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Oriole Resources PLC (ORR)

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Monday 22 March, 2021

Oriole Resources PLC

Bibemi Maiden Drilling Programme Update

RNS Number : 9417S
Oriole Resources PLC
22 March 2021
 

Oriole Resources PLC 

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

 

Bibemi Maiden Drilling Programme Update

 

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its ongoing maiden diamond drilling programme at the Bibemi gold project ('Bibemi') in Cameroon. 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.

 

The Company today reports that the team is now a third of the way through its planned programme of 3,080 meters ('m') for 28 holes, with a total of 967.50m completed in nine holes, BBDD001 to BBDD009. The programme is focussed on testing the depth extension of surface gold mineralisation identified within a c.8.3-kilometre-long system, where previous surface exploration programmes have returned up to 135.40 grammes per tonne ('g/t') of gold ('Au') from selective rock-chip sampling (announcement dated 27 November 2018) and 9m at 3.14 g/t Au from trench sampling (announcement dated 21 May 2019).

 

These first nine holes have all been completed at the Bakassi Zone 1 prospect and were predominantly drilled at an inclination of -50 degrees towards the northwest, in order to intersect the dominant northeast trending (and steeply southeast-dipping) structure. All holes to date have intersected mineralisation, with visual confirmation in the form of silica-tourmaline veining and/or pervasive alteration and sulphidation (predominantly pyrite, with minor chalcopyrite and arsenopyrite) of the tonalite host rock.

The most robust zones of mineralisation to date have been observed in fence line 1, centred on historic trench T08 (announcement dated 21 May 2019), which comprises holes BBDD004, BBDD005 and BBDD007. In addition to the targeted veins (therefore the depth extension of those veins outcropping at surface), the team has identified flatter-lying veins (as also observed locally during trenching) that have been intersected parallel to the drillhole. This is particularly evident in hole BBDD005, where a quartz-tourmaline vein is intersected by a vein of massive sulphide. As a result, hole BBDD007 was drilled at a steeper angle of -60 degree to investigate this intersecting vein set and has intersected a wider zone of mineralisation (12m downhole compared to 3m to 9m in the previous holes) than  observed in previous holes, with the flat-lying (extensional) veins being intersected at a better angle.  These structural observations are being taken on board as the programme continues.

Photos of the mineralisation observed downhole, in the context of a section across fence line 1 (covering holes BBDD004, BBDD005 and BBDD007) can be viewed at the following link http://www.rns-pdf.londonstockexchange.com/rns/9417S_1-2021-3-21.pdf

The first batch of samples (for the first hole BBDD001) for Bakassi Zone 1 have been processed and sent to Bureau Veritas for analysis. Results are anticipated before the end of the month. Meanwhile a further two holes (BBDD002 and BBDD005) are currently being prepared for despatch later this month. We look forward to providing further updates as results become available.

The rig will now be moved to test the other three main identified prospects, Bakassi Zone 2, Lawa West and Lawa East.

For further information on the Bibemi project, please see the following page of the Company's website https://orioleresources.com/projects/bibemi-and-wapouze/.

 

** ENDS **

 

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

 

Oriole Resources PLC

Bob Smeeton / Tim Livesey / Claire Bay

 

Tel: +44 (0)20 7830 9650

Blytheweigh (IR/PR contact)

Tim Blythe / Megan Ray / Rachael Brooks

 

Tel: +44 (0)20 7138 3204

Grant Thornton UK LLP

Samantha Harrison / Seamus Fricker / George Grainger

 

Tel: +44 (0)20 7383 5100

Shard Capital Partners LLP

Damon Heath / Erik Woolgar / Isabella Pierre

 

Tel: +44 (0)20 186 9900

 

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.

 

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