TIDMORR
RNS Number : 6254Z
Oriole Resources PLC
21 May 2019
Oriole Resources PLC
('Oriole Resources' or 'the Company')
Final Results Phase 1 Trenching
- Bibemi Gold Project, Cameroon
Oriole Resources, the AIM-quoted exploration company focused on
West Africa, is pleased to provide an exploration update for
Cameroon, where it is earning up to a 90% interest in the Bibemi
and Wapouzé gold projects. The projects are held by Bureau d'Etudes
et d'Investigations Géologico-minières, Géotechniques et
Géophysiques SARL ("BEIG3"), through its wholly-owned subsidiaries
Reservoir Minerals (BVI) Cameroon and Reservoir Minerals Cameroon
Sarl. Final results are reported for Phase 1 trenching at Bibemi,
following initial intersections reported earlier in the year
(announcement dated 6 March 2019) and rock-chip sampling results in
the fourth quarter of 2018 that demonstrated high-grade gold
anomalism (up to 135.4 grammes per tonne ("g/t") gold ("Au"))
extending over a four kilometre ("km") strike (announcement dated
27 November 2018).
The results reported today include a best intersection of nine
metres ("m") at 3.14 g/t Au, returned from trench BT-021, located
towards the northern extent of the central Bakassi zone. Within
this is a higher grade interval of 13.12 g/t Au over 2m, which
correlates-well with multiple "bonanza" grade rock-chip samples
yielded from nearby quartz veins.
At the earlier-stage Wapouzé project, circa 20km to the north,
Phase 1 infill soil sampling has recently been completed and
results for a 639 soil samples and 123 rock-chip samples are
expected later this quarter.
Oriole is a first-mover in Cameroon and, based on results
received to date, is looking to expand its position in the country
during the year.
Highlights:
-- Final results received for Phase 1 trenching at the Bakassi
Zone (BT-014 to BT-023), Bibemi. Best results (>0.10 g/t Au)
include:
o 9m at 3.14 g/t Au (BT-021)
-- including 2m at 13.12 g/t Au;
o 1m at 4.53 g/t Au (BT-019);
o 16m at 0.50 g/t Au, 2m at 1.27 g/t Au and 2m at 0.84 g/t Au
(BT-023);
o 2m at 1.58 g/t Au (BT-015);
o 1m at 2.27 g/t Au (BT-017);
o 2m at 0.92 g/t Au and 1m at 0.56 g/t Au (BT-018);
o 2m at 1.28 g/t Au (BT-022);
o 3m at 0.75 g/t Au (BT-016).
-- Selective channel sampling of an individual quartz vein in BT-019 returned 6.64 g/t Au;
-- Geological mapping and structural analysis of the quartz
veins has identified two main gold-mineralised sets (north-east and
northnortheast orientated), both of which are tourmalinised;
-- Selective re-opening of historic trenches has delivered a
best intersection of 2m at 9.90 g/t Au from former Reservoir
Minerals trench T07;
-- Initial screen metallics fire assay on coarse rejects has
indicated that the presence of coarse gold in the samples is not
impacting the total gold content. Further testwork is underway;
-- A number of technical studies are underway, including
geophysical interpretation of regional data, thin section
petrography and x-ray difraction ("XRD") analysis of key
lithologies;
-- Phase 2 infill trenching at Bibemi has been completed for
3,504m (100m spacing) for 11 trenches, results expected late third
quarter 2019;
-- At the nearby earlier-stage Wapouzé project, Phase 2 infill
soil sampling and rock chip sampling is complete, with results
expected during the second quarter of 2019;
-- Oriole has met its Year 1 commitment ahead of schedule;
-- Oriole plans to acquire further licences to expand its position in Cameroon.
Chief Executive Officer, Tim Livesey, said: "We are extremely
encouraged to see that the second batch of Phase 1 trenching
results from Bibemi continue to support an orogenic gold model, and
that interrogation and interpretation of the data has identified
two main mineralised vein trends to date.
