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Oriole Resources PLC (ORR)

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Monday 04 October, 2021

Oriole Resources PLC

Thani Stratex Djibouti Exploration Update

RNS Number : 8241N
Oriole Resources PLC
04 October 2021
 

Oriole Resources PLC

('Oriole' or 'the Company')

 

Thani Stratex Djibouti Exploration Update -

Excellent Diamond Drilling Results from Assaleyta and Hesdaba including best intersections of 17.37m grading 3.59 g/t Au and 10.75m grading 26.27 g/t Au respectively

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on its interest in Thani Stratex Djibouti Limited ('TSD'), where African Minerals Exploration & Development Fund III ('AMED Fund III') is managing and funding a multi-million-dollar exploration programme across a portfolio of low-sulphidation epithermal gold projects in the East African Rift Valley. The first and second tranches of the funding, totalling US$5 million, have been used to undertake drilling programmes at the Pandora, Assaleyta and Hesdaba projects.

 

At Assaleyta, results for a further two diamond drill holes from TSD's Phase 2 exploration programme continue to demonstrate the significant potential at the project, with a best intersection of 38.10 metres ('m') grading 2.21 grammes per tonne ('g/t') gold ('Au') from 126.60m downhole including 17.37m grading 3.59 g/t Au returned from the Porcupine Hill prospect. Results also received for 11 Reverse Circulation ('RC') holes at the project.

 

At the Hesdaba project, located immediately to the west of Assaleyta, selective sampling of hole Hd-D-17 have returned 19.80m grading 1.18 g/t Au from 79.30m and 10.75m grading 26.27 g/t Au from 108.25m including a bonanza intersection of 1.22m grading 211.00 g/t Au. Results for a further three boreholes, drilled along an 800m strike-length of this system, are still pending. It is anticipated that all outstanding assay results will be received during October, satisfying the Tranche 2 milestones. Subject to continued positive results, the Tranche 3 budget, for a further US$2.5 million, is currently being prepared ahead of infill and step-out drilling commencing in Q4-2021.

 

Following completion of the Tranche 2 funding, TSD has concluded a preference share conversion that has seen Oriole's interest reduced to 9.21% which the Company consequently considers no longer material to the group. 

 

 

Highlights

 

· At Assaleyta, results received for two diamond holes, drilled to test the centre of the epithermal system at the Red Eagle Mountain and Porcupine Hill prospects respectively;

 

· Partial results for hole Ay-D-08, drilled at Porcupine Hill, have returned a best intersection of 38.10m grading 2.21 g/t Au from 126.60m including 17.37m grading 3.59 g/t Au. Further results from below this interval are awaited;

 

· Results also received for 11 RC drill holes (Ay-R-01 to Ay-R-10 and outstanding results for Ay-R-15), with best intersections (using 0.3 g/t Au cut-off) including 12.00m grading 0.53 g/t Au from 3.00m including 2.00m grading 1.27 g/t Au (Ay-R-09). Assays for a further seven holes (Ay-R-16 to Ay-R-22) are awaited;

 

· At Hesdaba, final results received for remaining 259 samples (including QAQC) from the 2020 grab sampling programme. A total of 26 samples returned over 1 g/t Au, best results include:

36.90 g/t Au and 6.80 g/t Au from the Red Horns prospect

19.00 g/t Au and 16.45 g/t Au from the Caravan prospect

10.35 g/t Au returned from the Maranzana prospect

 

· Results also received for diamond drill hole Hd-D-17 (selectively sampled), collared on the Red Horns prospect. Best intersections include 19.80m grading 1.18 g/t Au from 79.30m and 10.75m grading 26.27 g/t Au from 108.25m including 1.22m grading 211.00 g/t Au;

· Results for a further 484 diamond core and RC drilling samples (inclusive of QAQC) from Assaleyta and 1,453 diamond core and RC drilling samples (inclusive of QAQC) from Hesdaba are anticipated in early Q4-2021;

 

· AMED Fund III has approved Tranche 3 of its funding commitment and planning for Phase 3 exploration programme is underway, with work scheduled to commence in Q4-2021;

 

· Oriole's interest in TSD has been reduced to 9.21% and the projects are no longer considered material from an AIM reporting perspective.

 

 

Oriole CEO, Tim Livesey, said: "We are very encouraged to see continued success from the exploration programmes in Djibouti.  These recently reported results confirm the opportunity for grading intersections of significant width, further de-risking this 'new frontier' project.

"With the next tranche of investment about to be deployed, we are looking forward to reviewing the proposed exploration plan for the next phase of drilling, which we believe will move Djibouti a step closer to the development of a resource.

"Whilst we will no longer be reporting regularly on the exploration results for TSD, we do believe that the ongoing exploration programmes are continuing to grow the value of the projects significantly."

