REG - Oriole Resources PLC - Cameroon Exploration Update

Oriole ResourcesAnnouncement

30/01/2023 07:00

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RNS Number : 1624O  Oriole Resources PLC  30 January 2023

Oriole Resources PLC

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

 

Cameroon Exploration Update:

CLP Project rock-chip sampling returns up to 134.10 g/t Au

 

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on
West Africa, provides an exploration update on its 90%-owned Central Licence
Package ('CLP') project in Cameroon. The district-scale CLP project comprises
nine contiguous licences covering 4,091 square kilometres ('km(2)') of
previously unexplored Paleo-Proterozoic to Pan-African age rocks that are
highly prospective for a range of commodities, including orogenic-style gold
mineralisation and lithium.

 

Mapping and rock-chip sampling has recently been completed at Mbe, one of five
licences within the Eastern CLP block, where soil sampling in 2022
identified a c.12.5 kilometres ('km') long by 3km wide gold-mineralised
corridor (announcement dated 21 July 2022). Results have delivered multiple
high grades, including 134.10 grammes per tonne ('g/t') gold ('Au').

 

 

Highlights

 

·    In 2022, semi-regional soil sampling over the five Eastern CLP
licences identified multiple 2-3km long anomalies across the Ndom, Pokor, and
Niambaram licences, and a c.12.5km long by 3km wide gold-mineralised corridor
at Mbe;

·    During Q4-22, the team completed regolith and lithological mapping
(1:15,000 scale) as well as selective rock-chip sampling over outcropping
rocks, predominantly quartz veins;

·    Best results of 134.10, 131.80, 19.44, and 8.26 g/t gold ('Au') were
yielded from a north-northeast trending corridor comprising sulphide-rich and
locally brecciated quartz veins within strongly altered and mineralised
porphyritic host rocks. The corridor is 3km-long and at least 70m wide;

·    The 134.10 and 131.80 g/t Au samples were taken approximately 60m
apart on the same 1.5m-wide vein structure that outcrops close to the
previously reported best gold-in-soil anomaly of 838 parts per billion ('ppb')
Au, equivalent to 0.84 g/t Au. The vein outcrops over a strike length of over
150m and appears to be part of a larger network of veins;

·    Analysis of a further 493 soil samples over Grid 6 at Mbe has
returned a single anomalous sample of 257 ppb Au but has not extended the
12.5km long gold-in-soil anomalism at Mbe, suggesting the south-westerly
extent of the anomaly has been identified;

·    A ground-based geophysics programme is planned to commence shortly
over the Mbe anomaly to test the vein structures at depth and to help develop
the geological model;

·    Following anomalous geochemical data reported from the 2021/22 stream
and soil programmes, the team is also continuing to review the Ndom and
Gamboukou licences to assess their potential to host lithium-bearing
pegmatites.

 

Figure 1: Mapped geology (lithology) at Mbe licence, showing soil anomaly
outlines and best results from rock-chip sampling

 

 

Oriole Resources CEO, Tim Livesey, said: "We are extremely pleased to
report that yet again the results of our Cameroon programmes have delivered
positive results.  The identification of high-grade, multi-ounce gold in
rock-chip samples within the extensive 12.5km Mbe anomaly reconfirms our
confidence in this package of licences. As with the Bibemi licence to the
north, the orogenic gold systems of the CLP project show potential to host
significant gold resources and these recent results continue to support our
belief that Cameroon is a new frontier for gold in Africa.

 

"We look forward to further defining the targets across the main anomalies of
the CLP with a follow up geophysical survey.

 

"The continued work on the potential lithium pegmatites offers a further
opportunity for value identification across the licence package and we look
forward to updating the markets on both exploration streams as and when
results become available.

 

"The unabated success of our ongoing exploration programmes in Cameroon is
quite remarkable and reflects the diligent efforts our geological and
management teams have invested in the Country since we first established
ourselves almost five years ago.  With a significant, contiguous land package
over an area reconfirmed by the World Banks PRECASEM programme as the largest
single area of gold anomalism in Cameron, Oriole is best placed for success,
proving that early stage, grass roots exploration still has a place in
Africa."

 

Further Details

 

At the CLP project (4,091km(2) in area), located in the centre of Cameroon,
nine contiguous licences (five defined as Eastern CLP, three defined as
Western CLP and the lithium-focussed Gamboukou licence) cover a land package
that has significant potential for orogenic gold mineralisation and other
minerals. The Company has a 90% interest in all nine licences, which it holds
through local subsidiary companies.

 

The Eastern CLP (Tenekou, Niambaram, Pokor, Ndom, and Mbe) and Western CLP
(Mana, Sanga and Dogon) licences were granted in February 2021 and have an
initial exploration term of three years, plus three renewable extensions of
two years each. Recently published maps by a World Bank-funded prospectivity
programme, 'PRECASEM', confirm that these licences overlie the highest
priority gold district identified by the programme. Following the
identification of anomalous lithium-in-soil values (up to 84 ppm) within
multi-element data from the Ndom licence, a ninth licence, Gamboukou, was
applied for immediately to the south of Ndom. This licence was granted to the
Company in November 2022.

