TIDMORR
RNS Number : 8241N
Oriole Resources PLC
04 October 2021
Oriole Resources PLC
('Oriole' or 'the Company')
Thani Stratex Djibouti Exploration Update -
Excellent Diamond Drilling Results from Assaleyta and Hesdaba
including best intersections of 17.37m grading 3.59 g/t Au and
10.75m grading 26.27 g/t Au respectively
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration
company focussed on West Africa, provides an update on its interest
in Thani Stratex Djibouti Limited ('TSD'), where African Minerals
Exploration & Development Fund III ('AMED Fund III') is
managing and funding a multi-million-dollar exploration programme
across a portfolio of low-sulphidation epithermal gold projects in
the East African Rift Valley. The first and second tranches of the
funding, totalling US$5 million, have been used to undertake
drilling programmes at the Pandora, Assaleyta and Hesdaba
projects.
At Assaleyta, results for a further two diamond drill holes from
TSD's Phase 2 exploration programme continue to demonstrate the
significant potential at the project, with a best intersection of
38.10 metres ('m') grading 2.21 grammes per tonne ('g/t') gold
('Au') from 126.60m downhole including 17.37m grading 3.59 g/t Au
returned from the Porcupine Hill prospect. Results also received
for 11 Reverse Circulation ('RC') holes at the project.
At the Hesdaba project, located immediately to the west of
Assaleyta, selective sampling of hole Hd-D-17 have returned 19.80m
grading 1.18 g/t Au from 79.30m and 10.75m grading 26.27 g/t Au
from 108.25m including a bonanza intersection of 1.22m grading
211.00 g/t Au. Results for a further three boreholes, drilled along
an 800m strike-length of this system, are still pending. It is
anticipated that all outstanding assay results will be received
during October, satisfying the Tranche 2 milestones. Subject to
continued positive results, the Tranche 3 budget, for a further
US$2.5 million, is currently being prepared ahead of infill and
step-out drilling commencing in Q4-2021.
Following completion of the Tranche 2 funding, TSD has concluded
a preference share conversion that has seen Oriole's interest
reduced to 9.21% which the Company consequently considers no longer
material to the group.
Highlights
-- At Assaleyta, results received for two diamond holes, drilled
to test the centre of the epithermal system at the Red Eagle
Mountain and Porcupine Hill prospects respectively;
-- Partial results for hole Ay-D-08, drilled at Porcupine Hill,
have returned a best intersection of 38.10m grading 2.21 g/t Au
from 126.60m including 17.37m grading 3.59 g/t Au. Further results
from below this interval are awaited;
-- Results also received for 11 RC drill holes (Ay-R-01 to
Ay-R-10 and outstanding results for Ay-R-15), with best
intersections (using 0.3 g/t Au cut-off) including 12.00m grading
0.53 g/t Au from 3.00m including 2.00m grading 1.27 g/t Au
(Ay-R-09). Assays for a further seven holes (Ay-R-16 to Ay-R-22)
are awaited;
-- At Hesdaba, final results received for remaining 259 samples
(including QAQC) from the 2020 grab sampling programme. A total of
26 samples returned over 1 g/t Au, best results include:
o 36.90 g/t Au and 6.80 g/t Au from the Red Horns prospect
o 19.00 g/t Au and 16.45 g/t Au from the Caravan prospect
o 10.35 g/t Au returned from the Maranzana prospect
-- Results also received for diamond drill hole Hd-D-17
(selectively sampled), collared on the Red Horns prospect. Best
intersections include 19.80m grading 1.18 g/t Au from 79.30m and
10.75m grading 26.27 g/t Au from 108.25m including 1.22m grading
211.00 g/t Au;
-- Results for a further 484 diamond core and RC drilling
samples (inclusive of QAQC) from Assaleyta and 1,453 diamond core
and RC drilling samples (inclusive of QAQC) from Hesdaba are
anticipated in early Q4-2021;
-- AMED Fund III has approved Tranche 3 of its funding
commitment and planning for Phase 3 exploration programme is
underway, with work scheduled to commence in Q4-2021;
-- Oriole's interest in TSD has been reduced to 9.21% and the
projects are no longer considered material from an AIM reporting
perspective.
