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Monday 18 March, 2019

Oriole Resources PLC

8km-Long Gold Anomaly Confirmed at Wapouz�

RNS Number : 0942T
Oriole Resources PLC
18 March 2019
 

Oriole Resources PLC 

('Oriole Resources' or 'the Company')

 

8km-Long Gold Anomaly Confirmed at Wapouzé Gold Project, Cameroon 

 

Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is pleased to provide an exploration update for the Wapouzé gold project ('Wapouzé' or the 'Project') in Cameroon, where it is earning up to a 90% interest.

 

Cameroon represents a key strategic focus for the Company, with its relatively unexplored geology compared to other countries in the region. Soil sampling at Wapouzé has identified multiple gold-in-soil anomalies, including an 8km-long NE-trending anomaly (>10ppb Au) within the 'Bataol Zone' in the north-east, with a highest grade of 531 ppb Au (0.53 g/t Au). Multiple further anomalies have been defined in a second area in the south-east of the licence, the 'Bidzar Zone', one of which is supported by a 7.36 g/t Au selective rock-chip sample from an outcropping quartz vein.

 

 

Highlights:

·    Soil sampling results received for 2,119 samples at Wapouzé with peak assay of 531ppb Au;

·    Results have outlined two main zones of NE-trending gold-in soil anomalism:

Bataol Zone: Multiple parallel >10 ppb Au anomalies in north-east of licence, including 8km x 0.2km, 2.8km x 0.2km and 2.2km x 0.2km. Higher grade zones (>60 ppb Au) within and independent of these anomalies including two measuring 0.8km x 0.1km;

Bidzar Zone multiple 0.4-0.8km long anomalies in the south-east, including one >60 ppb Au;

·    Selective rock-chip and lag samples have returned a best grade of 7.36 g/t Au;

·    An infill soil sampling programme (to 200m x 100m) is now planned at the Bataol Zone and will commence shortly.

 

 

Oriole Resources CEO, Tim Livesey, said: "This initial wide spaced soil sampling programme at Wapouzé was designed to test the eastern limb of the licence, where reconnaissance sampling by Reservoir Minerals had previously returned occasional gold assays from stream sediments. 

 

This first phase soils programme by Oriole has been successful in defining continuous gold anomalism in wide corridors over a cumulative strike length of approximately 13km in the northern portion Wapouzé (Bataol), and in identifying new anomalies in the south (Bidzar). Each of these independent corridor zones of gold in-soils anomalism has the scale and potential to host significant mineralisation. 

 

It further supports our position that these licences at Bibemi and Wapouzé have the capacity to host a brand-new gold district. As the only company actively exploring in this area, we are looking forward to increasing our understanding of the local geology, and gaining a clearer picture on the controls of any mineralisation we do find. This is a great success story for our exploration team, led in-country by our manager for West Africa, Issouf Ouedraogo. 

 

With this enhanced understanding we will continue to explore and strive for success in our exploration at both Bibemi and Wapouzé, where we believe there exists highly exciting gold potential."

 

 

Further details

 

On 6 March 2019, the Company announced completion of a 400m x 100m-spaced systematic soil sample at the Wapouzé gold project in Cameroon, where it is earning a 90% interest from local partner Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'). The programme was focussed on the eastern portion of the licence, where previous stream sediment sampling by former operator Reservoir Minerals Inc. returned 5 anomalous samples greater than >25ppb Au.

 

A total of 2,119 samples were collected, with material taken from approximately 30-40 cm below surface in most cases, within the upper saprolite zone, as well as 146 rock-chip and lag samples from selective quartz vein and float material. Assays have now been received for all soil and rock samples, including 7% QAQC samples. Analysis of QAQC plots for standard certified reference materials, inserted blanks and duplicates was completed and found to be within acceptable ranges.

 

Of the 2,119 soil samples, 6 samples assayed greater than 100 ppb Au, with a best result of 531 ppb Au, whilst 34 samples returned >20ppb Au and 106 samples defined broader zones of lower grade (>10 ppb Au) anomalism.

