REG - Oriole Resources PLC - Bibemi Phase 5 Drilling Programme Update

Oriole ResourcesAnnouncement

28/11/2024 07:00

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RNS Number : 9357N  Oriole Resources PLC  28 November 2024

Oriole Resources PLC

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

 

Bibemi Gold Project, Cameroon,

Phase 5 Drilling Programme Update

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company
focussed on West and Central Africa, is pleased to announce an update for its
82.2% 1  owned Bibemi orogenic gold project ('Bibemi' or the 'Project') in
Cameroon, where BCM International has acquired an initial 10% interest and is
earning up to a further 40% interest by spending up to US$4 million on
exploration.  A fully funded Phase 5 diamond drilling programme is currently
underway at the Project, where a Mineral Resource Estimate ('MRE') of 375,000
ounces ('oz') contained gold ('Au'), grading 2.30 grammes per tonne ('g/t')
gold, was announced in January of this year.

Highlights

 

·    Results for a further 13 drill holes, seven from the BZ1-MRE zone
(BBDD074-080) and six from the BZ1-NE zone (BBDD081-086) have returned some
significant (based on a 0.20g/t Au lower cut off) intersections, including:

BZ1-MRE:

o  2.00 metres ('m') at 8.57g/t Au including 1.00m at 15.90g/t Au, 1.00m at
7.01g/t Au, 1.10m at 4.84g/t Au and 2.00m at 2.38g/t Au (BBDD075)

o  4.60m at 0.52g/t Au (BBDD077)

o  1.00m at 3.37g/t Au (BBDD078)

o  1.00m at 3.96g/t Au (BBDD079)

o  1.00m at 1.40g/t Au and 1.00m at 1.93g/t Au (BBDD080)

BZ1-NE:

o  1.00m at 1.05g/t Au (BBDD082)

o  1.00m at 1.71g/t Au (BBDD084)

·    A total of 5,024m has been drilled in 43 holes in the ongoing Phase 5
diamond drilling programme of 7,060m in 62 holes at the Bakassi Zone 1
prospect ('Bakassi Zone 1' or 'BZ1').

·    The results provide scope for resource expansion outside of the
current wireframes at BZ1-MRE and have confirmed the continuation of gold
mineralisation along strike and at depth.

·    A further 10 infill holes are planned at this target, focused on
upgrading the existing Inferred MRE to the JORC (Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves) Measured
and/or Indicated categories.

·    Results for a further eight holes (BBDD087-094) at BZ1-NE are still
awaited, and two holes are in the process of being relocated.  Meanwhile,
drilling has commenced at a third target, BZ1-SW, where eight drill holes are
planned.

·    Completion of the Phase 5 drilling programme is anticipated in
Q1-2025.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The latest
drilling results from Bibemi support our expectation for resource expansion
outside of the current wireframes at BZ1-MRE and have confirmed the
continuation of gold mineralisation along strike and at depth.  We hope that
this will lead to an increase in the existing Inferred mineral resource
estimate, and potentially a partial upgrade of the resource to Measured and/or
Indicated categories once the programme has been completed."

 

Figure 1. Selected results to date from the Phase 5 programme (holes BBDD051A,
BBDD055-80; intersections calculated using a 0.20g/t Au lower cut-off grade),
representing infill drilling within the existing BZ1-MRE footprint and
extensional drilling to the north-east.  Results reported today are in bold
and drilling fence line 14471 is denoted by the red box.

 

Figure 2 - Cross section of drilling fence line 14471 showing selected results
to date.  Note that many of the Phase 5 intersections fall outside of the
current MRE wireframes (constructed on the basis of previous drilling in
Phases 1 to 4) and so offer the opportunity for remodelling and expansion of
the existing MRE.

 

Further Details

At the 177 square kilometre ('km(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 12
kilometre ('km') long mineralised hydrothermal system at surface.

 

Since Q1 2021, the Company has completed four phases of diamond drilling at
the Project for a total of 6,685.40m in 54 holes, with gold mineralisation
hosted in both steeply dipping and flatter lying quartz and quartz-tourmaline
veins.  The majority of that drilling was focussed on an approximately 1km
long section at the southern end of Bakassi Zone 1 where, in January 2024,
the Company reported an MRE for the BZ1-MRE zone of 5.1 million tonnes
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
(https://www.londonstockexchange.com/news-article/ORR/updated-jorc-resource-for-bibemi-gold-project/16287972)
).