Oriole CEO, Tim Livesey, said: "We are very encouraged to see
continued success from the exploration programmes in Djibouti.
These recently reported results confirm the opportunity for grading
intersections of significant width, further de-risking this 'new
frontier' project.
"With the next tranche of investment about to be deployed, we
are looking forward to reviewing the proposed exploration plan for
the next phase of drilling, which we believe will move Djibouti a
step closer to the development of a resource.
"Whilst we will no longer be reporting regularly on the
exploration results for TSD, we do believe that the ongoing
exploration programmes are continuing to grow the value of the
projects significantly."
Further Details
In 2019, TSD signed an agreement with AMED Fund III for the
management and funding of TSD and its epithermal gold projects in
the East African Rift Valley of Djibouti (announcement dated 19
November 2019). The first and second tranches of the funding,
totalling US$5 million, have been used to undertake drilling
programmes at the Pandora, Assaleyta and Hesdaba projects.
At Assaleyta, TSD completed a Phase 2 exploration programme
earlier this year comprising 687.80m diamond drilling in three
holes and 2,508m RC drilling in 22 drillholes (announcement dated
23 March 2021). The programme was designed to evaluate sub-surface
mineralisation at three prospects, namely Black Mamba and Porcupine
Hill, where previous drilling returned best intercepts of 17.38m
grading 2.25 g/t Au from surface (AY-DD-01) and 5.18m grading 4.50
g/t Au from 12.09m and 1.58m grading 8.67 g/t Au from 177.19m
(AY-DD-03) (calculated using a 0.3 g/t Au cut-off), and the
untested Red Eagle Mountain prospect. I nitial results from the
Phase 2 programme included best RC intersections of 16.00m grading
1.08 g/t Au from 12.00m (hole Ay-D-15) and 5.00m grading 8.97 g/t
Au from 110.00m including 1.00m grading 43.00 g/t Au (hole Ay-R-14;
announcement dated 1 July 2021).
The Company today reports further RC results, related to holes
Ay-R-01 to Ay-R-10 and the outstanding samples for hole Ay-R-15
(Table 1; announcement dated 1 July 2021). Best intersections
(using 0.3 g/t Au cut-off) include 12.00m grading 0.53 g/t Au from
3.00m including 2.00m grading 1.27 g/t Au from hole Ay-R-09,
demonstrating the potential for wider envelopes of lower grade
material around more discrete higher-grade veins. Results relating
to a further seven holes at the Red Horn and Black Mamba prospects,
Ay-R-16 to Ay-R-19 and Ay-R-20 to Ay-R-22 respectively, are still
awaited.
Table 1. RC drilling results for holes Ay-R-01 to Ay-R-11 and
Ay-R-15 at the Assaleyta project's Red Eagle Mountain prospect
HoleID Azimuth Inclination From (m) To (m) Au interval*
(deg) (deg) (deg)
(deg)
Ay-R-01 218 -50 No significant intersections
-------- ------------- ----------------------------------------
Ay-R-02 038 -50 No significant intersections
-------- ------------- ----------------------------------------
Ay-R-03 218 -50 No significant intersections
-------- ------------- ----------------------------------------
Ay-R-04 218 -50 No significant intersections
-------- ------------- ----------------------------------------
2.00m @ 0.74
Ay-R-05 232 -50 36.00 38.00 g/t Au
-------- ------------- ----------- --------- ----------------
1.00m @ 0.36
and 115.00 116.00 g/t Au
-------- ------------- ----------- --------- ----------------
1.00m @ 1.66
and 122.00 123.00 g/t Au
-------- ------------- ----------- --------- ----------------
4.00m @ 0.33
Ay-R-06 218 -50 88.00 92.00 g/t Au
-------- ------------- ----------- --------- ----------------
6.00m @ 0.49
Ay-R-07 218 -50 14.00 20.00 g/t Au
-------- ------------- ----------- --------- ----------------
1.00m @ 0.61
and 25.00 26.00 g/t Au
-------- ------------- ----------- --------- ----------------
9.00m @ 0.48
and 30.00 39.00 g/t Au
-------- ------------- ----------- --------- ----------------
