REG - Oriole Resources PLC - Mbe Exploration Update

Oriole ResourcesAnnouncement

12/11/2024 07:00

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RNS Number : 7845L  Oriole Resources PLC  12 November 2024

Oriole Resources PLC

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

 

 Mbe Exploration Update:

Wide zones of gold mineralisation for Phase 2 infill trenching results, and
maiden drilling programme scheduled to commence in Q4-2024

 

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% 1 -owned Mbe gold project in the Adamawa region of Cameroon ('Mbe' or
the 'Project'), where BCM International Limited ('BCM') has a 10% interest and
is currently funding up to US$4 million on exploration to earn a further
40%.

Mbe is 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

 

·    Full channel sampling results from Phase 2 infill trenching at the
MB01 prospect ('MB01' or the 'Prospect'), specifically the MB01-N and MB01-S
targets, have returned further wide zones of mineralisation, including:

o  79.00 meters ('m') at 0.43 grammes per tonne ('g/t') gold ('Au'),
including 2.00m at 1.60g/t Au and 2.00m at 1.14g/t Au (trench MBT015, MB01-S
target);

o  122.00m at 0.34g/t Au, including 2.00m at 1.17g/t Au, 6.00m at 1.03g/t Au,
2.00m at 1.03g/t Au, and 2.00m at 1.00g/t Au (trench MBT012, MB01-N target).

·    Phase 2 intersections correlate well with Phase 1 trenching data,
outlining a broad, approximately N-S to NNE-SSW trending, 500m long
mineralised corridor at MB01-S, and a NNW-SSE trending, 450m long mineralised
corridor at MB01-N.

·    Re-assayed results from trench MBT004 returned acceptable quality
assurance, quality control ('QAQC') values, with best additional intersection
of 4.00m at 2.00g/t Au.  This completes the reporting of both Phase 1 and 2
trenching data at Mbe.

·    An independent structural review of the MB01 system by SEMS
Exploration shows at least two conjugate extensional fault and fracture sets
influencing the distribution of gold mineralisation.

·    A fully funded maiden drilling programme is expected to commence
later in Q4-2024.  Equipment is currently being mobilised to site and further
details on the programme will be reported in due course.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are
pleased to have now reported the final highly encouraging trenching results
from Mbe.  They are consistent and correlate well with those from Phase 1 and
are over significant gold mineralised widths.  Excitingly, we are now making
all necessary arrangements for the eagerly awaited start, in this current
quarter, of the maiden drilling programme."

 

Figure 1.  Mineralised intervals from both Phase 1 and Phase 2 Infill
trenching at MB01-S over gold-in-soil anomalies and superimposed on Maxar
satellite image background.

 

Figure 2. Mineralised intervals from Phase 1 and Phase 2 Infill trenching at
MB01-N over gold-in-soil anomalies and superimposed on Maxar satellite image
background.

 

Further Details

 

Mbe, with a licence area of 312km(2), is an orogenic gold project 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
the 3km long, northeast-trending MB01 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 MB01-N and MB01-S.  Gold
mineralisation at these targets comprises high-grade, sulphide-rich quartz
veins and veinlets 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.

Results from 4,537 infill soil samples (taken on a 100m x 25m grid, including
QAQC) over the whole 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 long by up to 0.75km wide.

Following the infill soil programme at MB01, two phases of trenching for a
total of 7,055m have been completed.  These programmes focused on MB01-N and
MB01-S, 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 for a 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 3.  Trench plan showing the location of Phase 1 and Phase 2 trenches
at MB01, in relation to gold-in-soil anomalies at the Prospect, superimposed
on Maxar satellite image background.

Intersections from the Phase 1 trenching programme returned multiple wide
zones of mineralisation, including: 50.00m at 1.11g/t Au (MBT003); 68.00m at
0.77g/t Au, including 24.00m at 1.18g/t Au (MBT003); 51.00m at 1.02g/t Au and
32.00m at 1.32g/t Au (MBT007); and 88.00m at 0.71g/t Au, including 30.00m at
1.18g/t Au and 47.75m at 1.23 g/t Au (MBT008) (announcements dated 3 September
2024 and 30 September 2024).

