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Oriole Resources PLC (ORR)

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Wednesday 31 March, 2021

Oriole Resources PLC

Proof of Concept Confirmed at Bibemi Gold Project

RNS Number : 1555U
Oriole Resources PLC
31 March 2021
 

Oriole Resources PLC 

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

 

Proof of Concept Confirmed at Bibemi Gold Project

 

 

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 where it is earning up to a 90% interest (announcement dated 12 June 2018). Results from the first hole of a planned 28-hole programme have returned best grades of 1 metres ('m') grading 4.09 grammes per tonne ('g/t') gold ('Au') and 1m grading 0.67 g/t Au, confirming the continuity of the orogenic gold system to more than 90m below surface. The ongoing programme of 28 holes is approximately 50% complete and further results are expected throughout Q2.

 

Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), Oriole is currently exercising its option to acquire a 51% interest in the   Bibemi and Wapouzé projects , having spent an initial US$1.56 million. Completion of the drilling programme at Bibemi should see Oriole satisfy the conditions to earn a 90% interest in the projects.

 

 

Highlights

 

· Results from the first hole have confirmed continuity of the orogenic gold system to at least 90m below surface;

· Best results include 1m grading 4.09 g/t Au and 1m grading 0.67 g/t Au (using a 0.3 g/t Au cut-off), from zones of quartz-tourmaline veining and quartz veining respectively;

· Structures observed within both zones suggest that the higher grade is associated with previously identified quartz-tourmaline veins and that intersecting vein sets (steeply-dipping and one flat-lying) are being identified downhole, reflecting what is seen at surface in Oriole's previous trenching programmes and in shallow (<4m deep), small scale artisanal workings;

· The programme is now 50% complete with results from the remaining holes expected to be received throughout Q2;

· Following expenditure of its initial US$1.56 million commitment, the Company is in the process of formalising its 51% ownership of the Bibemi and Wapouzé projects. This will also lead to a 51% ownership of the three RMC Cameroon Sarl licences within the Central Licence package;

· Completion of the drilling programme is expected to satisfy Oriole's second earn-in commitment to acquire a 90% interest in all five licences.

 

Oriole Resources CEO, Tim Livesey, said "We are extremely pleased that, as we hoped, our first hole of the maiden drill programme at Bibemi has given us proof of concept for the orogenic systems we are exploring in Cameroon, with two zones of gold mineralisation associated with quartz-tourmaline veining being identified.

 

"We have seen evidence of much wider zones of alteration and veining in subsequent holes elsewhere in the Bibemi systems and we are confident we will show continued evidence of vertical extension to the already identified surface anomalies in the four priority areas being targeted in this early programme. We will be sharing results from the ongoing programme of 27 further holes as and when they become available.

 

 "With a large quantity of high-quality structural data coming from this first phase orientated core programme, we expect to further refine our exploration targeting during the summer.

 

"Meeting the requirement for transfer of ownership of 51% of RMC Cameroon Sarl will be a key milestone for Oriole, with the final increase to 90% ownership expected at the end of this initial drill programme. We look forward to confirming this in due course. "

 

 

Further Details

 

The Company is currently halfway through a planned 3,080m programme for 28 holes at the Bibemi project in Cameroon, focussed on testing the depth extension of surface gold mineralisation identified at four prospects within a c.8.3-kilometre-long system. Previous surface exploration programmes have returned up to 135.40 g/t 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).

 

The first nine holes were 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 (announcement dated 22 March 2021).

Results have now been received for the first hole, BBDD001, and include a best result of 1m grading 4.09m (using a 0.3 g/t Au cut-off, or 2m grading 2.18 g/t Au using a 0.2 g/t Au cut-off) from 119.75m (91.73m true depth). This interval comprises a c.70 centimetre quartz vein (approximately true thickness) with multiple cross-cutting tourmaline and sulphide stringers and sulphide-mineralised halos. Interestingly, the interpreted surface expression of this vein was narrower and did not carry significant grade, highlighting the importance of intersecting flat-lying (extensional) veins in the role of gold deposition and the potential for the discovery of blind mineralisation. Photos of the mineralisation observed in BBDD001, together with a cross-section, can be viewed at the Company's website .

A second interval of 1m grading 0.67 g/t Au was returned from 71.15m (54.50m true depth) from a zone of weak alteration and quartz veining. Whilst mineralisation was intersected at the expected depth, the grades were not reflective of the 1m wide and 2m wide veins observed at surface that had returned 35.86 g/t Au and 2.54 g/t Au respectively. This suggests that the higher-grade ore shoot could have changed orientation slightly and so, following interpretation of these results, further holes are currently being planned to test the extension of this zone later in the programme.

As previously reported, the most robust zones of mineralisation (up to 12m wide) have been observed in fence line 1, which comprises holes BBDD004, BBDD005 and BBDD007 (announcement dated 22 March 2021). Results from these holes, as well as others from the programme, are expected throughout Q2.

Oriole is in the process of formalising its 51% ownership of the holding company for Bibemi and Wapouzé, Reservoir Minerals Cameroon Sarl ('RMC Sarl'), having met its initial US$1.56 million expenditure commitment on the projects. Completion of the drilling programme is expected to see the Company meet its second commitment (a further US$1.56 million) to earn a 90% interest.

RMC Sarl also holds three of the recently-granted licences - Mana, Dogon and Sanga - in central Cameroon (announcement dated 3 February 2021). Formalisation of the 51% ownership of RMC Sarl will see the Company acquire a 51% interest in those licences (with an option to increase to 90% at no additional cost), which are adjacent to the five 90%-owned licences held by Oriole's local subsidiary, Oriole Cameroon Sarl, creating a continuous land package of 3,592 square kilometres (the 'Central Licences'). An orientation study is currently underway at the Central Licences ahead of a package-wide mapping and stream sediment sampling programme later this quarter.

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

 

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 **

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014) which is part of UK law by virtue of the European Union (withdrawal) Act 2018. 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

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, Wapouzé and Central Licences 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. 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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