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Oriole Resources PLC (ORR)

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Tuesday 29 June, 2021

Oriole Resources PLC

Drilling Confirms Gold at All Four Prospects

RNS Number : 3969D
Oriole Resources PLC
29 June 2021
 

Oriole Resources PLC 

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

 

Bibemi Project -

Drilling Confirms Gold at All Four Prospects

 

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to announce final results for its recently completed maiden diamond drilling programme at the 51%-owned Bibemi gold project ('Bibemi' or 'the Project') in Cameroon. Results reported today support the potential for large-scale mineralisation at the Project, with gold now confirmed at all four prospects within this 8.3km-long orogenic system. Best intersections from holes BBDD010 to BBDD029 include 3.10 metres ('m') grading 1.07 grammes per tonne ('g/t') gold ('Au') and 0.80m grading 27.90 g/t Au, the latter of which correlates with a previously reported visible gold interval (announcement dated 12 April 2021).

 

The widest zones of mineralisation to date (up to 12m) have been returned from the southern end of the Bakassi Zone 1 prospect ('Bakassi Zone 1'), with the most robust intervals including 2.45m grading 2.96 g/t Au, 3.60m grading 1.75 g/t Au and 12.40m grading 0.71 g/t Au. There appears to be clear continuity of the mineralised structures between drilling fence lines BZ1_L6 and BZ1_L7, which are 800m apart, and it is interpreted that the mineralisation continues southwards along strike to Lawa West. Infill and extension drilling around these lines will be a priority focus for further drilling later in the year, although work plans are currently being designed for all of the prospects.

 

 

Highlights

 

· Results for the remaining 20 holes (BBDD010 to BBDD029) at Bibemi have returned further significant (>0.3 g/t Au) intersections, including:

 

Bakassi Zone 1

3.10m grading 1.07 g/t Au from 42.30m (BBDD025)

Bakassi Zone 2

0.85m grading 4.59 g/t Au from 78.00m (BBDD024) - related to visible gold observed in the core

1.00m grading 1.37 g/t Au from 61.00m (BBDD011)

Lawa West

1.00m grading 2.68 g/t Au from 83.85m (BBDD017)

1.00m grading 2.64 g/t Au from 83.10m (BBDD018)

Lawa East

0.80m grading 27.90 g/t Au from 69.00m (BBDD020) - related to visible gold observed in the core

1.00m grading 1.35 g/t Au from 111.20m (BBDD015)

 

· Results from this pilot programme have confirmed gold mineralisation at all four prospects, with the continuity of mineralisation being highly likely between the Bakassi Zone 1 and Lawa West prospects;

· An 800m-long zone between fence lines BZ1_L6 and BZ1_L7, at the southwestern extent of Bakassi Zone 1, has been identified as a priority target for infill and extension drilling, ahead of infill drilling further to the north and southwest towards Lawa West;

· Follow-up programmes are also being planned for the Bakassi Zone 2 and Lawa East prospects in preparation for the next field season in Q4.

 

 

Oriole Resources  CEO, Tim Livesey , said: " We are extremely pleased that the maiden diamond drill programme at Bibemi has been so successful, returning multiple gold intersections in over half of the holes. This is very encouraging, indicating that the orogenic gold system we have defined over an 8.3km strike length at surface, through previous rock-chip sampling and trenching programmes, has been proven to extend below surface at all four prospects and for depths of more than 100m.  

"In addition to the wider mineralised intervals, we see evidence of higher grades in some holes (including 27.90 g/t over 0.80m from 69.00m in hole BBDD020), reflecting the likelihood of a 'nugget gold' effect, and in some cases there are multiple parallel sets of veins in a single hole. 

"This phase 1 programme was undertaken using diamond coring techniques, which has enabled us to obtain a wealth of structural data, essential in our tasks of identifying the structural controls on gold deposition and predicting sites for potential larger volumes of gold mineralisation. 

"The indication of several areas of gold potential within the broader 8.5km footprint of the systems gives us multiple targets to follow up in phase 2. For example, the area between fence lines BZ1_L6 and BZ1_L7 is an obvious target for infill drilling to prove continuity between those two lines. As these lines are 800m apart, there is ample space for a significant resource to develop, should the results merit it. Both lines remain open to the north and south, giving yet more opportunity to expand this area of gold mineralisation.

"Structural analogies to the Bibemi system, in a broad sense, include Valentine Lake in Newfoundland, Chirano in Ghana and our very own Senala project, specifically the Faré prospect. We are encouraged that results from the first ever drilling on this licence has been able to allow us to confirm orogenic gold systems and indicate potential and we look forward to commencing follow-up programmes later this year."

 

 

Further Details

 

In Q2-2021, the Company completed its maiden drilling programme to test four key prospects (Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East) at Bibemi for a total of 3,118m in 29 holes. Previously reported results for holes BBDD001 to BBDD009 confirmed proof of concept at the Project and a vertical continuity to the system of at least 100m below surface.

 

The results reported today, for the remaining 20 holes (BBDD010 to BBDD029), continue to confirm the prospectivity of the Project, with all prospects within the 8.3km-long system having reported gold mineralisation (see Table 1). Best intersections include 3.10m grading 1.07 g/t Au from 42.30m (related to a near-surface trenching interval of 1m grading 6.45 g/t Au) at Bakassi Zone 1 and 0.80m grading 27.90 g/t Au from 69.00m at Lawa East. The latter intersection correlates with a previously reported visible gold interval in hole BBDD020. The entire pilot programme has delivered a greater than 50% success rate in intersecting significant (>0.3 g/t Au) mineralised intervals and the system remains open at depth.

 

 

Table 1. Significant intersections from diamond drilling in holes BBDD010 to BBDD029 at Bibemi. 

 

HoleID

Prospect

Azimuth (°)

Inclination (°)

From (m)

To (m)

Au interval

BBDD010

Bakassi Zone 2

320

-50

No significant intersections

BBDD011

Bakassi Zone 2

140

-50

61.00

62.00

1.00m @ 1.37 g/t Au

and

 

 

 

74.60

76.60

2.00m @ 0.46 g/t Au

BBDD012

Lawa East

320

-50

No significant intersections

BBDD013

Lawa East

320

-50

30.10

31.10

1.00m @ 0.32 g/t Au

BBDD014

Lawa East

320

-50

No significant intersections

BBDD015

Lawa East

320

-50

111.20

112.20

1.00m @ 1.35 g/t Au

BBDD016

Lawa East

320

-50

No significant intersections

BBDD017

Lawa West

320

-50

16.05

17.10

1.05m @ 0.39 g/t Au

and

 

 

 

24.40

25.40

1.00m @ 0.84 g/t Au

and

 

 

 

72.20

73.25

1.05m @ 0.63 g/t Au

and

 

 

 

83.85

84.55

0.70m @ 2.68 g/t Au

BBDD018

Lawa West

320

-50

58.50

59.50

1.00m @ 0.35 g/t Au

and

 

 

 

83.10

84.10

1.00m @ 2.64 g/t Au

BBDD019

Lawa West

320

-50

33.60

34.60

1.00m @ 0.62 g/t Au

BBDD020

Lawa East

320

-50

69.00

69.80

0.80m @ 27.90 g/t Au** Au

BBDD021

Bakassi Zone 2

140

-50

No significant intersections

BBDD022

Bakassi Zone 2

320

-50

No significant intersections

BBDD023

Bakassi Zone 2

320

-50

25.50

26.60

1.10m @ 0.48 g/t Au

and

 

 

 

30.60

31.60

1.00m @ 0.48 g/t Au

and

Bakassi Zone 2

 

 

34.80

35.80

1.00m @ 0.60 g/t Au

BBDD024

Bakassi Zone 2

140

-50

78.00

78.85

0.85m @ 4.59 g/t Au**

BBDD025

Bakassi Zone 1

320

-50

42.30

45.40

3.10m @ 1.07 g/t Au

and

 

 

 

60.80

61.80

1.00m @ 0.46 g/t Au

BBDD026

Bakassi Zone 1

320

-50

No significant intersections

BBDD027

Bakassi Zone 1

320

-50

27.30

29.30

2.00m @ 0.80 g/t Au

BBDD028

Bakassi Zone 1

140

-50

No significant intersections

BBDD029

Bakassi Zone 1

140

-50

No significant intersections

*Intervals greater than 1 gramme per metre average grade, calculated using a 0.3 g/t Au cut-off and no more than 50% internal dilution. True widths are approximately 77% (for holes inclined -50 degrees) to 91% (for holes inclined -65 degrees) of the reported downhole interval.

