Cameroon Exploration Update

RNS Number : 1624O

Oriole Resources PLC

30 January 2023

 

Oriole Resources PLC 

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

Cameroon Exploration Update:

CLP Project rock-chip sampling returns up to 134.10 g/t Au

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an exploration update on its 90%-owned Central Licence Package ('CLP') project in Cameroon. The district-scale CLP project comprises nine contiguous licences covering 4,091 square kilometres ('km ² ') of previously unexplored Paleo-Proterozoic to Pan-African age rocks that are highly prospective for a range of commodities, including orogenic-style gold mineralisation and lithium .

Mapping and rock-chip sampling has recently been completed at Mbe, one of five licences within the Eastern CLP block, where soil sampling in 2022 identified   a c.12.5 kilometres ('km') long by 3km wide gold-mineralised corridor (announcement dated 21 July 2022) . Results have delivered multiple high grades, including 134.10 grammes per tonne ('g/t') gold ('Au').

Highlights

· In 2022, semi-regional soil sampling over the five Eastern CLP licences identified multiple 2-3km long anomalies across the Ndom, Pokor, and Niambaram licences, and a c.12.5km long by 3km wide gold-mineralised corridor at Mbe;

· During Q4-22, the team completed regolith and lithological mapping (1:15,000 scale) as well as selective rock-chip sampling over outcropping rocks, predominantly quartz veins;

· Best results of 134.10, 131.80, 19.44, and 8.26 g/t gold ('Au') were yielded from a north-northeast trending corridor comprising sulphide-rich and locally brecciated quartz veins within strongly altered and mineralised porphyritic host rocks. The corridor is 3km-long and at least 70m wide;

· The 134.10 and 131.80 g/t Au samples were taken approximately 60m apart on the same 1.5m-wide vein structure that outcrops close to the previously reported best gold-in-soil anomaly of 838 parts per billion ('ppb') Au, equivalent to 0.84 g/t Au. The vein outcrops over a strike length of over 150m and appears to be part of a larger network of veins;

· Analysis of a further 493 soil samples over Grid 6 at Mbe has returned a single anomalous sample of 257 ppb Au but has not extended the 12.5km long gold-in-soil anomalism at Mbe, suggesting the south-westerly extent of the anomaly has been identified;

· A ground-based geophysics programme is planned to commence shortly over the Mbe anomaly to test the vein structures at depth and to help develop the geological model;

· Following anomalous geochemical data reported from the 2021/22 stream and soil programmes, the team is also continuing to review the Ndom and Gamboukou licences to assess their potential to host lithium-bearing pegmatites.

Figure 1: Mapped geology (lithology) at Mbe licence, showing soil anomaly outlines and best results from rock-chip sampling

Oriole Resources  CEO,  Tim Livesey , said:  " We are extremely pleased to report that yet again the results of our Cameroon programmes have delivered positive results.  The identification of high-grade, multi-ounce gold in rock-chip samples within the extensive 12.5km Mbe anomaly reconfirms our confidence in this package of licences. As with the Bibemi licence to the north, the orogenic gold systems of the CLP project show potential to host significant gold resources and these recent results continue to support our belief that Cameroon is a new frontier for gold in Africa.

"We look forward to further defining the targets across the main anomalies of the CLP with a follow up geophysical survey.

"The continued work on the potential lithium pegmatites offers a further opportunity for value identification across the licence package and we look forward to updating the markets on both exploration streams as and when results become available.

"The unabated success of our ongoing exploration programmes in Cameroon is quite remarkable and reflects the diligent efforts our geological and management teams have invested in the Country since we first established ourselves almost five years ago.  With a significant, contiguous land package over an area reconfirmed by the World Banks PRECASEM programme as the largest single area of gold anomalism in Cameron, Oriole is best placed for success, proving that early stage, grass roots exploration still has a place in Africa. "

Further Details

At the CLP project (4,091km² in area), located in the centre of Cameroon, nine contiguous licences (five defined as Eastern CLP, three defined as Western CLP and the lithium-focussed Gamboukou licence) cover a land package that has significant potential for orogenic gold mineralisation and other minerals. The Company has a 90% interest in all nine licences, which it holds through local subsidiary companies.

The Eastern CLP ( Tenekou, Niambaram, Pokor, Ndom, and Mbe) and Western CLP (Mana, Sanga and Dogon) licences were granted in February 2021 and have an initial exploration term of three years, plus three renewable extensions of two years each. Recently published maps by a World Bank-funded prospectivity programme, 'PRECASEM', confirm that these licences overlie the highest priority gold district identified by the programme. Following the identification of anomalous lithium-in-soil values (up to 84 ppm) within multi-element data from the Ndom licence, a ninth licence, Gamboukou, was applied for immediately to the south of Ndom. This licence was granted to the Company in November 2022.

