TIDMORR
RNS Number : 4227A
Oriole Resources PLC
24 May 2023
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Mbe Exploration Update, Cameroon
Oriole Resources (AIM: ORR), the AIM-quoted exploration company
focussed on West Africa, provides an exploration update on its Mbe
prospect ('Mbe' or the 'Prospect'), where a pilot channel-chip
sampling programme has been completed. Mbe, which is part of the
Eastern CLP project ('Eastern CLP', or the 'Project') within its
90%-owned, district-scale Central Licence Package ('CLP') in
Cameroon. The CLP covers Paleo-Proterozoic to Pan-African age rocks
that are highly prospective for a range of commodities, including
orogenic-style gold mineralisation and lithium.
Highlights
-- In Q1-2023, selective rock-chip sampling at Mbe delivered 17
samples grading over 1 g/t Au from a north-northeast trending
structural corridor that cross-cuts a broader 12km-long anomaly.
The corridor is 3km-long and at least 70m-wide;
-- Mineralised veins within this corridor returned grades of up to 134.10 g/t Au;
-- Minor artisanal workings have exposed narrow trench-like
profiles at six locations over a 200m strike length of one of the
shear veins in the main corridor, which has enabled the collection
of channel-chip samples on lines that are perpendicular to the
dominant north-east shear trend;
-- Steeply-dipping, shear-parallel, massive silica veins are
observed over zones up to 3m wide, with strong alteration extending
into the wall rock. These zones are intersected by narrower (up to
1m wide), extensional quartz veins that are steeply dipping to the
northeast and typically trend north-west;
-- Both structures have abundant sulphides, predominantly
pyrite, and visible gold has been observed in the extensional
veins;
-- A total of 22 (including QAQC) channel-chip samples have been
collected and will now be sent for analysis, with results
anticipated in Q3-2023;
-- A full interpretation of data from the recently-completed
ground-based geophysics programme is also anticipated during
Q3-2023 and will assist with the identification of these and other
structures at depth to enable development of the geological
model;
-- The deep weathering profile is typical of that seen in the
Birimian rocks of West Africa and offers the potential for
bulk-mineable mineralisation from surface. Rock-chip sampling to
date has already reported up to 3 g/t Au in the altered wall
rock;
-- Due to the highly altered nature of the rocks, a total of 23
samples have also been collected for thin section and other
analyses to assist with lithological interpretation and gold
deportment studies;
-- The Company is currently engaged in securing project level
funding for the forthcoming Eastern CLP work programmes, with an
update expected within Q2-2023 (announcement dated 11 April
2023).
Oriole Resources CEO, Tim Livesey , said: " We are very pleased
to see yet more evidence of the size and grade potential of this
gold anomalism in the north of the Mbe licence.
"Two complimentary mineralised vein sets with significant
widths, grades up to 3 g/t gold in the altered host rocks, grades
in excess of 100 g/t gold in the main vein systems and visible gold
identified in the extensional veins - a hugely positive result.
"Although the large footprint of this system led us to
concentrate initially in this northern part of the Mbe licence, we
should remember that we have several other gold anomalies along
this 75 km corridor of the Tchillor é Banyo Shear Zone, again
emphasising the enormous opportunity in this new gold district.
"The second half of 2023 should see us drill testing some of
these targets and we are confident that, with the results seen to
date, we can expect great things from these Eastern CLP
licences."
Figure 1: Photo taken across trench MBTR005 at Mbe, highlighting
approximate location of channel-chip sampling across a 2m-wide,
shear-parallel vein of massive silica and the surrounding altered
granitoid wallrock. Whilst artisanal digging has been completed
along the strike length of the shear vein (therefore in a
north-east direction), sampling has been completed perpendicular to
that trend to ensure representivity.
Further Details
At the CLP project (4,091km(2) in area), located in the centre
of Cameroon, nine contiguous licences (five defined as Eastern CLP,
three defined as Western CLP and the lithium-focussed Gamboukou
licence) cover a land package that has significant potential for
orogenic gold mineralisation and other minerals. The Company has a
90% interest in all nine licences, which it holds through local
subsidiary companies. The Eastern CLP ( Tenekou, Niambaram, Pokor,
Ndom, and Mbe) licences were granted in February 2021 and have an
initial exploration term of three years, plus three renewable
extensions of two years each.
Earlier this year, the Company reported results for a total 76
rock-chip samples (including QAQC) at Mbe, predominantly taken from
a 3km-long (and at least 70m-wide) north-northeast trending
corridor comprising sulphide-rich and locally brecciated quartz
veins within strongly altered granitic host rocks (announcements
dated 30 January 2023 and 27 February 2023). 17 samples yielded
greater than 1 g/t Au with best results including 134.10, 131.80,
64.30, 40.80, 19.44 and 16.20 g/t Au.
