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

Oriole ResourcesAnnouncement

25/03/2024 07:00

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RNS Number : 0453I  Oriole Resources PLC  25 March 2024

Oriole Resources PLC

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

 

Bibemi Update: Phase 5 Drilling Programme and Results of Geophysics

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company
focussed on West Africa, is pleased to provide an update for its 82.2%-owned
Bibemi orogenic gold project ('Bibemi' or the 'Project') in Cameroon, where a
Phase 5 diamond drilling programme has been planned and is scheduled to
commence in Q2-2024.

Highlights

·    In January 2024, the Company reported an updated pit-constrained
Mineral Resource Estimate ('MRE') for the Bakassi Zone 1 prospect ('Bakassi
Zone 1') of 5.1 million tonnes grading 2.30 grammes per tonnes ('g/t') gold
('Au') for approximately 375,000 ounces ('oz') Au in the JORC Inferred
Resources category. The MRE remains open along strike to the northeast and at
depth;

·    Subsequent interpretation of ground-based geophysics data has
identified eight point targets and six elongated targets across the survey
area;

·    The elongated targets are parallel to the known shear zones and
largely represent untested zones along-strike of known mineralisation trends;

·    The results have been used to update the Company's Phase 5 diamond
drilling programme, which has been planned for 7,060 metres ('m') in 62 holes,
with the new locations being based on a combination of surface exploration
data and ground magnetics data;

·    A total of 4,560m in 37 holes has been planned as infill and
extensional drilling at the existing Bakassi Zone 1 MRE zone, focussed on
upgrading and expanding the current MRE;

·    A further 2,500m in 25 holes has been planned largely to test two
areas, BZ1-NE and BZ1-SW, which are proximal to two geophysics targets that
are along-strike extensions to Bakassi Zone 1 and have coincident gold
anomalism and quartz veining at surface. These shallow holes are focussed on
identifying additional, near-surface Resources within 1 to 2 kilometres ('km')
of the existing MRE;

·    Mobilisation of the drilling equipment is currently underway and the
programme is scheduled to commence in Q2-2024

 

Oriole CEO, Tim Livesey, said: "We are pleased to be progressing the
exploration programmes at Bibemi, where we recently updated the maiden MRE at
Bakassi Zone 1.

 

"It is also very encouraging to see that the recent geophysical interpretation
has given strong support for additional drill targets along the existing main
trend at Bibemi.

 

"As we have previously indicated, the opportunity exists at Bibemi for a
multi-pit gold operation. The planned drill programme is focussed on the early
expansion and extension of the existing MRE at Bakassi Zone 1, and two
additional targets identified by the recent geophysics programme.

 

"These new geophysical targets, and the associated quartz veining, add yet
more opportunity at Bibemi, which is proving to be an extremely promising gold
project."

 

 

 

Figure 1. Total Magnetic Intensity (TMI) - Total Horizontal Derivative (THD)
combined image with interpreted faults, existing mineralised zones, Terra
Resources' targets (within the field of view), mineralised quartz veins,
historic rock chip samples, and existing and planned drill holes. Yellow
circles highlight areas of approximately E-W magnetic lows crosscutting the
NE-SW trend at the BZ1-SW, BZ1-MRE and BZ1-NE zones.

 

Further Details

 

At the Bibemi orogenic gold project in northern Cameroon (177km(2) in area),
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 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.

 

The majority of the drilling has been focussed on a circa 1 km section at the
southern end of Bakassi Zone 1 and has delivered best intersections of 14.80m
grading 4.27 g/t Au and 7.70m grading 2.74 g/t Au (hole BBDD050), 6.50m
grading 3.92 g/t Au (hole BBDD034), 5.20m grading 1.97 g/t Au (hole BBDD031),
and 9.20m grading 1.31 g/t Au (hole BBDD042) (announcements dated 20 December
2021, 9 February 2022 and 15 September 2022). The shear corridor at Bakassi
Zone 1 has been confirmed up to 150m wide and contains a package of
steeply-dipping quartz-tourmaline veins as well as extensional, sub-horizontal
quartz veins. Both vein sets appear to be mineralised.