The Company today reports results for a further 1,812 samples (inc. QAQC)
related to the Phase 2 infill trenching programme at MB01-N (MBT010 to MBT014)
and MB01-S (MBT015 and MBT016) and 44 samples re-assayed from Phase 1
trenching samples in MBT004, following a review of the QAQC in that trench.
 All samples were analysed for gold at Bureau Veritas in Abidjan, Côte
d'Ivoire, using a fire assay with an atomic absorption spectrometry (AAS)
finish.  A review of QAQC confirmed that all data for reported intervals
falls within acceptable limits of error.

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, reduced to 1m over visible mineralised material and taking
into account lithological boundaries.

Significant intersections (calculated using a 0.20g/t Au lower cut-off grade
and with no more than 35% internal dilution and 5m consecutive dilution) are
presented in Table 1 below, including from MBT004 where 44 samples were
re-assayed (see announcement dated 30 September 2024). All results presented
returned acceptable QAQC results.  Best intersections include: 79.00m at
0.43g/t Au, including 2.00m at 1.14g/t Au and 6.00m at 1.41g/t Au (MBT015);
and 122.00m at 0.34g/t Au, including 2.00m at 1.17g/t Au, 6.00m at 1.03g/t Au,
2.00m at 1.03g/t Au, and 2.00m at 1.00g/t Au (MBT012).

Table 1.  Calculated intersections for re-assayed samples from MBT004, and
trenches MBT010 to MBT016 using a 0.20g/t Au lower cut-off grade and no more
than 35% internal dilution (and 5m consecutive).  Significant intersections
(≥1g/t Au) are highlighted in bold.

 Trench ID  From (m)  To (m)    Grade (g/t Au)  Intersection
 Phase 1 re-assay
 MBT004     216.00    217.00    1.33            1.00m at 1.33g/t Au
            219.00    220.00    0.25            1.00m at 0.25g/t Au
            223.00    227.35    2.00            4.35m at 2.00g/t Au
            244.00    250.00    0.24            6.00m at 0.24g/t Au
 Phase 2 infill
 MBT010     62.00     64.00     5.34            2.00m at 5.34g/t Au
            78.00     82.00     0.29            4.00m at 0.29g/t Au
            90.00     92.00     0.53            2.00m at 0.53g/t Au
            114.00    123.00    0.28            9.00m at 0.28g/t Au
            131.00    135.00    0.26            4.00m at 0.26g/t Au
 MBT011     No significant intersections
 MBT012     21.00     30.00     0.46            9.00m at 0.46g/t Au
 including  21.00     22.00     1.94            1.00m at 1.94g/t Au
            83.00     205.00    0.34            122.00m at 0.34g/t Au*
 including  92.00     94.00     1.17            2.00m at 1.17g/t Au
 including  140.00    146.00    1.03            6.00m at 1.03g/t Au
 including  171.00    173.00    1.03            2.00m at 1.03g/t Au
 including  192.00    194.00    1.00            2.00m at 1.00g/t Au
 MBT013     71.00     73.00     0.21            2.00m at 0.21g/t Au
            86.50     88.00     0.30            1.50m at 0.30g/t Au
            171.00    177.00    0.47            6.00m at 0.47g/t Au
            195.00    196.00    0.41            1.00m at 0.41g/t Au
            236.50    238.00    0.24            1.50m at 0.24g/t Au
 MBT014     112.00    115.00    0.88            3.00m at 0.88g/t Au
            265.00    267.00    0.34            2.00m at 0.34g/t Au
 MBT015**   0.00      7.00      0.21            7.00m at 0.21g/t Au
            13.00     16.00     0.95            3.00m at 0.95g/t Au
 including  14.00     15.00     2.13            1.00m at 2.13g/t Au
            29.00     30.40     0.24            1.40m at 0.24g/t Au
            42.00     44.00     0.20            2.00m at 0.20g/t Au
            48.45     53.00     0.20            4.55m at 0.20g/t Au
            84.00     87.00     0.22            3.00m at 0.22g/t Au
            164.00    166.00    0.44            2.00m at 0.44g/t Au
            179.00    258.00    0.43            79.00m at 0.43g/t Au
 including  209.00    211.00    1.14            2.00m at 1.14g/t Au
 including  231.00    232.00    1.05            1.00m at 1.05g/t Au
 including  250.00    251.00    1.00            1.00m at 1.00g/t Au
 including  254.00    256.00    1.60            2.00m at 1.60g/t Au
            264.00    281.00    0.33            17.00m at 0.33g/t Au
 MBT016     0.00      2.00      0.20            2.00m at 0.20g/t Au
            6.00      9.00      0.25            3.00m at 0.25g/t Au
            28.00     29.40     1.20            1.40m at 1.20g/t Au
            46.00     47.00     1.47            1.00m at 1.47g/t Au
            82.00     84.00     0.21            2.00m at 0.21g/t Au
            134.00    135.00    0.26            1.00m at 0.26g/t Au
            136.00    137.00    0.20            1.00m at 0.20g/t Au
 *No samples taken between 86.00 and 88.30m due to removal of material by
 artisanal miners; a value of 0g/t Au has been assumed for the purpose of the
 interval but the removed material is likely to have been mineralised.