1.00m @ 0.40
and 66.00 67.00 g/t Au
-------- ------------- ----------- --------- ----------------
5.00m @ 0.44
Ay-R-08 218 -50 22.00 27.00 g/t Au
-------- ------------- ----------- --------- ----------------
15.00m @ 0.63
and 34.00 49.00 g/t Au
-------- ------------- ----------- --------- ----------------
2.00m @ 1.35
including 36.00 38.00 g/t Au
-------- ------------- ----------- --------- ----------------
1.00m @ 1.86
including 41.00 42.00 g/t Au
-------- ------------- ----------- --------- ----------------
1.00m @ 1.07
including 47.00 48.00 g/t Au
-------- ------------- ----------- --------- ----------------
12.00m @ 0.53
Ay-R-09 038 -60 3.00 15.00 g/t Au
-------- ------------- ----------- --------- ----------------
2.00m @ 1.27
including 5.00 7.00 g/t Au
-------- ------------- ----------- --------- ----------------
2.00m @ 0.42
and 20.00 22.00 g/t Au
-------- ------------- ----------- --------- ----------------
1.00m @ 0.32
and 35.00 36.00 g/t Au
-------- ------------- ----------- --------- ----------------
1.00m @ 0.43
and 66.00 67.00 g/t Au
-------- ------------- ----------- --------- ----------------
16.00m @ 0.62
Ay-R-10 038 -60 1.00 17.00 g/t Au
-------- ------------- ----------- --------- ----------------
2.00m @ 1.14
including 1.00 3.00 g/t Au
-------- ------------- ----------- --------- ----------------
3.00m @ 1.04
including 7.00 10.00 g/t Au
-------- ------------- ----------- --------- ----------------
2.00m @ 0.40
and 42.00 44.00 g/t Au
-------- ------------- ----------- --------- ----------------
Ay-R-15 218 -55 No additional significant results**
-------- ------------- ----------------------------------------
*Intervals greater than 1 gramme per metre average grade,
calculated using a 0.3 g/t Au cut-off and no more than 5m
consecutive dilution or 50% total internal dilution. True widths
are not known.
**Further to the Company's announcement on 1 July 2021
Meanwhile, results for a further two diamond drill holes from
TSD's Phase 2 diamond programme also continue to demonstrate the
significant potential at the project, with a best intersection at
the Porcupine Hill prospect of 38.10m grading 2.21 g/t Au from
125.05m in hole Ay-D-08, including 17.37m grading 3.59 g/t Au
(Table 2). Mineralisation continues to be predominantly associated
with epithermal quartz vein and vein breccia. Further results from
below this interval are awaited.
Table 2. Diamond drilling results for holes Ay-D-08 and Ay-D-10
at the Assaleyta project
HoleID Prospect Azimuth Inclination From (m) To (m) Au interval*
(deg) (deg) (deg)
1.00m @ 0.35
Ay-D-08 Porcupine Hill 019 -51 90.00 91.00 g/t Au
-------------------- -------- ------------- --------- ------- --------------
1.34m @ 2.67
and 118.95 120.29 g/t Au
-------- ------------- --------- ------- --------------
38.10m @ 2.21
and 126.60 164.70 g/t Au
-------- ------------- --------- ------- --------------
1.30m @ 3.08
including 132.70 134.00 g/t Au
-------- ------------- --------- ------- --------------
17.37m @ 3.59
including 138.18 155.55 g/t Au
-------- ------------- --------- ------- --------------
1.55m @ 14.85
including 146.40 147.95 g/t Au
-------- ------------- --------- ------- --------------
1.55m @ 0.41
Ay-D-10 Red Eagle Mountain 218 -50 7.60 9.15 g/t Au
-------------------- -------- ------------- --------- ------- --------------
3.20m @ 0.45
and 19.80 23.00 g/t Au
-------- ------------- --------- ------- --------------
1.50m @ 0.34
and 106.75 108.25 g/t Au
-------- ------------- --------- ------- --------------
3.05m @ 0.54
and 128.10 131.15 g/t Au
-------- ------------- --------- ------- --------------
1.55m @ 1.30
including 129.60 131.15 g/t Au
-------- ------------- --------- ------- --------------
*Intervals greater than 1 gramme per metre average grade,
calculated using a 0.3 g/t Au cut-off and no more than 5m
consecutive dilution or 50% total internal dilution. True widths
are not known.
