TIDMORR
RNS Number : 7180B
Oriole Resources PLC
14 June 2021
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Bibemi Gold Project
Continues to Deliver High-Grade Intersections
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration
company focussed on West Africa, is pleased to announce further
results from the recently completed 3,118m maiden diamond drilling
programme at its 51%-owned Bibemi gold project ('Bibemi' or 'the
Project') in Cameroon. The results reported today are for holes
BBDD002 to BBDD009, all of which are from the 5.3km-long Bakassi
Zone 1 prospect ('Bakassi Zone 1' or 'the Prospect'), and include
best intersections of 2.45 metres ('m') grading 2.96 grammes per
tonnes ('g/t') Au, 3.60m grading 1.75 g/t Au and 12.40m grading
0.71 g/t Au. The results have confirmed more than 100m vertical
continuity (from surface) to the system, which remains open at
depth.
It is anticipated that the remaining results from the programme,
relating to a further 20 holes, will be released by the end of
Q2-2021.
Highlights
-- Results for 8 holes (BBDD002 to BBDD009) drilled at Bakassi
Zone 1 deliver multiple multi-gramme intersections from two fence
lines (BZ1_L6 and BZL_L7) in the southwest of the prospect and
confirm more than 100m vertical continuity to the system from
surface.
-- Best results, predominantly associated with sub-vertical
laminated (shear-hosted) quartz-tourmaline veins and their
interaction with flatter-lying extensional quartz veins,
include:
BBDD004
o 1.30m grading 1.03 g/t Au from 31.60m
o 1.00m grading 1.44 g/t Au from 97.20m
o 1.00m grading 2.54 g/t Au from 135.20m
BBDD005
o 1.00m grading 1.41 g/t Au from 10.20m
BBDD007
o 2.45m grading 2.96 g/t Au from 95.60m including 1.55m grading
4.30 g/t Au
o 3.60m grading 1.75 g/t Au from 110.30m including 1.20m grading
4.65 g/t Au
BBDD009
o 12.40m grading 0.71 g/t Au from 29.20m, including 1.20m
grading 3.43 g/t Au
o 1.00m grading 1.08 g/t Au from 46.60m
o 1.00m grading 5.65 g/t Au from 60.40m
o 1.00m grading 6.15 g/t Au from 92.40m
-- These results confirm the potential for Bibemi to host
multi-gramme intervals within wider envelopes of lower grade
mineralisation.
-- SRK has recently completed a site visit and endorses the
orientation of the drill programme with respect to the key
structural controls observed. Both styles of veining are believed
to be related to the same mineralising event that appears to be
synchronous with the observed structural deformation.
-- It is still anticipated that the remaining results for
Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East (a total of
20 holes) will be the reported by the end of Q2.
Oriole Resources CEO, Tim Livesey , said: " We are very pleased
to share these early results from the Bakassi Zone 1 prospect, a
significant strike length of mineralisation within the more
extensive Bibemi gold system. These results prove that our
preliminary exploration model for mineralisation is correct and
that the orogenic-style mineralisation we had previously identified
at surface does indeed continue vertically along the mapped shear /
vein systems.
"The structural logging, mapping and interpretation work carried
out by our geological team, in addition to the recent support of a
specialist structural geologist from SRK, has further strengthened
our understanding of the area. Each of the four prospect areas at
Bibemi shows subtly different host geology and dynamic structural
regimes and we are looking forward to developing our geological
models further once the remaining results are returned later this
month.
"Already this maiden drill programme is proving to be a success
and the team is starting to plan the follow-up work programmes that
will commence in Q4."
Further Details
In Q2-2021, the Company completed its maiden drilling programme
to test four key prospects (Bakassi Zone 1, Bakassi Zone 2, Lawa
West and Lawa East) at Bibemi for a total of 3,118m in 29 holes.
First results relating to hole BBDD001, located on the northernmost
fence line at Bakassi Zone 1 (BZ1_L1), confirmed proof of concept
for orogenic gold style mineralisation at Bibemi, with a best
result of 1.00m grading 4.09 g/t Au (announcement dated 31 March
2021).
The results reported today, for eight holes (BBDD002 to BBDD009)
drilled at Bakassi Zone 1, continue to confirm the prospectivity of
the Project, with multiple significant intersections (greater than
0.3 g/t Au) being reported from holes on the two southernmost fence
lines (BZ1_L6 and BZL_L7). A drill plan for Bakassi Zone 1 and a
section across fence line BZ1_L6 (covering holes BBDD004, BBDD005
and BBDD007) can be viewed at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/7180B_1-2021-6-13.pdf
Best intersections include 2.45m grading 2.96 g/t Au and 3.60m
grading 1.75 g/t Au from BBDD007 and 12.40m grading 0.71 g/t Au
from BBDD009 (see Table 1). These holes are located approximately
3.8km and 4.5km to the southwest, respectively, from BBDD001,
highlighting the significant scale of the gold system that has now
a confirmed vertical continuity of more than 100m below surface and
remains open at depth.
