REG - Oriole Resources PLC - Encouraging Results from Discovery Hole at Mbe

Oriole ResourcesAnnouncement

03/02/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250203:nRSC5553Va&default-theme=true

RNS Number : 5553V  Oriole Resources PLC  03 February 2025

Oriole Resources PLC

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

 

Encouraging Results from Discovery Hole in Maiden Drilling Programme at Mbe
Licence, in Cameroon

29.75m at 0.82g/t gold, including 17.30m at 1.09g/t gold and

26.30m at 0.62g/t gold, including 10.90m at 1.02g/t gold

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company
focussed on West and Central Africa, is pleased to provide an update on its
90% 1  owned Mbe orogenic gold project ('Mbe' or the 'Project') in Cameroon,
one of five licences within the Company's district-scale Central Licence
Package ('CLP').  BCM International ('BCM') has acquired an initial 10%
interest in Mbe and is earning up to a further 40% interest by spending up
to US$4 million on exploration.

A fully funded maiden diamond drilling programme is currently underway at the
MB01-S target for a planned 6,590 metres ('m') in 24 holes, to follow-up on
previously reported highly encouraging results from soil, rock-chip and trench
sampling.

 

Highlights

 

·    A total of 1,391m of maiden ('Phase 1') diamond drilling has been
completed in the first four holes at Mbe.

·    Results from the first of two scissor hole pairs at MB01-S have
delivered multiple gold ('Au') mineralised intersections (using a 0.20 gramme
per tonne ('g/t') Au lower cut-off grade), including (Figure 1, Table 1):

 

MBDD001 (drilled towards 090 degrees):

o  2.00m at 3.24g/t Au from 80.40m

o  1.00m at 3.57g/t Au from 108.00m

o  1.95m at 1.82g/t Au from 310.25m, including 1.00m at 3.18g/t Au

 

MBDD002 (drilled towards 270 degrees):

o  1.00m at 1.47g/t Au from 15.90m

o  1.15m at 1.01g/t Au from 49.95m

o  1.80m at 1.18g/t Au from 83.10m

o  29.75m at 0.82g/t Au from 94.95m, including 17.30m at 1.09g/t Au

o  26.30m at 0.62g/t Au from 133.50m, including 10.90m at 1.02g/t Au, 1.00m
at 1.07g/t Au, and 1.00m at 1.38g/t Au

o  6.80m at 1.06g/t Au from 165.90m

 

·    The results correlate well with the previous trenching results, with
narrower zones of higher grade (>1g/t Au) gold mineralisation occurring
within broader envelopes of lower grade material.

·    The higher grading mineralised material is related to moderately
east-dipping (approximately 50 degrees) NNW-trending zones of smoky quartz
veinlets, that cross-cut more prominent, steeply dipping NNE structures to
create zones of brecciation which are strongly mineralised.

·    Assessment of the structural controls on mineralisation has confirmed
that the remaining holes should be drilled towards 270 degrees to target an
overall subvertical mineralised zone that dips steeply to the east, as well as
the high-grading NNW trending structures that dip at around 50 degrees to the
east.  The programme will be modified accordingly to optimise the expected
mineralised intersection orientation.

·    Results from the second pair of scissor holes, MBDD003 and MBDD004,
are expected later this month, based on a visual assessment of the core, there
also appears to be mineralisation within these holes.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The first
few holes of any maiden drilling programme are always eagerly awaited and,
based on the earlier excellent trenching results, our hopes were high.  Hole
MBDD002 did not disappoint, delivering a discovery hole with multiple
significant gold mineralised intersections over substantial widths.
Importantly, the purpose of the first scissor hole pair to provide key
geological structural information, for optimal intersection of gold
mineralisation, has been satisfied.  Moreover, given the appearance of the
core in the second scissor pair of holes, there are further promising signs of
mineralisation.  In summary, we are pleased with the results reported and the
progress made already at this early stage."

 

Figure 1. Cross section for drilling fence line N872482 showing interpreted
mineralised zones and selected mineralised intervals from holes MBDD001 (green
labels) and MBDD002 (blue labels). The fence line is located approximately 40m
to the south of trench MBT008, the results for which are shown in red along
the surface trace (announcement dated 30 September 2024).

