ORR Oriole Resources Plc

Oriole Resources PLC 

('Oriole Resources' or 'the Company' or 'the Group')

Bibemi Update: Phase 5 Drilling Programme and Results of Geophysics

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company focussed on West Africa, is pleased to provide an update for its 82.2%-owned Bibemi orogenic gold project ('Bibemi' or the 'Project') in Cameroon, where a Phase 5 diamond drilling programme has been planned and is scheduled to commence in Q2-2024.

Highlights

·    In January 2024, the Company reported an updated pit-constrained Mineral Resource Estimate ('MRE') for the Bakassi Zone 1 prospect ('Bakassi Zone 1') of 5.1 million tonnes grading 2.30 grammes per tonnes ('g/t') gold ('Au') for approximately 375,000 ounces ('oz') Au in the JORC Inferred Resources category. The MRE remains open along strike to the northeast and at depth;

·    Subsequent interpretation of ground-based geophysics data has identified eight point targets and six elongated targets across the survey area;

·    The elongated targets are parallel to the known shear zones and largely represent untested zones along-strike of known mineralisation trends;

·    The results have been used to update the Company's Phase 5 diamond drilling programme, which has been planned for 7,060 metres ('m') in 62 holes, with the new locations being based on a combination of surface exploration data and ground magnetics data;

·    A total of 4,560m in 37 holes has been planned as infill and extensional drilling at the existing Bakassi Zone 1 MRE zone, focussed on upgrading and expanding the current MRE;

·    A further 2,500m in 25 holes has been planned largely to test two areas, BZ1-NE and BZ1-SW, which are proximal to two geophysics targets that are along-strike extensions to Bakassi Zone 1 and have coincident gold anomalism and quartz veining at surface. These shallow holes are focussed on identifying additional, near-surface Resources within 1 to 2 kilometres ('km') of the existing MRE;

·    Mobilisation of the drilling equipment is currently underway and the programme is scheduled to commence in Q2-2024

Oriole CEO, Tim Livesey, said: "We are pleased to be progressing the exploration programmes at Bibemi, where we recently updated the maiden MRE at Bakassi Zone 1. 

"It is also very encouraging to see that the recent geophysical interpretation has given strong support for additional drill targets along the existing main trend at Bibemi.

"As we have previously indicated, the opportunity exists at Bibemi for a multi-pit gold operation. The planned drill programme is focussed on the early expansion and extension of the existing MRE at Bakassi Zone 1, and two additional targets identified by the recent geophysics programme.

"These new geophysical targets, and the associated quartz veining, add yet more opportunity at Bibemi, which is proving to be an extremely promising gold project." 

Figure 1. Total Magnetic Intensity (TMI) - Total Horizontal Derivative (THD) combined image with interpreted faults, existing mineralised zones, Terra Resources' targets (within the field of view), mineralised quartz veins, historic rock chip samples, and existing and planned drill holes. Yellow circles highlight areas of approximately E-W magnetic lows crosscutting the NE-SW trend at the BZ1-SW, BZ1-MRE and BZ1-NE zones.

Further Details

At the Bibemi orogenic gold project in northern Cameroon (177km² in area), 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 a circa 12 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.

The majority of the drilling has been focussed on a circa 1 km section at the southern end of Bakassi Zone 1 and has delivered best intersections of 14.80m grading 4.27 g/t Au and 7.70m grading 2.74 g/t Au (hole BBDD050), 6.50m grading 3.92 g/t Au (hole BBDD034), 5.20m grading 1.97 g/t Au (hole BBDD031), and 9.20m grading 1.31 g/t Au (hole BBDD042) (announcements dated 20 December 2021, 9 February 2022 and 15 September 2022). The shear corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of steeply-dipping quartz-tourmaline veins as well as extensional, sub-horizontal quartz veins. Both vein sets appear to be mineralised.

Figure 2   Bibemi drill plan showing key prospects and locations of drill holes completed to date

In January 2024, the Company reported an updated MRE for the Bakassi Zone 1, as part of ongoing technical studies to support the application for an exploitation licence later this year. The MRE for Bakassi Zone 1 now stands at 5.1 million tonnes grading 2.30 g/t Au for approximately 375,000 oz Au in the JORC Inferred Resources category, based on a 0.45 g/t Au cut off and within a US$2,000/oz gold price pit shell (announcement dated 15 January 2024).

During Q1-2024, Terra Resources ('Terra') completed an interpretation of geophysics (ground magnetic) data collected by the Company in 2023. Two broadly parallel NE-SW positive magnetic trends dominate the central and northeastern part of the survey (covering Bakassi Zone 1 and Bakassi Zone 2) and represent the known shear zone. A less pronounced NE-SW magnetic trend is present in the southern half of the survey area (around Lawa West and Lawa East) with an influence of ENE-WSW positive magnetic trends.

 Figure 3  Bibemi drill plan showing key prospects and locations of drill holes completed to date overlain onto the combined Total Magnetic Intensity (TMI) and Total Horizonal Derivative (TDH) geophysical map

Terra has identified eight point targets, over areas of interpreted remnant pyrrhotite mineralisation, and six elongated targets across the 34 km² survey area which covered all four prospects. The point targets relate to zones of coincident low magnetic susceptibility and high magnetic vector inversion, whereas the elongated targets represent areas which share multiple geological and magnetic characteristics with BZ1-MRE. The elongated targets represent largely untested zones along-strike of known mineralisation trends or parallel to the known shear zones. The targets are adjacent to negative magnetic ENE-WSW trends that crosscut the NE-SW shear-related magnetic trends, interpreted to reflect magnetic destruction by hydrothermal fluids, and also sit between ENE-WSW or NW-SE trending faults that are interpreted to correspond with breaks in the mineralisation, as seen at BZ1-MRE.

The results of this work have been used to update the Company's Phase 5 diamond drilling programme, planned for 7,060m in 62 holes, with the new locations being based on a combination of surface exploration data and ground magnetics data. A total of 4,560m in 37 holes has been planned as infill and extensional drilling at the existing BZ1-MRE zone and is focussed on upgrading and expanding the current MRE. A further 2,500m in 25 holes has been planned to test two areas, BZ1-NE and BZ1-SW, that are proximal new geophysics targets identified along-strike of Bakassi Zone 1. These shallow holes are focussed on identifying additional, near-surface Resources within 1 to 2 km of the existing MRE. All holes will be drilled to a maximum downhole depth of 160 m from surface and will be a mixture of inclined (-50 degrees) and vertical holes.

Mobilisation of the drilling equipment is currently underway and the programme is scheduled to commence in Q2-2024

For further information on the Bibemi project, including a JORC Table 1, please see 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 Resources and Exploration Targets 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 this announcement of the matters based on his information in the form and context in which it appears, and confirms that all material assumptions and technical parameters underpinning the Mineral Resources and Exploration Targets continue to apply and have not materially changed, and he is not aware of any new information or data that materially affects the estimates.

The technical information in this release that relates to Exploration Results and the planned exploration programme has been compiled by Claire Bay (Executive Director, 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.

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:

Notes to Editors:

Oriole Resources PLC is an AIM-listed gold exploration company, operating in West 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%-owned Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. BCM International is currently earning up to a 50% interest in the Bibemi and Mbe projects in return for a combined investment of US$1.5m in signature payments (which has already been received), up to US$8m in exploration expenditure, as well as JORC resource-based success payments.

At the more advanced 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 deliver future cash flow.