REG - Oriole Resources PLC - Significant Mineralised Intervals Returned at Mbe

Oriole ResourcesAnnouncement

21/06/2023 07:00

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RNS Number : 3483D  Oriole Resources PLC  21 June 2023

Oriole Resources PLC

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

 

Significant Mineralised Intervals Returned at Mbe, Cameroon -

 including 8.47 g/t gold over 2.20 metres

 

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on
West Africa, is pleased to provide exploration results for its Mbe prospect
('Mbe' or the 'Prospect') within the Mbe licence. A pilot channel-chip
sampling programme, which was completed last month (announcement dated 24 May
2023), has returned significant mineralised intervals across all six sample
lines, including 2.20 metres ('m') grading 8.47 grammes per tonne ('g/t') gold
('Au') and 5.00m grading 2.03 g/t Au.

 

Mbe is part of the Eastern CLP project ('Eastern CLP', or the 'Project') and
lies within its 90%-owned, district-scale Central Licence Package ('CLP') in
Cameroon. The CLP covers Paleo-Proterozoic to Pan-African age rocks that are
highly prospective for a range of commodities, including orogenic-style gold
mineralisation and pegmatite-hosted lithium.

 

 

Highlights

 

·    During Q2-2023, minor artisanal pits exposed narrow, trench-like
profiles at six locations over a 200m strike length of one of the shear veins
in the main three kilometre ('km')-long by 70m wide corridor at Mbe;

·    The hand-dug workings enabled the collection of channel-chip samples
on short 2-5m wide lines that are approximately perpendicular to the dominant
north-east shear trend and provide a small window into the much wider corridor
of mineralised veins;

·    Results for a total of 19 channel-chip samples (22 including QAQC)
have returned mineralised intervals across all six sample lines, with 11
samples grading over 1 g/t Au. Best intervals (using a 0.30 g/t Au cut off)
include:

o  MBTR01 : 2.20m @ 8.47 g/t Au

o  MBTR02 : 5.00m @ 0.90 g/t Au

o  MBTR04 : 5.00m @ 2.03 g/t Au

o  MBTR05: 2.10m @ 3.69 g/t Au

·    Samples were all taken from oxide material within a few metres of
surface, with all channel sample lines ending in mineralisation on one or both
sides of the interval (therefore the end of mineralisation being dictated by
the geometry of the artisanal pit rather than a lack of grade). The full width
of the mineralised zone is not fully sampled but is estimated to be
approximately 70m considering the distribution of surface outcrops;

·    Mineralisation has been returned from a range of host rocks including
variably brecciated shear and extensional quartz veins and altered wall rock.
The highest grade returned from a wall rock sample was 5.94 g/t Au over 0.90m,
within the MBTR05 interval, suggesting the potential for near-surface
bulk-minable mineralisation;

·    Maiden drilling at the Prospect is planned for the 2023/24 field
season;

·    Work on previously announced project level funding for the
forthcoming Eastern CLP work programmes is still in progress and is now
forecast to complete in Q3-2023.

 

Oriole Resources Exploration & Business Development Director, Claire
Bay, said: "The Central Licence Package, and indeed Cameroon as a whole,
continues to highlight itself as an exciting new frontier for mineral
exploration. These latest results are no exception.

"Having been on the ground with the team just last month, it's extremely
pleasing to have validated our geological observations so quickly and with
such success. The fact that we have now confirmed significant widths of
multi-gramme gold mineralisation within a few metres of surface, and extending
over a 200m strike length, not only endorses our previous selective rock-chip
results, it highlights the enormous opportunity that exists at the Prospect
and within the wider Project. It's important to note that this 200m-long
section covers just one vein within a 3km-long by 70m-wide mineralised
corridor at Mbe, and that Mbe is just one Prospect within the Eastern CLP
project.

"Mbe has a prime location, being close to the regional airport, tarred road,
power and water. With Oriole having published Cameroon's first JORC-Compliant
gold resource just last year at its Bibemi project, Mbe is fast becoming the
next target for resource development, and we look forward to a maiden drilling
programme in the next field season, as well as following-up on other
geochemical anomalies identified at the Project. We have plenty of space to
find multiple 'Mbes' and that is hugely exciting."

 

 

Figure 1: Location of the best channel sampling intervals over a 200m-long
zone of one shear vein within the main 3km-long corridor at Mbe.

 

 

Further Details

 

At the CLP project (total 4,091 square kilometre ('km(2)) in area), located in
the centre of Cameroon, nine contiguous licences (five defined as Eastern
CLP, three defined as Western CLP and the lithium-focussed Gamboukou licence)
cover a land package that has significant potential for orogenic gold
mineralisation and other minerals, including pegmatite-hosted lithium. The
Company has a 90% interest in all nine licences, which it holds through local
subsidiary companies.

 

The Eastern CLP (Tenekou, Niambaram, Pokor, Ndom, and Mbe; covering a total of
2,266km(2) licences were granted in February 2021 and have an initial
exploration term of three years, plus three renewable extensions of two years
each.

 

In Q1-2023, the Company reported results for a total 76 rock-chip samples
(including QAQC) at Mbe, predominantly taken from a 3km-long (and at least
70m-wide) north-northeast trending corridor comprising sulphide-rich and
locally brecciated quartz veins within strongly altered granitic host rocks
(announcements dated 30 January 2023 and 27 February 2023). 17 samples yielded
greater than 1 g/t Au with best results including 134.10, 131.80, 64.30,
40.80, 19.44 and 16.20 g/t Au.

