REG - Oriole Resources PLC - New Mineralised Zone identified at Lawa West

Oriole ResourcesAnnouncement

07/08/2024 07:00

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RNS Number : 4488Z  Oriole Resources PLC  07 August 2024

Oriole Resources PLC

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

 

New Mineralised Zone identified at the Lawa West prospect, within the Bibemi
licence area in Cameroon

Rock-chip vein samples of up to 54.50g/t gold

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company
focussed on West and Central Africa, is pleased to announce an update for its
82.2%-owned Bibemi orogenic gold project ('Bibemi' or the 'Project') in
Cameroon, where BCM International Limited ('BCM') is currently funding up
to US$4 million in exploration expenditure in return for up to a 50%
interest in the Project.

Highlights

 

·    Recent mapping within the wider Bibemi licence has extended the
mineralised strike length of the Lawa West prospect to 6 kilometres ('km').

·    Results from 163 selected vein rock-chip samples have returned 17
samples grading over 0.5 grammes per tonne ('g/t') gold ('Au') from quartz
vein material, with best results of 54.50g/t Au and 38.40g/t Au.

·    Mineralised quartz and quartz-tourmaline veins outcrop in the same
litho-structural setting as the main Bakassi Zone 1 prospect ('Bakassi Zone 1'
or 'BZ1'), where the Company has defined a maiden Mineral Resource Estimate
('MRE') of 375,000 contained troy ounces ('oz') grading 2.30g/t Au.

·    The total confirmed mineralised trend at Bibemi now stands at 17 km.

·    A number of north-east trending mineralised potential corridors have
been outlined, presenting further opportunities for drill testing and future
resource definition.

·    Follow-up work will be considered as part of future programmes at the
Project.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The results
reported for Lawa West are encouraging as they significantly expand the
potential mineralised corridor length of the prospect, and the overall system
at Bibemi. More generally, this bodes well for the discovery of additional
sources of mineralised material on the Project licence that could be processed
at a central mineral processing plant at Bibemi."

 

Figure 1. Rock-chip sampling results at Lawa West, on mapped geology.
Interpreted mineralised corridors are bound by red dashed lines.

 

Further Details

At the Bibemi orogenic gold project (177 square kilometres ('km(2)') in area)
in the North region of Cameroon, the Company's exploration to date has
identified shear-hosted gold mineralisation at four main prospects - Bakassi
Zone 1, Bakassi Zone 2, Lawa West and Lawa East - within a circa 12 km
long mineralised hydrothermal system at surface. Since Q1-2021, the Company
has completed four phases of diamond drilling at the Project for a total of
6,685.40m in 54 holes, that has delivered best intersections of 14.80m
grading 4.27g/t Au and 7.70m grading 2.74g/t Au (hole BBDD050), 6.50m grading
3.92g/t Au (hole BBDD034), 5.20m grading 1.97g/t Au (hole BBDD031), and 9.20m
grading 1.31g/t Au (hole BBDD042) (announcements dated 20 December 2021, 9
February 2022 and 15 September 2022).

 

In January 2024, the Company reported an updated MRE for the Bakassi Zone 1
of 5.1 million tonnes grading 2.30g/t Au for approximately 375,000 oz Au in
the JORC Inferred Resources category, based on a 0.45g/t Au lower cut-off
grade and within a US$2,000/oz gold price pit shell (announcement dated 15
January 2024).

 

A fully funded Phase 5 drilling programme is currently underway at Bakassi
Zone 1 for a planned 7,060m in 62 holes. Initial results from the programme
are anticipated later in Q3-2024 and will be reported in batches (announcement
dated 17 July 2024).

Mapping and rock-chip sampling within the wider Bibemi licence area has
confirmed a south-western extension of the Lawa West prospect to approximately
6 km along strike, with quartz and quartz-tourmaline veins outcropping in the
same litho-structural setting as at the main BZ1-MRE zone. The western domain
is dominated by metatonalite, with lenticular units of schistose metavolcanics
(termed locally as mafic shists) occurring throughout the mapped area. As at
Bakassi Zone 1, shearing and veining occurs at the contact zone between
tonalite and metavolcanic units due to the competency contrast between the two
units. The eastern to southeastern part of the prospect is occupied by a
younger syn- to late-tectonic alkaline granite. The confirmed mineralised
trend length at Bibemi now stands at 17 km.

Figure 2. Location map showing extensional mapping at Lawa West in the context
of all prospects areas defined to date.

Results from 163 selective rock-chip samples (including QAQC) have returned 17
samples grading over 0.5g/t Au from quartz vein material, with best results of
54.50g/t Au and 38.40g/t Au. A review of the QAQC has deemed the data to be of
good quality.

The results have delineated a number of north-east trending mineralised
corridors, which present future targets for drill testing and resource
definition. Follow-up work programmes are being considered.

For further information on the Bibemi project, including a JORC Table 1,
please see the following page of the Company's website
https://orioleresources.com/projects/bibemi/
(https://orioleresources.com/projects/bibemi/) .

 

Competent Persons Statement

 

The information in this announcement that relates to the Mineral Resource is
based on data compiled by Mr. Robert Davies, EurGeol, CGeol, an independent
consultant to Oriole. Mr Davies is a Director of Forge International Limited.
Mr Davies has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves". Mr Davies consents to the inclusion in
the report of the matters based on his information in the form and context in
which it appears. The Company confirms that it is not aware of any new
information or data that materially affects the Mineral Resource Estimate, and
that all material assumptions and technical parameters underpinning the MRE
continue to apply.

 

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.

** ENDS **

 

 

 

For further information please visit www.orioleresources.com
(http://www.orioleresources.com) ,  @OrioleResources on X,

or contact:

 Oriole Resources Plc                      Tel: +44 (0)20 7830 9650
 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, with projects
in West and Central Africa. It is focussed on early-stage exploration in
Cameroon, where the Company has reported a Resource of 375,000 oz 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 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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