 

 

 

 

Further Details

 

Mbe, with a licence area of 312 square kilometres ('km(2)'), is an orogenic
gold project located within the broader 2,266km(2) 'Eastern CLP' package of
five contiguous gold-focussed exploration licences in the Adamawa region in
central Cameroon.  Since 2022, the Company's systematic exploration
programmes have identified a 3 kilometre ('km')-long, NE-trending prospect,
named MB01 (or the 'Prospect'), which sits within a wider 12.5km-long zone of
gold-in-soil anomalism that trends ENE.

At MB01, increased dilation at the sites of structural intersections (steeply
dipping NNE, and NNW trending structures that dip approximately 50 degrees to
the east) is believed to have resulted in enhanced levels of gold deposition
at the northern target, MB01-N, and the southern target, MB01-S.  Gold
mineralisation at these targets comprises high-grade, sulphide-rich quartz
veins, veinlets and breccias that occur within, or at the contact with, an
intensely altered felsic unit, which itself is mineralised and creates wide
envelopes of pervasive, lower-grade gold mineralisation.

Trenching over these anomalies in 2024 confirmed wide zones of anomalism,
including 51.00m at 1.02g/t Au (MBT007), 88.00m at 0.71g/t Au and 47.75m at
1.23g/t Au (MBT008), and 79.00m at 0.43g/t Au (MBT015); announcements dated 30
September 2024 and 12 November 2024).

In November 2024, the Company commenced a fully funded maiden diamond drilling
programme for a planned 6,590m in 24 holes at the MB01-S target.  To date, a
total of 1,391m drilling has been completed in four holes, MBDD001-04.  These
holes were scissored pairs, with MBDD001 and MBDD003 drilled towards the east
(090 degrees), and MBDD002 and MBDD004 drilled towards the west (270 degrees),
in order to assess the optimal orientation for intersecting the gold
mineralisation, and to guide the rest of the drilling programme (Figure 2).
 All holes were drilled with an inclination of 50 degrees.

 

Figure 2. Drill plan for Phase 1 drilling at MB01-S

 

The Company today reports results for holes MBDD001 and MBDD002.  The results
have confirmed that there is a good correlation between the visual geology and
the gold assay values.  The best results were returned from MBDD002 and
include: 29.75m at 0.82g/t Au, including 17.30m at 1.09g/t Au (Figure 3);
26.30m at 0.62g/t Au, including 10.90m at 1.02g/t Au, 1.00m at 1.07g/t Au and
1.00m at 1.38g/t Au; and 6.80m at 1.06g/t Au (Figure 1, Table 1).  This hole,
which was orientated towards 270 degrees, it intersected the NNW-trending
structures perpendicularly and these structures are deemed to be the most
significant for gold mineralisation within the system.  Intersection of the
E-trending and NNW-trending structures has created zones of brecciation within
a sub-vertical geological zone that is considered to be a key target for gold
mineralisation.

 

Figure 3: Sulphide-mineralised breccia in hole MBDD002, with smoky quartz
veinlets (in two, cross-cutting orientations) and strong pervasive
silicification.  This interval has an average grade of 3.80m at 2.81g/t Au
from 101.20m.

 

Whilst MBDD001 intersected some of these NNW-trending structures, it did so
'down-dip' and it is believed that this hole drilled beneath the mineralised
target area.  Nevertheless, a number of gold mineralised intervals were
intersected, including 2.00m at 3.24g/t Au, as shown in Table 1 and Figure 1.

 

All samples were analysed for gold, using a photon assay method.  A review of
the Quality Assurance, Quality Control ('QAQC') samples has confirmed that all
data for reported intervals falls within acceptable limits of error.

 

Table 1. Calculated intersections from Phase 1 holes MBDD001 and MBDD002,
using a 0.20g/t Au lower cut-off grade.  Results greater than 1 g/t Au are in
bold.

 

