TIDMORR
RNS Number : 4127U
Oriole Resources PLC
06 April 2021
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Acquisition of 51% of Reservoir Minerals Cameroon Sarl
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration
company focussed on West Africa, is pleased to confirm that it has
secured a controlling position in Reservoir Minerals Cameroon Sarl
('RMC Sarl'), a former subsidiary of Bureau d'Etudes et
d'Investigations Géologico-minières, Géotechniques et Géophysiques
SARL ('BEIG3'), for its early-stage exploration licences in
Cameroon.
Following completion of an initial funding commitment of US$1.56
million over two years at the Bibemi and Wapouzé projects in
northern Cameroon, the Company has now formalised its 51% ownership
of the local holding company, RMC Sarl, that also holds three of
the newly-granted licences in central Cameroon (announcement dated
3 February 2021). Completion of the drilling programme at Bibemi is
expected to see the Company meet its second expenditure commitment
to acquire a 90% interest in all five licences.
Highlights
-- The Company has acquired 51% ownership of RMC Sarl, the
holding company for the Bibemi and Wapouzé orogenic gold projects
in northern Cameroon;
-- 51% ownership of the Mana, Dogon and Sanga licences in
central Cameroon have also been acquired at no additional cost.
These licences are contiguous with the Company's 90%-owned licences
in central Cameroon, which together form a 3,592 square kilometre
("km(2) ") district-scale land package;
-- Completion of the ongoing maiden drilling programme at Bibemi
is expected to satisfy Oriole's second earn-in commitment to
acquire a 90% interest in all five licences.
Oriole Resources CEO, Tim Livesey, said : "The transfer of
ownership of 51% of RMC Cameroon SARL is another key milestone for
Oriole, with the final increase to 90% ownership expected at the
end of this initial drill programme.
"With controlling interest in a total of ten licences at varying
stages of exploration (held between RMC Cameroon SARL and our
90%-owned subsidiary Oriole Cameroon SARL), including a significant
footprint in Central Cameroon, giving us a total land package of
almost 4,000 km(2) , we are well placed as first movers in this new
frontier for gold exploration."
Further Details
Under the terms of an Option Agreement signed in June 2018, the
Company recently completed US$1.56 million of exploration funding
at BEIG3's Bibemi and Wapouzé gold projects in return for an
initial 51% interest (announcement dated 12 June 2018). The Company
today reports that is has formalised its majority ownership of the
projects through the acquisition of a 51% interest in the local
holding company RMC Sarl, a former wholly-owned subsidiary of
BEIG3.
At the more advanced Bibemi project, a maiden drilling programme
is currently underway for a planned 3,080 metres ('m') in 28 holes.
Recently reported results for the first hole have confirmed the
continuity of the orogenic gold system to more than 90m below
surface, with a best intersection of 1m grading 4.09 grammes per
tonne ('g/t') gold ('Au') (announcement dated 31 March 2021).
Further results from the programme are expected throughout Q2-2021.
At the Wapouzé project, located 20 kilometres ('km') to the north,
a recent 150m pilot trenching programme across of portion of the
8km-long gold-in-soil anomaly has not returned any significant
intersections. The team is currently reviewing all data, including
what it is seeing in the drill core at Bibemi, ahead of potential
follow-up work later in the year.
The Company has also acquired, at no additional cost, a 51%
interest in RMC Sarl's recently-granted Mana, Dogon and Sanga
licences in central Cameroon (announcement dated 3 February 2021).
These licences, together with the five licences held through the
Company's 90%-owned local subsidiary, Oriole Cameroon Sarl, are
part of a contiguous, district-scale land package that covers
3,592km(2) of highly prospective geological terrane. An orientation
study has recently been completed at the licences ahead of a
package-wide mapping and stream sediment sampling programme,
planned to commence later this quarter.
Completion of the drilling programme at Bibemi is expected to
see the Company meets its second commitment (a further US$1.56
million) to earn a 90% interest in all five licences, after which
BEIG3 will have a 10% free-carried interest in each of the licences
up until the definition of a minimum Measured and Indicated
resource of 50,000 ounces of gold with Oriole having the remaining
beneficial interest. Thereafter, funding will be pro-rata on a
contribute or dilute basis.
For further information on the Company's project, please see the
following page of the Company's website
https://orioleresources.com/projects/.
** 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 / 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 Licences 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
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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