme is now underway at Assaleyta for a planned 1,000m diamond drilling and 1,600m RC drilling;

· Results from both Hesdaba and Assaleyta are anticipated in Q1-2021.

Oriole CEO Tim Livesey, said: "We continue to watch the exploration in Djibouti with interest.  During 2020 the new management team has been able to progress the key targets despite the early impacts of the COVID-19 pandemic, and we look forward to seeing the results of the latest drilling in due course."

Further Details

The Hesdaba Permit hosts a series of parallel epithermal vein systems with a combined strike length in excess of 16km. A Phase 1 drilling programme was commenced earlier this year to test three main prospects namely Maranzana, Caravan and Red Horns. Initial reported results included a best diamond drilling intersection of 15.00m grading 4.08 g/t Au from 53.00m, including 5.00m grading 11.11 g/t Au (Hd-D-08) and a best RC intersection of 12.00m grading 1.99 g/t Au from 14.00m, including 6.00m grading 2.17 g/t Au and 3.00m grading 3.12 g/t Au (Hd-R-04), both from the Red Horns prospect (announcement dated 1 October 2020).

During October, a series of 10 channels were chip-sampled to cover additional outcropping quartz-carbonate veins on the Red Horns Prospect in order to gain a better understanding of the mineralised system between RC holes Hd-R-04 to Hd-R-08 and diamond holes Hd-D-07 and Hd-D-08. More detailed mapping was also completed towards areas of higher elevation at the Red Horns Prospect. Results are anticipated in Q1-2021.

During Q4-2020, TSD recommenced its Phase 1 drilling programme at Hesdaba, completing a further 321.50m diamond drilling (three holes) and 1,884m of RC drilling (18 holes). Whilst the majority of the holes were drilled to test the Maranzana, Caravan and Red Horns targets, two of the diamond drillholes (Hd-D-15 and Hd-D-16) tested a new prospect 'Stripes', located at the north-western extent of Hesdaba. As at the other three zones, drilling at the Stripes prospect intersected wide zones (up to 40m downhole, with a -55° hole inclination) of hydrothermal brecciation, including several discrete silica veins greater than 20cm wide. The third diamond hole (Hd-D-17), collared on the Red Horns prospect, identified a c.130m-wide zone (downhole width with a -62° hole inclination) of variably silicified brecciation within a pervasively hematite-altered rhyolite host rock.

The total Phase 1 programme at Hesdaba comprised 2,242.31m of diamond drilling in 17 holes and 3,413m of RC drilling in 33 holes. The final results for the programme are expected in early Q1-2021.

At Assaleyta, a field camp with all auxiliary equipment was successfully installed to service the Phase 2 diamond and RC drill programmes. Access route and drill pad construction were completed, with over nine-kilometres of access road constructed to the summits of the Red Eagle Mountain and Porcupine Hill prospects.

Detailed mapping (1: 2,000), surface grab sampling (for 126 samples) and channel-chip sampling (for 177 samples across 13 channels) in 2015 confirmed low-sulphidation epithermal gold occurs as high-grade veins and disseminated mineralisation in rhyolite domes. The system is exposed over a vertical interval of 150m, and 3km along strike. The channel sampling returned best intersections of 15.70m grading 5.05 g/t Au, 6m grading 10.35 g/t Au and 26m grading 4.72 g/t Au (calculated using a 0.3 g/t Au cut-off), whilst five selective grab samples assayed >20 g/t Au (highest grade of 41 g/t Au). In 2016, a limited Phase 1 drilling programme was completed across the three main prospects, Porcupine Hill, Red Eagle Mountain and Black Mamba. The drilling confirmed vertical continuity of the system to a depth of at least 175m and returned best intercepts of 17.38m grading 2.25 g/t Au from surface (AY-DD-01) and 5.18m grading 4.50 g/t Au from 12.09m and 1.58m grading 8.67 g/t Au from 177.19m (AY-DD-03) (calculated using a 0.3 g/t Au cut-off).

The Phase 2 drilling programmes aim to further-evaluate the depth extension of surface mineralisation and also define the relationship between the rhyolites and the epithermal mineralisation. Both the diamond and RC drilling programmes are now underway and will initially comprise seven diamond holes, for c.1,000m, and 16 RC holes, for c.1,600m. The programmes are subject to modification on the basis of geological observations. F irst results are expected in Q1-2021.

For further information on TSD's projects in Djibouti, please see the following page of the Company's website https://orioleresources.com/investments/pandora-assaleyta-hesdaba/  

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.

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

or contact:

Oriole Resources PLC Tim Livesey / Bob Smeeton / 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$8m 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.

 

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