TIDMORR
RNS Number : 9901Q
Oriole Resources PLC
02 November 2021
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Soil Sampling to Commence over High Priority Gold Targets at
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, where the team is undertaking systematic and
cost-effective exploration. The district-scale CLP comprises eight
contiguous licences covering 3,592 square kilometres ('km (2) ') of
Paleo-Proterozoic to Pan-African age rocks that are highly
prospective for orogenic-style gold mineralisation. Ranking of an
initial 18 targets in the east of the Package has identified five
Priority 1 zones for follow-up soil sampling.
Highlights
-- Five Priority 1 gold zones identified in the east of the Package.
-- Regional-scale (400m by 200m sample spacing) soil grids have
been designed to cover these zones to test the footprint of the
anomalism.
-- Three of the grids are centred over the northeast-trending
Tcholliré-Banyo shear zone ('TBSZ'), which the Company believes is
a key control on the gold anomalies identified to date.
-- Sampling of an initial Pilot Area is expected to be completed
before the end of the year, with gold results anticipated in early
Q1.
-- Mapping and sampling over the remaining three licences in the
west of the CLP will resume in Q4 2021.
Oriole Resources CEO, Tim Livesey, said : "The initial gold
results from the five easternmost CLP licences have allowed us to
confirm a substantial area of structural complexity, where at least
two main trends or corridors of mineralisation are evident, one
broadly following the TBSZ and one approximately perpendicular to
this, trending northwest.
"The multiple gold anomalies identified within a number of
coincident drainage basins associated with these trends, gives us
great confidence that this new exploration district has the
potential to yield multiple targets along these gold corridors, as
we expected following our early prospectivity work in 2019.
"We are now able to rapidly move the exploration programme
forward to further define areas of interest and we look forward to
sharing the results from the initial soil sampling and mapping
programmes as we head toward the end of the year and into 2022.
"In addition, we look forward to interpreting the outstanding
multi-element data from the five eastern licences and to completing
the outstanding stream sediment sampling in the three westernmost
licences - all of which should be completed before the end of the
year.
"The CLP is definitely starting to show us the potential for
multiple gold targets, as we had initially indicated when applying
for the ground."
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
immediately 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 as a whole covers a
contiguous, district-scale land package of 3,592km (2) .
Covering Paleo-Proterozoic to Pan-African rocks, a well-known
host for orogenic gold deposits worldwide, the 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.
In Q3 2021, the Company completed a first-pass regional mapping
and stream sediment sampling over the five easternmost licences
that identified 18 initial targets (>30 parts per billion
('ppb') gold ('Au')) and delivered grades of up to 291 ppb Au
(announcements dated 19 August 2021 and 6 October 2021). The team
has subsequently generated a topographic and hydrological map to
enable a detailed review and ranking of those targets.
Five Priority 1 gold zones have been identified for follow-up by
semi-regional soil sampling at a spacing of 400m by 200m. In these
zones, the team believes there is a high probability that the
anomalous samples are directly related to the adjacent major
TBSZ-related structures that are outcropping over relative
topographic highs. This more direct exploration technique will test
structures related to the main TBSZ and aims to outline broad
gold-in-soil anomalies that will help guide more targeted
programmes in 2022. Maps showing results of the ranking and the
planned soil sampling grids can be viewed at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9901Q_1-2021-11-1.pdf
The first grid will be completed over a Pilot Area that covers
the east of the Ndom and Mbe permits and the core of this zone,
which ranked the highest overall, will also include a higher
resolution sampling grid of 400m by 100m. Sampling of the Pilot
Area is expected to be completed before the end of the year, with
initial gold results expected in early Q1 2022. Sampling over the
remaining grids will continue into early 2022, and further testing
over Priority 2 gold zones will be subject to ongoing results.
At Pokor, the sources of the gold-in-stream anomalies are not so
well defined and so the team is planning to undertake infill stream
sediment sampling to better-constrain the source.
At the three westernmost licences, the team will shortly
undertake a reconnaissance visit to assess the ground conditions
and it is anticipated that the stream sediment sampling programme
will commence later 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/ .
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 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 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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