 

In June 2024, a fully funded Phase 5 diamond drilling programme commenced 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 7,060m in 62 holes.

The Company today reports that a total of 42 holes (BBDD051A and BBDD055-095)
have been completed and another hole (BBDD096) is in progress, totalling
5,023.70m of drilling.  Results for holes BBDD074-080 (BZ1-MRE zone) and
BBDD082 and BBDD084 (BZ1-NE zone) have returned intersections of up to 2.00m
at 8.57g/t Au, including 1.00m at 15.90g/t Au.  Full results, using a 0.20g/t
Au lower cut-off grade, are presented in Table 1.  A review of the Quality
Assurance, Quality Control ('QAQC') samples have confirmed that all data for
reported intervals falls within acceptable limits of error.

Table 1. Calculated intersections from Phase 5 holes BBDD074-080 using a
0.2g/t Au lower cut-off grade.  Results greater than 1 g/t Au are in bold.

 Hole ID    From (m)    To (m)      Grade (g/t Au)  Intersection*
 BZ1-MRE
 BBDD074    8.50        9.70        0.20            1.20m at 0.20g/t Au
 and        33.60       34.80       1.20            1.20m at 0.69g/t Au
 BBDD075    44.00       45.00       0.64            1.00m at 0.64g/t Au
  and       65.30       66.30       0.28            1.00m at 0.28g/t Au
  and       74.50       77.70       0.38            3.20m at 0.38g/t Au
  and       99.60       100.60      7.01            1.00m at 7.01g/t Au
  and       102.60      103.70      0.22            1.10m at 0.22g/t Au
  and       108.90      112.00      0.66            3.10m at 0.66g/t Au
 including  108.90      109.90      1.45            1.00m at 1.45g/t Au
  and       132.10      133.20      4.84            1.10m at 4.84g/t Au
  and       136.80      138.00      0.21            1.20m at 0.21gt Au
  and       141.60      143.60      8.57            2.00m at 8.57g/t Au
 including  141.60      142.60      15.90           1.00m at 15.90g/t Au
  and       148.30      150.30      2.38            2.00m at 2.38g/t Au
 including  149.30      150.30      4.32            1.00m at 4.32g/t Au
  and       161.10      162.10      0.83            1.00m at 0.83g/t Au
 BBDD076    17.40       18.40       0.79            1.00m at 0.79g/t Au
  and       48.70       49.70       0.30            1.00m at 0.30g/t Au
  and       74.60       75.60       1.10            1.00m at 1.10g/t Au
  and       86.80       87.80       0.30            1.00m at 0.30g/t Au
  and       98.20       99.30       0.71            1.10m at 0.71g/t Au
 BBDD077    12.00       14.20       0.70            2.20m at 0.70g/t Au
 including  13.10       14.20       1.07            1.10m at 1.07g/t Au
  and       26.00       30.60       0.52            4.60m at 0.52gt Au
 including  29.50       30.60       1.02            1.10m at 1.02g/t Au
 BBDD078    41.40       42.40       0.20            1.00m at 0.20g/t Au
  and       49.60       50.70       0.36            1.10m at 0.36g/t Au
  and       79.70       80.70       3.37            1.00m at 3.37g/t Au
  and       90.90       91.90       0.36            1.00m at 0.36g/t Au
  and       105.60      106.60      0.20            1.00m at 0.20g/t Au
 BBDD079    51.90       52.90       3.96            1.00m at 3.96g/t Au
  and       77.80       78.80       0.20            1.00m at 0.20g/t Au
  and       91.80       93.00       0.20            1.20m at 0.20g/t Au**
 BBDD080    6.80        7.80        1.40            1.00m at 1.40g/t Au
  and       41.20       42.20       0.21            1.00m at 0.21g/t Au
  and       55.20       56.20       0.36            1.00m at 0.36g/t Au
  and       66.80       67.80       0.28            1.00m at 0.28g/t Au
  and       89.40       90.40       1.93            1.00m at 1.93g/t Au
  and       111.60      112.80      0.62            1.20m at 0.62g/t Au
 BZ1-NE
 BBDD081    No significant intersections
 BBDD082    42.30       43.30       1.05            1.00m at 1.05g/t Au
  and       60.50       61.70       0.20            1.20m at 0.20g/t Au**
 BBDD083    No significant intersections
 BBDD084    40.60       41.60       1.71            1.00m at 1.71g/t Au
 BBDD085    No significant intersections
 BBDD086    No significant intersections
 * Intervals greater than 1.00m, calculated using a 0.20g/t Au lower cut-off
 grade and no more than 35% internal dilution.  True widths are variable due
 to changes in vein orientation but are typically 77% of the reported downhole
 interval.

