REG - Oriole Resources PLC - Phase 5 Drilling Completed at Bibemi Gold Project

Oriole ResourcesAnnouncement

13/02/2025 07:00

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RNS Number : 9075W  Oriole Resources PLC  13 February 2025

Oriole Resources PLC

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

 

Phase 5 Drilling Completed at the Bibemi Gold Project in Northern Cameroon

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company
focused on West and Central Africa, is pleased to provide an update on its
90% owned Bibemi orogenic gold project ('Bibemi' or the 'Project')
in Cameroon, where BCM International ('BCM') has acquired an initial 10%
interest and is earning up to a further 40% interest by spending up to US$4
million on exploration.  Bibemi currently has an Inferred Mineral Resource
Estimate ('MRE') of 375,000 ounces ('oz') contained gold ('Au'), grading 2.30
grammes per tonne ('g/t') gold, announced in January 2024, based only on
drilling data from Phases 1-4 and a US$2,000/oz gold price.

Highlights

 

·    Phase 5 drilling programme completed for a total of 6,915.40m in 56
holes at the Bakassi Zone 1 prospect ('Bakassi Zone 1' or 'BZ1'), over three
sub-prospects: BZ1-MRE, BZ1-NW, and BZ1-SW.

·    Results for the remaining seven holes in the programme (BBDD103 -
109), representing infill drilling at the BZ1-MRE zone, are expected this
quarter.

·    Subject to receiving these final Phase 5 results, a review of all
drilling data to date (approximately 13,600m in 110 holes) will be conducted.

·    It is expected that the infill drilling results at BZ1-MRE, and
subsequent review of the complete drilling data set, will enable a partial
upgrade of the existing Australasian Joint Ore Reserve Committee ('JORC') Code
Inferred MRE to the Measured and/or Indicated categories.  The MRE should
also benefit from significantly improved gold price assumptions.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are
pleased to have now completed the Phase 5 drilling programme at Bibemi and
will make a detailed announcement on the next steps once we have assimilated
and reviewed all the data from the campaign.  We anticipate that this will
enable a partial upgrade of the JORC Inferred MRE to the Measured and/or
Indicated categories and will benefit from significantly improved gold price
assumptions.  This should highlight and underpin the potential value of the
licence."

"Although the programme has ended, and the team has worked tirelessly
throughout the programme, the completion of drilling is somewhat later than we
had originally planned.  This was largely due to factors beyond our control.
 However, we also have worked hard to deliver efficiencies across the Group.
 We are confident that this will allow the Mbe drilling programme to continue
at a swifter pace, which is what we have seen to date with the programme
already being 25% complete."

"The decision has been made to continue the drilling programme at Mbe with a
single rig so that we can optimally manage the exploration programme,
including, most importantly, the structural model interpretation.  However,
the Company will keep a watching brief on this.  Currently, the programme is
advancing at an appropriately measured pace whilst the Company works to
delineate a mineral resource."

"I look forward to updating shareholders on both of our Cameroon gold projects
in due course."

 

Figure 1. Drill plan showing the Phase 5 drilling programme at BZ1-MRE.
Results remain outstanding for remaining holes BBDD103-109.

 

Further Details

At the 177 square kilometre ('km(2)') Bibemi orogenic gold project 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 an approximately 12
kilometre ('km') long mineralised hydrothermal system at surface.

 

Between 2021 and 2022, the Company completed four phases of diamond drilling
at the Project for a total of 6,685.40m in 54 holes, with gold mineralisation
hosted in both steeply dipping and near horizontal quartz and
quartz-tourmaline veins.  The majority of that drilling was focused on an
approximately 1km long section at the southern end of Bakassi Zone 1 where,
in January 2024, the Company reported an MRE for the BZ1-MRE zone of 5.1
million tonnes grading 2.30g/t Au for approximately 375,000 oz Au contained 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 open pit shell (announcement dated
15 January 2024).

 

In June 2024, a fully funded Phase 5 diamond drilling programme commenced at
Bakassi Zone 1 to further test the BZ1-MRE zone, and two along-strike targets,
BZ1-NE and BZ1-SW, for a planned 7,060m in 62 holes.  The programme is now
complete, totalling 6,915.40m across 56 holes: 34 of which were completed at
BZ1-MRE (BBDD051A, BBDD055 - 080, and BBDD103 - 109); 14 holes at BZ1-NE
(BBDD081 - 094); and 8 holes drilled at BZ1-SW (BDD095 - 102) (Figure 1).

Previously reported intersections from this programme include 4.10m at
7.99g/t Au (BBDD059), 2.70m at 14.67g/t Au (BBDD058), 2.00m at 12.50g/t Au
(BBDD061), 2.15m at 9.95g/t Au (BBDD063), 2.00m at 8.57g/t Au
(BBDD075) and 1.00m at 25.54g/t Au (BBDD068) (announcements dated 12
September 2024, 14 October 2024, and 28 November 2024).  Several of these
intersections fall outside the current mineralisation wireframes, but within
the existing MRE open pit design, providing scope for additional near-surface
resources.

The results of the final seven holes from the BZ1-MRE zone (BBDD103-109,
Figure 1), planned to reduce the fence line spacing to around 50m within parts
of the existing MRE, are expected this quarter.

 

A comprehensive review of all the drilling data acquired to date
(approximately 13,600m across all five diamond drilling phases, Figure 2) will
be completed following these results.

 

Figure 2. Drill plan showing all holes completed during Phases 1-5 at the
Bibemi project.  Phase 5 drilling (6,915.40m, black circles) focused on
Bakassi Zone 1 sub-prospects: BZ1-MRE (see inset), BZ1-NE and BZ1-SW.

 

It is expected that the additional Phase 5 results, in particular where fence
line spacing has been reduced to around 50m within the BZ1-MRE zone, will
enable a partial upgrade of the existing MRE to the Measured and/or Indicated
JORC Code categories.  An upgraded MRE will also likely further benefit from
a significantly improved gold price compared to the January 2024 price of
US$2,000, used for the last estimate.

 

Detailed metallurgical test work is also continuing, alongside various other
technical and environmental and social studies, to help support the Company's
ongoing exploitation licence application process.  A more detailed
announcement will be made on the next steps following receipt and review of
all the outstanding data from the campaign.

 

Further information can be found in the Bibemi JORC Table 1 disclosure on
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 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.

 

 

** ENDS **

 

 

 

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 (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 focused 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 90% 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 give future cash payments.

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