REG - Oriole Resources PLC - Mbe Exploration Update, Cameroon

Oriole ResourcesAnnouncement

24/05/2023 07:00

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RNS Number : 4227A  Oriole Resources PLC  24 May 2023

Oriole Resources PLC

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

 

Mbe Exploration Update, Cameroon

 

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on
West Africa, provides an exploration update on its Mbe prospect ('Mbe' or the
'Prospect'), where a pilot channel-chip sampling programme has been completed.
Mbe, which is part of the Eastern CLP project ('Eastern CLP', or the
'Project') within its 90%-owned, district-scale Central Licence Package
('CLP') in Cameroon. The CLP covers Paleo-Proterozoic to Pan-African age rocks
that are highly prospective for a range of commodities, including
orogenic-style gold mineralisation and lithium.

 

 

 

Highlights

 

·    In Q1-2023, selective rock-chip sampling at Mbe delivered 17 samples
grading over 1 g/t Au from a north-northeast trending structural corridor that
cross-cuts a broader 12km-long anomaly. The corridor is 3km-long and at least
70m-wide;

·    Mineralised veins within this corridor returned grades of up to
134.10 g/t Au;

·    Minor artisanal workings have exposed narrow trench-like profiles at
six locations over a 200m strike length of one of the shear veins in the main
corridor, which has enabled the collection of channel-chip samples on lines
that are perpendicular to the dominant north-east shear trend;

·    Steeply-dipping, shear-parallel, massive silica veins are observed
over zones up to 3m wide, with strong alteration extending into the wall rock.
These zones are intersected by narrower (up to 1m wide), extensional quartz
veins that are steeply dipping to the northeast and typically trend
north-west;

·    Both structures have abundant sulphides, predominantly pyrite, and
visible gold has been observed in the extensional veins;

·    A total of 22 (including QAQC) channel-chip samples have been
collected and will now be sent for analysis, with results anticipated in
Q3-2023;

·    A full interpretation of data from the recently-completed
ground-based geophysics programme is also anticipated during Q3-2023 and will
assist with the identification of these and other structures at depth to
enable development of the geological model;

·    The deep weathering profile is typical of that seen in the Birimian
rocks of West Africa and offers the potential for bulk-mineable mineralisation
from surface. Rock-chip sampling to date has already reported up to 3 g/t Au
in the altered wall rock;

·    Due to the highly altered nature of the rocks, a total of 23 samples
have also been collected for thin section and other analyses to assist with
lithological interpretation and gold deportment studies;

·    The Company is currently engaged in securing project level funding
for the forthcoming Eastern CLP work programmes, with an update expected
within Q2-2023 (announcement dated 11 April 2023).

 

Oriole Resources CEO, Tim Livesey, said: "We are very pleased to see yet
more evidence of the size and grade potential of this gold anomalism in the
north of the Mbe licence.

"Two complimentary mineralised vein sets with significant widths, grades up to
3 g/t gold in the altered host rocks, grades in excess of 100 g/t gold in the
main vein systems and visible gold identified in the extensional veins - a
hugely positive result.

"Although the large footprint of this system led us to concentrate initially
in this northern part of the Mbe licence, we should remember that we have
several other gold anomalies along this 75 km corridor of the Tchilloré Banyo
Shear Zone, again emphasising the enormous opportunity in this new gold
district.

"The second half of 2023 should see us drill testing some of these targets and
we are confident that, with the results seen to date, we can expect great
things from these Eastern CLP licences."

Figure 1: Photo taken across trench MBTR005 at Mbe, highlighting approximate
location of channel-chip sampling across a 2m-wide, shear-parallel vein of
massive silica and the surrounding altered granitoid wallrock. Whilst
artisanal digging has been completed along the strike length of the shear vein
(therefore in a north-east direction), sampling has been completed
perpendicular to that trend to ensure representivity.

