REG - Oriole Resources PLC - Eastern CLP Exploration Update, Cameroon

Oriole ResourcesAnnouncement

27/03/2023 07:00

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RNS Number : 2329U  Oriole Resources PLC  27 March 2023

Oriole Resources PLC

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

 

Eastern CLP Exploration Update, Cameroon

 

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on
West Africa, provides an exploration update on the five Eastern CLP licences
in Cameroon ('Eastern CLP', or the 'Project'), which form part of its
90%-owned, district-scale Central Licence Package ('CLP') project. The Project
covers Paleo-Proterozoic to Pan-African age rocks that are highly prospective
for a range of commodities, including orogenic-style gold mineralisation and
lithium.

 

Earlier this year, the Company reported 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, being one of five licences within the Eastern
CLP (announcements dated 30 January 2023 and 27 February 2023). The Company
today reports that it has completed a ground-based geophysics programme over
the main target at Mbe and is awaiting multi-element analysis from its
lithium-targeting on the Ndom licence, also within the Eastern CLP.

 

 

Highlights

 

·    In 2022, a 12.5km-long zone of gold-in-soil anomalism was identified
on the Mbe licence. Follow-up selective rock-chip sampling at Mbe has
delivered 17 samples grading over 1 g/t Au from a north-northeast trending
structural corridor which cross-cuts the broader anomaly. The corridor is
3km-long and at least 70 metres ('m') wide;

·    Mineralised veins within this corridor returned grades of up to
134.10 g/t Au, and grades of up to 10 g/t Au were also returned from the
altered host rocks;

·    A ground-based geophysics programme has been completed over the
entire gold-anomalous zone at Mbe to test the local and regional scale
structures at depth and to help develop the geological model;

·    The survey was conducted by our own field teams at a line-spacing of
100m and has provided high-quality data that will be interpreted to assist
with drill target identification;

·    Elsewhere in the Eastern CLP, mapping and sampling has continued on
the Ndom licence, where the Company is actively exploring for gold and
lithium. A total of 105 rock chip samples (including QAQC) have been sent for
multi-element analysis and results are anticipated in Q2-2023.

 

 

Figure 1. Preliminary Total Magnetic Intensity (TMI) image for Mbe, overlain
with the main 3km-long gold-mineralised corridor and rock-chip results to date
over the area.

 

 

 

Oriole Resources CEO, Tim Livesey, said: "The geophysical data collection
has been a fast and economical process, and we are very pleased to see the
early interpretations giving us fine details of structural and lithological
variations over the critical areas of anomalous gold in soils and rock
chips.  It speaks to the value-add which can be brought to truly early stage
(grassroots) exploration from a small, dedicated team of geologists and
technicians by getting out into the field.

"This data compliments our geological mapping and sampling programmes in
helping us define and refine drill targets for follow up testing. We hope that
these results will enable us to be as successful at the Eastern CLP as we were
at Bibemi, where over two thirds of our prospecting drillholes intersected
gold mineralisation. As drilling is the most expensive component of the early
exploration process, accurate targeting to test the mineralisation hypothesis
is key to a successful exploration campaign.

"On the back of the hugely successful soil sampling programme and follow-up
rock chip programmes, we are confident of success in our next stage of
exploration at the Eastern CLP, where we continue to develop a number of
exciting gold targets in this potential new mining district.

"We look forward to sharing our further progress with the markets in due
course."

 

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. Gamboukou was granted in November 2022 under the same terms.

 

 

 

 

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.

 

Earlier this year, the Company reported results for a total 76 rock-chip
samples (including QAQC) at Mbe, predominantly 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 (announcements dated 30 January 2023 and 27
February 2023). 17 samples yielded greater than 1 g/t Au with best results
including 134.10, 131.80, 64.30, 40.80, 19.44 and 16.20 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.

 

Figure 4: Rock-chip sampling results to date at the main mineralised 3km-long
corridor at Mbe, within the Eastern CLP, on mapped geology.

 

 

 

A ground-based magnetic survey has also recently been completed 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 quality of the data collected is excellent and its processing
and interpretation, which will be undertaken by Australia-based Terra
Resources, will enable the identification of drill targets, particularly
within the main 3km-long corridor.

 

Elsewhere in the Eastern CLP, mapping and sampling has continued at the Ndom
licence, where the Company is actively exploring for gold and lithium. A total
of 105 rock chip samples (including QAQC), targeting pegmatites that have the
potential to host hard rock lithium mineralisation, have been sent for
multi-element analysis and results are anticipated in Q2-2023.

 

 

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 up to US$8 million to earn up to 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. On 20 December 2021, IAMGOLD announced that it
had signed a definitive agreement to sell its portfolio of projects in West
Africa, including its interest in Senala, to Managem Group. IAMGOLD expects
the transaction to close in Q3-2023. 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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