REG - Oriole Resources PLC - Final Results from Phase 5 Drilling at Bibemi

Oriole ResourcesAnnouncement

17/03/2025 07:00

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RNS Number : 8209A  Oriole Resources PLC  17 March 2025

Oriole Resources PLC

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

 

Final Results from Phase 5 Drilling at the Bibemi Gold Project in Cameroon

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company
focused on West and Central Africa, is pleased to provide an update on its
90% owned Bibemi orogenic gold project ('Bibemi' or the 'Project')
in Cameroon, where a Phase 5 drilling programme has recently been completed
for approximately 6,900 metres ('m') in 56 holes at the Bakassi Zone
1 prospect ('Bakassi Zone 1' or 'BZ1' - announcement dated 13 February 2025).

The programme was fully funded by BCM International ('BCM'), which has
acquired an initial 10% interest and is earning up to a further 40% interest
by spending up to US$4 million on exploration.  Bibemi currently has an
Inferred Mineral Resource Estimate ('MRE') of 375,000 ounces ('oz') contained
gold ('Au'), grading 2.30 grammes per tonne ('g/t') gold, which was announced
in January 2024, based only on drilling data from Phases 1 to 4 and a
US$2,000/oz Au gold price.  This MRE will now be updated to include data from
the Phase 5 drilling programme and using an appropriate gold price.

Highlights

 

·    Phase 5 drilling programme recently completed over three sub
prospects: BZ1-MRE, BZ1-NW and BZ1-SW.  At BZ1-MRE, drilling has reduced
drill fence line spacing to around 50m over the existing MRE main pit design.

·    Results for the final seven drill holes in the BZ1-MRE target
(BBDD0103-109) show they are all mineralised, with a total of 49 reported
intervals (using a 0.20g/t Au lower cut-off) including:

 

BBDD103

o  1.00m at 2.62g/t Au from 40.90m.

o  1.00m at 2.71g/t Au from 143.50m.

o  1.00m at 3.84g/t Au from 169.90m.

 

BBDD104

o  1.00m at 15.11g/t Au from 61.30m.

o  3.10m at 1.53g/t Au from 116.40m.

o  3.00m at 1.46g/t Au from 158.60m.

o  2.00m at 3.51g/t Au from 173.60m.

 

BBDD105

o  4.10m at 2.20g/t Au from 35.20m.

o  1.10m at 2.38g/t Au from 64.90m

 

BBDD106

o  1.00m at 3.93g/t Au from 145.30m.

o  4.00m at 1.71g/t Au from 161.50m.

 

BBDD107

o  3.10m at 1.30g/t Au from 52.40m.

o  1.10m at 4.34g/t Au from 92.20m.

 

BBDD108

o  1.00m at 1.43g/t Au from 61.40m.

o  1.00m at 2.01g/t Au from 158.10m.

BBDD109

o  2.20m at 8.11g/t Au from 122.90m.

o  2.00m at 2.50g/t Au from 132.00m.

 

 

·    The results, which all fall within the existing MRE pit shell design,
have successfully demonstrated that the mineralisation continues between the
existing fence lines, and that there is scope to expand and partially upgrade
the resource to the Measured and/or Indicated Australasian Joint Ore Reserve
Committee ('JORC') Code categories.

·    With Phase 5 complete, an independent structural review is underway
to help refine the geological and mineralisation model.  This will give the
key inputs for the next independent consultant's MRE upgrade using an
appropriate gold price.  This should be completed in Q2 2025.

·    As part of the ongoing Exploitation Licence Application ('ELA')
process, the Company has also submitted an updated Environmental and Social
Impact Assessment ('ESIA') report and is about to complete more advanced
metallurgical test work to determine the appropriate mineral processing flow
sheet.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "With the
completion of Phase 5 drilling at Bibemi, which returned more encouraging gold
intersections, we can now look forward to an updated independent consultant's
mineral resource estimate, with scope to expand and partially upgrade it to
the Measured and/or Indicated JORC Code categories.  Moreover, with the
completion of important technical and other requisite studies, we expect to be
able to advance significantly the Exploitation Licence Application lodged with
the Cameroon Mines Ministry."

 

Figure 1. Summary map showing a selection of intersections from the final
seven holes at BZ1-MRE (BBDD103-109).  Holes BBDD104-109 are located on new
infill fence lines, bringing the fence line spacing to ~50m over the core zone
of the existing MRE.

 

 

Further Details

At the 177 square kilometre ('km(2)') Bibemi orogenic gold project in the
North region of Cameroon, 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 an approximately 12
kilometre ('km') long mineralised hydrothermal system at surface.