 

 

Further Details

 

At the CLP project (4,091km(2) in area), located in the centre of Cameroon,
nine contiguous licences (five defined as Eastern CLP, three defined as
Western CLP and the lithium-focussed Gamboukou licence) 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. The Eastern CLP (Tenekou, Niambaram,
Pokor, Ndom, and Mbe) licences were granted in February 2021 and have an
initial exploration term of three years, plus three renewable extensions of
two years each.

 

Earlier this year, the Company reported results for a total 76 rock-chip
samples (including QAQC) at Mbe, predominantly taken from a 3km-long (and at
least 70m-wide) north-northeast trending corridor comprising sulphide-rich and
locally brecciated quartz veins within strongly altered granitic host rocks
(announcements dated 30 January 2023 and 27 February 2023). 17 samples yielded
greater than 1 g/t Au with best results including 134.10, 131.80, 64.30,
40.80, 19.44 and 16.20 g/t Au.

 

Since that work was completed, minor artisanal workings have exposed narrow
trench-like profiles which has enabled the collection of channel-chip samples
on six parallel lines. These are perpendicular to the dominant north-east
shear trend and cover a 200m strike length of one of multiple veins within the
broader 70m-wide corridor.

 

 

Figure 2. Main: Rock-chip sampling results to date within the main 3km-long
gold-mineralised corridor at Mbe. Inset: Location of the six short channels
over a 200m-long zone within the main corridor.

 

The workings have clearly exposed steeply-dipping, dark grey massive silica
veins that are up to 3m wide and can pinch and swell with depth. These
structures are shear-parallel and have pervasive sulphide mineralisation,
predominantly pyrite. These shear veins are intersected by narrower (up to 1m
wide), extensional quartz veins that are steeply-dipping and typically trend
north-west. They are strongly sheared and contain visible gold.

 

Whilst surface exposure is limited, these structural relationships are also
observed in sub-crops, an example of which is shown in the following figure.

 

 

 

Figure 3: Left: Sub-cropping brecciated grey silica vein in
strongly-silicified porphyritic granitic host. Extensional veins cross-cut in
a north-northwest direction, creating sigmoidal t-veins and dilational jog
features. Right: Massive grey silica quartz vein pinching and swelling over
the vertical profile of an artisanal pit.

 

Strong alteration is observed extending laterally into the wall rock and
continues to the base of the pits/trenches (up to 4m depth); a range of
mineralisation and alteration styles identified to date is shown in Figure 4.
The deep weathering profile is typical of that seen in the Birimian rocks of
West Africa and offers the potential for bulk-mineable mineralisation from
surface. Rock-chip sampling to date has already reported up to 3 g/t Au in the
altered wall rock.

 

A total of 22 samples (including QAQC) have been collected (see Figure 2) and
will now be sent for analysis, with results anticipated in Q3-2023. It should
be noted that these channels only cover a 3-4m wide cross-section of one of
multiple veins within the 70m-wide shear corridor.

 

 

 

Figure 4. Common mineralisation and alteration styles observed at Mbe.

 

Due to the highly altered nature of the rocks, a total of 23 samples have also
been collected (see Figure 5) for thin section and other analyses to assist
with lithological interpretation and gold deportment studies.

 

Figure 5: Location of thin section samples collected over the main mineralised
3km-long corridor at Mbe, within the Eastern CLP, on mapped geology.

 

 

As previously announced, a ground-based magnetic survey has also recently been
completed over the entire anomalous zone at Mbe to help identify structures
that could further assist in defining the geological context of the gold
anomalism at the prospect. Processing and interpretation of the data will be
completed by Australia-based Terra Resources during Q3-2023 and will enable
the identification of drill targets, particularly within the main 3km-long
corridor.

 

As announced on 11 April 2023, the Company has engaged a Canadian investment
banking firm to secure US$1 million of project-level exploration financing in
return for a 10% non-carried interest in the Company's 90% shareholding in the
Eastern CLP. The investment will be earmarked exclusively for gold exploration
and funding the Company's proposed work programme on the Project, thus
enabling the Company to pursue other funding opportunities to further lithium
exploration within the CLP. A further update on this is anticipated in
Q2-2023.

 

 

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/bibemi-and-wapouze/)

 

 

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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