REG - Oriole Resources PLC - Lithium Exploration Update, Cameroon

Oriole ResourcesAnnouncement

21/07/2023 07:00

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RNS Number : 7140G  Oriole Resources PLC  21 July 2023

Oriole Resources PLC

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

 

Lithium Exploration Update, Cameroon

 

 

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on
West Africa, provides an exploration update on the lithium potential within
its 90%-owned Central Licence Package ('CLP') project in Cameroon. The
district-scale CLP project comprises nine contiguous licences covering 4,091
square kilometres ('km(2)') of previously unexplored Paleo-Proterozoic to
Pan-African age rocks that are highly prospective for a range of commodities,
including orogenic-style gold mineralisation and lithium. Two of the CLP
licences, Ndom and Gamboukou, are being assessed for their potential to host
hard rock lithium.

 

 

Highlights

 

·    In November 2022, the Company reported that anomalous geochemical
data from its soil sampling programmes had identified lithium-in-soil
anomalism at the Ndom licence, which appeared to be associated with geological
units mapped regionally as porphyritic granitoid;

·    In the same month, the Company secured the Gamboukou licence,
immediately to the south of Ndom on the basis of it having similar
lithium-prospective geology;

·    Pegmatite veins within the granitoids and the older basement rocks
have been confirmed within both the Ndom and Gamboukou licence areas;

·    A total of 105 rock-chip samples (including QAQC) from Ndom targeted
pegmatite veins that are up to 1.5 metres ('m') wide were analysed for a
multi-element suite and have returned a maximum lithium value of 39.5 parts
per million ('ppm');

·    Further analysis was completed on 11 rock chip samples (including
QAQC), including the 39.5 ppm sample (NDR0085), using an alternative
methodology and has returned a maximum value of 35 ppm lithium, also from
sample NDR0085;

·    Technical studies to assess the mineralogy of the pegmatites to help
understand the mineralogy and potential lithium-bearing minerals are on-going;

·    Mapping and sampling programmes have been designed for the next field
season and the Company is currently seeking an investment partner for lithium.

 

 

Oriole Resources CEO, Tim Livesey, said: "Whilst it's good to get
consistent lithium results on the samples taken to date, we do need to
complete further analyses and mineralogical studies to begin to understand
better the initiation point for the original anomaly.

"As we remain focused on the significant positive gold results seen to date
across the five Eastern CLP licences, we will continue to run our lithium
investigations in parallel and remain open to any investment interest at a
project level from any lithium specialist exploration groups."

 

 

Further Details

 

At the CLP project (4,091km(2) in area), located in the centre of Cameroon,
nine contiguous licences 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.

 

Five of these licences, the Eastern CLP (Tenekou, Niambaram, Pokor, Ndom and
Mbe), were granted in February 2021 and have been the focus of the Company's
exploration to date, primarily for orogenic gold. However, a review of
multi-element data from regional-scale stream and soil samples identified
anomalous lithium-in-soil values (up to 84 ppm) within the east of the Ndom
licence which, according to the previously established regional geology,
provisionally thought to be related to pegmatites hosted within porphyritic
granitoid units. Noting that comparable porphyritic granitoids underlie much
of the ground to the south of Ndom, the Company applied for the Gamboukou
licence, which it was able to secure in November last year (Announcement dated
29 November 2022). These comparable granitoids are present in much of the
eastern and central region of the 499 km(2) of the Gamboukou licence.

 

 

Figure 1: Simplified summary of the prospective areas across the CLP. Lithium
anomalism identified to date is located in the southeastern corner of Ndom,
with the Gamboukou, and Maboum licences also having been identified as having
prospective geology.

 

Ndom licence

The results at Ndom outlined two anomalous lithium-in-soil trends, the longest
of which is 9.6km and approximately half its length overlies an east-northeast
trending Pan-African age (c. 450-650 million years old) porphyritic granitoid.
This area also corresponds with elevated concentrations of caesium, tin and
beryllium, elements that are commonly associated with LCT pegmatites (complex
pegmatites characterised by anomalous accumulations of lithium, caesium and
tantalum) and/or 'fertile' or lithium enriched granites, thus strengthening
the theory that the pegmatites associated with the porphyritic granitoids may
have the potential to host hard rock lithium mineralisation. Assessment of the
geochemical signature of soils derived from this granitoid, and smaller
outcrops in the vicinity, confirms that they are predominantly highly
fractioned granites, and are likely to be S-type (sediment derived) that are
known globally for their association with lithium deposits. These granitoid
units also extend to the southeast, within much of the Gamboukou licence area.
The second lithium-in-soil linear anomaly is approximately 9.0km long, and
between 2km and 4km north of, but parallel to, the east-northeast porphyritic
granitoid.