 

In August 2022, the Company reported completion of semi-regional (400m x 200m
spaced) soil sampling over six soil grids within the Eastern CLP, mostly
designed to target the source of the previously identified stream-sediment
anomalism (announcement dated 2 November 2021).

 

 

Figure 2: Regional PRECASEM geology, showing licences within the CLP Project,
grouped into the Eastern CLP, Western CLP and Gamboukou blocks. Locations of
the six soil grids completed over the Eastern CLP are outlined in yellow.

 

 

Results confirmed anomalous gold in all five licences and delineated multiple
2-3km long gold-in-soil anomalies across the Ndom, Pokor, and Niambaram
licences, as well as a broad anomalous zone within the Mbe licence, where
en-enchelon, structurally controlled trends are now confirmed to occupy a
c.12.5km long by 3km wide corridor. Best soil sample results included 838 ppb
Au (0.84 g/t Au), 520 ppb Au, and 463 ppb Au.

 

In Q4-2022, the Company completed 1:15,000 scale mapping (lithology and
regolith) and rock-chip sampling over a c.48km(2) area at Mbe to help
constrain the source of the gold anomalism, which appears to have an
east-northeast structural control. The team has confirmed that the
gold-in-soil anomalism is associated with a highly sheared and metamorphosed
package of amphibolite, gneiss and metagranite units, occurring between two
highly altered and deformed quartz-feldspar-porphyry units. The anomalism is
predominantly in-situ (saprolite) and there is very little laterite
development in the area.

Figure 3. Mapped regolith geology (1: 15,000) at Mbe licence, with
gold-in-soil anomaly outlines and best soil sample results

 

 

A total of 49 rock-chip samples (including QAQC) were also taken over
selective outcrops, predominantly quartz veins, within the mapping area. Of
the 47 analysed for gold, seven samples yielded greater than 1 g/t Au, with
best results of 134.10, 131.80, 19.44 and 8.26 g/t Au returned from
sulphide-rich and locally brecciated quartz veins that occur within or at the
contact of pervasively altered (albite, silica and carbonate) and
sulphide-rich granitic (possibly quartz-feldspar-porphyry) units. These rocks
outcrop within a 3km-long, north-northeast trending corridor that is up to
700m-wide, with the main zone of veining being at least 70m wide.

 

The 131.80 g/t Au result was obtained from a 1.5m-wide vein located within a
few metres of the 838 ppb Au gold-in-soil anomaly. This particular vein
outcrops over a strike length of over 150m and also returned a value of 134.10
g/t Au approximately 60m along strike to the northwest. The vein appears to be
part of a larger network of veins.

 

Figure 4. Left: 1.5m wide outcropping quartz vein with boxwork textures after
pyrite that yielded 0.95 g/t Au, Right: Close-up of a similar vein located
300m to the south-east, showing boxwork textures and cross-cutting
quartz-sulphide veinlets (8.26 g/t Au)

 

 

Results for a further 493 soil samples (excluding QAQC), from samples taken
immediately to the southwest of the 12.5km-long anomalous corridor (Grid 6),
have not extended the 12.5km long gold-in-soil corridor at Mbe although did
return a single grading assay of 257 ppb Au.

 

A ground-based magnetic survey is planned to commence shortly over the entire
anomalous zone at Mbe to help identify structures that could further assist in
defining the geological context of the gold anomalism at the prospect. The
survey will be carried out on northwest-southeast (N140˚) lines spaced 100m
with survey point spacing of 20m.

 

Elsewhere in the CLP, the team is continuing to review the Ndom and Gamboukou
licences to assess the potential for lithium-bearing pegmatites, following
anomalous geochemical data reported from the 2021/22 stream and soil
programmes (announcement dated 29 November 2022).

 

 

For further information on the CLP project, including a JORC Table 1, please
see the following page of the Company's website
https://orioleresources.com/projects/central-licence-package.

 

 

Competent Persons Statement

The information in this release that relates to Exploration Results 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.

 

 

** ENDS **

 

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.

 

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 / Rachael Brooks

 Grant Thornton UK LLP                    Tel: +44 (0)20 7383 5100
 Samantha Harrison / George Grainger / 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 recently reported a maiden Resource of
305,000 oz Au in the JORC Inferred at the Bibemi project and has identified
multi-kilometre gold and lithium anomalism within the district-scale Central
Licence Package project. At the more advanced Senala gold project in Senegal,
IAMGOLD is the operator and has the option to spend US$8 million to earn a
70% interest. Under the terms of the Option Agreement, IAMGOLD has recently
met its first commitment by spending US$4 million within an initial four
years and will shortly acquire a 51% interest in Senala. 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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