TIDMORR
RNS Number : 6150Z
Oriole Resources PLC
15 January 2024
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Updated JORC Resource for Bibemi Gold Project in Cameroon -
23% increase to 375,000 oz grading 2.30 g/t gold Inferred
Oriole Resources PLC, the AIM-quoted gold exploration company
focussed on West Africa, is pleased to report an updated Inferred
JORC-compliant Mineral Resource Estimate ('MRE' or the 'Resource')
of 375,000 Troy ounces ('oz') grading 2.30 grammes per tonne
('g/t') gold ('Au') for Bakassi Zone 1, one of four prospects at
its 82.2%-owned Bibemi orogenic gold project ('Bibemi' or the
'Project') in Cameroon .
Highlights
-- An updated MRE has been prepared by independent consultant
Forge International Limited ('Forge') , predominantly on the basis
of an updated gold price, as part of the ongoing technical studies
to support the application for an exploitation licence later this
year ;
-- The pit-constrained Resource is estimated to be 5.1 million
tonnes grading 2.30 g/t Au for approximately 375,000 oz Au in the
JORC Inferred Resources category, reflecting a 23% increase in the
resource inventory;
-- The entire Resource has been defined within the limit of a
US$2,000 /oz gold price pit shell;
-- The Resource has been modelled over a strike length of
approximately 1.3 kilometres ('km') and to a depth of 263 metres
('m') below surface, using a cut-off grade of 0.45 g/t Au and a
top-cut of 20 g/t Au;
-- The updated MRE is open at depth and along strike to the northeast;
-- There exists significant potential to expand the MRE at
Bakassi Zone 1 and to identify additional resources at the other
three prospects on the licence, namely Bakassi Zone 2, Lawa West
and Lawa East, which are all located within a few kilometres of
Bakassi Zone 1;
-- Processing of the geophysics data collected in 2023 is
currently underway to aid drill targeting at Bibemi (including at
the other three prospects) as well as future Resource-expansion
activities.
Oriole CEO, Tim Livesey, said: "We have been pleased to see the
maiden resource support this pit expansion and deliver not only
additional tonnes, but also at a higher grade.
"As we progress toward our fifth phase of drilling at Bibemi,
with our partners BCM, we look forward to further expansion of the
Bakassi Zone 1 Resource. We are also keen to test and define the
potential at the other three prospect areas.
"This project is shaping up to be very robust and offers the
opportunity for early development of a potential multi-pit gold
mining operation."
Figure 1 3D Isometric view of the Resource blocks within
U$2,000/oz pit shell, looking east
Figure 2 Cross section (looking northeast) through the core zone
(fence line BZ1_P2_L3) of the Bakassi Zone 1 wireframe, showing
drill holes and mineralised domains.
Figure 3 Plan view showing the block model with U$2,000/oz
Resource pit shell, and drill holes used to estimate the Bakassi
Zone 1
Further Details
At the Bibemi orogenic gold project in northern Cameroon
(177km(2) in area), 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.
The majority of the drilling has been focussed on a circa 1 km
section at the southern end of Bakassi Zone 1 and has delivered
best intersections of 14.80m grading 4.27 g/t Au and 7.70m grading
2.74 g/t Au (hole BBDD050), 6.50m grading 3.92 g/t Au (hole
BBDD034), 5.20m grading 1.97 g/t Au (hole BBDD031), and 9.20m
grading 1.31 g/t Au (hole BBDD042) (announcements dated 20 December
2021, 9 February 2022 and 15 September 2022). The shear corridor at
Bakassi Zone 1 has been confirmed up to 150m wide and contains a
package of steeply-dipping quartz-tourmaline veins as well as
extensional, sub-horizontal quartz veins. Both vein sets appear to
be mineralised.
Figure 4 Bibemi drill plan showing key prospects and drill collar locations
In December 2022, the Company reported a maiden JORC Mineral
Resource Estimate for Bakassi Zone 1 of 4.3 million tonnes grading
2.19 g/t Au for approximately 305,000 oz Au in the JORC Inferred
Resources category. This estimate was defined within a US$1,800/oz
gold price pit shell.
The Company today reports that independent consultant Forge,
together with its associate Axe Valley Mining Consultants Ltd, has
produced an updated MRE for Bakassi Zone1, a s part of ongoing
technical studies to support the application for an exploitation
licence later this year . The MRE for Bakassi Zone 1 now stands at
5.1 million tonnes grading 2.30 g/t Au for approximately 375,000 oz
Au in the JORC Inferred Resources category, based on a 0.45 g/t Au
cut off and within a US$2,000 /oz gold price pit shell (Table
1).
