REG - Oriole Resources PLC - Gold Mineralisation Identified at Gamboukou

Oriole ResourcesAnnouncement

24/10/2024 07:00

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RNS Number : 3858J  Oriole Resources PLC  24 October 2024

Oriole Resources PLC

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

 

Gold Mineralisation Identified at the Gamboukou licence, within the Central
Licence Package, Cameroon

 

 

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on
West and Central Africa, provides an exploration update for its Gamboukou
licence ('Gamboukou' or the 'Licence'), located within the district-scale
Central Licence Package ('CLP') that covers 4,091 square kilometres ('km(2)')
of contiguous exploration ground in the Adamawa region in central Cameroon.
 

 

The licence package as a whole is underlain by previously unexplored
Paleo-Proterozoic to Pan-African age rocks that are highly prospective for a
range of commodities.  Gamboukou is being assessed for both its gold ('Au')
and lithium ('Li') potential.

 

 

Highlights

 

·    In Q2-2024, consultants from Micon International visited the
Gamboukou licence as part of a wider review of the potential for lithium
mineralisation within the CLP.

·    Following recommendations from that visit, a preliminary, regional
stream sediment campaign of 407 samples (including quality assurance and
quality control, 'QAQC') has been completed across the Licence.

·    All samples have been analysed for gold at Bureau Veritas in Abidjan,
Cote d'Ivoire, with nine samples grading 10 parts per billion ('ppb) Au or
more, and a highest value of 39ppb Au.  These results are comparable with
stream sediment sampling results from other licences within the CLP, and also
at the MB01 target within the Company's Mbe licence.

·    All samples have also been analysed for a range of elements using a
portable X-ray Fluorescence XRF ('pXRF') unit to investigate the Licence's
lithium prospectivity via common lithium pathfinder elements such as rubidium.
Results have provided some encouragement, but further assessment is required.

·    Further work is being considered with respect to both gold and
lithium exploration.

 

 

Oriole Resources CEO, Martin Rosser, said: "We are encouraged by the stream
sediment sample results at Gamboukou.  Particularly for the gold results,
which have parallels with the early-stage work on other CLP licences and,
importantly, at the MB01 target at our Mbe licence."

 

 

Further Details

 

At the 4,091km(2) CLP project, located in the Adamawa region of central
Cameroon, nine contiguous licences cover a land package that has significant
potential for gold mineralisation and other minerals such as lithium.

 

In Q3 2021, the Company completed regional mapping and stream sediment
sampling over the Eastern CLP (defined as five licences: Mbe, Ndom, Niambaram,
Pokor, and Tenekou), at a spacing of 0.4 samples per km(2).  The results
identified multiple areas of elevated gold in distinct drainage basins,
associated with the northeast-trending Tcholliré-Banyo Shear Zone ('TBSZ')
corridor and related structures, with 18 areas grading >30 ppb Au
(announcement dated 06 October 2021).  Follow-up semi-regional soil sampling
(400m by 200m spacing) over six initial grids confirmed anomalous gold in all
five licences and delineated multiple multi-kilometre gold-in-soil anomalies
within the licence, including at Mbe, where exploration is currently being
fast-tracked under a US$4 million exploration funding agreement with BCM
International (announcements dated 19 January 2024 and 30 September 2024).

In 2022, a review of multi-element data from regional-scale stream sediment
and soil samples taken within the Eastern CLP identified two zones of
anomalous lithium-in-soil (up to 84ppm Li), extending up to 9 kilometres in
length within the southeast of the Ndom licence.  This led Oriole to apply
for the Gamboukou licence (499 km(2) in area) immediately to the south, due to
the continuation of prospective lithologies into that ground.  Oriole has a
90% beneficial interest in the Licence, which was secured in November 2022
(announcement dated 29 November 2022), with the remaining 10% beneficially
owned by its local partner BEIG3 (announcement dated 17 October 2024).

In Q2-2024, consultants from Micon International visited the Gamboukou licence
as part of a wider review of the CLP and its potential to host lithium
mineralisation.  Following recommendations from that visit, a preliminary,
regional stream sediment campaign of 407 samples (including QAQC) has been
completed across the Licence, at a sample density of approximately 1.3 samples
per km(2).

The samples have all been analysed, using a pXRF unit, for a suite of
multi-element data (from 43 elements), including the lithium-related
pathfinder elements rubidium and caesium, which have generally proven to
correlate well with lithium concentrations in Oriole's previous regional
stream and soil sampling campaigns within the Eastern CLP.  Whilst the pXRF
data is not comparable to laboratory assays in terms of accuracy and
precision, it can be used to give an indication of relative abundance.  A
full review of the pXRF multi-element data will be used to select a range of
stream sediment samples that will be sent for laboratory based multi-element
analysis including Li and other Li-related pathfinder elements.

 

The samples were also analysed for gold at Bureau Veritas Abidjan using a fire
assay with solvent extraction method.  Out of the 386 samples, nine returned
gold grades >10ppb, with the highest result being 39ppb Au.  These are
comparable with results from regional stream sampling across the Eastern CLP,
as referenced above and highlighted in Figure 2 below. Watershed ranking at
Gamboukou has been completed using the same methodology as the initial Eastern
CLP stream dataset by devising a ranking number using the number of anomalous
gold samples within each watershed, the average grade of gold across the
watershed, and the number of adjacent watersheds with anomalous gold values to
provide a final 'ranking score'.

 

 

Figure 1: Regional gold-in-streams results for Gamboukou in the context of the
overall CLP results and watershed ranking across the CLP.  Ranking is based
on the number of anomalous points within the watershed, average Au across all
points within the watershed and number of adjacent watersheds with anomalous
gold results.

 

 

Further work at Gamboukou will be determined following a full evaluation of
the gold-in-stream data presented and the continued assessment of its lithium
prospectivity.

 

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.
(https://orioleresources.com/projects/central-licence-package)

 

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.

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 (IR/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-quoted gold exploration company, with projects
in Central and West Africa.  It is focussed on early-stage exploration
in Cameroon, where the Company has reported a Resource of 375,000 oz gold at
2.30g/t in the JORC Inferred category at its 82.2% 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 deliver future
cash flow.

 

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