 

Further Details

 

In 2019, TSD signed an agreement with AMED Fund III for the management and funding of TSD and its epithermal gold projects in the East African Rift Valley of Djibouti (announcement dated 19 November 2019). The first and second tranches of the funding, totalling US$5 million, have been used to undertake drilling programmes at the Pandora, Assaleyta and Hesdaba projects.

 

At Assaleyta, TSD completed a Phase 2 exploration programme earlier this year comprising 687.80m diamond drilling in three holes and 2,508m RC drilling in 22 drillholes (announcement dated 23 March 2021). The programme was designed to evaluate sub-surface mineralisation at three prospects, namely Black Mamba and Porcupine Hill, where previous drilling returned best intercepts of 17.38m grading 2.25 g/t Au from surface (AY-DD-01) and 5.18m grading 4.50 g/t Au from 12.09m and 1.58m grading 8.67 g/t Au from 177.19m (AY-DD-03) (calculated using a 0.3 g/t Au cut-off), and the untested Red Eagle Mountain prospect. I nitial results from the Phase 2 programme included best RC intersections of 16.00m grading 1.08 g/t Au from 12.00m (hole Ay-D-15) and 5.00m grading 8.97 g/t Au from 110.00m including 1.00m grading 43.00 g/t Au (hole Ay-R-14; announcement dated 1 July 2021).   

 

The Company today reports further RC results, related to holes Ay-R-01 to Ay-R-10 and the outstanding samples for hole Ay-R-15 (Table 1; announcement dated 1 July 2021). Best intersections (using 0.3 g/t Au cut-off) include 12.00m grading 0.53 g/t Au from 3.00m including 2.00m grading 1.27 g/t Au from hole Ay-R-09, demonstrating the potential for wider envelopes of lower grade material around more discrete higher-grade veins. Results relating to a further seven holes at the Red Horn and Black Mamba prospects, Ay-R-16 to Ay-R-19 and Ay-R-20 to Ay-R-22 respectively, are still awaited.

 

 

Table 1. RC drilling results for holes Ay-R-01 to Ay-R-11  and Ay-R-15 at the Assaleyta project's Red Eagle Mountain prospect

 

HoleID

Azimuth (°) (°)

Inclination (°) (°)

From (m)

To (m)

Au interval*

Ay-R-01

218

-50

No significant intersections

Ay-R-02

038

-50

No significant intersections

Ay-R-03

218

-50

No significant intersections

Ay-R-04

218

-50

No significant intersections

Ay-R-05

232

-50

36.00

38.00

2.00m @ 0.74 g/t Au

and



115.00

116.00

1.00m @ 0.36 g/t Au

and



122.00

123.00

1.00m @ 1.66 g/t Au

Ay-R-06

218

-50

88.00

92.00

4.00m @ 0.33 g/t Au

Ay-R-07

218

-50

14.00

20.00

6.00m @ 0.49 g/t Au

and



25.00

26.00

1.00m @ 0.61 g/t Au

and



30.00

39.00

9.00m @ 0.48 g/t Au

and



66.00

67.00

1.00m @ 0.40 g/t Au

Ay-R-08

218

-50

22.00

27.00

5.00m @ 0.44 g/t Au

and



34.00

49.00

15.00m @ 0.63 g/t Au

including



36.00

38.00

2.00m @ 1.35 g/t Au

including



41.00

42.00

1.00m @ 1.86 g/t Au

including



47.00

48.00

1.00m @ 1.07 g/t Au

Ay-R-09

038

-60

3.00

15.00

12.00m @ 0.53 g/t Au

including



5.00

7.00

2.00m @ 1.27 g/t Au

and



20.00

22.00

2.00m @ 0.42 g/t Au

and



35.00

36.00

1.00m @ 0.32 g/t Au

and



66.00

67.00

1.00m @ 0.43 g/t Au

Ay-R-10

038

-60

1.00

17.00

16.00m @ 0.62 g/t Au

including



1.00

3.00

2.00m @ 1.14 g/t Au

including



7.00

10.00

3.00m @ 1.04 g/t Au

and



42.00

44.00

2.00m @ 0.40 g/t Au

Ay-R-15

218

-55

No additional significant results**

*Intervals greater than 1 gramme per metre average grade, calculated using a 0.3 g/t Au cut-off and no more than 5m consecutive dilution or 50% total internal dilution. True widths are not known.

**Further to the Company's announcement on 1 July 2021

 

 

Meanwhile, results for a further two diamond drill holes from TSD's Phase 2 diamond programme also continue to demonstrate the significant potential at the project, with a best intersection at the Porcupine Hill prospect of 38.10m grading 2.21 g/t Au from 125.05m in hole Ay-D-08, including 17.37m grading 3.59 g/t Au (Table 2). Mineralisation continues to be predominantly associated with epithermal quartz vein and vein breccia. Further results from below this interval are awaited.