 

The results have identified two main zones of NE-trending mineralisation, associated with quartz veins hosted within a NE-trending package of sheared lithologies (amphibolite, diorite, marble and granodiorite). These are the Bataol Zone (8km x 5km) in the north-east of the licence, which covers the previously identified 8km stream sediment anomaly, and the Bizdar Zone (2km x 4km) in the south-east of the licence.

 

At the Bataol Zone, multiple parallel >10 ppb Au anomalies have been defined, including:

·    8km x 0.2km;

·    2.8km x 0.2km; and

·    2.2km x 0.2km.

 

Higher grade zones (>60 ppb Au) exist within and independent of these anomalies, including two measuring 1km x 0.1km, which could indicate a potential for higher-grade ore shoots.

 

A number of narrower (0.1km), less continuous anomalies have been identified further to the south in the Bidzar Zone, including one 0.4km-long anomaly >60 ppb Au. A second 0.8km anomaly (>10ppb Au) is supported by a 7.36 g/t Au  rock-chip sample, taken from an outcropping quartz vein. The quartz vein is oriented WNW, with a relatively shallow dip (55 degrees) and could indicate a cross-cutting control on higher-grade minerlisation within the main NE-trending shear zone. No other significant results (>0.2 g/t Au) were yielded from the rock-chip and lag sampling programme.

 

An infill soil programme (to 200m x 100m) will shortly commence over 3 key anomalies at the Bataol Zone to tighten-up the anomalies ahead of a trenching decision.

 

The Wapouzé project is located approximately 20km to the north-east of the Bibemi licence, where the Company is also earning to 90% and has recently reported initial results for a Phase 1 trenching programme (Announced dated 6 March 2019). The remaining results are anticipated late Q2/early-Q3 and a Phase 2 infill trenching programme is currently underway.

 

For further information, including maps and a JORC Table 1 please see the Bibemi and Wapouzé page of our website https://orioleresources.com/projects/bibemi-and-wapouze/.

 

Deal Terms

Under the terms of the Option Agreement, Oriole can earn an initial 51% of BEIG3's Bibemi and Wapouzé licences (the 'Projects') in Cameroon by funding US$1.56m on exploration over two years. Thereafter, Oriole can earn a further 39% for an additional U$1.56m exploration expenditure, or by completing a pre-feasibility study on at least one of the Projects, over the subsequent two years.  

 

Competent Persons Statement 

The information in this release that relates to Exploration Results has been compiled, and is based on information reviewed on behalf of the Company, by Claire Bay (VP Exploration and Business Development) and Issouf Ouedraogo (General Manager for West Africa). Claire Bay (MGeol, CGeol, EurGeol, FIMMM) and Issouf Ouedraogo (MSc, MAusIMM) are Competent Persons as defined in the JORC code and take responsibility for the release of this information. Claire Bay and Issouf Ouedraogo have reviewed the information in this announcement and confirm that they are not aware of any new information or data that materially affects the information reproduced here.

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon 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

Camarco (IR/PR contact)

Gordon Poole / Nick Hennis

 

Tel: +44 (0)20 3757 4980

Grant Thornton UK LLP

Samantha Harrison / Ben Roberts / Niall McDonald

 

Tel: +44 (0)20 7383 5100

Hannam & Partners

Neil Passmore / Andrew Chubb

 

Tel: +44 (0)20 7907 8500

Turner Pope Investments (TPI) Ltd

Ben Turner / James Pope / Andy Thacker

Tel: +44 (0)2036214120

 

 

 

Notes to Editors:

 

Oriole Resources PLC is an AIM-listed exploration company, operating in Africa and Europe. It is focused on early-stage exploration in Cameroon and the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. The Company has several interests and royalties in companies operating throughout Africa and Turkey and is assessing new opportunities in both regions.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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