 

Between 2021 and 2022, the Company completed four phases of diamond drilling
at the Project for a total of 6,685.40m in 54 holes, with gold mineralisation
hosted in both steeply dipping and flatter lying quartz and quartz-tourmaline
veins.  The majority of that drilling was focused on an approximately 1km
long section at the southern end of Bakassi Zone 1 where, in January 2024,
the Company reported an MRE for the BZ1-MRE zone of 5.1 million tonnes
grading 2.30g/t Au for approximately 375,000 oz Au contained in the 'JORC
Inferred Resources category, based on a 0.45g/t Au lower cut-off grade and
within a US$2,000/oz gold price open pit shell (announcement dated 15 January
2024).

 

In June 2024, a fully funded Phase 5 diamond drilling programme commenced at
Bakassi Zone 1 to further test the BZ1-MRE zone, and two along strike targets,
BZ1-NE and BZ1-SW, for a planned 7,060m in 62 holes.  The programme was
completed in February 2025 for a total of 6,915.40m drilled in 56 holes, with
34 of these holes completed at BZ1-MRE (BBDD051A, BBDD055-080, and
BBDD103-109), 14 holes drilled at BZ1-NE (BBDD081 - BBDD094), and 8 holes
drilled at BZ1-SW (BBDD095-102).  Drilling at Bibemi now stands at
approximately 13,600m in 110 diamond drill holes.

Previously reported intersections from this programme at BZ1-MRE include 4.10m
at 7.99g/t Au (BBDD059), 2.70m at 14.67g/t Au (BBDD058), 2.00m at 12.50g/t Au
(BBDD061), 2.15m at 9.95g/t Au (BBDD063), 2.00m at 8.57g/t Au
(BBDD075) and 1.00m at 25.54g/t Au (BBDD068; announcements dated 12
September 2024, 14 October 2024, and 28 November 2024).  Several of these
intersections fall outside the current mineralisation wireframes, but within
the existing MRE open pit design, providing scope for additional near surface
resources.

Today the Company reports results for the final seven drill holes from the
programme, with six of these holes being located on new infill fence lines
within the existing MRE, reducing the fence line spacing to approximately 50m
within the core zone of the mineralisation.  Results from holes on the new
infill fence lines include 1.00m at 15.11g/t Au and 2.00m at 3.51g/t Au
(BBDD104), 4.10m at 2.20g/t Au (BBDD105), and 2.20m at 8.11g/t Au and 2.00m at
2.50g/t Au (BBDD109).  Full results are presented in Table 1 below.

Table 1. Calculated intersections from Phase 5 holes BBDD0103-109 using a
0.20g/t Au lower cut-off grade.  Results greater than 1g/t Au are in bold.