          From (m)  To (m)  Grade (g/t Au)  Intersection
 MBDD001  80.40     82.40   3.24            2.00m at 3.24g/t Au
 and      108.00    109.00  3.57            1.00m at 3.57g/t Au
 and      115.60    116.60  0.98            1.00m at 0.98g/t Au
 and      138.60    140.75  0.97            2.15m at 0.97g/t Au
 and      152.25    153.25  0.28            1.00m at 0.28g/t Au
 and      163.25    164.25  0.35            1.00m at 0.35g/t Au
 and      182.85    183.85  0.20            1.00m at 0.20g/t Au
 and      206.70    212.70  0.37            6.00m at 0.37g/t Au
 and      222.60    235.00  0.42            12.40m at 0.42g/t Au
 and      244.25    245.25  0.99            1.00m at 0.99g/t Au
 and      270.00    271.00  0.82            1.00m at 0.82g/t Au
 and      275.60    282.10  0.39            6.50m at 0.39g/t Au
 and      306.85    308.05  0.25            1.20m at 0.25g/t Au
 and      310.25    312.20  1.82            1.95m at 1.82g/t Au
 incl     311.20    312.20  3.18            1.00m at 3.18g/t Au
 and      327.25    328.45  0.25            1.20m at 0.25g/t Au
 and      331.60    332.60  0.20            1.00m at 0.20g/t Au
 and      344.45    346.80  0.28            2.35m at 0.28g/t Au
 MBDD002  5.90      6.90    0.48            1.00m at 0.48g/t Au
 and      15.90     18.70   0.84            2.80m at 0.84g/t Au
 incl     15.90     16.90   1.47            1.00m at 1.47g/t Au
 and      30.55     31.95   0.51            1.40m at 0.51g/t Au
 and      42.55     43.65   0.43            1.10m at 0.43g/t Au
 and      44.95     46.05   0.31            1.10m at 0.31g/t Au
 and      48.75     52.20   0.66            3.45m at 0.66g/t Au
 incl     49.95     51.10   1.01            1.15m at 1.01g/t Au
 and      64.75     67.20   0.35            2.45m at 0.35g/t Au
 and      70.80     71.90   0.56            1.10m at 0.56g/t Au
 and      75.90     77.00   0.29            1.10m at 0.29g/t Au
 and      81.30     85.90   0.73            4.60m at 0.73g/t Au
 incl     83.10     84.90   1.18            1.80m at 1.18g/t Au
 and      94.45     124.20  0.82            29.75m at 0.82g/t Au
 incl     96.20     113.50  2.81            17.30m at 1.09g/t Au
 and      133.50    159.80  0.62            26.30m at 0.62g/t Au
 incl     138.50    139.50  1.07            1.00m at 1.07g/t Au
 incl     141.50    152.40  1.02            10.90m at 1.02g/t Au
 incl     156.80    157.80  1.38            1.00m at 1.38g/t Au
 and      165.90    172.70  1.06            6.80m at 1.06g/t Au
 incl     168.75    170.70  2.10            1.95m at 2.10g/t Au
 and      188.25    190.55  0.35            2.30m at 0.35g/t Au
 and      196.60    197.60  0.57            1.00m at 0.57g/t Au

* Intervals greater than 1.00m, calculated using a 0.20g/t Au lower cut-off
grade and no more than 35% internal dilution.  True widths not currently
known.

 

Albeit a relatively new method, photon assay is widely accepted by the
industry and has the benefit of a quicker turnaround than the more traditional
fire assay method.  Since this is a new prospect, the Company is also
completing an expanded orientation study to assess the most appropriate method
to use on this style of mineralisation going forward.  As such, fire assay
analyses are also being run by way of comparison and any meaningful changes to
the intersections in Table 1 will be reported in due course.

A structural assessment of the core has deemed the 270-degree orientation at
-50 degree inclination, to be optimal for intersecting the sub-vertical zones
of mineralisation in a sub-perpendicular direction, and therefore to get a
better assessment of true widths. This assessment has also been endorsed by an
independent structural consultant.  Accordingly, the drill holes on fence
line N872482 have been revised to an azimuth of 270 degrees, and the remainder
of the programme will also be modified to drill towards this orientation.

In the meantime, drilling of the second scissor hole pair (MBDD003 and
MBDD004), located approximately 200m to the north, is now complete.  Based on
the visual geology, in particular pervasive silicification and brecciation,
there also appears to be mineralisation in these holes.  These holes will be
reported as a pair, to give better context on the geology and structure, and
results for these holes are expected later this month.

Further information can be found in the Mbe JORC Table 1 disclosure on the
following page of the Company's website
https://orioleresources.com/projects/mbe/
(https://orioleresources.com/projects/bibemi/) .

 

 

Competent Persons Statement

 

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)23 8065 1649
 Martin Rosser / Bob Smeeton / Claire Bay

 BlytheRay (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 90% 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 give future cash payments.

 1  Oriole is currently undertaking a restructuring process that, once
completed, will see it increase its holding from 80% to a 90% interest in the
Project (announcement dated 17 October 2024).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLBBGDDDXGDGUB