REG - Oriole Resources PLC - Bibemi Phase 5 Drilling Update

Oriole ResourcesAnnouncement

12/09/2024 07:00

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RNS Number : 8604D  Oriole Resources PLC  12 September 2024

Oriole Resources PLC

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

 

Bibemi Phase 5 Drilling Update

Initial results include near-surface gold bearing intersections of 4.10m at
7.99g/t Au and 2.70m at 14.67g/t Au

 

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% owned Bibemi orogenic gold project ('Bibemi' or the 'Project') in
Cameroon, where the Company announced an updated Mineral Resource Estimate
('MRE') of 375,000 ounces ('oz') grading 2.30 grammes per tonne ('g/t') gold
('Au') in January of this year.  BCM International Limited ('BCM') is
currently funding up to US$4 million in exploration expenditure in return
for up to a 50% interest in the Project.

Highlights

 

·    To date, a total of 2,814.10 metres ('m') has been drilled in 22
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').

·    Results from selective sampling of the first 10 vertical holes
(BBDD055 - BBDD064) at the BZ1 MRE target ('BZ1-MRE') have delivered multiple
intersections as follows:

 Hole ID  Interval                   From (m)
          Width (m)  Grade (g/t Au)
 BBDD059  4.10       7.99            16.80
 BBDD058  2.70       14.67           45.20
 and      4.00       1.37            108.60
 BBDD061  2.00       12.50           109.00
 BBDD063  2.15       9.95            98.85
 and      5.20       0.97            113.60
 BBDD060  1.00       8.53            90.10
 BBDD055  1.20       5.37            22.40
 and      1.00       4.62            114.90

·    Several high-grade intersections are within 50m of surface and the
footprint of the existing MRE open pit outline but outside of the current MRE
wireframes, providing scope for additional near-surface resources.

·    A further 15 holes are planned at BZ1-MRE, focussed on expanding and
upgrading the existing JORC Inferred MRE.

·    25 holes are also planned at two along-strike target areas, BZ1-NE
and BZ1-SW, where exploration to date has generated coincident geochemical and
geophysical targets.

·    Completion of the programme is anticipated in Q4 2024.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The first
tranche of results from the Phase 5 drilling programme have delivered up to
4.10m at 7.99g/t Au close to surface.  This supports our belief that there
exists the potential to increase the Mineral Resource Estimate tonnes and
contained ounces of gold nearer to surface and within the current open pit
design.  We look forward to reporting the next tranche in due course."

 

 

Figure 1. Best intersections (using a 0.20g/t Au lower cut off) from vertical
holes BBDD055 to BBDD064, representing infill and extensional drilling within
the BZ1-MRE footprint.  Additional holes drilled to date mainly fall within
the current pit outline.

 

Further Details

At the Bibemi orogenic gold project (177 square kilometres ('km(2)') in area)
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 a circa 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 a circa 1km section at the
southern end of Bakassi Zone 1 and delivered best intersections of 14.80m
at 4.27g/t Au and 7.70m at 2.74g/t Au (hole BBDD050), 6.50m at 3.92g/t Au
(hole BBDD034), 5.20m at 1.97g/t Au (hole BBDD031), and 9.20m at 1.31 g/t Au
(hole BBDD042) (announcements dated 20 December 2021, 9 February
2022 and 15 September 2022).  In January 2024, the Company reported an
updated MRE for the Bakassi Zone 1 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 pit shell (announcement dated 15 January 2024).

 

In June 2024, a fully funded Phase 5 diamond drilling programme commenced at
Bakassi Zone 1 for a planned 7,060m in 62 holes.  The Company today reports
that a total of 22 holes (11 vertical holes, BBDD055 to BBDD065, and 10
inclined holes, BBDD066 to BBDD075 and BBDD051A) have been completed for a
total of 2,814.10m at the main BZ1-MRE area.  BBDD051A is a re-drill of Phase
4 hole BBDD051, which was previously abandoned at 11m downhole depth due to a
technical issue.

As previously reported, multiple shallow-dipping (<45˚ from horizontal)
and steeply dipping quartz and quartz-tourmaline veins up to 2.40m wide were
intersected in the first 10 holes (BBDD055 to BBDD064; announcement dated 16
July 2024).

Results for these holes have been received and are presented in Table 1 below.
Core recovery averages more than 98%.

Table 1. Significant intersections from BBDD055 to BBDD064 from Phase 5
drilling at BZ1-MRE (using a 0.20 g/t Au cut-off grade).