"Work continues to improve our understanding of the geological
and structural setting of the mineralisation, with studies at the
regional, camp and local scale. We are currently undertaking a
range of technical studies, including the interpretation of
regional airborne geophysical data, structural and geological
analysis of recently re-mapped areas and detailed petrographic
studies of rock samples from the key lithologies identified during
the trenching programmes. This will move us one step closer to
designing a targeted drilling programme to test the prospective
central Bakassi area - the main focus of our field work to date -
during the next dry season, commencing in October 2019. Alongside
this, we will be reviewing the broader Bakassi zone, where
Reservoir Minerals previously identified a circa 20km strike of
anomalous gold mineralisation.
"At Wapouzé, we anticipate that the results from the infill soil
sampling programme will be received and released before the end of
the second quarter. This data will assist us in designing the next
programme of work at Wapouzé, which will include detailed
geological mapping and trenching over the key anomalous zones
(>12km strike identified to date), and will ultimatly lead us to
the identification of drill targets.
"These "boots on the ground" geological programmes are very
typical of early stage grassroots work, following tried and tested
systematic exploration techniques. Where successful, they will
ultimately lead to drill-testing of the systems, the first step in
resource identification and definition, ultimately aiming to
deliver tangible value for Oriole shareholders.
"On the basis of our success to date, we are looking forward to
expanding our footprint in Cameroon, alongside our partner BEIG3.
With a year of detailed field work already under our belt, a
prominent local partner and relationships forged with key contacts
within the Government and local communities, we expect to
capitalise on our position as first movers within Cameroon. "
Further details
Further to the initial intersections reported earlier in the
year for trenches BT-001 to BT-013 (announcement dated 6 March
2019), the Company has now received final results for its Phase 1
wide-spaced trenching programme (200m spacing) at the Bibemi
project in northern Cameroon, which was completed for 23 trenches
(BT-001 to BT-023) for a total of 9,145m. As previously reported,
the programme was planned to test the central Bakassi zone of the
licence, where former operator Reservoir Minerals Inc. ("Reservoir
Minerals") had identified multiple parallel mineralised trends over
a cumulative strike distance of circa 20km. Oriole's work at
Bakassi has initially focused on just 4km of this strike, targeting
two high-priority areas ('Zone 1' and 'Zone 2') defined by
Reservoir's work. The remaining areas of gold anomalism outside of
the central zone are yet to be systematically explored by
Oriole.
The results announced today are for trenches BT-014 to BT-022
(orientated N132 degrees), relating to 2,104 samples and for BT-023
(orientated N025) for 279 samples. Analysis of QAQC plots for
standard certified reference materials, inserted blanks and
duplicates (for 170 and 23 QAQC samples respectively) was completed
and found to be within acceptable ranges. Further details on the
processing and analytical techniques can be found in the JORC Table
1 disclosure on the Company's website.
Results from the recently recieved batch are shown in Table 1
and include a best intersection of 9m at 3.14 g/t Au including 2m
at 13.12 g/t Au (BT-021). Overall, the best results were returned
from BT-019 and BT-021, both located towards the northern end of
the Bakassi zone, supporting the previous high-grade rock-chip
samples in that area of up to 135.40 g/t Au (announcement dated 27
November 2018). A number of narrower, mineralised intervals were
also intersected at the 1.00-2.00 g/t Au level. Selective sampling
of a quartz vein in BT-019 returned 6.64 g/t Au.
