TIDMORR
RNS Number : 7976F
Oriole Resources PLC
19 November 2020
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Update on Mobilisation of Drill Equipment to Bibemi Project ,
Cameroon
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration
company focussed on West Africa, is pleased to provide an update on
its mobilisation of drill equipment to its Bibemi Project ('Bibemi'
or the 'Project') in Cameroon (Announcement dated 24 September
2020). The Company is pleased to report that the drill rig has now
been dispatched and is expected to arrive in Cameroon in early
December 2020. Due to COVID-19 related border restrictions at the
country of origin, this arrival schedule is approximately three
weeks later than originally planned. However, the Company still
anticipates being in a position to commence its 3,000m diamond
drilling programme before the end of the year.
Meanwhile, the Oriole team has been working in Cameroon since
early October and has now completed the planned detailed geological
mapping at the northern extension of the Bakassi zone. It has also
completed the planned reconnaissance mapping over the southern
extension of that zone.
Highlights
-- Following minor COVID-19-related border restrictions, Capital
Ltd has now dispatched a Boart Longyear diamond drill rig from Mali
and will shortly be shipping it to Cameroon via Dakar, Senegal;
-- Ancillary equipment is currently en route from South Africa to Cameroon by sea;
-- Both shipments are expected to arrive in Cameroon early next month;
-- Construction of the drill camp is well underway;
-- 17 drill holes have already been identified within the
high-grade Bakassi area ('Bakassi' or 'the Prospect') for a planned
1,940m and construction of the drill pads is now complete;
-- The programme will focus on testing the depth-extension of
mineralisation identified to date;
-- Detailed mapping of Bakassi to the northeast, and
reconnaissance mapping to the southwest is now complete - data
currently being compiled and interpreted;
-- Subject to the usual customs clearance procedures and
mobilisation of all equipment to site, the Company still
anticipates commencing its 3,000m maiden diamond drilling programme
at the Bakassi before the end of the year, assuming no further
delays.
Oriole Resources CEO, Tim Livesey, said : "The mobilisation of
the drill rig is a key milestone in the work stream and we are
working hard to ensure a clean passage through customs when the
equipment arrives in Cameroon, in anticipation of drilling
commencing before the end of the year. A programme of 17 holes for
1,940m has already been designed but results from the recently
completed mapping programmes to test the north-eastern and
south-western extensions at Bakassi are expected to deliver further
drill targets.
"We are confident that Bibemi will continue to build on the good
results we've already yielded from the rock chip sampling and
trenching programmes, and it will be great to get some vertical
extension to the significant trends that the team have already
identified on surface.
"We look forward to sharing the results of our drill programme
with our shareholders early next year."
Further Details
Under the terms of its option agreement with Bureau d'Etudes et
d'Investigations Géologico-minières, Géotechniques et Géophysiques
SARL ('BEIG3'), the Company is earning-up to a 90% interest in the
Bibemi and Wapouzé projects in northern Cameroon by spending
US$3.12 million over four years (announcement dated 12 June 2018).
The Company is currently in year three of that investment
period.
The Company announced on 24 September 2020 that it had signed a
3,000m diamond drilling contract with Capital Ltd to enable a
maiden drilling programme at the Project. Mobilisation of equipment
is now well advanced, with all shipments expected to arrive in
Cameroon early in December 2020. Due to COVID-19 related border
restrictions at the country of origin, this arrival schedule is
approximately three weeks later than originally planned. Assuming
no further delays, and following customs clearance of the drilling
equipment and its transportation to site, the Company anticipates
commencing drilling before the end of the year.
The maiden drilling programme, which will run through Q1-2021,
will focus on testing the depth-extension of mineralisation at
Bakassi. To date, the Company has identified and pegged targets for
an initial 1,940 metres of drilling (over 17 holes) that will
particularly focus on the stacked veins recently identified at the
northern end of the 5.3 kilometres 'Zone 1' target. Earlier
sampling there returned up to 35.86 grammes per tonne (' g/t') gold
('Au') from rock-chip sampling and a best trenching intersection of
9m at 3.14 g/t Au (announcement dated 21 May 2019).
The team is currently on site ahead preparing for the drill
campaign, including construction of drill pads (now complete) and a
drill camp. Detailed mapping (1:2,000 scale) along strike to the
north-east of Bakassi, and reconnaissance mapping to the
south-west, has also recently been completed. The data is currently
being compiled and interpreted and is expected to deliver further
drilling targets to support a total 3,000m programme. Completion of
the drilling programme is expected to see Oriole satisfy the
conditions for the Company to earn a 90% interest in the
Project.
For further information on Bibemi, including a drill plan and
JORC Table 1 disclosure, please see the following
page of the Company's website https://orioleresources.com/projects/bibemi-and-wapouze/ .
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
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 / Seamus
Fricker
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 and Wapouzé 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. 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.
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END
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