TIDMORR
RNS Number : 1287O
Oriole Resources PLC
06 October 2021
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Multiple Gold Targets Identified in eastern Central Licence
Package, Cameroon
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration
company focussed on West Africa, is pleased to provide an update on
its 90%-owned Central Licence Package ('CLP' or the 'Package') in
Central Cameroon. The district-scale CLP comprises eight contiguous
licences covering 3,592 square kilometres ('km (2) ') of previously
unexplored Paleo-Proterozoic to Pan-African age rocks that are
highly prospective for orogenic-style gold mineralisation. For
context, the licenced area is approximately half the size of the
Kédougou-Kéniéba inlier in Senegal, which has a current gold
endowment of more than 45 million ounces ('oz').
In Q2 2020, the team commenced a Package-wide mapping and stream
sediment sampling programme. Following initial positive results for
the Niambaram and Tenekou licences (announcement dated 19 August
2021), the Company today reports results for the three easternmost
licences, Pokor, Ndom and Mbe. Grades of up to 291 parts per
billion ('ppb') gold ('Au') continue to support an association with
the northeast-trending Tcholliré-Banyo shear zone ('TBSZ'), a key
regional control on gold distribution in Cameroon. The sampling
programme will continue over the three western licences in Q4
2021.
Highlights
-- Gold assay results received for 503 stream sediment samples
related to the Ndom, Pokor and Mbe licences.
-- Strongly anomalous values returned from all three licences,
with 26 samples grading >10 ppb Au and six samples returning
>50 ppb Au.
-- The highest reported result of 291 ppb Au was returned from the Ndom licence.
-- Results continue to demonstrate a strong association with the
northeast-trending TBSZ corridor and related structures.
-- The 18 targets (>30 ppb Au) identified to date will now be
ranked ahead of designing follow-up programmes.
-- Mapping and sampling over the remaining three licences in the
west of the Package will resume in Q4 2021.
Oriole Resources CEO, Tim Livesey, said : "We are excited to see
widespread gold-in-stream anomalism across all five licences
sampled to date at our extensive and contiguous Central Licence
Package. These early indications will now enable us to rank and
prioritise areas for rapid follow up exploration work.
"We were initially attracted to the area in 2019 due it being
crossed by the dominant TBSZ structural corridor, related to the
globally significant Pan-Africa/Brazilliano fold belt that is known
to be associated with orogenic-style gold mineralisation across
central and eastern Africa and into Brazil.
"As a first mover in what we believe is a new gold district,
these early results endorse our early targeting work and support
our view that Cameroon is a new frontier for gold exploration. It
is encouraging to see other groups following our lead, with licence
applications being submitted at every level, from junior
exploration companies right up to large multinationals - including
proximal to the CLP and along the strike extensions of the TBSZ
trend.
"We believe Cameroon offers enormous potential for exploration
and mine development, and we are very pleased to be working with an
excellent partner in country and to have supportive relationships
with the Ministry and Government. Cameroon will no doubt become
busier as we see more and more groups follow us there, but we are
confident that our early mover position has given us great
advantages in allowing us to select the best package of gold
exploration licences in this new jurisdiction."
Further Details
In Q1 2021, the Company's 90%-owned Cameroonian subsidiary,
Oriole Cameroon SARL, was granted five new licences (Tenekou,
Niambaram, Pokor, Ndom and Mbe) in central Cameroon, located to the
west of the regional capital, Ngaoundéré (announcement dated 3
February 2021) . Together with a further three new licences (Mana,
Dogon and Sanga) granted to Reservoir Minerals Cameroon SARL, in
which the Company has subsequently earned a 90% interest
(announcement dated 6 April 2021) , the CLP covers a contiguous,
district-scale land package of 3,592km (2) . The CLP is
approximately half the size of the Kédougou-Kéniéba inlier in
eastern Senegal, which has a current gold endowment of over 45
million oz and is host to the Company's 85%-owned Senala
project.