Since that work was completed, minor artisanal workings have
exposed narrow trench-like profiles which has enabled the
collection of channel-chip samples on six parallel lines. These are
perpendicular to the dominant north-east shear trend and cover a
200m strike length of one of multiple veins within the broader
70m-wide corridor.
Figure 2. Main: Rock-chip sampling results to date within the
main 3km-long gold-mineralised corridor at Mbe. Inset: Location of
the six short channels over a 200m-long zone within the main
corridor.
The workings have clearly exposed steeply-dipping, dark grey
massive silica veins that are up to 3m wide and can pinch and swell
with depth. These structures are shear-parallel and have pervasive
sulphide mineralisation, predominantly pyrite. These shear veins
are intersected by narrower (up to 1m wide), extensional quartz
veins that are steeply-dipping and typically trend north-west. They
are strongly sheared and contain visible gold.
Whilst surface exposure is limited, these structural
relationships are also observed in sub-crops, an example of which
is shown in the following figure.
Figure 3: Left: Sub-cropping brecciated grey silica vein in
strongly-silicified porphyritic granitic host. Extensional veins
cross-cut in a north-northwest direction, creating sigmoidal
t-veins and dilational jog features. Right: Massive grey silica
quartz vein pinching and swelling over the vertical profile of an
artisanal pit.
Strong alteration is observed extending laterally into the wall
rock and continues to the base of the pits/trenches (up to 4m
depth); a range of mineralisation and alteration styles identified
to date is shown in Figure 4. The deep weathering profile is
typical of that seen in the Birimian rocks of West Africa and
offers the potential for bulk-mineable mineralisation from surface.
Rock-chip sampling to date has already reported up to 3 g/t Au in
the altered wall rock.
A total of 22 samples (including QAQC) have been collected (see
Figure 2) and will now be sent for analysis, with results
anticipated in Q3-2023. It should be noted that these channels only
cover a 3-4m wide cross-section of one of multiple veins within the
70m-wide shear corridor.
Figure 4. Common mineralisation and alteration styles observed
at Mbe.
Due to the highly altered nature of the rocks, a total of 23
samples have also been collected (see Figure 5) for thin section
and other analyses to assist with lithological interpretation and
gold deportment studies.
Figure 5: Location of thin section samples collected over the
main mineralised 3km-long corridor at Mbe, within the Eastern CLP,
on mapped geology.
As previously announced, a ground-based magnetic survey has also
recently been completed over the entire anomalous zone at Mbe to
help identify structures that could further assist in defining the
geological context of the gold anomalism at the prospect.
Processing and interpretation of the data will be completed by
Australia-based Terra Resources during Q3-2023 and will enable the
identification of drill targets, particularly within the main
3km-long corridor.
As announced on 11 April 2023, the Company has engaged a
Canadian investment banking firm to secure US$1 million of
project-level exploration financing in return for a 10% non-carried
interest in the Company's 90% shareholding in the Eastern CLP. The
investment will be earmarked exclusively for gold exploration and
funding the Company's proposed work programme on the Project, thus
enabling the Company to pursue other funding opportunities to
further lithium exploration within the CLP. A further update on
this is anticipated in Q2-2023.
For further information on the CLP project, including a JORC
Table 1, please see the following page of the Company's website
https://orioleresources.com/projects/central-licence-package.
Competent Persons Statement
The information in this release that relates to Exploration
Results has been compiled by Claire Bay (Executive Director,
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.
**S **
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. 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)23 8065 1649
Tim Livesey / Bob Smeeton / Claire
Bay
BlytheRay (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
/ Ciara Donnelly
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Ewan Leggat / Harry Davies-Ball
Notes to Editors:
Oriole Resources PLC is an AIM-listed gold exploration company,
operating in West Africa. It is focussed on early-stage exploration
in Cameroon, where the Company has a maiden Resource of 305,000 oz
Au in the JORC Inferred category at the Bibemi project and has
identified multi-kilometre gold and lithium anomalism within the
district-scale Central Licence Package project. At the more
advanced Senala gold project in Senegal, Oriole was advised by
IAMGOLD on 26 April 2023 that AGEM Senegal Exploration Suarl
('AGEM') was now a wholly-owned subsidiary of Managem Group. As
previously announced, AGEM has earned an initial 51% beneficial
interest by spending US$4 million and has the option to spend up to
a further US$4 million by 28 February 2024 to earn a further 19%
interest. Reverse Circulation drilling is planned as part of AGEM's
Year 6 programme at Senala. The Company also has several interests
and royalties in companies operating in East Africa and Turkey that
could deliver future cash flow.
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