 

Table 2. Diamond drilling results for holes Ay-D-08 and Ay-D-10 at the Assaleyta project

 

HoleID

Prospect

Azimuth (°)

Inclination (°) (°)

From (m)

To (m)

Au interval*

Ay-D-08

Porcupine Hill

019

-51

90.00

91.00

1.00m @ 0.35 g/t Au

and




118.95

120.29

1.34m @ 2.67 g/t Au

and




126.60

164.70

38.10m @ 2.21 g/t Au

including




132.70

134.00

1.30m @ 3.08 g/t Au

including




138.18

155.55

17.37m @ 3.59 g/t Au

including




146.40

147.95

1.55m @ 14.85 g/t Au

Ay-D-10

Red Eagle Mountain

218

-50

7.60

9.15

1.55m @ 0.41 g/t Au

and




19.80

23.00

3.20m @ 0.45 g/t Au

and




106.75

108.25

1.50m @ 0.34 g/t Au

and




128.10

131.15

3.05m @ 0.54 g/t Au

including




129.60

131.15

1.55m @ 1.30 g/t Au

*Intervals greater than 1 gramme per metre average grade, calculated using a 0.3 g/t Au cut-off and no more than 5m consecutive dilution or 50% total internal dilution. True widths are not known.

 

 

At the Hesdaba project, located immediately to the west of Assaleyta, final results have been received for 259 samples (including QAQC) related to the 2020 grab sampling programme. A total of 26 samples returned over 1 g/t Au, best results include:

 

36.90 g/t Au and 6.80 g/t Au from the Red Horns prospect

19.00 g/t Au and 16.45 g/t Au from the Caravan prospect

10.35 g/t Au returned from the Maranzana prospect

 

Previously reported initial results from selective intervals across two diamond drill holes at the Caravan prospect (Hd-D-11 and Hd-D-14) and two diamond drill holes at the Maranzana prospect (Hd-D-12 and Hd-D-13) returned a best intersection of 1.00m grading 2.1 g/t Au from hole Hd-D-14 (announcement dated 23 March 2021). The Company today reports results for hole Hd-D-17, which have delivered a best intersection of 19.80m grading 1.18 g/t Au from 79.30m including 10.75m grading 26.27 g/t Au, centred around a bonanza-grade hydrothermal breccia that has returned 211 g/t Au over 1.22m (Table 3). Hd-D-17 is located c.250m along strike to the northwest of hole Hd-D-08, which return 15.00m grading 4.08 g/t Au from 53.00m, including 5.00m grading 11.11 g/t Au (announcement dated 1 October 2020). Results from another three boreholes, drilled along 800m strike on this system are pending.

 

 

Table 3. Diamond drilling results for hole Hd-D-17 at the Red Horns prospect, Hesdaba

 

HoleID

Azimuth (°)

Inclination (°) (°)

From (m)

To (m)

Au interval*

Hd-D-17

236

-62

38.10

41.15

3.05m @ 1.85 g/t Au

and



47.25

50.00

2.75m @ 0.39 g/t Au

and



62.50

64.00

1.50m @ 0.91 g/t Au

and



79.30

99.10

19.80m @ 1.18 g/t Au

and



108.25

119.00

10.75m @ 26.27 g/t Au

including



116.63

117.85

1.22m @ 211.00 g/t Au

*Intervals greater than 1 gramme per metre average grade, calculated using a 0.3 g/t Au cut-off and no more than 5m consecutive dilution or 50% total internal dilution. True widths are not known.

 

 

It is anticipated that all outstanding assay results will be received during October, satisfying the Tranche 2 milestones. Subject to continued positive results, the Tranche 3 budget, for a further US$2.5 million, is currently being prepared ahead of infill and step-out drilling commencing in Q4-2021.

 

Following completion of the Tranche 2 funding, TSD has concluded a preference share conversion that has seen Oriole's interest reduced to 9.21%. Consequently, the Company considers this project to no longer be material to Oriole and therefore it will only provide updates periodically within its financial reports. 

 

For further information on TSD's projects in Djibouti, please see the following page of the Company's website https://orioleresources.com/investments/pandora-assaleyta-hesdaba/  

 

 

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. The Exploration Results and QAQC data themselves have been provided to the Company by TSD. However, the original laboratory certificates have not been supplied with the Exploration Results, and so a complete verification of the results by the Competent Person has not been possible. Notwithstanding this, the Competent Person has no cause to doubt the Exploration Results and has consequently reviewed the information contained in this announcement and confirms that she is not aware of any new information or data that materially affects the information reproduced here.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulations (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. Following the publication of this announcement, this inside information is now considered to be in the public domain. 

 

** ENDS **

 

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

or contact:

 

Oriole Resources PLC

Tim Livesey / Bob Smeeton / 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 / 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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