The approximate 23% increase in the resource inventory largely
reflects the robust improvement in the mid- to long-term gold price
forecasts.
Table 1. Resource tabulation for Bakassi Zone 1 using a 0.45 g/t
Au cut off and within a US$2,000/oz pit shell
Gross Net Attributable (82.2%)
Material Classification Tonnage Grade Total Tonnage Grade Total
(g/t contained (g/t contained
Au) gold (oz) Au) gold
(oz)
---------------- -------------------- --------------- ------------------- ---------------------------------- --------------- -------------------
Oxidised Inferred 200,000 1.30 7,000 164,400 1.30 5,754
---------------- -------------------- --------------- ------------------- ---------------------------------- --------------- -------------------
Fresh Inferred 4,900,000 2.33 368,000 4,027,800 2.33 302,496
---------------- -------------------- --------------- ------------------- ---------------------------------- --------------- -------------------
Total Inferred 5,100,000 2.30 375,000 4,192,200 2.30 308,250
---------------- -------------------- --------------- ------------------- ---------------------------------- --------------- -------------------
Notes:
-- Effective date of the Mineral Resource is 15(th) December 2023.
-- The Operator of the Bibemi Project is Oriole Resources PLC.
-- The Resource Estimate is shown on a gross (100%) basis of the
Bakassi Zone 1 target within the Bibemi Project. Oriole currently
holds an 82.2% net attributable beneficial interest through the
licence holding company, Reservoir Minerals Cameroon SARL. The
remaining 17.8% interest is held by two of the Company's partners:
10% by BCM International Limited, and 7.8% by Bureau d'Etudes et
d'Investigations Géologico-minières, Géotechniques et Géophysiques
SARL ('BEIG3').
-- All figures are rounded to reflect the relative accuracy of
the estimate. Differences may occur due to rounding.
-- Mineral Resources are not Mineral Reserves and have not
demonstrated economic viability. It is uncertain if further
exploration will convert Inferred Mineral Resources to higher
confidence categories.
-- To define the blocks with reasonable prospects of economic
extraction, the Inferred Mineral Resource Estimate is reported
above a cut-off grade of 0.45 g/t and constrained within wireframe
models representing the mineralised bodies and within a
Lerchs-Grossman optimised pit shell based on a gold price of
US$2,000 / oz, with the application of reasonable mining
parameters.
-- The Resource has been estimated by Mr. Robert Davies,
EurGeol, CGeol, a Competent Person as defined in the 2012 Edition
of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' (The JORC code).
As per the previous maiden Inferred Mineral Resource Estimate,
the updated MRE has been estimated using the same 28 diamond holes
for a total of 3,840m. No new drilling has been completed since the
December 2022 MRE. However, the improved gold price has increased
the size of the Resource pit shell, resulting in an increase in the
strike length of the resource model to 1,268m (from 1,220m), and a
slight extension of its depth to 263m below surface . The Resource,
which has been estimated using a cut-off grade of 0.45 g/t Au and a
top-cut of 20 g/t Au, is not sensitive to cut-off grade, as can be
seen in the grade tonnage sensitivity shown in Table 2.
Table 2. Grade tonnage sensitivity for Bakassi Zone 1 resource
at 0.05 g/t Au intervals
Cut-off Grade Tonnage Grade (g/t Au) Total Contained
(g/t Au) Gold (oz)
0.30 5,300,000 2.20 378,000
---------- --------------- ----------------
0.35 5,200,000 2.20 378,000
---------- --------------- ----------------
0.40 5,200,000 2.30 377,000
---------- --------------- ----------------
0.45 5,100,000 2.30 375,000
---------- --------------- ----------------
0.50 5,100,000 2.30 375,000
---------- --------------- ----------------
0.55 5,000,000 2.30 375,000
---------- --------------- ----------------
0.60 4,900,000 2.40 373,000
---------- --------------- ----------------
Estimation of a new Exploration Target for the Project is
pending review of ground-based geophysics (magnetic) data,
collected during 2023, which is currently being processed by
independent consultant Terra Resources Pty Ltd to assist will drill
targeting at all four prospects .
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/ .
Competent Persons Statement
The information in this announcement that relates to the Mineral
Resources and Exploration Targets 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 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.
Glossary
Term Intended generalised meaning
Competent Person A minerals industry professional who is a Member
or Fellow of the Australasian Institute of Mining
and Metallurgy, or of the Australian Institute
of Geoscientists, or of a Recognised Professional
Organisation, as included in a list available
on the JORC and Australian Securities Exchange
websites.