At the Hesdaba project, located immediately to the west of
Assaleyta, final results have been received for 259 samples
(including QAQC) related to the 2020 grab sampling programme. A
total of 26 samples returned over 1 g/t Au, best results
include:
o 36.90 g/t Au and 6.80 g/t Au from the Red Horns prospect
o 19.00 g/t Au and 16.45 g/t Au from the Caravan prospect
o 10.35 g/t Au returned from the Maranzana prospect
Previously reported initial results from selective intervals
across two diamond drill holes at the Caravan prospect (Hd-D-11 and
Hd-D-14) and two diamond drill holes at the Maranzana prospect
(Hd-D-12 and Hd-D-13) returned a best intersection of 1.00m grading
2.1 g/t Au from hole Hd-D-14 (announcement dated 23 March 2021).
The Company today reports results for hole Hd-D-17, which have
delivered a best intersection of 19.80m grading 1.18 g/t Au from
79.30m including 10.75m grading 26.27 g/t Au, centred around a
bonanza-grade hydrothermal breccia that has returned 211 g/t Au
over 1.22m (Table 3). Hd-D-17 is located c.250m along strike to the
northwest of hole Hd-D-08, which return 15.00m grading 4.08 g/t Au
from 53.00m, including 5.00m grading 11.11 g/t Au (announcement
dated 1 October 2020). Results from another three boreholes,
drilled along 800m strike on this system are pending.
Table 3. Diamond drilling results for hole Hd-D-17 at the Red
Horns prospect, Hesdaba
HoleID Azimuth Inclination From (m) To (m) Au interval*
(deg) (deg) (deg)
3.05m @ 1.85 g/t
Hd-D-17 236 -62 38.10 41.15 Au
-------- ------------- --------- ------- -----------------
2.75m @ 0.39 g/t
and 47.25 50.00 Au
-------- ------------- --------- ------- -----------------
1.50m @ 0.91 g/t
and 62.50 64.00 Au
-------- ------------- --------- ------- -----------------
19.80m @ 1.18
and 79.30 99.10 g/t Au
-------- ------------- --------- ------- -----------------
10.75m @ 26.27
and 108.25 119.00 g/t Au
-------- ------------- --------- ------- -----------------
1.22m @ 211.00
including 116.63 117.85 g/t Au
-------- ------------- --------- ------- -----------------
*Intervals greater than 1 gramme per metre average grade,
calculated using a 0.3 g/t Au cut-off and no more than 5m
consecutive dilution or 50% total internal dilution. True widths
are not known.
It is anticipated that all outstanding assay results will be
received during October, satisfying the Tranche 2 milestones.
Subject to continued positive results, the Tranche 3 budget, for a
further US$2.5 million, is currently being prepared ahead of infill
and step-out drilling commencing in Q4-2021.
Following completion of the Tranche 2 funding, TSD has concluded
a preference share conversion that has seen Oriole's interest
reduced to 9.21%. Consequently, the Company considers this project
to no longer be material to Oriole and therefore it will only
provide updates periodically within its financial reports.
For further information on TSD's projects in Djibouti, please
see the following page of the Company's website
https://orioleresources.com/investments/pandora-assaleyta-hesdaba/
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. The Exploration Results and QAQC data
themselves have been provided to the Company by TSD. However, the
original laboratory certificates have not been supplied with the
Exploration Results, and so a complete verification of the results
by the Competent Person has not been possible. Notwithstanding
this, the Competent Person has no cause to doubt the Exploration
Results and has consequently reviewed the information contained 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 by
the Company to constitute inside information as stipulated under
the retained EU law version of the Market Abuse Regulations (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. Following 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 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 / George Grainger
Shard Capital Partners LLP Tel: +44 (0)20 186 9900
Damon Heath / Erik Woolgar / Isabella
Pierre
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company,
operating West Africa. It is focused on early-stage exploration in
Cameroon (Bibemi, Wapouzé and Central Licences projects) and the
more advanced Senala gold project in Senegal, where IAMGOLD has the
option to spend US$8 million to earn a 70% interest. 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.
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