TIDMORR
RNS Number : 5088A
Oriole Resources PLC
22 January 2020
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
High-grades Continue at Bibemi
Oriole Resources, the AIM-quoted exploration company focused on
West Africa, is pleased to provide an update on its Bibemi gold
project in Cameroon, where it is earning up to a 90% interest
through its partnership with Bureau d'Etudes et d'Investigations
Géologico-minières, Géotechniques et Géophysiques SARL ("BEIG3").
Recent mapping over the main Bakassi area has confirmed the
continuation of mineralisation in Zone 1 by 1.3 kilometres to over
5.0 kilometres, with rock-chip samples from stacked veins returning
up to 35.86 per tonnes ("g/t") gold ("Au").
Highlights
-- Drill collars pegged for planned 1,500 metre initial drill programme;
-- Rock-chip sampling of 'Category 1' quartz tourmaline veins
all mineralised, returning up to 35.86 g/t Au;
-- Mapping over north-east Bakassi zone confirms mineralisation
continues over more than 5.0 kilometres - presence of stacked veins
is highly prospective for enhanced concentrations of gold
mineralisation;
-- Further drill holes being planned to test north-eastern Bakassi area.
Oriole Resources CEO, Tim Livesey, said: "The results of our
initial mapping, trenching and sampling programmes in 2018/19
confirmed extensive gold anomalism but it was clear that gaining a
better understanding of the structural setting would be essential
in order for us to identify the most prospective areas of
mineralisation where there is potential to define a resource.
"We are delighted to see such positive results at the beginning
of the 2020 field season. The mapping has confirmed extension of
the Zone 1 structure to the north-east and, importantly, the
presence of sub-horizontal stacked veins is very encouraging for
the development of a resource target.
"Rock-chip sampling along this structure has returned consistent
gold mineralisation, with all 10 samples from "Category 1" veins
showing gold mineralisation, the highest grade being 35.86 g/t
Au.
"This again highlights the prospectivity of the Bakassi area,
continuing to confirm our geological model and affording us the
opportunity to go on to identify significant widths of gold
mineralisation in the system.
"This has been a fantastic start to our field season in
Cameroon. It's rare to have your geological models advanced and
supported so strongly, with every analysis coming back positive for
gold. This is a great credit to our geological team who have
developed and tested this hypothesis, yet again highlighting the
value of having "boots on the ground".
"We look forward to following-up with further field work and a
targeted diamond drill programme during 2020."
Further Details
During Q4-2019, the Oriole team completed ground-truthing of 14
proposed drill locations for its planned initial 1,500 metre
diamond drilling programme (announcement dated 14 November 2019).
The work has confirmed that only minimal preparation works are
required ahead of drilling and the holes have been pegged
accordingly. Drilling will focus on the Bakassi area and will test
the depth-extension of mineralisation identified to date, including
beneath previous best intersection of 9.0 metres grading 3.14 g/t
Au from trench BT-021 (announcement dated 21 May 2019).
The team also completed detailed (1:2,000 scale) mapping over a
5.2 square kilometre area at the north-eastern end of the Bakassi
area, including to the north of BT-021, where earlier selective
rock-chip sampling returned up to 135.40 g/t Au (announced dated 27
November 2018). Mapped lithologies are consistent with those
identified previously, namely meta-sediments (phyllite, metapelite,
shale, and quartzite) in the eastern part of the mapped area (Zone
2), tonalite and granodiorite in western part of mapped area (Zone
1) and meta-sediments intercalated with mafic schists in the area
in between Zone 1 and Zone 2.
Structurally-speaking, the entire Bakassi area appears to be a
succession of folds with north-northeast axes. Mapping has
confirmed the extension of mineralisation within the Zone 1
structural corridor by 1.3 kilometres to the north-east, to
approximately 5.3 kilometres. The team also identified multiple
sets of sub-horizontal, stacked quartz veins that could support
enhanced volumes of gold mineralisation in this area. 10 selective
samples of 'Category 1' quartz-tourmaline veins, previously
identified as being the most prospective for gold mineralisation,
were taken to support the mapping. All samples were mineralised
(>0.10 g/t Au) and seven samples graded greater than 2.00 g/t
Au, with best results of 35.86 g/t Au, 23.30 g/t Au and 19.70 g/t
Au (Table 1). One sample (BBR001) from a 'Category 2' saccharoidal
quartz vein with iron oxides, not expected to carry grade, was
confirmed to be barren and, together with the mineralised examples,
reaffirm the team's understanding of the structural controls on
gold mineralisation.
Table 1. Rock-chip sampling results from northern Bakassi
area
Sample ID Grade (g/t Vein type
Au)*
BBR001 <0.02 Category 2
----------- -----------
BBR002 19.61 Category 1
----------- -----------
BBR003 0.69 Category 1
----------- -----------
BBR004 2.61 Category 1
----------- -----------
BBR005 35.86 Category 1
----------- -----------
BBR006 3.61 Category 1
----------- -----------
BBR007 0.19 Category 1
----------- -----------
BBR008 2.54 Category 1
----------- -----------
BBR009 0.91 Category 1
----------- -----------
BBR010 23.14 Category 1
----------- -----------
BBR011 4.37 Category 1
----------- -----------
* 0.10 g/t Au cut off
On the basis of the work completed, the team is currently
planning additional drill holes to supplement the initial planned
c.1,500 programme. The Company plans to complete the programme
during 2020.
For further information, including a map showing the latest
results and JORC Table 1, please see the following page of our
website
https://orioleresources.com/projects/bibemi-and-wapouze/.
Competent Persons Statement
The information in this release that relates to Exploration
Results has been compiled by Claire Bay (VP 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 by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Following 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,
@OrioleResources on Twitter,
or contact:
Oriole Resources Plc Tel: +44 (0)20 7830 9650
Tim Livesey / Bob Smeeton / Claire
Bay
Blytheweigh (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 / Ben Roberts / Niall McDonald
WH Ireland Tel: +44 (0)20 7220 1666
Adrian Hadden / Darshan Patel / Lydia
Zychowska
Notes to Editors:
Oriole Resources PLC is an AIM-quoted exploration company,
focussed on West Africa. It is focused on early-stage exploration
in Cameroon (Bibemi and Wapouzé projects) and the more advanced
Senala gold project in Senegal, where IAMGOLD has the option to
spend US$8m to earn a 70% interest. Year 1 commitments have been
met at all three projects. The Company has several interests and
royalties in companies operating throughout Africa and Turkey that
could deliver future cash flow, and it continues to assess new
opportunities in both regions.
.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLUAAWRRVUAUAR
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January 22, 2020 02:00 ET (07:00 GMT)
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