 **Artisanal excavations in this trench led to significant gaps in sampling as
 follows: 94-164m, 169-172m and 174-179m.

 

Oriole engaged independent consultants SEMS Exploration to conduct a
structural review of the MB01 prospect, including two site visits during the
trenching programme.  Overall, the report concluded that mineralisation is
primarily associated with infill of two conjugate sets of faulting and
fracturing: a more prevalent set trending NNE-SSW and NNW-SSE, and a less
dominant one trending ENE-WSW and ESE-WNW.

The best intersection of the Phase 2 infill sampling at MB01-S was 79.00m at
0.43 g/t Au from MBT015, which correlates well with the previously reported
wide and high grading zones in MBT007 and MBT008.  The intersection was
hosted by both felsic intrusions and mafic gneiss within a broadly N-S to
NNE-SSW trending mineralised corridor.  Approximately 60m of this trench
could not be accessed due to artisanal workings but the interval is expected
to grade when drilled in fresh, in-situ rock. This is similar to MBT007
(announcement dated 30 September 2024) where missing material is likely to
have resulted in under reporting of the overall interval.  At MB01-N, the
best intersection of 122.00m at 0.34g/t Au, including 6.00m at 1.03g/t Au
(MTB012) correlated well with the gold-in-soil anomalism and previously
reported intersections with Phase 1 trenches MBT003 and MBT002 to the north
and south respectively.

Overall, the results have outlined a broad approximately N-S to NNE-SSW
trending, 500m long mineralised corridor at MB01-S, and a NNW-SSE trending,
450m long mineralised corridor at MB01-N.

Following the receipt and interpretation of both phases of trenching data, a
maiden diamond drilling programme has been planned for commencement later in
Q4-2024.  The programme will be fully funded under the earn-in agreement with
BCM.  Drilling equipment is currently being mobilised to site and further
details on the programme will be announced in due course.

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 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-listed gold exploration company, operating
in Central and 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% 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 licences 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 active in East Africa and Turkey that could deliver future cash
flow.

 1  Oriole is currently undertaking a restructuring process that, once
completed, will see it increase its holding to a 90% interest in the Project
(announcement dated 17 October 2024).

 2  Oriole is currently undertaking a restructuring process that, once
completed, will see it increase its holding to a 90% interest in Bibemi
(announcement dated 17 October 2024).

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