Table 1. Significant results (>0.10 g/t Au) from trenches
BT-014 to BT-022 at Bakassi zone, Bibemi project
Trench ID From (m) To (m) Gold (ppm)* Intersection*, **
BT-014 432 434 0.17 2m @ 0.17 g/t Au
--------- ------- ------------ ---------------------------
BT-014 456 457 0.11 1m @ 0.11 g/t Au
BT-014 463 466 0.33 3m @ 0.33 g/t Au
------------ ---------------------------
BT-014 474 476 0.21 2m @ 0.21 g/t Au
--------- ------- ------------ ---------------------------
BT-014 480 481 0.20 1m @ 0.2 g/t Au
--------- ------- ------------ ---------------------------
BT-015 36 38 0.10 2m @ 0.1 g/t Au
--------- ------- ------------ ---------------------------
BT-015 319 320 0.12 1m @ 0.12 g/t Au
--------- ------- ------------ ---------------------------
BT-015 372 373 0.45 1m @ 0.45 g/t Au
BT-015 415 417 1.58 2m @ 1.58 g/t Au
BT-015 419 421 0.10 2m @ 0.10 g/t Au
--------- ------- ------------ ---------------------------
BT-015 443 444 0.12 1m @ 0.12 g/t Au
--------- ------- ------------ ---------------------------
BT-016 251 252 0.12 1m @ 0.12 g/t Au
BT-016 574 577 0.75 3m @ 0.75 g/t Au
------------ ---------------------------
BT-017 23 25 0.10 2m @ 0.10 g/t Au
BT-017 36.5 37.5 2.27 1m @ 2.27 g/t Au
BT-017 66 67 0.14 1m @ 0.14 g/t Au
--------- ------- ------------ ---------------------------
BT-017 181 182 0.17 1m @ 0.17 g/t Au
--------- ------- ------------ ---------------------------
BT-017 301 302 0.18 1m @ 0.18 g/t Au
--------- ------- ------------ ---------------------------
BT-018 209 211 0.43 2m @ 0.43 g/t Au
--------- ------- ------------ ---------------------------
BT-018 215 217 0.23 2m @ 0.23 g/t Au
--------- ------- ------------ ---------------------------
BT-018 219 221 0.92 2m @ 0.92 g/t Au
--------- ------- ------------ ---------------------------
BT-018 241 242 0.56 1m @ 0.56 g/t Au
--------- ------- ------------ ---------------------------
BT-018 314 316 0.10 2m @ 0.10 g/t Au
--------- ------- ------------ ---------------------------
BT-018 324 325 0.25 1m @ 0.25 g/t Au
--------- ------- ------------ ---------------------------
BT-018 399 401 0.22 2m @ 0.22 g/t Au
BT-019 26 27 4.53 1m @ 4.53 g/t Au
BT-020 14 16 0.10 2m @ 0.10 g/t Au
BT-020 20 24 0.45 4m @ 0.45 g/t Au
------------ ---------------------------
BT-020 26 27 0.21 1m @ 0.21 g/t Au
9m @ 3.14g/t Au incl. 2m @
BT-021 18 27 3.14 13.12g/t Au
------------ ---------------------------
BT-021 35 37 0.29 2m @ 0.29 g/t Au
BT-021 66 69 0.44 3m @ 0.44 g/t Au
------------ ---------------------------
BT-022 155 157 1.28 2m @ 1.28 g/t Au
--------- ------- ------------ ---------------------------
*weighted gold grades calculated using a 0.10 g/t Au cut-off and
1m internal dilution. Intervals >0.50 g/t Au shown in bold.
** sample intervals are taken along the length of the trench
which is believed to be perpendicular to the strike of the
mineralisation, however, true widths are not yet known.
Results have also been received for trench BT-023, which was
oriented N025 degrees (almost perpendicular to the other trenches
and sub-parallel to the main north-east shear) to investigate the
litho-structural controls on grade distribution. Best intersections
include 2m at 0.84 g/t Au (from 42m), 6m at 0.35 g/t (from 50m), 2m
at 0.61 g/t Au (from 132m), 2m at 1.27 g/t Au (from 282m), and 16m
at 0.50 g/t Au (from 317m). Whilst the trench lithology is
comparable to the other trenches reported (felsic intrusive with
foliation striking N025 to N030 degrees, plus minor
meta-sedimentary units), the only significant quartz vein observed
was parallel to the trench (and thus the main foliation). Other
gold mineralised zones were observed at irregular intervals along
the trench, reflecting the complex structural controls of fluid
flow and gold precipitation within major shear zones of this
nature.
Results were also received for the historic RMC trenches (T01,
T04, T07 and T08), that were selectively re-opened to assess the
continuity of mineralisation between Oriole's trenches immediately
to the north and south. Best results from this work were returned
from trenches T07 and T08, including:
-- 2m at 9.9 g/t Au (T07);
-- 2.25m @ 1.13 g/t Au, 3m at 0.49 g/t Au and 2m at 2.46 g/t Au (T08).
Whilst T08 shows a reasonable correlation with the previously
reported high-grade zones, it is observed that all four trenches
from the original 2013 Reservoir Minerals programme were not deep
enough to avoid potential contamination from transported cover
rocks. We believe that this issue was addressed for subsequent
programmes by Reservoir but a more detailed assessment is
underway.