 ** = interval ends in mineralisation

The seven holes from BZ1-MRE (BBDD074-080) comprised infill drilling on
existing fence lines, reducing the drill spacing to less than 50m along fence
lines within the current MRE outline.   BBDD075 returned the best results
and correlated well with the previous Phase 5 drill holes BBDD059 and BBDD060
on the same fence line, which returned up to 4.10m at 7.99g/t Au from 16.80m,
confirming the vertical continuity of a series of stacked gold-bearing quartz
veins.  Many of the intervals fall outside of the existing MRE wireframes and
therefore provide scope for resource expansion.

These results further support the suggestion that the mineralisation is more
strongly developed at the southern end of the BZ1-MRE, resulting in wider
zones of mineralisation.  Accordingly, a further 10 holes previously planned
for the northern end of the BZ1-MRE zone (announcement dated 14 October
(https://www.londonstockexchange.com/news-article/ORR/bibemi-phase-5-drilling-programme-update/16712035)
) will be relocated to the southern end of the target to reduce the fence line
spacing to approximately 50m over the main pit.  It is anticipated that this
will enable a partial upgrade of the current Inferred MRE to the JORC Measured
and/or Indicated categories (Figure 3).

 

 

Figure 3. Drill plan over the southern end of the BZ1-MRE zone, showing the
relocated, infill drill holes in green.

 

At BZ1-NE, the initial drilling (drill holes BBDD081-086) shows that this area
is lithologically different from the main MRE zone, being composed of
volcaniclastic sequences dominated by a volcanic breccia and minor tonalite.
 It is in general more fractured and is lithologically more similar to
Bakassi Zone 2 than Bakassi Zone 1.  Whilst areas of hydrothermal alteration
and quartz veining have been observed, only BBDD082 and BBDD084 returned
notable intersections, of 1.00m at 1.05g/t Au and 1.00m at 1.71g/t Au
respectively, albeit these were from within 35m of surface.

Results for a further eight holes at BZ1-NE (BBDD087-094) are awaited and,
subject to their results, may lead to an additional two holes being drilled at
this target.

 

Figure 4. Drill plans for the BZ1-NE (left) and BZ1-SW (right) zones, showing
results to date.

 

In the meantime, drilling has moved to the BZ1-SW, a second geophysical target
with coincident geochemical surface anomalism, for eight planned holes.
 Currently, the Phase 5 drilling programme is expected to finish in Q1-2025.

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 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 2012
Edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves".  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, and
that all material assumptions and technical parameters underpinning the MRE
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.

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (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.  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
(http://www.orioleresources.com) ,  @OrioleResources on X,

or contact:

 Oriole Resources Plc                      Tel: +44 (0)20 7830 9650
 Martin Rosser / Bob Smeeton / Claire Bay

 BlytheRay (PR Contact)                    Tel: +44 (0)20 7138 3204
 Tim Blythe / Megan Ray

 Grant Thornton UK LLP                     Tel: +44 (0)20 7383 5100
 Samantha Harrison / Ciara Donnelly / Elliot Peters
 SP Angel Corporate Finance LLP            Tel: +44 (0)20 3470 0470

 Ewan Leggat

 

Notes to Editors:

Oriole Resources PLC is an AIM-listed gold exploration company, with projects
in West and Central Africa.  It is focussed on early-stage exploration in
Cameroon, where the Company has reported a Resource of 375,000 oz Au at
2.30g/t in the JORC Inferred category at its 82.2% 2  (#_ftn2) 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 each of 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 recently completed a
six-year earn-in to acquire an estimated 59% beneficial interest in the Senala
Exploration Licence by spending US$5.8 million.  A review of expenditure and
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.

 

 1  Oriole is currently undertaking a restructuring process that, once
completed, will see it increase its holding to a 90% interest in Bibemi
(announcement dated 17 October 2024).

 2  Oriole is currently undertaking a restructuring process that, once
completed, will see it increase its holding to a 90% interest in Bibemi
(announcement dated 17 October 2024).

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