REG - Oriole Resources PLC - CLP delivers further high-grade gold results

Oriole ResourcesAnnouncement

27/02/2023 07:00

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RNS Number : 0558R  Oriole Resources PLC  27 February 2023

Oriole Resources PLC

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

 

Cameroon Exploration Update:

CLP Project delivers further high-grade gold results

 

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.

 

In January 2023, the Company reported initial rock-chip sampling results of up
to 134.10 grammes per tonne ('g/t') gold ('Au') from a three kilometre
('km')-long corridor of sheared and strongly altered quartz-feldspar porphyry
('QFP') and quartz veins at Mbe, one of five licences within the Eastern CLP
block (announcement dated 30 January 2023). Results from an additional 27
selective rock-chip samples have returned up to 64.30 g/t Au, further
endorsing the high potential of this target area.

 

 

Highlights

 

·    In January 2023, results from selective rock-chip sampling over
outcropping rocks at Mbe delivered up to 134.10 g/t Au from a north-northeast
trending structural corridor. The corridor, which crosscuts a broader
12.5km-long zone of gold-in soil anomalism, is 3km-long and at least 70 metres
('m') wide;

·    An additional 27 selective samples (including QAQC) taken from
outcropping rocks within the same corridor have returned an additional 10
samples grading over 1 g/t Au, with best results of 64.30 g/t Au, 40.80 g/t Au
and 16.20 g/t Au;

·    Samples were collected from a mixture of shear veins, extensional
veins and the host altered QFP, all of which have returned anomalous gold,
further confirming that the mineralisation is not restricted to just the
quartz veining and providing early indications that Mbe could deliver a
bulk-mineable deposit;

·    A ground-based geophysics programme is currently underway at the Mbe
anomaly to test the vein structures at depth and to help develop the
geological model.

 

 

Figure 1: Rock-chip sampling results to date at the Mbe licence, within the
Eastern CLP, on mapped geology.

 

 

Oriole Resources CEO, Tim Livesey, said: "We are excited to share this
latest data from our current programme, with a focus on the Mbe gold
anomaly.

"In addition to the very high gold grades seen in the quartz veins, the
presence of highly significant mineralisation within the host rocks is an
excellent indicator of the potential of this anomaly to host a gold resource
of scale.

 

"The abundant evidence of mineralisation yet again confirms and supports our
belief in the geology of the area.  With excellent infrastructure close by,
including main road access and the national power grid, we believe the Eastern
CLP will deliver on our early indications of a new gold district in Cameroon."

 

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.

 

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). 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 parts per billion ('ppb') Au
(0.84 g/t Au), 520 ppb Au, and 463 ppb Au.

 

 

 

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.

 

 

In January 2023, the Company reported results for 47 rock-chip samples
(including QAQC), taken from a 3km-long (and at least 70m-wide)
north-northeast trending corridor comprising sulphide-rich and locally
brecciated quartz veins within strongly altered and mineralised QFP (a
fine-grained igneous rock containing a high percentage of large quartz and
feldspar crystals) host rocks. Seven samples yielded greater than 1 g/t Au
with best results including 134.10, 131.80, 19.44 and 8.26 g/t Au.

 

 

Figure 3: Mapped geology (lithology) at Mbe licence, showing soil anomaly
outlines and best results (>5 g/t Au) from rock-chip sampling to date.

 

 

Further rock-chip sampling over the corridor, for 27 samples including QAQC,
has returned an additional 10 samples grading over 1 g/t Au, with best results
of 64.30 g/t Au, 40.80 g/t Au and 16.20 g/t Au. Samples were collected from a
mixture of shear veins, extensional veins and the host altered QFP, all of
which have returned anomalous gold and provide further evidence that the
mineralisation is not restricted to just the quartz veining.

 

 

Figure 4. Left: Sub-cropping, strongly altered QFP that yielded 5.04 g/t Au,
Right: Sample from sulphide-rich quartz vein   that graded 64.30 g/t Au.

 

 

A ground-based magnetic survey is currently underway 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.

 

 

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 category 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 met its first commitment by spending US$4
million within an initial four years and has therefore earned an initial 51%
beneficial 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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