 Hole ID    From (m)  To (m)  Grade (g/t Au)  Intersection
 BBDD103    34.30     36.30   0.38            2.00m at 0.38g/t Au
 and        40.90     41.90   2.62            1.00m at 2.62g/t Au
 and        59.30     60.30   0.46            1.00m at 0.46g/t Au
 and        62.30     63.30   0.52            1.00m at 0.52g/t Au
 and        66.50     67.50   0.82            1.00m at 0.82g/t Au
 and        143.50    144.50  2.71            1.00m at 2.71g/t Au
 and        161.80    163.00  0.28            1.20m at 0.28g/t Au
 and        169.90    170.90  3.84            1.00m at 3.84g/t Au
 and        195.30    196.30  0.79            1.00m at 0.79g/t Au
 BBDD104    61.30     62.30   15.11           1.00m at 15.11g/t Au
 and        116.40    119.50  1.53            3.10m at 1.53g/t Au
 including  117.40    119.50  2.17            2.10m at 2.17g/t Au
 and        137.10    138.20  0.31            1.10m at 0.31g/t Au
 and        152.40    153.40  0.62            1.00m at 0.62g/t Au
 and        158.60    161.60  1.46            3.00m at 1.46g/t Au
 including  160.60    161.60  3.91            1.00m at 3.91g/t Au
 and        173.60    175.60  3.51            2.00m at 3.51g/t Au
 and        189.20    190.20  2.27            1.00m at 2.27g/t Au
 and        196.70    197.70  0.36            1.00m at 0.36g/t Au
 BBDD105    35.20     39.30   2.20            4.10m at 2.20g/t Au
 including  35.20     37.20   3.98            2.00m at 3.98g/t Au
 and        64.90     66.00   2.38            1.10m at 2.38g/t Au
 and        133.40    134.40  0.73            1.00m at 0.73g/t Au
 BBDD106    43.80     44.80   0.28            1.00m at 0.28g/t Au
 and        97.80     100.80  0.76            3.00m at 0.76g/t Au
 including  99.80     100.80  1.55            1.00m at 1.55g/t Au
 and        124.00    125.00  1.84            1.00m at 1.84g/t Au
 and        127.00    127.00  2.95            1.00m at 2.95g/t Au
 and        134.60    135.60  0.90            1.00m at 0.90g/t Au
 and        145.30    146.30  3.93            1.00m at 3.93g/t Au
 and        155.70    156.70  0.41            1.00m at 0.41g/t Au
 and        161.50    165.50  1.71            4.00m at 1.71g/t Au
 including  161.50    162.50  3.32            1.00m at 3.32g/t Au
 including  164.40    165.50  2.70            1.10m at 2.70g/t Au
 and        172.40    173.40  0.70            1.00m at 0.70g/t Au
 and        189.20    190.20  1.03            1.00m at 1.03g/t Au
 BBDD107    9.50      10.50   0.20            1.00m at 0.20g/t Au
 and        52.40     55.50   1.30            3.10m at 1.30g/t Au
 and        77.10     78.30   0.82            1.20m at 0.82g/t Au
 and        84.20     85.30   0.41            1.10m at 0.41g/t Au
 and        92.20     93.30   4.34            1.10m at 4.34g/t Au
 BBDD108    61.40     62.40   1.43            1.00m at 1.43g/t Au
 and        90.50     91.50   0.63            1.00m at 0.63g/t Au
 and        118.00    119.00  0.50            1.00m at 0.50g/t Au
 and        158.10    159.10  2.01            1.00m at 2.01g/t Au
 and        182.10    183.10  0.35            1.00m at 0.35g/t Au
 BBDD109    7.50      8.70    0.30            1.20m at 0.30g/t Au
 and        12.20     15.50   0.21            3.30m at 0.21g/t Au
 and        25.60     28.90   0.28            3.30m at 0.28g/t Au
 and        45.90     47.00   0.44            1.10m at 0.44g/t Au
 and        73.40     74.40   0.39            1.00m at 0.39g/t Au
 and        80.10     81.10   0.37            1.00m at 0.37g/t Au
 and        87.70     88.70   0.46            1.00m at 0.46g/t Au
 and        122.90    125.10  8.11            2.20m at 8.11g/t Au
 and        127.30    128.50  0.29            1.20m at 0.29g/t Au
 and        132.00    134.00  2.50            2.00m at 2.50g/t Au

* Intervals greater than 1.00m, calculated using a 0.20g/t Au lower cut-off
grade and no more than 34% internal dilution.  True widths are variable due
to changes in vein orientation but are typically 77% of the reported downhole
intersection.

 

These results, which all fall within the pit shell design of the existing MRE,
have successfully demonstrated that the mineralisation continues between the
existing fence lines.  The intersections predominantly fall within the
existing mineralisation wireframes, although there are some intervals that
fall outside of the existing wireframes, and within approximately 100m depth
from surface.  This confirms the potential to expand and upgrade the existing
MRE, with a particular focus on defining near surface contained gold.

 

Figure 2. Fence Line 14257 with previous results (Phase 3 - grey) and Phase 5
data (white), the existing MRE wireframes which have been refined using Phase
5 data, and potential new zones of mineralisation that have been identified.

 

Figure 3. Fence Line 14303 with Phase 5 data (white), the existing MRE
wireframes which have been refined using Phase 5 data, and potential new zones
of mineralisation that have been identified.

 

An independent structural review is currently underway by consultant SEMS
Exploration Services to help refine the geological and mineralisation model
and provide the key inputs required for the next mineral resource estimate
calculation.  This work should be completed later this month and thereafter
an updated MRE will be prepared by independent consultant Forge International
Limited and should be reported in Q2 2025.

It is anticipated that the significant additional drilling completed at the
project since the maiden MRE was completed will enable an expansion and
partial upgrade from the JORC Inferred to JORC Measured and/or Indicated
categories.  The estimate should also benefit from a more appropriate gold
price.

As part of its ongoing ELA, the Company has also submitted an ESIA report, and
is also about to complete more advanced metallurgical test work to determine
the appropriate mineral processing flow sheet.

 

Further information can be found in the Bibemi JORC Table 1 disclosure on
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 Resource 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
the report of the matters based on his information in the form and context in
which it appears.  The Company confirms that it is not aware of any new
information or data that materially affects the Mineral Resource Estimate, and
that all material assumptions and technical parameters underpinning the MRE
continue to apply.

 

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 / Jen Clarke

 

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 375,000oz contained 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 a 59% beneficial interest in the Senala
Exploration Licence by spending US$5.8 million.  Drafting of a joint-venture
agreement to manage the programme going forward is currently underway.  The
Company also has several interests and royalties in companies operating in
East Africa and Turkey that could give future cash payments.

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