RCS - Oriole Resources PLC - Bibemi ESIA and ELA Progress Update

Oriole ResourcesAnnouncement

25/06/2025 07:02

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RNS Number : 2630O  Oriole Resources PLC  25 June 2025

Oriole Resources PLC

('Oriole Resources' or the 'Company')

 

Bibemi ESIA and ELA Progress Update

Ahead of its Annual General Meeting later this morning, Oriole Resources PLC
(AIM: ORR), the AIM quoted gold exploration company focused on West and
Central Africa, is pleased to provide an update on its 90% owned Bibemi
orogenic gold project (the 'Project') in Cameroon, including the ongoing
Environmental and Social Impact Assessment ('ESIA') and Exploitation Licence
Application ('ELA') processes.

 

Highlights

 

·    A public review of the Company's ESIA for Bibemi has been completed
with the local community.  Management is confident that the meetings, which
took place last week, went well, and the final report from Cameroon's Ministry
of Environment, Nature Protection and Sustainable Development, MINEPDED, is
awaited.  A successful outcome is a critical step towards ELA approval.

 

·    Last month, the Company's CEO, Martin Rosser, and CFO, Bob Smeeton,
met with the Minister of Mines and various related parties regarding the ELA
and the significant progress the Company has made prior to advancing the
formal negotiation process.  A formal timeline on the remainder of the
process has been requested and will be published as soon as available.

 

·    An independent gap analysis review of the local-level ESIA will
commence shortly to assess what further information may be required to satisfy
international standards and potential mine finance partners.

 

·    Following publication of the updated JORC Mineral Resource Estimate
('MRE') and Exploration Target last month (announcement dated 15 May 2025),
which increased the Resource inventory by 23%, a review of the model will
commence shortly to assess the potential for further conversion of MRE
contained gold to the JORC Indicated category.

 

·    The Indicated Resources, which are currently capped to 150m depth
below surface, occur as a unified block in the centre of the deposit and could
provide a suitable location for a starter pit if mined.  Resource
optimisation and preliminary economic assessment ('PEA') studies will also
commence shortly to deliver an Ore Reserves / Mineable Resources statement.
 

 

·    Additional metallurgical testwork is due to commence shortly to
support geo-metallurgical domaining at the Project.  This will help assess
whether any modifications are required to the provisional mineral processing
flow sheet that was published alongside the updated MRE.  In addition, work
will be undertaken to determine potential processing plant capital costs and
operating costs to scoping study levels of confidence.

 

·    Subject to the results from the above, advanced mine planning
studies, including review of tailing storage facilities and economic trade-off
studies are expected to commence later this year.

 

 

 

Commenting, Chief Executive Officer of Oriole Resources, Martin Rosser, said:
"We look forward to continuing our positive engagement with the government
whilst progressing outstanding technical and preliminary economic studies to
enable us to make key decisions, in conjunction with our partner BCM, on the
development of a potential gold mine at Bibemi."

 

Figure 1. Bibemi ESIA meetings with local stakeholders.

 

Further Details

 

At the 177km(2) Bibemi orogenic gold project in the North region of Cameroon,
the Company's exploration to date has identified shear-hosted gold
mineralisation at four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa
West and Lawa East - within an approximately 12km long mineralised
hydrothermal system at surface.

 

Between 2021 and 2022, the Company completed four phases of diamond drilling
at the Project for a total of 6,685.40m in 54 holes, with the majority of that
drilling focused on an approximately 1km long section at the BZ1-MRE zone.
In January 2024, the Company published an MRE for BZ1-MRE of 5.1Mt grading
2.30g/t Au for approximately 375,000 oz Au contained in the JORC Inferred
Resources category, based on a 0.45g/t Au lower cut-off grade and within a
US$2,000/oz gold price open pit shell (announcement dated 15 January 2024).

 

In February 2025, the Company completed the Phase 5 diamond drilling programme
at Bakassi Zone 1 to further test the BZ1-MRE zone, and two along-strike
targets, BZ1-NE and BZ1-SW, for a total of 6,915.40m in 56 holes.  This
programme was fully funded by BCM International as part of its agreement to
earn-in to a 50% interest by spending up to US$4 million in exploration
expenditure (announcement dated 5 January 2024).

 

Reported intersections from this programme include 4.10m at 7.99g/t Au
(BBDD059), 2.70m at 14.67g/t Au (BBDD058), 2.00m at 12.50g/t Au (BBDD061),
2.15m at 9.95g/t Au (BBDD063), 2.00m at 8.57g/t Au (BBDD075) and 1.20m at
25.54g/t Au (BBDD068), 1.00m at 15.11g/t Au and 2.00m at 3.51g/t Au (BBDD104),
4.10m at 2.20g/t Au (BBDD105), and 2.20m at 8.11g/t Au and 2.00m at 2.50g/t Au
(BBDD109) (announcements dated 12 September 2024, 14 October 2024, 28 November
2024 and 17 March 2025).

 

These results enabled independent consultant Forge International to deliver an
updated MRE for the BZ1-MRE zone of 460,000oz contained gold at over 2g/t Au,
based on a 0.40g/t Au lower cut-off grade and within a US$2,750/oz gold price
open pit shell.  In addition to this being an approximate 23% increase on the
2024 MRE, the confidence level of the MRE was improved, with 100,000oz Au
falling into the JORC Indicated category and the remaining in the Inferred
category.  The Indicated Resources occur as a unified block in the centre of
the deposit and could provide a suitable location for a starter pit if
mined.  An additional JORC Exploration Target 1  range of 3 to 5 million
tonnes at 1.50 to 2.50g/t Au for 145,000oz to 400,000oz contained Au has been
estimated for the Bakassi Zone 1, Bakassi Zone 2, Lawa East and Lawa West
prospects, highlighting the significant upside potential of the wider licence
area.

 

The Company today reports that a public review of the Company's ESIA for
Bibemi was completed with local stakeholders last week.  The meetings went
well and the final report from MINEPDED is awaited.  A successful outcome is
a critical step towards ELA approval.

 

Last month, the Company's CEO, Martin Rosser, and CFO, Bob Smeeton, met with
the Minister of Mines and various related parties regards to the ELA and the
significant progress the Company has made prior to advancing the formal
negotiation process.  A formal timeline on the remainder of the process has
been requested and will be published as soon as its available.

 

Meanwhile, an independent gap analysis of the local-level ESIA review will
commence shortly to assess what further information may be required to satisfy
international standards and potential mine finance in the event that the ELA
is approved.  More advanced mine planning studies, including a review of
tailing storage options and various economic trade-off studies, are expected
to commence later this year.

 

Following publication of the 2025 MRE and Exploration Target last month, which
increased the Resource inventory by 23%, a review of the model will commence
shortly to assess the potential for further conversion of MRE ounces to the
JORC Indicated category.  The Indicated Resources, which are currently capped
at 150m below surface, occur as a unified block in the centre of the deposit
and could provide a suitable location for a starter pit if mined.  The
outcome of this work could lead to a targeted Resource conversion drilling
programme.  Resource optimisation and PEA studies will also commence shortly
to deliver an Ore Reserves / Mineable Resources statement.

 

Finally, additional metallurgical testwork will commence shortly on
representative samples from different zones of the MRE, to support
geo-metallurgical domaining at the Project.  This will help to assess whether
any modifications are required to the provisional mineral processing flow
sheet that was published alongside the updated MRE.  In addition, work will
be undertaken to determine potential processing plant capital costs and
operating costs to scoping study levels of confidence.

 

Further information can be found in the Bibemi JORC Table 1 disclosure on the
following page of the Company's website:
https://orioleresources.com/projects/bibemi/
(https://orioleresources.com/projects/bibemi/) .

 

 

Competent Persons Statement

 

The information in this announcement that relates to the Mineral Resource
Estimate and the Exploration Target is based on data compiled by Mr. Robert
Davies, EurGeol, CGeol, an independent consultant to Oriole.  Mr Davies is a
Director of Forge International Limited.  Mr Davies has sufficient experience
that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the JORC Code.  Mr Davies consents to the inclusion in
the report of the matters based on his information in the form and context in
which it appears.  The Company confirms that it is not aware of any new
information or data that materially affects the Mineral Resource Estimate or
the Exploration Target, and that all material assumptions and technical
parameters underpinning the MRE and the Exploration Target continue to apply.

 

The technical information in this release that relates to Exploration Results
and the planned exploration programme has been compiled by Mrs Claire Bay
(Executive Director).  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.

 

 

Enquiries:

 Oriole Resources Plc                                  Tel: +44 (0)23 8065 1649
 Martin Rosser / Bob Smeeton / Claire Bay

 Strand Hanson Limited (Nomad & Broker)                Tel: +44 (0)20 7409 3494
 Christopher Raggett / James Spinney / Edward Foulkes

 IFC Advisory Ltd (Financial IR & PR)                  Tel: +44 (0)20 3934 6630
 Tim Metcalfe / Graham Herring / Florence Staton       oriole@investor-focus.co.uk

 

Glossary and Abbreviations

 2024 MRE                         BZ1 MRE published in January 2024
 2025 MRE                         BZ1 MRE published in May 2025
 Au                               Gold
 BZ1                              Bakassi Zone 1
 Bibemi                           Bibemi orogenic gold project
 ELA                              Exploitation Licence Application
 g/t                              Grammes per tonne
 JORC                             Joint Ore Reserves Committee
 JORC Code                        2012 Edition of the Australasian Code for Reporting of Exploration Results,
                                  Mineral Resources and Ore Reserves
 km                               Kilometre
 km(2)                            Square kilometre
 m                                Metres
 MRE                              Mineral Resource Estimate
 Mt                               Millions tonnes
 MINEPDED                         Ministry of Environment, Nature Protection and Sustainable Development in
                                  Cameroon. It is responsible for environmental policy, biodiversity
                                  conservation, and pollution control in the country.
 MRE                              Mineral Resource Estimate
 Oriole Resources or the Company  Oriole Resources PLC
 oz                               Troy ounce of gold
 PEA                              Preliminary Economic Assessment. An initial, high-level economic evaluation of
                                  a project's potential viability. It's a first step in determining if a
                                  mineral resource warrants further, more detailed studies.
 Project                          Bibemi orogenic gold project

 

Notes to Editors

 

Oriole Resources PLC is an AIM-quoted gold exploration company, with projects
in West and Central Africa.  It is focused on early-stage exploration in
Cameroon, where the Company has reported a Resource of 460,000oz contained
gold at 2.06g/t Au in the JORC Indicated and Inferred categories at its 90%
owned Bibemi project and has identified multi-kilometre gold and lithium
anomalies within the district scale Central Licence Package project.  BCM
International is currently earning up to a 50% interest in the Bibemi and Mbe
projects in return for a combined investment of US$1.5 million in signature
payments, up to US$8 million in exploration expenditure, as well as JORC
resource-based success payments.

 

At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl
('AGEM'), a wholly owned subsidiary of Managem Group, has completed a six-year
earn-in to acquire an approximate 59% beneficial interest in the Senala
Exploration Licence by spending US$5.8 million.  The Company has reported a
Resource of 155,000oz contained gold at 1.26g/t Au in the JORC Inferred
category for the Faré South prospect, and an additional, complimentary
Exploration Target range of 17 to 24 million tonnes at a grade of 0.69 to
0.84g/t Au for 380,000oz to 650,000oz contained gold for all prospects at
Senala.  Discussions on the formation of a joint venture company are
currently underway.  The Company also has several interests and royalties in
companies operating in East Africa and Turkey that could give future cash
payments.

 

For further information please visit www.orioleresources.com
(http://www.orioleresources.com) ,  @OrioleResources on X

 

 

 

 1  The potential quality and grade of the Exploration Target are conceptual
in nature. There has been insufficient exploration to estimate a Mineral
Resource, and there is no certainty that further exploration work will result
in the determination of a Mineral Resource.

 

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