ORR Oriole Resources Plc

Oriole Resources PLC 

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

Final Results from Phase 5 Drilling at the Bibemi Gold Project in 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 a Phase 5 drilling programme has recently been completed for approximately 6,900 metres ('m') in 56 holes at the Bakassi Zone 1 prospect ('Bakassi Zone 1' or 'BZ1' - announcement dated 13 February 2025).

The programme was fully funded by BCM International ('BCM'), which 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, which was announced in January 2024, based only on drilling data from Phases 1 to 4 and a US$2,000/oz Au gold price.  This MRE will now be updated to include data from the Phase 5 drilling programme and using an appropriate gold price.

Highlights

·    Phase 5 drilling programme recently completed over three sub prospects: BZ1-MRE, BZ1-NW and BZ1-SW.  At BZ1-MRE, drilling has reduced drill fence line spacing to around 50m over the existing MRE main pit design.

·    Results for the final seven drill holes in the BZ1-MRE target (BBDD0103-109) show they are all mineralised, with a total of 49 reported intervals (using a 0.20g/t Au lower cut-off) including:

BBDD103

o  1.00m at 2.62g/t Au from 40.90m.

o  1.00m at 2.71g/t Au from 143.50m.

o  1.00m at 3.84g/t Au from 169.90m.

BBDD104

o  1.00m at 15.11g/t Au from 61.30m.

o  3.10m at 1.53g/t Au from 116.40m.

o  3.00m at 1.46g/t Au from 158.60m.

o  2.00m at 3.51g/t Au from 173.60m.

BBDD105

o  4.10m at 2.20g/t Au from 35.20m.

o  1.10m at 2.38g/t Au from 64.90m

BBDD106

o  1.00m at 3.93g/t Au from 145.30m.

o  4.00m at 1.71g/t Au from 161.50m.

BBDD107

o  3.10m at 1.30g/t Au from 52.40m.

o  1.10m at 4.34g/t Au from 92.20m.

BBDD108

o  1.00m at 1.43g/t Au from 61.40m.

o  1.00m at 2.01g/t Au from 158.10m.

BBDD109

o  2.20m at 8.11g/t Au from 122.90m.

o  2.00m at 2.50g/t Au from 132.00m.

·    The results, which all fall within the existing MRE pit shell design, have successfully demonstrated that the mineralisation continues between the existing fence lines, and that there is scope to expand and partially upgrade the resource to the Measured and/or Indicated Australasian Joint Ore Reserve Committee ('JORC') Code categories.

·    With Phase 5 complete, an independent structural review is underway to help refine the geological and mineralisation model.  This will give the key inputs for the next independent consultant's MRE upgrade using an appropriate gold price.  This should be completed in Q2 2025.

·    As part of the ongoing Exploitation Licence Application ('ELA') process, the Company has also submitted an updated Environmental and Social Impact Assessment ('ESIA') report and is about to complete more advanced metallurgical test work to determine the appropriate mineral processing flow sheet. 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "With the completion of Phase 5 drilling at Bibemi, which returned more encouraging gold intersections, we can now look forward to an updated independent consultant's mineral resource estimate, with scope to expand and partially upgrade it to the Measured and/or Indicated JORC Code categories.  Moreover, with the completion of important technical and other requisite studies, we expect to be able to advance significantly the Exploitation Licence Application lodged with the Cameroon Mines Ministry."

Figure 1. Summary map showing a selection of intersections from the final seven holes at BZ1-MRE (BBDD103-109).  Holes BBDD104-109 are located on new infill fence lines, bringing the fence line spacing to ~50m over the core zone of the existing MRE.

Further Details

At the 177 square kilometre ('km²') 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 flatter lying 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 was completed in February 2025 for a total of 6,915.40m drilled in 56 holes, with 34 of these holes completed at BZ1-MRE (BBDD051A, BBDD055-080, and BBDD103-109), 14 holes drilled at BZ1-NE (BBDD081 - BBDD094), and 8 holes drilled at BZ1-SW (BBDD095-102).  Drilling at Bibemi now stands at approximately 13,600m in 110 diamond drill holes.

Previously reported intersections from this programme at BZ1-MRE 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. 

Today the Company reports results for the final seven drill holes from the programme, with six of these holes being located on new infill fence lines within the existing MRE, reducing the fence line spacing to approximately 50m within the core zone of the mineralisation.  Results from holes on the new infill fence lines include 1.00m at 15.11g/t Au and 2.00m at 3.51g/t Au (BBDD104), 4.10m at 2.20g/t Au (BBDD105), and 2.20m at 8.11g/t Au and 2.00m at 2.50g/t Au (BBDD109).  Full results are presented in Table 1 below.  

Table 1. Calculated intersections from Phase 5 holes BBDD0103-109 using a 0.20g/t Au lower cut-off grade.  Results greater than 1g/t Au are in bold.

* Intervals greater than 1.00m, calculated using a 0.20g/t Au lower cut-off grade and no more than 34% internal dilution.  True widths are variable due to changes in vein orientation but are typically 77% of the reported downhole intersection.

These results, which all fall within the pit shell design of the existing MRE, have successfully demonstrated that the mineralisation continues between the existing fence lines.  The intersections predominantly fall within the existing mineralisation wireframes, although there are some intervals that fall outside of the existing wireframes, and within approximately 100m depth from surface.  This confirms the potential to expand and upgrade the existing MRE, with a particular focus on defining near surface contained gold.

Figure 2. Fence Line 14257 with previous results (Phase 3 - grey) and Phase 5 data (white), the existing MRE wireframes which have been refined using Phase 5 data, and potential new zones of mineralisation that have been identified.

Figure 3. Fence Line 14303 with Phase 5 data (white), the existing MRE wireframes which have been refined using Phase 5 data, and potential new zones of mineralisation that have been identified.

An independent structural review is currently underway by consultant SEMS Exploration Services to help refine the geological and mineralisation model and provide the key inputs required for the next mineral resource estimate calculation.  This work should be completed later this month and thereafter an updated MRE will be prepared by independent consultant Forge International Limited and should be reported in Q2 2025. 

It is anticipated that the significant additional drilling completed at the project since the maiden MRE was completed will enable an expansion and partial upgrade from the JORC Inferred to JORC Measured and/or Indicated categories.  The estimate should also benefit from a more appropriate gold price.

As part of its ongoing ELA, the Company has also submitted an ESIA report, and is also about to complete more advanced metallurgical test work to determine the appropriate mineral processing flow sheet. 

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/.

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,  @OrioleResources on X, 

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Notes to Editors:

Oriole Resources PLC is an AIM-listed gold exploration company, with projects in West and Central Africa.  It is focussed on early-stage exploration in Cameroon, where the Company has reported a Resource of 375,000oz contained 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 a 59% beneficial interest in the Senala Exploration Licence by spending US$5.8 million.  Drafting of a joint-venture agreement to manage the programme going forward is currently underway.  The Company also has several interests and royalties in companies operating in East Africa and Turkey that could give future cash payments.