Oriole Resources PLC Drilling Confirms Visible Gold at Lawa Prospects (1848V)
April 12 2021 - 8:24AM
UK Regulatory
TIDMORR
RNS Number : 1848V
Oriole Resources PLC
12 April 2021
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Bibemi Drilling Confirms Visible Gold at Lawa Prospects
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration
company focussed on West Africa, is pleased to provide an update on
the ongoing maiden diamond drilling programme, for a planned 3,080
metres in 28 holes, at its 51%-owned Bibemi gold project ('Bibemi')
in Cameroon.
The programme is focussed on testing the depth extension of
surface gold mineralisation identified at four key prospects -
Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - within a
c.8.3-kilometre-long orogenic gold system that remains open to the
southwest. Previous surface exploration programmes have returned up
to 135.40 grammes per tonne ('g/t') of gold ('Au') from selective
rock-chip sampling (announcement dated 27 November 2018) and 9
metres grading 3.14 g/t Au from trench sampling (announcement dated
21 May 2019).
The Company today reports that visible free gold mineralisation
has been identified in multiple holes; at the Lawa West prospect
(hole BBDD019) and the Lawa East prospect (holes BBDD014 and
BBDD020), both located towards the southern extent of the system.
The gold is hosted by quartz-tourmaline veins up to 1 metre wide,
at a downhole depth of approximately 70 metres, and has a strong
association with pyrite, occurring as both finely disseminated and
coarser grains, some of which is visible in the pre-cut core in
holes BBDD019 and BBDD020. As at Bakassi Zone 1, for which initial
results have recently been reported (announcement dated 31 March
2021), holes were predominantly drilled at an inclination of -50
degrees towards the northwest, in order to intersect the dominantly
northeast trending (and steeply southeast-dipping) structure.
However, at Lawa West and Lawa East, there is a second
east-northeast trending shear that intersects the first and appears
to have a strong control on the grade distribution in the area.
Photos of the mineralisation observed downhole, with areas of
visible gold highlighted (covering holes BBDD014, BBDD019 and
BBDD020) can be viewed at the following link
http://www.rns-pdf.londonstockexchange.com/rns/1848V_1-2021-4-12.pdf
Recently reported results for the first hole (Bakassi Zone 1)
confirmed the continuity of the orogenic gold system to more than
90 metres below surface, with a best intersection of 1 metre
grading 4.09 g/t Au (announcement dated 31 March 2021), and the
system remains open at depth. The team is now three-quarters of the
way through the planned programme, with a total of 2,233.55 metres
complete in 21 holes. Further results from the programme are
expected throughout Q2-2021.
BEIG3 Option Agreement
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, and three
newly-granted licences in Central Cameroon, by spending US$3.12
million over four years (announcements dated 12 June 2018 and 6
April 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.
For further information on the Bibemi project, please see the
following page of the Company's website
https://orioleresources.com/projects/bibemi/.
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. BBDD001 was drilled at an inclination
of -50 degrees and so true thickness of the mineralised intervals
is c. 77% of those reported. 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.
** 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 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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