**Interval corresponds with visible gold observed within the sample.

 

At Bakassi Zone 1 and Lawa West, the reported intersections are predominately associated with northeast-trending, laminated (shear-parallel) quartz-tourmaline veins that dip steeply to the southeast and their interaction with flatter-lying extensional quartz veins that are sub-horizontal to shallowly east-dipping. The widest zones of mineralisation to date (up to 12m) have been returned from the southern end of the Bakassi Zone 1 prospect ('Bakassi Zone 1'), with the most robust intervals including 2.45m grading 2.96 g/t Au (which correlates to a trenching interval of 2.25m grading 1.13 g/t Au), 3.60m grading 1.75 g/t Au (which does not outcrop at surface) and 12.40m grading 0.71 g/t Au (which was targeting a 6.00m grading 3.02 g/t Au trenching interval). Narrower, higher grade intervals were also returned from this area, including 1.00m grading 5.65 g/t Au and 1.00m grading 6.15 g/t Au. There appears to be clear continuity of the mineralised structures between drilling fence lines BZ1_L6 and BZ1_L7, which are themselves 800m apart, and it is interpreted that the mineralisation continues southwards along strike to Lawa West. Infill and extension drilling around these lines will be a priority focus for further drilling later in the year.

 

Whilst similar vein types and orientations exist at Bakassi Zone 2 and Lawa East, the mineralisation is generally related to brecciation. As indicated by the results presented today, both prospects have the potential for high-grade, visible gold mineralisation and so their further assessment is underway.

 

The significant scale of this north-east trending shear-related system, and its potential to host multiple mineralised zones over a multi-kilometre strike length, is broadly analogous to a number of Pan African to Birimian-aged deposits world-wide, including the 3.14Moz Valentine Lake project in Newfoundland, the 1.98Moz Chirano deposit in Ghana and multiple deposits in the Kédougou-Kéniéba inlier of south-eastern Senegal / western Mali, including the Company's Senala project[1]. A selection of maps and cross sections from the programme can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/3969D_1-2021-6-28.pdf

 

Work plans are currently being designed for all four prospects ahead of the next fields season, which will commence in Q4. Further details of these programmes will be made available in due course.

 

For further information on the Bibemi project, including drill plans and a JORC Table 1, please see the following page of the Company's website https://orioleresources.com/projects/bibemi/. 

Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), the Company has satisfied the conditions to earn a 90% interest in RMC Cameroon SARL, which owns Bibemi, the Wapouzé project (20km to the north) and three licences in Central Cameroon. The administrative process to formalise this ownership is currently underway, including the formation of a new local subsidiary company into which the licences can be transferred.

 

At the Central Cameroon project, located approximately 300km to the southwest of Bibemi, regional mapping and stream sediment sampling programmes are continuing over the entire 3,592 square kilometre land package . To date, a total of 561 samples of a planned 1,360 samples have been collected, with three of the eight licences (Niambaran, Tenekou and Pokor) now complete. It is anticipated that the two remaining Oriole Cameroon Sarl licences (owned 90%), namely Mbe and Ndom, will be completed during next month. The three westernmost licences, Mana, Sanga, Dogon (owned via a 51% interest in RMC Cameroon Sarl) will be undertaken in Q4, after the seasonal rains. Full results from the programme are expected in H2-2021.

 

For further information on the Central Licences project, please see the following page of the Company's website https://orioleresources.com/projects/central-cameroon/.

 

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. 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 / 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.

 

 

[1] numbers quoted for each project are the total Measured, Indicated and Inferred resources, including any Proven and Probable reserves, as per the last publicly available resources and reserves statement.

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