Covering Paleo-Proterozoic to Pan-African rocks, a well-known
host for orogenic gold deposits worldwide, t he CLP licences were
initially targeted by the Company's technical team due to their
apparent proximity to the dominant regional structure, the TBSZ, a
major southwest-northeast-trending splay off the larger-scale
Central African Shear Zone. The TBSZ and its associated shears,
thrusts and faults are (according to academic literature) thought
to be one of the significant structural controls for gold and other
mineralisation in the region. Oriole is the first operator of the
licences and there has been no known commercial exploration
previously.
In Q2 2021, the Company commenced a first-pass regional mapping
and stream sediment sampling programme, focussed on sampling active
sediments on the primary (first to third order) stream beds at an
average density of 0.4 samples per km(2) . To date, the team has
completed 64% of the programme, with 874 (including eight
orientation) samples taken over the Oriole Cameroon SARL licences,
which cover the east of the Package. Initial results (for 376
samples) from the Niambaram and Tenekou licences identified several
anomalies, with a best result of 95 ppb Au, related to the TBSZ
corridor (announcement dated 19 August 2021).
Further results reported today, relating to 503 (including 4
orientation) samples taken across the Pokor, Ndom and Mbe licences,
continue to support that relationship. Multiple anomalies have been
identified across all three licences, with 26 samples grading
>10 ppb Au and six samples returning >50 ppb Au, which is
strongly anomalous for stream sediment sampling. The highest
reported result of 291 ppb Au was returned from the Ndom licence. A
map showing results from the programme can be viewed at the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/1287O_1-2021-10-5.pdf
. Analysis of QAQC plots for standard certified reference
materials, inserted blanks and duplicates was completed and found
to be within acceptable ranges.
The 18 targets (>30 ppb Au) identified to date at the
easternmost Oriole Cameroon SARL licences will now be ranked ahead
of designing follow-up programmes that will look to identify the
likely source of the anomalism. Meanwhile, the remainder of the
stream sediment sampling programme is due to recommence over the
three westernmost licences, held by Reservoir Minerals Cameroon
SARL, in Q4 2021.
For further information on the Central Licence Package, please
see the following page of the Company's website
https://orioleresources.com/projects/central-cameroon/ .
Elsewhere in Cameroon, a planned 1,650 metre ('m') Phase 2
diamond drilling programme has recently commenced at the Company's
90%-owned Bibemi gold project in the north of the country
(announcement dated 13 September 2021). The programme is focussed
on testing a c.1 kilometre-long zone at the southern end of Bakassi
Zone 1, one of four targets at the licence, where the maiden
drilling programme in H1-2021 returned multiple mineralised
intersections, including 2.45m grading 2.96 grammes per tonne
('g/t') Au, 3.60m grading 1.75 g/t Au and 12.40m grading 0.71 g/t
Au (announcement dated 29 June 2021). The programme is expected to
be completed before the end of November 2021.
The team has also completed a 100m x 100m infill soil sampling
programme for a total 1,455 sample points covering the southern
extension of the Bakassi Zone 1 and Bakassi Zone 2 zones, towards
the Lawa East and Lawa West prospects (announcement dated 13
September 2021). The work is intended to increase resolution of
data in this area ahead of further drill hole targeting.
For further information on the Bibemi project, please see the
following page of the Company's website
https://orioleresources.com/projects/bibemi/ .
Competent Persons Statement
The information in this release that relates to Exploration
Results has been compiled by Claire Bay (Executive Director,
Exploration & 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 by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU No. 596/2014) which is part of UK
law by virtue of the European Union (withdrawal) Act 2018 .
Following the publication of this announcement, this inside
information is now considered to be in the public domain.
**S **
For further information please visit www.orioleresources.com ,
@OrioleResources on Twitter, or contact:
Oriole Resources PLC Tel: +44 (0)20 7830 9650
Bob Smeeton / Tim Livesey / 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 Licence Package 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 also 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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