------------------------------------------------------------
Cut-off grade The lowest grade, or quality, of mineralised
material that qualifies as economically mineable
and available in a given deposit. It is therefore
the grade above or below which the Mineral Resource
or Ore Reserve is economic.
------------------------------------------------------------
Diamond drilling Drilling method which obtains a cylindrical
core of rock by drilling with an annular bit
impregnated with diamonds.
------------------------------------------------------------
Exploration Target A statement or estimate of the exploration potential
of a mineral deposit in a defined geological
setting where the statement or estimate, quoted
as a range of tonnes and a range of grade (or
quality) relates to mineralisation for which
there has been insufficient exploration to estimate
a Mineral Resource.
------------------------------------------------------------
Feasibility Study A comprehensive technical and economic study
of the selected development option for a mineral
project, which includes appropriately detailed
assessments of the applicable Modifying Factors
together with any other relevant operational
factors and detailed financial analysis which
are necessary to demonstrate at the time of
reporting that extraction is reasonably justified
(economically mineable). The results of the
study may reasonably serve as the basis for
a final decision by a proponent or financial
institution to proceed with, or finance, the
development of the project. The confidence level
of the study will be higher than that of a Pre-Feasibility
Study.
------------------------------------------------------------
Grade The measurement of the quantity, percentage
or quality of a metal or mineral contained within
a mineral deposit.
------------------------------------------------------------
g/t Grammes per tonne.
------------------------------------------------------------
Inferred mineral that part of a Mineral Resource for which quantity
resource and grade or quality are estimated from limited
geological evidence and sampling. Geological
evidence is sufficient to imply, but not verify,
geological and grade continuity. It is based
on exploration, sampling and testing information
gathered through appropriate techniques from
locations such as outcrops, trenches, pits,
workings and drill holes. An Inferred Resource
has a lower level of confidence than that applying
to an Indicated Mineral Resource and must not
be converted to an Ore Reserve. It is reasonably
expected that most of an Inferred Mineral Resource
could be upgraded to an Indicated Mineral Resource
with continued exploration.
------------------------------------------------------------
Indicated Mineral An Indicated Mineral Resource is that part of
Resource a Mineral Resource for which quantity, grade
or quality, densities, shape and physical characteristics
are estimated with sufficient confidence to
allow the application of modifying factors in
sufficient detail to support mine planning and
evaluation of the economic viability of the
deposit. Geological evidence is derived from
adequately detailed and reliable exploration,
sampling and testing gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes, and
is sufficient to assume geological and grade/quality
continuity between points where data and samples
are gathered. An Indicated Mineral Resource
has a lower level of confidence than that applying
to a Measured Mineral Resource and may only
be converted to a Probable Ore Reserve.
------------------------------------------------------------
Measured Mineral That part of a Mineral Resource for which quantity,
Resource grade or quality, densities, shape, and physical
characteristics are estimated with confidence
sufficient to allow the application of Modifying
Factors to support detailed mine planning and
final evaluation of the economic viability of
the deposit. Geological evidence is derived
from adequately detailed and reliable exploration,
sampling and testing gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes, and
is sufficient to confirm geological and grade/quality
continuity between points where data and samples
are gathered. A Measured Mineral Resource has
a higher level of confidence than that applying
to either an Indicated Mineral Resource or an
Inferred Mineral Resource. It may be converted
to a Proved Ore Reserve or under certain circumstances
to a Probable Ore Reserve.
------------------------------------------------------------
Modifying Factors Modifying Factors are considerations used to
convert Mineral Resources to Ore Reserves. These
include, but are not restricted to mining, processing,
metallurgical, infrastructure, economic, marketing,
legal, environmental, social and governmental
factors.
------------------------------------------------------------
Infill drilling Drilling designed to fill or close gaps between
existing drill holes.
------------------------------------------------------------
JORC Code The Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves
2012 edition (JORC Code), is an internationally
recognised professional code of practice which
sets minimum standards for the public reporting
of Exploration Results, Mineral Resources and
Ore Reserves.
------------------------------------------------------------
Mineralisation Any single mineral or combination of minerals
occurring in a mass, or deposit, of economic
interest. The term is intended to cover all
forms in which mineralisation might occur, whether
by class of deposit, mode of occurrence, genesis
or composition.
------------------------------------------------------------
Mineral Resource A concentration or occurrence of material of
economic interest in or on the Earth's crust
in such form, grade, quality and quantity that
there are reasonable prospects for eventual
economic extraction. The location, quantity,
grade, continuity and other geological characteristics
of a Mineral Resource are known, estimated or
interpreted from specific geological evidence
and knowledge, including sampling. Mineral Resources
are sub-divided in order of increasing geological
confidence into Inferred, Indicated and Measured
categories.