Table 1. Significant intersections to date from diamond drilling
at Bakassi Zone 1
Azimuth Inclination
Hole ID (deg) (deg) From (m) To (m) Au (ppm) Au Interval*
1.00m @ 0.66
BBDD001 320 -50 71.15 72.15 0.66 g/t
-------- ------------ --------- ------- --------- --------------
1.00m @ 4.09
and 119.75 120.75 4.09 g/t
-------- ------------ --------- ------- --------- --------------
BBDD002 320 -50 No significant intersections
-------- ------------ ---------------------------------------------
BBDD003 320 -50 No significant intersections
-------- ------------ ---------------------------------------------
3.20m @ 0.53
BBDD004 320 -50 11.40 14.60 0.53 g/t
-------- ------------ --------- ------- --------- --------------
1.30m @ 1.03
and 31.60 32.90 1.03 g/t
-------- ------------ --------- ------- --------- --------------
1.10m @ 0.54
and 39.50 40.60 0.54 g/t
-------- ------------ --------- ------- --------- --------------
1.00m @ 0.44
and 58.40 59.40 0.44 g/t
-------- ------------ --------- ------- --------- --------------
1.00m @ 1.44
and 97.20 98.20 1.44 g/t
-------- ------------ --------- ------- --------- --------------
1.00m @ 2.54
and 135.20 136.20 2.54 g/t
-------- ------------ --------- ------- --------- --------------
1.00m @ 1.41
BBDD005 320 -50 10.20 11.20 1.41 g/t
-------- ------------ --------- ------- --------- --------------
1.00m @ 0.44
and 55.40 56.40 0.44 g/t
-------- ------------ --------- ------- --------- --------------
1.00m @ 0.39
and 90.40 91.40 0.39 g/t
-------- ------------ --------- ------- --------- --------------
BBDD006 320 -50 No significant intersections
-------- ------------ ---------------------------------------------
2.00m @ 0.56
BBDD007 320 -65 27.40 29.40 0.56 g/t
-------- ------------ --------- ------- --------- --------------
2.45m @ 2.96
and 95.60 98.05 2.96 g/t
-------- ------------ --------- ------- --------- --------------
1.55m @ 4.30
including 96.50 98.05 4.30 g/t
-------- ------------ --------- ------- --------- --------------
3.60m @ 1.75
and 110.30 113.90 1.75 g/t
-------- ------------ --------- ------- --------- --------------
1.20m @ 4.65
including 110.30 111.50 4.65 g/t
-------- ------------ --------- ------- --------- --------------
BBDD008 320 -50 Not sampled**
-------- ------------ ---------------------------------------------
12.40m @ 0.71
BBDD009 320 -50 29.20 41.60 0.71 g/t
-------- ------------ --------- ------- --------- --------------
1.20m @ 3.43
including 40.40 41.60 3.43 g/t
-------- ------------ --------- ------- --------- --------------
1.00m @ 1.08
and 46.60 47.60 1.08 g/t
-------- ------------ --------- ------- --------- --------------
1.00m @ 5.65
and 60.40 61.40 5.65 g/t
-------- ------------ --------- ------- --------- --------------
1.00m @ 6.15
and 92.40 93.40 6.15 g/t
-------- ------------ --------- ------- --------- --------------
* Intervals greater than 1m in wide, calculated using a 0.3 g/t
Au cut-off and no more than 50% internal dilution. True widths are
approximately 77% (for holes inclined -50 degrees) to 91% (for
holes inclined -65 degrees) of the reported downhole interval.
** Abandoned due to broken ground / poor recoveries. Re-drilled
as hole BBDD009.
The reported intersections are predominately associated with
northeast-trending, laminated (shear-parallel) quartz-tourmaline
veins that dip steeply to the southeast and their interaction with
flatter-lying extensional quartz veins that are sub-horizontal to
shallowly east-dipping. The shear veins can range from a few
centimetres to over a metre in width, with the high-grade ore
shoots likely to plunge in a north-easterly direction, being
parallel to the intersection of the vein sets. A recent site visit
by independent consultant SRK has confirmed that the drilling
programme was conducted at a favourable orientation with respect to
ensuring both structural orientations were intersected. Both vein
sets are believed to be broadly contemporaneous, having formed
during the same structural deformation event. Results for a further
five holes are still awaited for this Prospect.
All remaining samples from the programme have now been received
by Bureau Veritas in Cote d'Ivoire for assaying, with subsequent
multi-element analysis being completed at Bureau veritas in Canada.
The Company still anticipates that full gold results for the
programme will be released before the end of Q2-2021.
For further information on the Bibemi project, including drill
plans and a JORC Table 1, please see the following page of the
Company's website https://orioleresources.com/projects/bibemi/.
Under the terms of its option agreement with Bureau d'Etudes et
d'Investigations Géologico-minières, Géotechniques et Géophysiques
SARL ('BEIG3'), the Company has satisfied the conditions to earn a
90% interest in RMC Cameroon SARL, which owns Bibemi, the Wapouzé
project (20km to the north) and three licences in Central Cameroon.
The administrative process to formalise this ownership is currently
underway, including the formation of a new local subsidiary company
into which the licences can be transferred.
At the Central Cameroon project, located approximately 300km to
the southwest of Bibemi, regional mapping and stream sediment
sampling programme is continuing over the entire 3,592 square
kilometre land package . To date, a total of 368 samples of a
planned 1,360 samples have been collected, with two of the eight
licences (Niambaran and Tenekou) now complete. As previously
reported, results are expected in H2-2021.
For further information on the Central Licences project, please
see the following page of the Company's website
https://orioleresources.com/projects/central-cameroon/.
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.
** ENDS **
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU No. 596/2014) which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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 / 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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFJMBTMTMBTJB
(END) Dow Jones Newswires
June 14, 2021 02:00 ET (06:00 GMT)
Oriole Resources (LSE:ORR)
Historical Stock Chart
From Apr 2024 to May 2024
Oriole Resources (LSE:ORR)
Historical Stock Chart
From May 2023 to May 2024