Oriole Resources
PLC
('Oriole
Resources' or 'the Company' or 'the Group')
Bibemi Gold Project,
Cameroon,
Phase 5 Drilling Programme
Update
Oriole Resources PLC (AIM: ORR), the
AIM-quoted gold exploration company focussed on West and Central
Africa, is pleased to announce an update for its
82.2%[1] owned
Bibemi orogenic gold project ('Bibemi' or the 'Project') in
Cameroon, where BCM International has acquired an initial 10%
interest and is earning up to a further 40% interest by spending up
to US$4 million on exploration. A fully funded Phase 5
diamond drilling programme is currently underway at the Project,
where a Mineral Resource Estimate ('MRE') of 375,000 ounces ('oz')
contained gold ('Au'), grading 2.30 grammes per tonne ('g/t') gold,
was announced in January of this year.
Highlights
·
Results for a further 13 drill holes, seven from
the BZ1-MRE zone (BBDD074-080) and six from the BZ1-NE zone
(BBDD081-086) have returned some significant (based on a 0.20g/t Au
lower cut off) intersections, including:
BZ1-MRE:
o 2.00
metres ('m') at 8.57g/t Au including 1.00m at 15.90g/t Au, 1.00m at
7.01g/t Au, 1.10m at 4.84g/t Au and 2.00m at 2.38g/t Au
(BBDD075)
o 4.60m
at 0.52g/t Au (BBDD077)
o 1.00m
at 3.37g/t Au (BBDD078)
o 1.00m
at 3.96g/t Au (BBDD079)
o 1.00m
at 1.40g/t Au and 1.00m at 1.93g/t Au (BBDD080)
BZ1-NE:
o 1.00m
at 1.05g/t Au (BBDD082)
o 1.00m
at 1.71g/t Au (BBDD084)
·
A total of 5,024m has been drilled in 43 holes in
the ongoing Phase 5 diamond drilling programme of 7,060m in 62
holes at the Bakassi Zone 1 prospect ('Bakassi Zone 1' or
'BZ1').
·
The results provide scope for resource expansion
outside of the current wireframes at BZ1-MRE and have confirmed the
continuation of gold mineralisation along strike and at
depth.
·
A further 10 infill holes are planned at this
target, focused on upgrading the existing Inferred MRE to the JORC
(Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves) Measured and/or Indicated categories.
·
Results for a further eight holes (BBDD087-094) at
BZ1-NE are still awaited, and two holes are in the process of being
relocated. Meanwhile, drilling has commenced at a third
target, BZ1-SW, where eight drill holes are planned.
·
Completion of the Phase 5 drilling programme is
anticipated in Q1-2025.
Chief
Executive Officer of Oriole Resources, Martin Rosser,
said: "The latest drilling results from Bibemi
support our expectation for resource expansion outside of the
current wireframes at BZ1-MRE and have confirmed the continuation
of gold mineralisation along strike and at depth. We hope
that this will lead to an increase in the existing Inferred mineral
resource estimate, and potentially a partial upgrade of the
resource to Measured and/or Indicated categories once the programme
has been completed."
Figure 1. Selected results to date
from the Phase 5 programme (holes BBDD051A, BBDD055-80;
intersections calculated using a 0.20g/t Au lower cut-off grade),
representing infill drilling within the existing BZ1-MRE footprint
and extensional drilling to the north-east. Results reported
today are in bold and drilling fence line 14471 is denoted by the
red box.
Figure 2 - Cross section of drilling
fence line 14471 showing selected results to date. Note that
many of the Phase 5 intersections fall outside of the current MRE
wireframes (constructed on the basis of previous drilling in Phases
1 to 4) and so offer the opportunity for remodelling and expansion
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.
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, with gold mineralisation hosted in
both steeply dipping and flatter lying quartz and quartz-tourmaline
veins. The majority of that drilling was focussed 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 total of 7,060m in 62 holes.