 Hole ID    From (m)  To (m)    Au grade (g/t)  Intersection*
 BBDD055    22.40     23.60     5.37            1.20m at 5.37g/t Au
 and        44.90     46.00     1.15            1.10m at 1.15g/t Au
 and        60.60     61.60     0.27            1.00m at 0.27g/t Au
 and        97.20     98.40     0.25            1.25m at 0.25g/t Au
 and        114.90    115.90    4.62            1.00m at 4.62g/t Au
 and        137.60    138.60    0.58            1.00m at 0.58g/t Au
 BBDD056    68.40     69.40     0.53            1.00m at 0.53g/t Au
 BBDD057    35.30     36.30     0.38            1.00m at 0.38g/t Au
 and        76.40     77.50     0.23            1.00m at 0.23g/t Au
 and        83.40     84.60     0.20            1.20m at 0.20g/t Au
 BBDD058    28.40     29.40     0.23            1.00m at 0.23 g/t Au
 and        45.20     47.90     14.67           2.70m at 14.67g/t Au
 including  45.20     47.00     19.05           1.80m at 19.05g/t Au
 and        86.50     87.70     0.77            1.20m at 0.77g/t Au
 and        108.60    112.60    1.37            4.00m at 1.37g/t Au
 including  108.60    109.60    1.51            1.00m at 1.51g/t Au
 and        111.60    112.60    3.26            1.00m at 3.26g/t Au
 BBDD059    16.80     20.90     7.99            4.10m at 7.99g/t Au
 including  17.80     18.90     28.1            1.10m at 28.10g/t Au
 and        63.80     64.80     0.27            1.00m at 0.27g/t Au
 and        121.00    123.00    1.35            2.00m at 1.35g/t Au
 including  121.00    122.00    2.16            1.00m at 2.16g/t Au
 BBDD060    24.20     25.40     0.20            1.20m at 0.20g/t Au
 and        90.10     91.10     8.53            1.00m at 8.53g/t Au
 BDD061     49.60     50.60     0.76            1.00m at 0.76g/t Au
  and       94.50     95.60     0.86            1.10m at 0.86g/t Au
  and       109.00    111.00    12.5            2.00m at 12.50g/t Au
 including  109.00    110.00    22.67           1.00m at 22.67g/t Au
 BBDD062    23.40     24.40     0.38            1.00m at 0.38g/t Au
  and       46.90     47.90     0.33            1.00m at 0.33 g/t Au
  and       112.70    113.70    0.43            1.00m at 0.43 g/t Au
 BBDD063    14.10     15.20     0.42            1.10m at 0.42 g/t Au**
  and       40.10     43.10     0.79            3.00m at 0.79 g/t Au
 including  40.10     41.10     1.13            1.00m at 1.13 g/t Au
  and       58.30     59.30     2.47            1.00m at 2.47g/t Au
  and       96.85     99.00     9.95            2.15m at 9.95g/t Au
 including  96.85     98.00     18.21           1.15m at 18.21g/t Au
  and       113.60    118.80    0.97            5.20m at 0.97g/t Au
 including  113.60    114.60    2.88            1.00m at 2.88g/t Au
 BBDD064    No significant intersections

* Intervals greater than 1m, calculated using a 0.20g/t Au cut-off and no more
than 25% internal dilution. True widths are variable due to difference in vein
orientation but are typically 60% of the reported downhole interval.

**No samples were taken either side of this interval. However, following
review of the core, the zone is considered to be fully-tested.

 

Selective sampling of the first 10 holes in the programme (all drilled
vertically) returned gold-bearing intersections in nine holes, with circa 31%
of the intersections between surface and 50m vertical depth, including 4.10m
at 7.99g/t Au and 2.70m at 14.67g/t Au from BBDD059 and BBDD058 respectively.
The selective sampling targeted veins and their alteration haloes; sampling
outside of these intervals will be completed if required.

The highest-grading intervals relate to laminated and brecciated
quartz-tourmaline veins.  The veins are mainly quartz with minor carbonate,
and with tourmaline and chlorite stringers that are associated with sulphide
(pyrite and minor chalcopyrite) mineralisation.

 

Figure 2. Drill hole BBDD059: core photo over interval grading 7.99g/t Au over
4.10m, with quartz-tourmaline veining and alteration halo (including
disseminated sulphides) in the tonalite wall rock.

 

Figure 3: Drill hole BBDD058: core photo over interval grading 14.27g/t Au
over 2.70m, with 2.40m wide quartz-tourmaline vein within tonalite host rock.
Pyrite mineralisation throughout and with strong local brecciation.

 

A further 15 holes have been planned at BZ1-MRE, focused on infill and
extensional drilling to expand and upgrade the existing MRE, and 25 holes are
also planned at two along-strike target areas, BZ1-NE and BZ1-SW, where
exploration to date has confirmed coincident geochemical and geophysical
targets (Figure 3; announcement dated 25 March 2024).

Figure 4. Drill plan for Bakassi Zone 1, highlighting results received,
results pending and holes yet to be drilled within the Phase 5 programme.

 

The drilling programme is ongoing and further results are anticipated in Q4
2024.

For further information on the Bibemi project, including a JORC Table 1,
please see 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 (IR/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% 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 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 deliver future cash flow.

 

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