CLP delivers further high-grade gold results

RNS Number : 0558R

Oriole Resources PLC

27 February 2023

 

Oriole Resources PLC 

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

Cameroon Exploration Update:

CLP Project delivers further high-grade gold results

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 .

In January 2023, the Company reported initial rock-chip sampling results of up to 134.10 grammes per tonne ('g/t') gold ('Au') from a three kilometre ('km')-long corridor of sheared and strongly altered quartz-feldspar porphyry ('QFP') and quartz veins at Mbe, one of five licences within the Eastern CLP block (announcement dated 30 January 2023). Results from an additional 27 selective rock-chip samples have returned up to 64.30 g/t Au, further endorsing the high potential of this target area.

Highlights

· In January 2023, results from selective rock-chip sampling over outcropping rocks at Mbe delivered up to 134.10 g/t Au from a north-northeast trending structural corridor. The corridor, which crosscuts a broader 12.5km-long zone of gold-in soil anomalism, is 3km-long and at least 70 metres ('m') wide;

· An additional 27 selective samples (including QAQC) taken from outcropping rocks within the same corridor have returned an additional 10 samples grading over 1 g/t Au, with best results of 64.30 g/t Au, 40.80 g/t Au and 16.20 g/t Au;

· Samples were collected from a mixture of shear veins, extensional veins and the host altered QFP, all of which have returned anomalous gold, further confirming that the mineralisation is not restricted to just the quartz veining and providing early indications that Mbe could deliver a bulk-mineable deposit;

· A ground-based geophysics programme is currently underway at the Mbe anomaly to test the vein structures at depth and to help develop the geological model.

 

Figure 1: Rock-chip sampling results to date at the Mbe licence, within the Eastern CLP, on mapped geology.

Oriole Resources  CEO,  Tim Livesey , said:  " We are excited to share this latest data from our current programme, with a focus on the Mbe gold anomaly. 

"In addition to the very high gold grades seen in the quartz veins, the presence of highly significant mineralisation within the host rocks is an excellent indicator of the potential of this anomaly to host a gold resource of scale.  

"The abundant evidence of mineralisation yet again confirms and supports our belief in the geology of the area.  With excellent infrastructure close by, including main road access and the national power grid, we believe the Eastern CLP will deliver on our early indications of a new gold district in Cameroon."

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.

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). 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 parts per billion ('ppb') Au (0.84 g/t Au), 520 ppb Au, and 463 ppb Au.

 

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.

In January 2023, the Company reported results for 47 rock-chip samples (including QAQC), taken from a 3km-long (and at least 70m-wide) north-northeast trending corridor comprising sulphide-rich and locally brecciated quartz veins within strongly altered and mineralised QFP (a fine-grained igneous rock containing a high percentage of large quartz and feldspar crystals) host rocks. Seven samples yielded greater than 1 g/t Au with best results including 134.10, 131.80, 19.44 and 8.26 g/t Au.

Figure 3: Mapped geology (lithology) at Mbe licence, showing soil anomaly outlines and best results (>5 g/t Au) from rock-chip sampling to date.

Further rock-chip sampling over the corridor, for 27 samples including QAQC, has returned an additional 10 samples grading over 1 g/t Au, with best results of 64.30 g/t Au, 40.80 g/t Au and 16.20 g/t Au. Samples were collected from a mixture of shear veins, extensional veins and the host altered QFP, all of which have returned anomalous gold and provide further evidence that the mineralisation is not restricted to just the quartz veining.

Figure 4. Left: Sub-cropping, strongly altered QFP that yielded 5.04 g/t Au, Right: Sample from sulphide-rich quartz vein  that graded 64.30 g/t Au.

A ground-based magnetic survey is currently underway 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.

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 category 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 met its first commitment by spending US$4 million within an initial four years and has therefore earned an initial 51% beneficial 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.

 

END

 

 

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