The Company today reports that a
total of 42 holes (BBDD051A and BBDD055-095) have been completed
and another hole (BBDD096) is in progress, totalling 5,023.70m of
drilling. Results for holes BBDD074-080 (BZ1-MRE zone) and
BBDD082 and BBDD084 (BZ1-NE zone) have returned intersections of up
to 2.00m at 8.57g/t Au, including 1.00m at 15.90g/t Au. Full
results, using a 0.20g/t Au lower cut-off grade, are presented in
Table 1. A review of the Quality Assurance,
Quality Control ('QAQC') samples have confirmed that all data for
reported intervals falls within acceptable limits of error.
Table 1. Calculated intersections
from Phase 5 holes BBDD074-080 using a 0.2g/t Au lower cut-off
grade. Results greater than 1 g/t Au are in bold.
Hole ID
|
From (m)
|
To
(m)
|
Grade (g/t Au)
|
Intersection*
|
BZ1-MRE
|
BBDD074
|
8.50
|
9.70
|
0.20
|
1.20m at 0.20g/t Au
|
and
|
33.60
|
34.80
|
1.20
|
1.20m at 0.69g/t Au
|
BBDD075
|
44.00
|
45.00
|
0.64
|
1.00m at 0.64g/t Au
|
and
|
65.30
|
66.30
|
0.28
|
1.00m at 0.28g/t Au
|
and
|
74.50
|
77.70
|
0.38
|
3.20m at 0.38g/t Au
|
and
|
99.60
|
100.60
|
7.01
|
1.00m at 7.01g/t Au
|
and
|
102.60
|
103.70
|
0.22
|
1.10m at 0.22g/t Au
|
and
|
108.90
|
112.00
|
0.66
|
3.10m at 0.66g/t Au
|
including
|
108.90
|
109.90
|
1.45
|
1.00m at 1.45g/t
Au
|
and
|
132.10
|
133.20
|
4.84
|
1.10m at 4.84g/t Au
|
and
|
136.80
|
138.00
|
0.21
|
1.20m at 0.21gt Au
|
and
|
141.60
|
143.60
|
8.57
|
2.00m at 8.57g/t Au
|
including
|
141.60
|
142.60
|
15.90
|
1.00m at 15.90g/t
Au
|
and
|
148.30
|
150.30
|
2.38
|
2.00m at 2.38g/t Au
|
including
|
149.30
|
150.30
|
4.32
|
1.00m at 4.32g/t
Au
|
and
|
161.10
|
162.10
|
0.83
|
1.00m at 0.83g/t Au
|
BBDD076
|
17.40
|
18.40
|
0.79
|
1.00m at 0.79g/t Au
|
and
|
48.70
|
49.70
|
0.30
|
1.00m at 0.30g/t Au
|
and
|
74.60
|
75.60
|
1.10
|
1.00m at 1.10g/t Au
|
and
|
86.80
|
87.80
|
0.30
|
1.00m at 0.30g/t Au
|
and
|
98.20
|
99.30
|
0.71
|
1.10m at 0.71g/t Au
|
BBDD077
|
12.00
|
14.20
|
0.70
|
2.20m at 0.70g/t Au
|
including
|
13.10
|
14.20
|
1.07
|
1.10m at 1.07g/t
Au
|
and
|
26.00
|
30.60
|
0.52
|
4.60m at 0.52gt Au
|
including
|
29.50
|
30.60
|
1.02
|
1.10m at 1.02g/t
Au
|
BBDD078
|
41.40
|
42.40
|
0.20
|
1.00m at 0.20g/t Au
|
and
|
49.60
|
50.70
|
0.36
|
1.10m at 0.36g/t Au
|
and
|
79.70
|
80.70
|
3.37
|
1.00m at 3.37g/t Au
|
and
|
90.90
|
91.90
|
0.36
|
1.00m at 0.36g/t Au
|
and
|
105.60
|
106.60
|
0.20
|
1.00m at 0.20g/t Au
|
BBDD079
|
51.90
|
52.90
|
3.96
|
1.00m at 3.96g/t Au
|
and
|
77.80
|
78.80
|
0.20
|
1.00m at 0.20g/t Au
|
and
|
91.80
|
93.00
|
0.20
|
1.20m at 0.20g/t Au**
|
BBDD080
|
6.80
|
7.80
|
1.40
|
1.00m at 1.40g/t Au
|
and
|
41.20
|
42.20
|
0.21
|
1.00m at 0.21g/t Au
|
and
|
55.20
|
56.20
|
0.36
|
1.00m at 0.36g/t Au
|
and
|
66.80
|
67.80
|
0.28
|
1.00m at 0.28g/t Au
|
and
|
89.40
|
90.40
|
1.93
|
1.00m at 1.93g/t Au
|
and
|
111.60
|
112.80
|
0.62
|
1.20m at 0.62g/t Au
|
BZ1-NE
|
BBDD081
|
No
significant intersections
|
|
BBDD082
|
42.30
|
43.30
|
1.05
|
1.00m at 1.05g/t Au
|
and
|
60.50
|
61.70
|
0.20
|
1.20m at 0.20g/t Au**
|
BBDD083
|
No
significant intersections
|
|
BBDD084
|
40.60
|
41.60
|
1.71
|
1.00m at 1.71g/t Au
|
BBDD085
|
No
significant intersections
|
|
BBDD086
|
No
significant intersections
|
|
