REG - Oriole Resources PLC - Mbe Exploration Update - MB01 Trenching Results

Oriole ResourcesAnnouncement

03/09/2024 07:00

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RNS Number : 6120C  Oriole Resources PLC  03 September 2024

Oriole Resources PLC

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

 

 Mbe Exploration Update -

 Initial Trenching Results at MB01 return up to 50.00m at 1.11g/t Au

 

Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed
on West and Central Africa, is pleased to provide an exploration update for
its 80%-owned Mbe gold project in the Adamawa region of Cameroon ('Mbe' or the
'Project'), where BCM International Limited ('BCM') is currently funding up to
US$4 million in exploration expenditure.

Mbe is just one of five licences within the Company's broader package of
contiguous exploration licences, the 'Eastern CLP', which covers 2,266 square
kilometres ('km(2)') of ground prospective for gold deposits.

 

Highlights

 

·    Initial results for three of the first nine (Phase 1) trenches,
approximately 200 metres ('m') apart (targeting the 0.95 kilometre ('km')-long
MB01-N sub-prospect), include the following best channel sample intersections
(north to south):

o  Trench MBT001 - 50.00m at 1.11 grammes per tonne ('g/t') gold ('Au'),
including 20.00m at 2.23g/t Au;

o  Trench MBT003 - 68.00m at 0.77g/t Au, including 12.00m at 1.00g/t Au,
24.00m at 1.18g/t Au;

o  Trench MBT002 - 38.00m at 0.55g/t Au.

·    Intersections correlate well with the previously reported
gold-in-soil anomalism (announcement dated 4 June 2024), with all three being
associated with a mineralised and sheared felsic porphyry unit with mafic
xenoliths.

·    Further results from the remaining trenches are expected to be
released over the next few weeks.

·    The trenching results will inform the planning of the maiden drilling
programme to be conducted in the 2024/2025 field season.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "These
trenching results are highly encouraging, being over substantial widths and
supporting our learned opinion that Mbe is a potentially significant gold
discovery.  The remaining trench sampling results are eagerly anticipated so
we can commence planning for the maiden drilling programme."

 

Figure 1. Trenching intervals from MBT001 to MBT003 at MB01-N, presented on
the 100m x 25m soil survey contours and Maxar satellite imagery. Note Phase 1
trenches are at ~200m spacing, with Phase 2 infill trenches (MBT010 to MBT014)
reducing the spacing to 100m.

 

 

Further Details

 

Mbe (licence area 312km(2)) is an orogenic gold project at an early-stage of
exploration, located within the broader 2,266km(2) 'Eastern CLP' package of
five contiguous gold-focussed exploration licences in the Adamawa region in
central Cameroon.  Since 2022, the Company's systematic exploration
programmes have identified a 3km-long, northeast-trending prospect, named MB01
(the 'Prospect'), which sits within a wider 12.5km-long zone of gold-in-soil
anomalism that trends east-northeast.

At MB01, increased dilation at the sites of structural intersections has
resulted in enhanced levels of gold deposition at the MB01-N and MB01-S
targets.  Gold mineralisation at these targets comprises high-grade,
sulphide-rich quartz veins that occur within, or at the contact with, an
intensely altered felsic unit, which itself is mineralised and creates wide
envelopes of pervasive, lower grade gold mineralisation.  Rock-chip sampling
to date has delivered results of up to 260.03g/t Au from outcropping quartz
veins, and up to 25.16g/t Au from artisanal pits (announcements dated 30
January 2023, 27 February 2023, 21 June 2023 and 22 January 2024).

Results from 4,537 infill soil samples (taken on a 100m x 25m grid, including
QAQC) over the Prospect, delivered up to 8,174 parts per billion ('ppb')
(8.17g/t) Au and identified three substantial zones of in-situ gold
mineralisation, the most significant being at MB01-S, where a greater than 100
ppb Au soil anomaly extends over an area of 1.15km by up to 0.75km.

Following on from the infill soil programme at MB01, two phases of trenching
for a total of 7,055m have been completed.  This programme targeted the soil
anomalism over the MB01-N and MB01-S sub-prospects, where access and ground
conditions have allowed:

o  A Phase 1 maiden trenching programme of 5,338m over nine trenches (MBT001
to MBT009), completed at a spacing of approximately 200m apart.

o  A Phase 2 infill programme of further seven trenches (MBT010 to MBT016),
completed for 1,717m, reducing the above spacing to approximately 100m over
key zones of the soil anomalies.

 

Figure 2. Trench plan showing the location of Phase 1 and Phase 2 trenches at
MB01, in relation to gold-in-soil anomalism at the Prospect. Superimposed on
Maxar satellite image background.

Sampling was completed as a continuous channel, with material being collected
from the trench wall (30-40 centimetres from the trench floor) and from
weathered, in-situ material, to negate contamination from the stone-line or
near surface material. Each sample typically comprised material composited
over 2m intervals, taking into account lithological boundaries.

