REG - Oriole Resources PLC - Further Gold Targets identified

Oriole ResourcesAnnouncement

17/08/2022 07:00

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RNS Number : 2419W  Oriole Resources PLC  17 August 2022

Oriole Resources PLC

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

 

Exploration Update:

Further Gold Targets identified in the Central Licence Package, Cameroon

 

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focused on
West Africa, provides an exploration update on its 90%-owned Central Licence
Package ('CLP') project in Cameroon. The district-scale CLP project comprises
eight contiguous licences covering 3,592 square kilometres ('km(2)') of
previously unexplored Paleo-Proterozoic to Pan-African age rocks that are
highly prospective for orogenic-style gold mineralisation.

 

Work to date has focused on the five easternmost licences ('Eastern CLP')
where a first pass semi-regional soil sampling programme has recently been
completed across six target areas, following an initial regional stream
sediment sampling programme in 2021.

 

 

Highlights

 

·    Results received for 3,533 soil samples (including QAQC) from the
Eastern CLP (relating to Grid 2 to Grid 6);

·    Anomalous results confirmed within all grids. Best results include
520 parts per billion ('ppb') gold ('Au'), 463 ppb Au and 111 ppb Au with 12
samples grading ≥51 ppb Au and 105 samples reporting ≥8 ppb Au threshold;

·   Results have extended the east-west trending anomalous zone at Mbe by a
further kilometre ('km') and have identified a 1.5km parallel trend to the
north. Mineralisation occurs as a series of en-echelon
(structurally-controlled) trends that occupy a c.12.5km long by 3km wide
corridor;

·    Multi-km anomalies have also been identified within the Pokor (Grid
3) and Niambaram (Grid 4) permits;

·    All targets will now be ranked and follow-up programmes planned ahead
of the new field season.

 

Oriole Resources CEO, Tim Livesey, said: "We are pleased to report
outstanding results from this early stage prospectivity work in the CLP. We
are extremely encouraged by the addition of another batch of positive
gold-in-soil anomalies, as well as the extension to our longest existing
anomaly in the Mbe licence, where additional sampling has extended the target
zone to over 12km.

"The return of yet more successful results from this second phase of targeted
soil sampling, which was based on previous positive results from the
prospect-wide stream sediment programme in 2021, really does appear to confirm
our proposition that the CLP covers a brand-new gold district in central
Cameroon.

"As with all early-stage exploration, this is a simple numbers game. The more,
strong, gold-in-soil targets we can identify in the early stages of
exploration, the more chance we have of discovering multiple new gold deposits
as we progress our programmes.

"The Eastern CLP covers over 70km strike length of the Tcholliré-Banyo Shear
Zone (TBSZ), a wide corridor of structural deformation that appears to be
controlling the location of multiple potential gold targets on our ground.

"Cameroon is certainly delivering on our idea of a new frontier for gold
exploration in Africa, and we look forward to following up on these targets as
the dry season commences later this year."

 

Figure 1: Results from Phase 1 soil sampling over Eastern CLP

 

 

 

Figure 2: Regional geology of the Mbe licence, highlighting Phase 1 soil
sampling anomalies

 

Further Details

 

At the CLP project (3,592km(2) in area), located in the centre of Cameroon,
eight contiguous licences (five defined as Eastern CLP and three defined as
Western CLP) cover a land package that has significant potential for orogenic
and epithermal style gold mineralisation. All 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
the CLP project overlies the highest priority gold district identified by
the programme.

 

The Company has recently completed semi-regional (400m x 200m spaced) soil
sampling over six soil grids within the Eastern CLP (announcements dated 23
May 2022 and 21 July 2022). Five of the grids were designed to target the
source of the stream-sediment anomalism identified during the previous season
(announcement dated 2 November 2021). Results from Grid 1 delineated multiple
two-three km long gold-in-soil anomalies at the Ndom licence and an
11.5km-long anomalous zone within the Mbe licence (announcement dated 14 March
2022). The highest soil result from Mbe was 838 ppb Au (0.84 g/t Au) and
resulted in a sixth soil sample grid ('Grid 6') being executed over the
southwestern extension of the Mbe anomaly.

 

The Company today reports results for a further 3,533 samples (including
QAQC), relating to Grid 2 to Grid 6. Anomalous results have been identified in
all grids, with best results including 520 ppb Au, 463 ppb Au and 111 ppb Au
and 12 samples grading ≥51 ppb Au. Using a threshold of 8 ppb Au, 105
samples have outlined further multi-km anomalies within the Mbe, Pokor and
Niambaram permits.

 

At Mbe, the results have identified a new 1.5km-long anomaly that is parallel
and c.400m to the north of the previously identified anomalous zone in Grid 1.
Together with a kilometre-long extension to the Grid 1 zone, the en-echelon,
structurally-controlled trends at Mbe are now confirmed to occupy a c.12.5km
long by 3km wide corridor. All targets will now be ranked and follow-up
programmes planned ahead of the new field season.

 

As previously reported, a review of multi-element data for the Grid 1 stream
sediment and soil sediment samples has also identified the potential for
non-precious metals upside within the Eastern CLP (announcement dated 23 May
2022). A further update will be provided in due course.

 

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 / Claire Bay / Bob Smeeton

 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

 Shard Capital Partners LLP                               Tel: +44 (0)20 7186 9900

 Damon Heath / Erik Woolgar / Isabella Pierre

 

Notes to Editors:

 

Oriole Resources PLC is an AIM-listed exploration company, operating in West
Africa. It is focussed on early-stage exploration in Cameroon (Bibemi,
Wapouzé and Central Licence Package projects) and the more advanced Senala
gold project in Senegal, where IAMGOLD 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 throughout Africa and Turkey that could deliver future cash
flow, and it continues to assess new opportunities in both regions.

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