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Oriole Resources PLC (ORR)

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Monday 12 April, 2021

Oriole Resources PLC

Drilling Confirms Visible Gold at Lawa Prospects

RNS Number : 1848V
Oriole Resources PLC
12 April 2021
 

Oriole Resources PLC 

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

 

Bibemi Drilling Confirms Visible Gold at Lawa Prospects

 

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on the ongoing maiden diamond drilling programme, for a planned 3,080 metres in 28 holes, at its 51%-owned Bibemi gold project ('Bibemi') in Cameroon.

 

The programme is focussed on testing the depth extension of surface gold mineralisation identified at four key prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - within a c.8.3-kilometre-long orogenic gold system that remains open to the southwest. 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 9 metres grading 3.14 g/t Au from trench sampling (announcement dated 21 May 2019).

 

The Company today reports that visible free gold mineralisation has been identified in multiple holes; at the Lawa West prospect (hole BBDD019) and the Lawa East prospect (holes BBDD014 and BBDD020), both located towards the southern extent of the system. The gold is hosted by quartz-tourmaline veins up to 1 metre wide, at a downhole depth of approximately 70 metres, and has a strong association with pyrite, occurring as both finely disseminated and coarser grains, some of which is visible in the pre-cut core in holes BBDD019 and BBDD020. As at Bakassi Zone 1, for which initial results have recently been reported (announcement dated 31 March 2021), holes were predominantly drilled at an inclination of -50 degrees towards the northwest, in order to intersect the dominantly northeast trending (and steeply southeast-dipping) structure. However, at Lawa West and Lawa East, there is a second east-northeast trending shear that intersects the first and appears to have a strong control on the grade distribution in the area. 

Photos of the mineralisation observed downhole, with areas of visible gold highlighted (covering holes BBDD014, BBDD019 and BBDD020) can be viewed at the following link http://www.rns-pdf.londonstockexchange.com/rns/1848V_1-2021-4-12.pdf

Recently reported results for the first hole (Bakassi Zone 1) confirmed the continuity of the orogenic gold system to more than 90 metres below surface, with a best intersection of 1 metre grading 4.09 g/t Au (announcement dated 31 March 2021), and the system remains open at depth. The team is now three-quarters of the way through the planned programme, with a total of 2,233.55 metres complete in 21 holes. Further results from the programme are expected throughout Q2-2021. 

 

BEIG3 Option Agreement

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, and three newly-granted licences in Central Cameroon, by spending US$3.12 million over four years (announcements dated 12 June 2018 and 6 April 2021). Completion of the drilling programme at Bibemi is expected to see the Company meet its second expenditure commitment to acquire a 90% interest in all five licences.

 

For further information on the Bibemi project, 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 (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. BBDD001 was drilled at an inclination of -50 degrees and so true thickness of the mineralised intervals is c. 77% of those reported. 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 **

 

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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