Results for 1,357 samples (including QAQC) have been received for trenches
MBT001 to MBT003.  All samples were analysed for gold at Bureau Veritas in
Abidjan using a fire assay with an atomic absorption spectrometry (AAS)
finish.  A review of QAQC confirmed that all data falls within acceptable
limits of error. Significant intersections (calculated using a 0.20g/t Au
cut-off grade and with no more than 6m internal dilution) are presented in
Table 1 below.  The best results include 50.00m at 1.11 g/t Au (MBT001),
68.00m at 0.77g/t Au including 24.00m at 1.18g/t Au (MBT003), and 38.00m at
0.55g/t Au (MBT002).

 

Table 1. Calculated intersections for trenches MBT001 to MBT003 using a
0.20g/t Au cut-off grade and no more than 6.00m internal dilution. The most
significant intersections are highlighted in bold.

 

 Trench ID  From (m)  To (m)  Grade (g/t Au)  Intersection
 MBT001     198.00    200.00  0.24            2.00m at 0.24 g/t Au
            204.00    206.00  0.32            2.00m at 0.32 g/t Au
            224.00    226.00  0.27            2.00m at 0.27 g/t Au
            280.00    282.00  0.26            2.00m at 0.26 g/t Au
            314.00    320.00  0.34            6.00m at 0.34 g/t Au
            326.00    328.00  0.26            2.00m at 0.26 g/t Au
            338.00    340.00  0.22            2.00m at 0.22 g/t Au
            348.00    352.00  0.79            4.00m at 0.79 g/t Au
 including  350.00    352.00  1.30            2.00m at 1.30 g/t Au
            356.00    372.00  0.29            16.00m at 0.29 g/t Au*
            388.00    396.00  0.37            8.00m at 0.37 g/t Au
            400.00    402.00  0.24            2.00m at 0.24 g/t Au
            414.00    464.00  1.11            50.00 at 1.11 g/t Au
 including  432.00    452.00  2.23            20.00 at 2.23 g/t Au
 MBT002     340.00    342.00  0.29            2.00m at 0.29 g/t Au
            504.00    510.00  0.20            6.00m at 0.20 g/t Au
            530.00    538.00  0.53            8.00m at 0.53 g/t Au
 including  530.00    532.00  1.11            2.00m at 1.11 g/t Au
            546.00    554.00  0.23            8.00m at 0.23 g/t Au
            558.00    560.00  0.23            2.00m at 0.23 g/t Au
            568.00    576.00  0.73            8.00m at 0.73 g/t Au
 including  572.00    576.00  1.00            4.00m at 1.00 g/t Au
            594.00    596.00  0.21            2.00m at 0.21 g/t Au
            600.00    638.00  0.55            38.00m at 0.55 g/t Au*
 including  612.00    614.00  0.65            2.00m at 1.16 g/t Au
 and        636.00    638.00  1.93            2.00m at 1.93 g/t Au
 MBT003     56.00     58.00   0.65            2.00m at 0.65 g/t Au
            118.00    120.00  0.24            2.00m at 0.24 g/t Au
            188.00    194.00  0.36            6.00m at 0.36 g/t Au
            216.00    218.00  0.47            2.00m at 0.47 g/t Au
            448.00    516.00  0.76            68.00m at 0.77 g/t Au*
 including  452.00    464.00  1.00            12.00m at 1.00 g/t Au
 and        468.00    470.00  1.68            2.00m at 1.68 g/t Au
 and        482.00    506.00  1.18            24.00m at 1.18 g/t Au
            558.00    562.00  0.45            4.00m at 0.45 g/t Au
            670.00    672.00  0.22            2.00m at 0.22 g/t Au

* intervals with up to 6m internal dilution

 

A geological review of trenches MBT001 to MBT003 has highlighted two main
lithologies: amphibolite-gneisses and porphyritic felsic intrusions, also
referred to as a 'quartz feldspar porphyry' or QFP.  The intrusions are
sheared and range in width from a few centimetres to tens of meters.

The widest intersections from all three trenches correlate with the previously
identified 'main' QFP intrusion which exhibits strong silicification, moderate
fracturing, quartz veins and veinlets with boxwork textures after pyrite.
 The fracture density is considered proportional to quartz vein thickness,
with the thickest (metre scale) veins observed within areas of high fracture
density in the QFP.

 

Figure 3. Trench MBT001 schematic cross-section covering 400m - 465m which
hosts the 50.00m at 1.11g/t Au intersection from 414m.  Most of the
intersection is hosted by QFP but grades of up to 0.50g/t Au occur up to 10m
from QFP, within areas of fracturing and strong silicification.

 

Interpretation of the geology, in particular the structural controls, for the
remainder of the trenching programme is on-going, and will be presented
alongside additional results later in Q3-2024.  Samples for the Phase 2
infill trenching programme are also being processed with results to follow the
Phase 1 programme.

The detailed understanding of the geology and structure of the deposit that
will be obtained from the trenching data will be used to design a maiden
drilling programme, which is expected to commence in the 2024/25 field season.

For further information on the Mbe 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 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.

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
 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-listed gold exploration company, operating
in West Africa.  It is focussed on early-stage exploration
in Cameroon, where the Company has reported a Resource of 375,000oz Au at
2.30g/t in the JORC Inferred category at its 82.2%-owned Bibemi project and
has identified multi-kilometre gold and lithium anomalism 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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