In March, Oriole highlighted a repeatability issue likely due to
the presence of coarse 'nugget' gold, typical of gold-bearing
quartz-vein systems (announcement dated 6 March 2019). Preliminary
analysis of the coarse rejects from key mineralised zones, using a
screen metallics fire assay technique, has indicated that, whilst
the Company does have a component of coarse gold at the project, it
is not biasing the total gold assay. Therefore, the current
assaying methods are believed to be appropriate but further test
work is underway.
Detailed geological mapping and structural analysis of the
entire vein population to date has shown that four sets are
present. Two of these, trending north-east and north-northeast, are
mineralised and fractured, sometimes brecciated. The other two vein
sets, also trending north-east and north-northeast are barren.
Interrogation of the dataset is still ongoing, however this initial
review has highlighted the presence of a cross-cutting
east-northeast (N070) fabric in some of the mineralised veins which
may be indicative of an overprinting event. Delineation of zones of
structural intersection will continue to be a key focus for review
by the team between now and the start of the next field season in
October.
This review will be supported by the interpretation of
geophysical data (magnetics and radiometrics), which also covers
the Wapouzé licence. Over the next few weeks the Company will also
be undertaking thin section petrography and XRD analysis for rock
samples from both properties and all the data will form part of a
technical review session in July.
Meanwhile, the Phase 2 infill trenching programme Bibemi
(infilling to 100m spacing) has now been completed for 11 trenches
totalling 3,504m. The samples will be submitted for analysis once
the above review has been completed over the summer. Consequently,
the results for this detailed infill trenching programme are
anticipated late in the third quarter of 2019.
Finally, at the Wapouzé project, approximately 20km to the
north-east of Bibemi, systematic Phase 2 infill soil sampling (200m
x 100m grid) has been completed over three key anomalies in the
previously identified Bataol zone. A total of 639 soil samples and
123 rock chip samples were collected during the programme and
results are anticipated later in the second quarter of 2019.
Oriole has now met its Year 1 expenditure and work commitment
under the terms of an Option Agreement with local partner BEIG3.
Oriole is a first-mover in Cameroon and, based on results received
to date, is looking expand its position in the country during the
year.
For further information, including maps and a JORC Table 1
please see the Bibemi and Wapouzé page of the Company's website
https://orioleresources.com/projects/bibemi-and-wapouze/.
Deal Terms
In June 2018, the Company signed an Option Agreement with BEIG3
whereby it can earn an initial 51% of BEIG3's Bibemi and Wapouzé
licences (the 'Projects') in Cameroon, held through its
wholly-owned subsidiaries Reservoir Minerals (BVI) Cameroon and
Reservoir Minerals Cameroon Sarl, by funding US$1.56 million on
exploration over two years. Thereafter, Oriole can earn a further
39% for an additional U$1.56 million exploration expenditure, or by
completing a pre-feasibility study on at least one of the Projects,
over the subsequent two years. Oriole has now met its Year 1
commitment at the project and anticipates triggering the 51%
threshold.
Competent Persons Statement
The information in this release that relates to Exploration
Results has been compiled, and is based on information reviewed on
behalf of the Company, by Claire Bay (VP Exploration and Business
Development) and Issouf Ouedraogo (General Manager for West
Africa). Claire Bay (MGeol, CGeol, EurGeol, FIMMM) and Issouf
Ouedraogo (MSc, MAusIMM) are Competent Persons as defined in the
JORC code and take responsibility for the release of this
information. Claire Bay and Issouf Ouedraogo have reviewed the
information in this announcement and confirm that they are not
aware of any new information or data that materially affects the
information reproduced here.
** 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 / Ben Roberts
/ Niall McDonald
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore / Andrew Chubb
Turner Pope Investments (TPI) Tel: +44 (0)2036214120
Ltd
Ben Turner / James Pope / Andy
Thacker
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company,
focussed on West Africa. It is focused on early-stage exploration
in Cameroon (Bibemi and Wapouzé projects) and the more advanced
Dalafin gold project in Senegal, where IAMGOLD has the option to
spend US$8 million to earn a 70% interest. Year 1 commitments have
been met at all three projects. 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 Africa.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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