In August 2022, the Company reported completion of semi-regional (400m x 200m spaced) soil sampling over six soil grids within the Eastern CLP, mostly designed to target the source of the previously identified stream-sediment anomalism (announcement dated 2 November 2021).

 

Figure 2: Regional PRECASEM geology, showing licences within the CLP Project, grouped into the Eastern CLP, Western CLP and Gamboukou blocks. Locations of the six soil grids completed over the Eastern CLP are outlined in yellow.

Results confirmed anomalous gold in all five licences and delineated multiple 2-3km long gold-in-soil anomalies across the Ndom, Pokor, and Niambaram licences, as well as a broad anomalous zone within the Mbe licence, where en-enchelon, structurally controlled trends are now confirmed to occupy a c.12.5km long by 3km wide corridor. Best soil sample results included 838 ppb Au (0.84 g/t Au), 520 ppb Au, and 463 ppb Au.

In Q4-2022, the Company completed 1:15,000 scale mapping (lithology and regolith) and rock-chip sampling over a c.48km² area at Mbe to help constrain the source of the gold anomalism, which appears to have an east-northeast structural control. The team has confirmed that the gold-in-soil anomalism is associated with a highly sheared and metamorphosed package of amphibolite, gneiss and metagranite units, occurring between two highly altered and deformed quartz-feldspar-porphyry units. The anomalism is predominantly in-situ (saprolite) and there is very little laterite development in the area.

Figure 3. Mapped regolith geology (1: 15,000) at Mbe licence, with gold-in-soil anomaly outlines and best soil sample results

A total of 49 rock-chip samples (including QAQC) were also taken over selective outcrops, predominantly quartz veins, within the mapping area. Of the 47 analysed for gold, seven samples yielded greater than 1 g/t Au, with best results of 134.10, 131.80, 19.44 and 8.26 g/t Au returned from sulphide-rich and locally brecciated quartz veins that occur within or at the contact of pervasively altered (albite, silica and carbonate) and sulphide-rich granitic (possibly quartz-feldspar-porphyry) units. These rocks outcrop within a 3km-long, north-northeast trending corridor that is up to 700m-wide, with the main zone of veining being at least 70m wide.

The 131.80 g/t Au result was obtained from a 1.5m-wide vein located within a few metres of the 838 ppb Au gold-in-soil anomaly. This particular vein outcrops over a strike length of over 150m and also returned a value of 134.10 g/t Au approximately 60m along strike to the northwest. The vein appears to be part of a larger network of veins.

Figure 4. Left: 1.5m wide outcropping quartz vein with boxwork textures after pyrite that yielded 0.95 g/t Au, Right: Close-up of a similar vein located 300m to the south-east, showing boxwork textures and cross-cutting quartz-sulphide veinlets (8.26 g/t Au)

Results for a further 493 soil samples (excluding QAQC), from samples taken immediately to the southwest of the 12.5km-long anomalous corridor (Grid 6), have not extended the 12.5km long gold-in-soil corridor at Mbe although did return a single grading assay of 257 ppb Au.

A ground-based magnetic survey is planned to commence shortly over the entire anomalous zone at Mbe to help identify structures that could further assist in defining the geological context of the gold anomalism at the prospect. The survey will be carried out on northwest-southeast (N140˚) lines spaced 100m with survey point spacing of 20m.

Elsewhere in the CLP, the team is continuing to review the Ndom and Gamboukou licences to assess the potential for lithium-bearing pegmatites, following anomalous geochemical data reported from the 2021/22 stream and soil programmes (announcement dated 29 November 2022).

For further information on the CLP 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 information in this release that relates to Exploration Results 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.

** ENDS **

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]
Tim Livesey / Bob Smeeton / Claire Bay
BlytheRay (IR/PR Contact)	Tel: [phone]
Tim Blythe / Megan Ray / Rachael Brooks
Grant Thornton UK LLP	Tel: [phone]
Samantha Harrison / George Grainger / Ciara Donnelly
SP Angel Corporate Finance LLP Ewan Leggat / Harry Davies-Ball	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 recently reported a maiden Resource of 305,000 oz Au in the JORC Inferred at the Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. At the more advanced Senala gold project in Senegal, IAMGOLD is the operator and has the option to spend US$8 million to earn a 70% interest. Under the terms of the Option Agreement, IAMGOLD has recently met its first commitment by spending US$4 million within an initial four years and will shortly acquire a 51% interest in Senala. 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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