Oriole Resources PLC Expansion of Planned Drill Programme at Bibemi (3615M)
May 11 2020 - 1:00AM
UK Regulatory
TIDMORR
RNS Number : 3615M
Oriole Resources PLC
11 May 2020
Oriole Resources PLC
('Oriole' or 'the Company')
Expansion of Planned 2020 Drill Programme at Bibemi
Oriole Resources PLC, the AIM-quoted exploration company
focussed on West Africa, is pleased to provide an update on its
Bibemi gold project in Cameroon . The project is 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 ('RMC'). Results from the exploration programme in Q4-2019
(Announcement dated 22 January 2020), have enabled the Company to
expand its planned 2020 drilling campaign at the Bakassi Zone
('Bakassi Zone' or the 'Prospect') to almost 2,000 metres ('m') .
The Company plans to commence its maiden drilling programme later
this year, subject to easing of COVID-19 related travel
restrictions.
Highlights
-- Planned diamond drilling programme expanded to 1,940 metres (17 holes) at Bakassi Zone;
-- Three new holes designed to intersect, at depth, mineralised
stacked veins were identified during Q4-2019 programme that
returned up to 35.86 grammes per tonnes ('g/t') gold ('Au') at
surface
-- One hole planned to test historic RMC trench which reported a
best intersection of 38.00 metres grading 2.21 g/t Au
-- Further detailed mapping of the northern Bakassi Zone is
intended before drilling, with the aim of expanding the planned
drill programme to a full 3,000m
-- Maiden drill programme anticipated late 2020
Oriole CEO Tim Livesey, said:
"Results to date have defined significant gold mineralisation
over a strike of more than five kilometres at Bakassi and we
already have a good understanding of the mineralising systems in
two dimensions. With a c.2,000m drilling programme already in
sight, we are looking forward to testing the system in the third
dimension during H2 and recommencing our fieldwork in Cameroon as
soon as the current global situation allows. "
Further Details
In Q4-2019, the Company reported that it had identified drill
targets at the Bibemi licence in Cameroon for an initial fourteen
diamond holes (14 November 2019). The planned maiden programme,
focussed on the Bakassi Zone, has been designed to test the
depth-extension of mineralisation identified to date, including a
previous trenching intersection of up to 9m @ 3.14 g/t Au
(announcement dated 21 May 2019).
Detailed (1:2,000 scale) mapping at the north-eastern end of the
central Bakassi area ('Bakassi' or the 'Prospect') during December,
confirmed the continuation of mineralisation in Zone 1 by 1.3
kilometres to over 5.0 kilometres, with rock-chip samples from
stacked veins returning up to 35.86 g/t Au. The stacked veins
cross-cut a former RMC trench (T13) which has a reported best
intersection of 38.00 metres grading 2.21 g/t Au, although this is
not JORC 2012 compliant and requires validation. Accordingly, a
further three drill holes have been planned for 380m, bringing the
total programme to 1,940m for 17 holes.
Prior to drilling, the team will be deployed to site to
recommence detailed (1:2,000 scale) mapping of the north-eastern
end of the Bakassi Zone, which remains open along strike, with the
intention of expanding the planned drill programme to a full
3,000m. Subject to the conclusion of ongoing asset realisations,
and existing COVID-19 restrictions in Cameroon, drill mobilisation
is anticipated in late 2020.
For further information on Bibemi, including a drill plan and
JORC Table 1 disclosure, please see the following
page of our website https://orioleresources.com/projects/bibemi-and-wapouze/ .
[1] Based on raw data provided to the Company. Results for this
intersection do not meet JORC 2012 standards and so verification
through further exploration is required.
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. 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. 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 / Niall McDonald
WH Ireland Tel: +44 (0)20 7220 1666
Adrian Hadden / Darshan Patel /
Lydia Zychowska
Notes to Editors:
Oriole Resources PLC is an AIM-quoted exploration company,
operating West Africa. It is focused on early-stage exploration in
Cameroon (Bibemi and Wapouzé projects) and the more advanced Senala
gold project in Senegal, where IAMGOLD has the option to spend
US$8m to earn a 70% interest. Year two 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 both regions.
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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