* Intervals greater than 1.00m, calculated using
a 0.20g/t Au lower cut-off grade and no more than 35% internal
dilution. True widths are variable due to changes in vein
orientation but are typically 77% of the reported downhole
interval.
**
= interval ends in mineralisation
|
The seven holes from BZ1-MRE
(BBDD074-080) comprised infill drilling on existing fence lines,
reducing the drill spacing to less than 50m along fence lines
within the current MRE outline. BBDD075 returned the
best results and correlated well with the previous Phase 5 drill
holes BBDD059 and BBDD060 on the same fence line, which returned up
to 4.10m at 7.99g/t Au from 16.80m, confirming the vertical
continuity of a series of stacked gold-bearing quartz veins.
Many of the intervals fall outside of the existing MRE
wireframes and therefore provide scope for resource
expansion.
These results further support the
suggestion that the mineralisation is more strongly developed at
the southern end of the BZ1-MRE, resulting in wider zones of
mineralisation. Accordingly, a further 10 holes previously
planned for the northern end of the BZ1-MRE zone (announcement
dated
14 October) will be relocated to the
southern end of the target to reduce the fence line spacing to
approximately 50m over the main pit. It is anticipated that
this will enable a partial upgrade of the current Inferred MRE to
the JORC Measured and/or Indicated categories (Figure
3).
Figure 3. Drill plan over the
southern end of the BZ1-MRE zone, showing the relocated, infill
drill holes in green.
At BZ1-NE, the initial drilling
(drill holes BBDD081-086) shows that this area is lithologically
different from the main MRE zone, being composed of volcaniclastic
sequences dominated by a volcanic breccia and minor tonalite.
It is in general more fractured and is lithologically more
similar to Bakassi Zone 2 than Bakassi Zone 1. Whilst areas
of hydrothermal alteration and quartz veining have been observed,
only BBDD082 and BBDD084 returned notable intersections, of 1.00m
at 1.05g/t Au and 1.00m at 1.71g/t Au respectively, albeit these
were from within 35m of surface.
Results for a further eight holes at
BZ1-NE (BBDD087-094) are awaited and, subject to their results, may
lead to an additional two holes being drilled at this
target.
Figure 4. Drill plans for the BZ1-NE
(left) and BZ1-SW (right) zones, showing results to
date.
In the meantime, drilling has moved
to the BZ1-SW, a second geophysical target with coincident
geochemical surface anomalism, for eight planned holes.
Currently, the Phase 5 drilling programme is expected to
finish in Q1-2025.
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,
or contact:
Oriole Resources Plc
|
Tel: +44 (0)20 7830 9650
|
Martin Rosser / Bob
Smeeton / Claire Bay
|
|
|
|
BlytheRay (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
Ewan Leggat
|
Tel: +44 (0)20 3470 0470
|
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 375,000 oz
Au at 2.30g/t in the JORC Inferred category at its
82.2%[2] 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 each of 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 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 operating in
East Africa and Turkey that could give future cash
payments.