TIDMORR
RNS Number : 3483D
Oriole Resources PLC
21 June 2023
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Significant Mineralised Intervals Returned at Mbe, Cameroon
-
including 8.47 g/t gold over 2.20 metres
Oriole Resources (AIM: ORR), the AIM-quoted exploration company
focussed on West Africa, is pleased to provide exploration results
for its Mbe prospect ('Mbe' or the 'Prospect') within the Mbe
licence. A pilot channel-chip sampling programme, which was
completed last month (announcement dated 24 May 2023), has returned
significant mineralised intervals across all six sample lines,
including 2.20 metres ('m') grading 8.47 grammes per tonne ('g/t')
gold ('Au') and 5.00m grading 2.03 g/t Au.
Mbe is part of the Eastern CLP project ('Eastern CLP', or the
'Project') and lies 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 pegmatite-hosted lithium.
Highlights
-- During Q2-2023, minor artisanal pits exposed narrow,
trench-like profiles at six locations over a 200m strike length of
one of the shear veins in the main three kilometre ('km')-long by
70m wide corridor at Mbe;
-- The hand-dug workings enabled the collection of channel-chip
samples on short 2-5m wide lines that are approximately
perpendicular to the dominant north-east shear trend and provide a
small window into the much wider corridor of mineralised veins;
-- Results for a total of 19 channel-chip samples (22 including
QAQC) have returned mineralised intervals across all six sample
lines, with 11 samples grading over 1 g/t Au. Best intervals (using
a 0.30 g/t Au cut off) include:
o MBTR01 : 2.20m @ 8.47 g/t Au
o MBTR02 : 5.00m @ 0.90 g/t Au
o MBTR04 : 5.00m @ 2.03 g/t Au
o MBTR05: 2.10m @ 3.69 g/t Au
-- Samples were all taken from oxide material within a few
metres of surface, with all channel sample lines ending in
mineralisation on one or both sides of the interval (therefore the
end of mineralisation being dictated by the geometry of the
artisanal pit rather than a lack of grade). The full width of the
mineralised zone is not fully sampled but is estimated to be
approximately 70m considering the distribution of surface
outcrops;
-- Mineralisation has been returned from a range of host rocks
including variably brecciated shear and extensional quartz veins
and altered wall rock. The highest grade returned from a wall rock
sample was 5.94 g/t Au over 0.90m, within the MBTR05 interval,
suggesting the potential for near-surface bulk-minable
mineralisation;
-- Maiden drilling at the Prospect is planned for the 2023/24 field season;
-- Work on previously announced project level funding for the
forthcoming Eastern CLP work programmes is still in progress and is
now forecast to complete in Q3-2023.
Oriole Resources Exploration & Business Development
Director, Claire Bay, said: "The Central Licence Package, and
indeed Cameroon as a whole, continues to highlight itself as an
exciting new frontier for mineral exploration. These latest results
are no exception .
"Having been on the ground with the team just last month, it's
extremely pleasing to have validated our geological observations so
quickly and with such success. The fact that we have now confirmed
significant widths of multi-gramme gold mineralisation within a few
metres of surface, and extending over a 200m strike length, not
only endorses our previous selective rock-chip results, it
highlights the enormous opportunity that exists at the Prospect and
within the wider Project. It's important to note that this
200m-long section covers just one vein within a 3km-long by
70m-wide mineralised corridor at Mbe, and that Mbe is just one
Prospect within the Eastern CLP project.
"Mbe has a prime location, being close to the regional airport,
tarred road, power and water. With Oriole having published
Cameroon's first JORC-Compliant gold resource just last year at its
Bibemi project, Mbe is fast becoming the next target for resource
development, and we look forward to a maiden drilling programme in
the next field season, as well as following-up on other geochemical
anomalies identified at the Project. We have plenty of space to
find multiple 'Mbes' and that is hugely exciting."
Figure 1: Location of the best channel sampling intervals over a
200m-long zone of one shear vein within the main 3km-long corridor
at Mbe.
Further Details
At the CLP project (total 4,091 square kilometre ('km(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, including pegmatite-hosted lithium. 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;
covering a total of 2,266km(2) licences were granted in February
2021 and have an initial exploration term of three years, plus
three renewable extensions of two years each.
In Q1-2023, 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/pits
have exposed narrow (3-4m wide) trench-like profiles that have
enabled the collection of 19 channel-chip samples (22 including
QAQC) on six parallel lines (Figure 2). These are approximately
perpendicular to the dominant north-east shear trend and cover a
200m strike length of one of the multiple mineralised veins within
the broader 70m-wide corridor. They should be considered partial
trenches as they do not test the full width of the mineralised
zone, only the portion exposed in the artisanal pit.
Figure 2. Main: Rock-chip sampling results to date within the
main 3km-long gold-mineralised corridor at Mbe. Inset: Location of
the best channel sampling intervals over a 200m-long zone within
the main corridor.
Results have returned 17 samples grading more than 1 g/t Au and
mineralised intervals on all lines, as detailed in Table 1 (also
see Figures 1 and 2). Best intervals include 2.20m grading 8.47 g/t
Au (MBTR001), 5.00m grading 2.03 g/t Au (MBTR004) and 2.10m grading
3.69 g/t Au (MBTR005).
Table 1. Significant mineralised intervals (using 0.30 g/t Au
cut off) from channel-chip sampling* at Mbe.
Trench number Interval Length Average Grade
(m) (g/t)
MBTR001 2.20 8.47
---------------- --------------
including 1.20 14.30
---------------- --------------
MBTR002 5.00 0.90
---------------- --------------
including 2.00 1.08
---------------- --------------
MBTR003** 0.20 5.00
---------------- --------------
MBTR004 5.00 2.03
---------------- --------------
including 2.00 3.52
---------------- --------------
MBTR005 2.10 3.69
---------------- --------------
including 0.90 5.94
---------------- --------------
MBTR006 3.00 0.88
---------------- --------------
including 1.20 1.13
---------------- --------------
*Completed perpendicular to the north-east shear zone where
possible, subject to the artisanal pit geometry and therefore have
not tested the full width of the mineralisation.
**A single sample taken over a single extensional quartz vein;
wall rock not tested.
Mineralisation has been confirmed in steeply-dipping, shear
parallel (north-east trending) massive silica veins, that are up to
3m wide and can pinch and swell with depth, as well as narrower (up
to 1m wide), extensional quartz veins that are also steeply-dipping
and typically trend north-west (Figure 3B).
Figure 3: Photos taken across partial trenches MBTR004 (A;
viewing to the south-southwest) and MBTR001 (B; viewing towards the
south) showing approximate location of sampling over intersecting
shear and extensional vein sets.
However, as seen at surface, significant gold grades have also
been returned from the strongly altered wall rocks, including 0.90m
grading 5.94 g/t Au in MBTR005 (Figure 4). As highlighted by Figure
1, 3 and 4, the length of the mineralised interval was often
limited by the width of the artisanal pits, with all intervals
ending in mineralisation in one or both directions. The full width
of the mineralised zone is therefore not yet fully tested; however,
it is believed to be at least 70m wide based on the distribution of
mineralised outcrops at surface (Figure 2). 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.
Figure 4: Photo taken across partial trench MBTR005 at Mbe,
highlighting approximate location of channel-chip sampling across a
central shear-parallel vein of massive silica and high-grade gold
extending into the surrounding altered granitoid wall rock to the
east. Viewing towards the north-northwest.
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. The financing was
initially scheduled for completion in Q2-2023 but the Company has
been advised that this will now extend into Q3-2023.
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.
** ENDS **
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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