REG - Oriole Resources PLC - Update on Maiden Drilling Programme at Mbe

Oriole ResourcesAnnouncement

16/12/2024 07:00

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RNS Number : 1282Q  Oriole Resources PLC  16 December 2024

Oriole Resources PLC

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

 

Update on Maiden Drilling Programme at the Mbe Gold Project, Cameroon

 

Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed
on West and Central Africa, is pleased  to provide an update on the maiden
diamond drilling programme at its 80% 1  (#_ftn1) -owned Mbe gold project in
the Adamawa Region of Cameroon ('Mbe' or the 'Project'), where BCM
International Limited ('BCM') has acquired an initial 10% interest and is
earning up to a further 40% interest by currently funding up to US$4 million
in exploration expenditure.

Mbe is just 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

 

·    The first diamond drill hole, MBDD001, has been completed for 358
metres ('m') as part of a 6,590m, across 24 holes, fully funded maiden diamond
drilling programme at the largest and most prospective MB01-S target.

·    The drill core from MBDD001 is currently being prepared and the
samples will be sent to Intertek Ghana for gold analysis by photon assay, with
results expected in Q1-2025.

·    Previous trenching at MB01-S identified high-grade gold
mineralisation within 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.

·    Drilling to date has encountered amphibolite-gneiss host rocks,
intruded by felsic porphyries, correlating well with the lithologies
identified during the trenching programme.

·    Widespread silica alteration is noted within the hole with localised
alteration assemblages that include potassium feldspar, carbonate, iron oxide,
chlorite and epidote.  Sulphides (predominantly pyrite and chalcopyrite) are
present as disseminations within the amphibolite-gneiss and felsic porphyries
and infilling micro-fractures within brittle shear zones.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "Drilling
of the core zone of the MB01-S target continues steadily.  I am pleased to
report that a visual inspection of the drill core reflects the rock types,
alteration assemblages and sulphide mineralisation encountered during the
prior trenching campaigns. As the end of the year approaches, we look forward
to early 2025 and reporting on the first assay results from the maiden diamond
drilling programme at MB01-S."

 

Figure 1.  Maiden drilling programme planned at MB01-S, highlighting the
location of the first drill hole, MBDD001, and its planned scissored hole,
currently named PMBDD002.  Drilling is targeting the core zone of MB01-S, as
identified by structural assessment, trenching, and gold-in-soil anomalism.
 The majority of holes will be drilled towards the east (azimuth of 090˚)
with two planned scissor holes to be drilled towards the west (azimuth of
270˚).

 

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
a 3km-long, northeast-trending prospect, named MB01 (or the 'Prospect'), which
sits within a wider 12.5 kilometre ('km') long zone of gold-in-soil anomalism
that trends east-northeast.

At MB01, Oriole believes that increased dilation at the sites of structural
intersections could have resulted in enhanced levels of gold deposition at the
two sub-prospects MB01-N and MB01-S targets.  Gold mineralisation identified
to date 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.

Whilst significant intersections were returned from trenching at both
sub-prospects (announcements dated 3 September 2024, 30 September 2024 and 12
November 2024, summarised in Table 1), MB01-S was determined to be the
priority target of the two. Consequently, a maiden diamond drilling programme
was commenced at MB01-S last month, for a planned 6,590m in 24 holes. The
programme is fully funded under the earn-in agreement with BCM.

 

Table 1. Summary of selected intersections from the Mbe trenching programme
completed in 2024.  Results in bold are greater than 1 gramme per tonne
('g/t') gold ('Au')

         Trench ID  Best intersections
 MB01-S  MBT007     51.00m at 1.02g/t Au including 18.00m at 1.66g/t Au

                    36.00m at 0.80g/t Au including 15.00m at 1.33g/t Au

                    32.00m at 1.32g/t Au including 6.00m at 3.46g/t Au
         MBT015     79.00m at 0.43g/t Au including 2.00m at 1.60g/t Au
         MBT008     88.00m at 0.71g/t Au including 26.00m at 1.26g/t Au

                    47.75m at 1.24g/t Au including 28.00m at 1.90g/t Au
         MBT009     28.00m at 0.36g/t Au

 MB01-N  MBT001     50.00m at 1.11g/t Au including 20.00m at 2.23g/t Au
         MBT003     68.00m at 0.77g/t Au
         MBT012     122.00m at 0.34g/t Au including 6.00m at 1.03g/t Au
         MBT002     38.00m at 0.55g/t Au

 

The Company today reports that the first hole from the current drilling
programme, MBDD001, has been completed for 358m.  MBDD001 was drilled towards
the east (090˚), inclined to -50˚ and will be paired by a scissor hole
(planned hole ID PMBDD002) to be drilled towards the west (270˚) to ascertain
the optimal azimuth to ensure intersection of the key structural orientations.

An initial review of the lithologies encountered correlate well with the
trenching programme lithologies, with MBDD001 being dominated by an
amphibolite-gneiss host rock intruded by felsic granitoid rocks, or quartz
felspar porphyries ('QFP').  Alongside sulphide mineralisation, widespread
silica alteration (or silicification) is noted downhole with localised areas
of potassium feldspar (K-feldspar), carbonate, chlorite, iron oxides, and
epidote alteration also noted.

Figure 2. Example of drill core from MBD001 showing the amphibolite-gneiss
host rock, intruded by felsic porphyries (quartz-feldspar porphyries).  Areas
of K-feldpsar alteration are apparent within individual QFP intrusions.

 

Sulphides are observed throughout the core as disseminations within both
amphibolite-gneisses and QFP, and as micro-fracture infill veinlets within
brittle shear zones.  Pyrite and chalcopyrite are dominant, with pyrite being
more prevalent in the more felsic units, and chalcopyrite more prevalent in
mafic units.  Minor bands of magnetite-pyrrhotite are also observed but are
typically associated with the more mafic units.

Preparation of MBDD001 drill core is currently underway ahead of sample
dispatch to Intertek Ghana for gold using photon assay.  The results are
expected in Q1-2025.

 

Figure 3. Ongoing core orientation and sample preparation.

 

Whilst the maiden drilling programme is focussed on MB01-S, MB01-N remains an
important target for the Company, and a drilling programme at the 450m-long
corridor of mineralisation will be considered later in the field season.

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  (#_ftn2) %-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  (#_ftnref1) 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  (#_ftnref2) 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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