 

Since that work was completed, minor artisanal workings/pits have exposed
narrow (3-4m wide) trench-like profiles that have enabled the collection of 19
channel-chip samples (22 including QAQC) on six parallel lines (Figure 2).
These are approximately perpendicular to the dominant north-east shear trend
and cover a 200m strike length of one of the multiple mineralised veins within
the broader 70m-wide corridor. They should be considered partial trenches as
they do not test the full width of the mineralised zone, only the portion
exposed in the artisanal pit.

 

 

 

Figure 2. Main: Rock-chip sampling results to date within the main 3km-long
gold-mineralised corridor at Mbe. Inset: Location of the best channel sampling
intervals over a 200m-long zone within the main corridor.

Results have returned 17 samples grading more than 1 g/t Au and mineralised
intervals on all lines, as detailed in Table 1 (also see Figures 1 and 2).
Best intervals include 2.20m grading 8.47 g/t Au (MBTR001), 5.00m grading 2.03
g/t Au (MBTR004) and 2.10m grading 3.69 g/t Au (MBTR005).

 

Table 1. Significant mineralised intervals (using 0.30 g/t Au cut off) from
channel-chip sampling* at Mbe.

 

 Trench number  Interval Length (m)  Average Grade (g/t)
 MBTR001        2.20                 8.47
 including      1.20                 14.30
 MBTR002        5.00                 0.90
 including      2.00                 1.08
 MBTR003**      0.20                 5.00
 MBTR004        5.00                 2.03
 including      2.00                 3.52
 MBTR005        2.10                 3.69
 including      0.90                 5.94
 MBTR006        3.00                 0.88
 including      1.20                 1.13

 

*Completed perpendicular to the north-east shear zone where possible, subject
to the artisanal pit geometry and therefore have not tested the full width of
the mineralisation.

**A single sample taken over a single extensional quartz vein; wall rock not
tested.

 

Mineralisation has been confirmed in steeply-dipping, shear parallel
(north-east trending) massive silica veins, that are up to 3m wide and can
pinch and swell with depth, as well as narrower (up to 1m wide), extensional
quartz veins that are also steeply-dipping and typically trend north-west
(Figure 3B).

 

 

 

 

Figure 3: Photos taken across partial trenches MBTR004 (A; viewing to the
south-southwest) and MBTR001 (B; viewing towards the south) showing
approximate location of sampling over intersecting shear and extensional vein
sets.

 

 

However, as seen at surface, significant gold grades have also been returned
from the strongly altered wall rocks, including 0.90m grading 5.94 g/t Au in
MBTR005 (Figure 4). As highlighted by Figure 1, 3 and 4, the length of the
mineralised interval was often limited by the width of the artisanal pits,
with all intervals ending in mineralisation in one or both directions. The
full width of the mineralised zone is therefore not yet fully tested; however,
it is believed to be at least 70m wide based on the distribution of
mineralised outcrops at surface (Figure 2). The deep weathering profile is
typical of that seen in the Birimian rocks of West Africa and offers the
potential for bulk-mineable mineralisation from surface.

 

 

 

 

Figure 4: Photo taken across partial trench MBTR005 at Mbe, highlighting
approximate location of channel-chip sampling across a central shear-parallel
vein of massive silica and high-grade gold extending into the surrounding
altered granitoid wall rock to the east. Viewing towards the north-northwest.

 

As previously announced, a ground-based magnetic survey has also recently been
completed over the entire anomalous zone at Mbe to help identify structures
that could further assist in defining the geological context of the gold
anomalism at the prospect. Processing and interpretation of the data will be
completed by Australia-based Terra Resources during Q3-2023 and will enable
the identification of drill targets, particularly within the main 3km-long
corridor.

 

As announced on 11 April 2023, the Company has engaged a Canadian investment
banking firm to secure US$1 million of project-level exploration financing in
return for a 10% non-carried interest in the Company's 90% shareholding in the
Eastern CLP. The investment will be earmarked exclusively for gold exploration
and funding the Company's proposed work programme on the Project, thus
enabling the Company to pursue other funding opportunities to further lithium
exploration within the CLP. The financing was initially scheduled for
completion in Q2-2023 but the Company has been advised that this will now
extend into Q3-2023.

 

 

For further information on the CLP project, including a JORC Table 1, please
see the following page of the Company's website
https://orioleresources.com/projects/central-licence-package.

 

 

Competent Persons Statement

The information in this release that relates to Exploration Results 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.

 

 

** 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

 Tim Livesey / Bob Smeeton / Claire Bay

 BlytheRay (IR/PR contact)                              Tel: +44 (0)20 7138 3204

 Tim Blythe / Megan Ray / Rachael Brooks

 Grant Thornton UK LLP                                  Tel: +44 (0)20 7383 5100

 Samantha Harrison / George Grainger / Ciara Donnelly

 SP Angel Corporate Finance LLP                         Tel: +44 (0)20 3470 0470

 Ewan Leggat / Harry Davies-Ball

 

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 a maiden Resource of 305,000 oz Au in the
JORC Inferred category at the Bibemi project and has identified
multi-kilometre gold and lithium anomalism within the district-scale Central
Licence Package project. At the more advanced Senala gold project in Senegal,
Oriole was advised by IAMGOLD on 26 April 2023 that AGEM Senegal Exploration
Suarl ('AGEM') was now a wholly-owned subsidiary of Managem Group. As
previously announced, AGEM has earned an initial 51% beneficial interest by
spending US$4 million and has the option to spend up to a further US$4 million
by 28 February 2024 to earn a further 19% interest. Reverse Circulation
drilling is planned as part of AGEM's Year 6 programme at Senala. 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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