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Oriole Resources PLC - Expansion of Planned Drill Programme at Bibemi

RNS Number : 3615M
Oriole Resources PLC
11 May 2020
 

Oriole Resources PLC

 

('Oriole' or 'the Company')

 

 Expansion of Planned 2020 Drill Programme at Bibemi

 

Oriole Resources PLC, the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its Bibemi gold project in Cameroon. The project is held by Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), through its wholly-owned subsidiaries Reservoir Minerals (BVI) Cameroon and Reservoir Minerals Cameroon Sarl ('RMC'). Results from the exploration programme in Q4-2019 (Announcement dated 22 January 2020), have enabled the Company to expand its planned 2020 drilling campaign at the Bakassi Zone ('Bakassi Zone' or the 'Prospect') to almost 2,000 metres ('m'). The Company plans to commence its maiden drilling programme later this year, subject to easing of COVID-19 related travel restrictions.

 

 

 

Highlights

 

·    Planned diamond drilling programme expanded to 1,940 metres (17 holes) at Bakassi Zone;

·   Three new holes designed to intersect, at depth, mineralised stacked veins were identified during Q4-2019 programme that returned up to 35.86 grammes per tonnes ('g/t') gold ('Au') at surface

·    One hole planned to test historic RMC trench which reported a best intersection of 38.00 metres grading 2.21 g/t Au

·  Further detailed mapping of the northern Bakassi Zone is intended before drilling, with the aim of expanding the planned drill programme to a full 3,000m

·    Maiden drill programme anticipated late 2020

 

 

Oriole CEO Tim Livesey, said:  

"Results to date have defined significant gold mineralisation over a strike of more than five kilometres at Bakassi and we already have a good understanding of the mineralising systems in two dimensions. With a c.2,000m drilling programme already in sight, we are looking forward to testing the system in the third dimension during H2 and recommencing our fieldwork in Cameroon as soon as the current global situation allows."

 

 

Further Details

In Q4-2019, the Company reported that it had identified drill targets at the Bibemi licence in Cameroon for an initial fourteen diamond holes (14 November 2019). The planned maiden programme, focussed on the Bakassi Zone, has been designed to test the depth-extension of mineralisation identified to date, including a previous trenching intersection of up to 9m @ 3.14 g/t Au (announcement dated 21 May 2019).           

 

Detailed (1:2,000 scale) mapping at the north-eastern end of the central Bakassi area ('Bakassi' or the 'Prospect') during December, confirmed the continuation of mineralisation in Zone 1 by 1.3 kilometres to over 5.0 kilometres, with rock-chip samples from stacked veins returning up to 35.86 g/t Au. The stacked veins cross-cut a former RMC trench (T13) which has a reported best intersection of 38.00 metres grading 2.21 g/t Au, although this is not JORC 2012 compliant and requires validation. Accordingly, a further three drill holes have been planned for 380m, bringing the total programme to 1,940m for 17 holes.

 

Prior to drilling, the team will be deployed to site to recommence detailed (1:2,000 scale) mapping of the north-eastern end of the Bakassi Zone, which remains open along strike, with the intention of expanding the planned drill programme to a full 3,000m. Subject to the conclusion of ongoing asset realisations, and existing COVID-19 restrictions in Cameroon, drill mobilisation is anticipated in late 2020.

 

For further information on Bibemi, including a drill plan and JORC Table 1 disclosure, please see the following page of our website https://orioleresources.com/projects/bibemi-and-wapouze/.

 

[1] Based on raw data provided to the Company. Results for this intersection do not meet JORC 2012 standards and so verification through further exploration is required.

 

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.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

 

** ENDS **

 

For further information please visit www.orioleresources.com,  @OrioleResources on Twitter, 

or contact:

 

Oriole Resources PLC

Tim Livesey / Bob Smeeton / Claire Bay

 

Tel: +44 (0)20 7830 9650

Blytheweigh (IR/PR contact)

Tim Blythe / Megan Ray / Rachael Brooks

 

Tel: +44 (0)20 7138 3204

Grant Thornton UK LLP

Samantha Harrison / Niall McDonald

 

Tel: +44 (0)20 7383 5100

WH Ireland

Adrian Hadden / Darshan Patel / Lydia Zychowska

 

Tel: +44 (0)20 7220 1666

Notes to Editors:

 

Oriole Resources PLC is an AIM-quoted 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$8m 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.

 

 

 


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 [email protected] or visit www.rns.com.
 
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