REG - Oriole Resources PLC - Renewal of Eastern CLP in Cameroon

Oriole ResourcesAnnouncement

01/07/2024 07:00

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RNS Number : 4753U  Oriole Resources PLC  01 July 2024

Oriole Resources PLC

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

 

 Renewal of Eastern Central Licence Package in Cameroon

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed
on West and Central Africa, is delighted to report that it has received
two-year renewals for each of its five gold exploration licences in the
Eastern Central Licence Package ('Eastern CLP' or the 'Licences'), located in
the Adamawa and North regions of Cameroon. The Licences, held through the
Company's 90%-owned subsidiary Oriole Cameroon SARL, represent a contiguous,
district-scale land package covering 2,266km(2) of highly prospective
geological terrane.

 

The Eastern CLP includes the flagship, 80%-owned Mbe licence ('Mbe'),
where BCM International Limited ('BCM'), is currently funding up to US$4
million in exploration expenditure to earn up to a 50% interest. A 5,500
metre trenching programme is underway over the MB01 area at Mbe (announcement
dated 4 June 2024), with results anticipated in Q3-2024 and a maiden drilling
programme anticipated in Q4-2024.

 

Oriole retains a 90% interest in the other four Eastern CLP licences (Tenekou,
Niambaram, Pokor and Ndom), which share a similar geological setting and
potential to Mbe.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are
pleased to have our Eastern CLP licences renewed and to be undertaking a
comprehensive exploration programme on the highly promising Mbe licence.
Results from this phase of exploration are eagerly awaited prior to planning
and commencing the maiden drilling programme later in the year."

 

** 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
 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 / Kasia Brzozowska

 

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 375,000 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
(which has already been received), 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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