 

Figure 2   Bibemi drill plan showing key prospects and locations of drill
holes completed to date

 

In January 2024, the Company reported an updated MRE for the Bakassi Zone 1,
as part of ongoing technical studies to support the application for an
exploitation licence later this year. The MRE for Bakassi Zone 1 now stands at
5.1 million tonnes grading 2.30 g/t Au for approximately 375,000 oz Au in the
JORC Inferred Resources category, based on a 0.45 g/t Au cut off and within a
US$2,000/oz gold price pit shell (announcement dated 15 January 2024).

 

During Q1-2024, Terra Resources ('Terra') completed an interpretation of
geophysics (ground magnetic) data collected by the Company in 2023. Two
broadly parallel NE-SW positive magnetic trends dominate the central and
northeastern part of the survey (covering Bakassi Zone 1 and Bakassi Zone 2)
and represent the known shear zone. A less pronounced NE-SW magnetic trend is
present in the southern half of the survey area (around Lawa West and Lawa
East) with an influence of ENE-WSW positive magnetic trends.

 

 Figure 3  Bibemi drill plan showing key prospects and locations of drill
holes completed to date overlain onto the combined Total Magnetic Intensity
(TMI) and Total Horizonal Derivative (TDH) geophysical map

 

Terra has identified eight point targets, over areas of interpreted remnant
pyrrhotite mineralisation, and six elongated targets across the 34 km(2)
survey area which covered all four prospects. The point targets relate to
zones of coincident low magnetic susceptibility and high magnetic vector
inversion, whereas the elongated targets represent areas which share multiple
geological and magnetic characteristics with BZ1-MRE. The elongated targets
represent largely untested zones along-strike of known mineralisation trends
or parallel to the known shear zones. The targets are adjacent to negative
magnetic ENE-WSW trends that crosscut the NE-SW shear-related magnetic trends,
interpreted to reflect magnetic destruction by hydrothermal fluids, and also
sit between ENE-WSW or NW-SE trending faults that are interpreted to
correspond with breaks in the mineralisation, as seen at BZ1-MRE.

 

The results of this work have been used to update the Company's Phase 5
diamond drilling programme, planned for 7,060m in 62 holes, with the new
locations being based on a combination of surface exploration data and ground
magnetics data. A total of 4,560m in 37 holes has been planned as infill and
extensional drilling at the existing BZ1-MRE zone and is focussed on upgrading
and expanding the current MRE. A further 2,500m in 25 holes has been planned
to test two areas, BZ1-NE and BZ1-SW, that are proximal new geophysics targets
identified along-strike of Bakassi Zone 1. These shallow holes are focussed on
identifying additional, near-surface Resources within 1 to 2 km of the
existing MRE. All holes will be drilled to a maximum downhole depth of 160 m
from surface and will be a mixture of inclined (-50 degrees) and vertical
holes.

Mobilisation of the drilling equipment is currently underway and the programme
is scheduled to commence in Q2-2024

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 Resources and
Exploration Targets 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
this announcement of the matters based on his information in the form and
context in which it appears, and confirms that all material assumptions and
technical parameters underpinning the Mineral Resources and Exploration
Targets continue to apply and have not materially changed, and he is not aware
of any new information or data that materially affects the estimates.

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

 

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 Twitter,

or contact:

 

 

 Oriole Resources Plc                    Tel: +44 (0)20 7830 9650
 Tim Livesey / 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
 SP Angel Corporate Finance LLP          Tel: +44 (0)20 3470 0470

 Ewan Leggat / Harry Davies-Ball

 

Notes to Editors:

Oriole Resources PLC is an AIM-listed gold exploration company, operating in
West 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 anomalism 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$1.5m in signature payments (which has already been received), up to US$8m
in exploration expenditure, as well as JORC resource-based success payments.

At the more advanced 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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