 

Figure 2: Soil sampling results for Grid 1, covering the Ndom and Mbe
licences within the Eastern CLP block, showing the elevated lithium-in-soil
concentrations in eastern Ndom, overlying a mixture of migmatitic gneisses and
porphyritic granitoids

 

In Q1-2023, the team completed detailed geological mapping, over the zone of
lithium anomalism, which identified numerous pegmatite veins (ranging from
centimetre scale to up to 8m wide) in the granitoid outcrops, as well as
within the metamorphosed, Pan African basement rocks (greenschist to
amphibolite facies, tonalite- trondhjemite-granodiorite, 'TTG'). Pegmatites
were observed as individual veins, but localised areas of 'clustered'
pegmatites were also observed. The abundance of mica in some specimens, and
the soil geochemistry suggested that petalite and lepidolite (common
lithium-bearing mica minerals) and cassiterite (a tin-bearing mineral that
commonly occurs within LCT pegmatites) may be present (Announcement dated
February 2023).

 

A total of 105 samples (including QAQC), targeting pegmatites, were analysed
for a suite of 45 elements (including lithium other LCT related elements such
as beryllium, caesium, rubidium and tantalum etc.) using a four-acid rock
digest preparation and an ICP-MS finish. Results have returned lithium
concentrations up to a maximum value of 39.5 ppm, with only nine samples
returning greater than 10 ppm lithium. These results were unexpectedly lower
than the lithium-in-soil data and so further assessment was merited.

 

According to one academic source, granitic samples with an elemental K/Br
ratio of less than 150 are considered to be characteristic of
pegmatite-hydrothermal evolution. Review of the multi-element data from Ndom
confirmed that 20 of the 105 samples fell within this range, thus confirming
the presence of pegmatite-hydrothermal influences at Ndom.

 

 

Figure 3. Discrimination plot of K/Br vs Li (ppm) for the rock chip sample
analyses (both methods) at Ndom. Samples that plot below a K/Br ratio of 150
are considered to be characteristic of pegmatite-hydrothermal evolution trend.

 

 

Due to lithium-bearing minerals typically showing resistance to acid
digestion, it is considered that the initial four-acid digest used in the
initial sample preparation may not have been sufficient to completely dissolve
the lithium. To investigate this, representative material from ten samples,
were analysed (together with one QAQC sample) using a more aggressive peroxide
fusion rock-digest sample preparation with an ICP-MS finish. Whilst one of the
samples is a re-analysis of sample NDR0085, which returned 39.5 ppm, the
remaining samples were selected on the basis of the identification (in hand
specimen) of a silver-coloured mica that is tentatively considered to be
lepidolite. NDR0085 returned a comparable value of 35 ppm lithium and the
remaining nine samples returned values between 3 ppm and 13 ppm lithium,
similar to the previous batch of rock chip samples.

 

The results to date highlight the difficulties surrounding exploration for
hard rock lithium. However, the elevated lithium-in-soils values still
indicate a proximal source of lithium within the Ndom permit, which merits
further investigation.

 

In addition, eight rock chip samples (three from the original batch of 105
samples and five from the new selection) were selected for X-ray Diffraction
(XRD) analysis, which was completed in collaboration with University College
London. This technique can be used to identify minerals according to their
crystal structures. All eight samples confirmed the presence of common
pegmatite minerals (quartz, feldspars, and muscovite mica) with confidence.
Due to the multiphase nature of the samples, and a similar diffraction pattern
of lithium bearing micas (i.e. lepidolite) to muscovite mica, the formal
identification of lithium bearing micas has not been possible. However, in one
sample, parts of the XRD pattern could be attributed to one of a range of
micas including illite, fluorannite, trilithonite (lithium-bearing),
siderophyllite, and muscovite. Furthermore, it is possible to have a range of
chemistry between muscovite and lepidolite, whereby the muscovite structure
can contain up to 3.3 percentage by weight ("wt%") elemental lithium (or up to
7.1 wt% lithium oxide using the conversion factor of 2.153) before altering to
a lepidolite structure that would be discernible using XRD analysis. There is
therefore potential for more exotic forms of mica within the samples and more
investigation is required to understand the lithium potential at Ndom.

 

Gamboukou licence

 

At Gamboukou, Pan-African age porphyritic granitoid outcrops similar to those
seen at Ndom have been observed along with pegmatite occurrences.

 

A reconnaissance visit during Q4-2022 consisted of outcrop mapping along two
north-south trending lines. The eastern line was dominated by a porphyritic
granitoid unit similar to the main porphyritic granitoid at Ndom, with minor
influence of overlying tertiary basalts, whereas the western line was
dominated by strongly sheared granodiorite overlain by a thick laterite.
Pegmatites were observed along both lines, although were more prominent along
the eastern line.

 

Continuation of mapping and sampling, along with a first-pass stream sediment
sampling programme is being planned for the next field season to help with
targeting. However, the Company is currently seeking a lithium-focused
investment partner to help fund this work.

 

 

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)23 8065 1649
 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 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,
Oriole was advised by IAMGOLD on 26 April 2023 that AGEM Senegal
Exploration Suarl ('AGEM') was now a wholly-owned subsidiary of Managem
Group. As previously announced, AGEM has earned an initial 51% beneficial
interest by spending US$4 million and has the option to spend up to a
further US$4 million by 28 February 2024 to earn a further 19% interest.
Reverse Circulation drilling is planned as part of AGEM's Year 6 programme
at Senala. 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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