------------------------------------------------------------
Ore Reserve The economically mineable part of a Measured
or Indicated Mineral Resource. It includes diluting
materials and allowances for losses, which may
occur when the material is mined or extracted
and is defined by studies at Pre-Feasibility
or Feasibility level, which Include the application
of Modifying Factors. Such studies demonstrate
that, at the time of reporting, extraction could
reasonably be justified. The key underlying
assumptions and outcomes of the prefeasibility
study or feasibility study must be disclosed
at the time of reporting of a new or materially
changed Ore Reserve. Ore Reserves are sub-divided
in order of increasing confidence into Probable
and Proved classifications.
------------------------------------------------------------
Ounce / oz Troy ounce (31.1035 grams).
------------------------------------------------------------
Oxide A compound of sulphur with a metallic element.
------------------------------------------------------------
Oxidised Rocks that have been broken down by oxygen and
water, often giving iron-rich rocks a rusty-coloured
weathered surface.
------------------------------------------------------------
ppm Parts per million, equivalent to g/t.
------------------------------------------------------------
Reverse circulation A percussion drilling technique where air is
(RC) drilling pumped down the outer part of the drill rods
and used to return drill chips to surface.
------------------------------------------------------------
Shear zone A tabular zone in the Earth's crust along which
movement has occurred and in which the rocks
have been crushed, stretched or flattened.
------------------------------------------------------------
Strike The orientation of the long horizontal dimension
of a planar or tabular geological feature such
as a bed, vein or fault.
------------------------------------------------------------
Strike length The length of a geological feature, such as
a vein, along the direction of its strike.
------------------------------------------------------------
Sulphide A compound of sulphur with a metallic element.
------------------------------------------------------------
Tonnage (also An expression of the amount of material of interest.
volume)
------------------------------------------------------------
Trenching The removal of cover to allow mapping and sampling
of the underlying rock.
------------------------------------------------------------
Pit optimisation An exercise conducted to determine the most
profitable open pit design, given a mineral
resource and a set of economic and metallurgical
parameters. These parameters typically consist
of commodity prices, process recoveries and
operating costs.
------------------------------------------------------------
Pre-Feasibility A comprehensive study of a range of options
Study for the technical and economic viability of
a mineral project, which has advanced to a stage
where a preferred method, the case of underground
mining, or the pit configuration, in the case
of an open pit, is established and an effective
method of processing is determined. It includes
a financial analysis based on reasonable assumptions
on the Modifying Factors and the evaluation
of any other relevant factors, which are sufficient
for a Competent Person, acting reasonably, to
determine if all or part of the Mineral Resources
may be converted to an Ore Reserve at the time
of reporting. A Pre-Feasibility Study is at
a lower confidence level that a Feasibility
Study.
------------------------------------------------------------
Probable Ore The economically mineable part of an Indicated,
Reserve and in some circumstances, a Measured Mineral
Resource. The confidence in the modifying factors
applying to a Probable Ore Reserve is lower
than that applying to a Proved Ore Reserve.
A Probable Ore Reserve has a lower level of
confidence than a Proved Ore Reserve but is
of sufficient quality to serve as the basis
for a decision on the development of the deposit.
------------------------------------------------------------
Proved Ore Reserve The economically mineable part of a Measured
Mineral Resource. A Proved Ore Reserve implies
a high degree of confidence in the Modifying
Factors. A Proved Ore Reserve represents the
highest confidence category of an Ore Reserve
estimate. The style of mineralisation or other
factors could mean that Proved Ore Reserves
are not achievable in some deposits.
------------------------------------------------------------
Vein A vein is a distinct sheetlike body of crystallised
minerals within a rock.
------------------------------------------------------------
**S **
For further information please visit www.orioleresources.com , @OrioleResources on Twitter,
or contact:
Oriole Resources Plc Tel: +44 (0)20 7830 9650
Tim Livesey / 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
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 reported a Resource of 375,000
oz Au at 2.30 g/t 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 Bibemi, BCM International has made a signature payment
of US$500,000 to the Company and is currently earning up to a 50%
interest in the project by funding up to US$4m in exploration
expenditure and JORC resource-based success payments. A similar
deal at Mbe (part of the Central Licence Package) is expected to be
completed before the end of the current month.
At the more advanced Senala gold project in Senegal, AGEM
Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of
Managem Group, has earned an initial 51% beneficial interest in the
Senala Exploration Licence by spending US$4 million and has the
option to spend up to a further US$4 million by 17 February 2024 to
earn an additional 19% interest in the licence. 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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