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Oriole Resources PLC - High-grades Continue at Bibemi

RNS Number : 5088A
Oriole Resources PLC
22 January 2020
 

Oriole Resources PLC 

('Oriole Resources' or 'the Company' or 'the Group')

 

High-grades Continue at Bibemi

 

Oriole Resources, the AIM-quoted exploration company focused on West Africa, is pleased to provide an update on its Bibemi gold project in Cameroon, where it is earning up to a 90% interest through its partnership with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ("BEIG3"). Recent mapping over the main Bakassi area has 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 per tonnes ("g/t") gold ("Au").

 

Highlights

·    Drill collars pegged for planned 1,500 metre initial drill programme;

·    Rock-chip sampling of 'Category 1' quartz tourmaline veins all mineralised, returning up to 35.86 g/t Au;

·    Mapping over north-east Bakassi zone confirms mineralisation continues over more than 5.0 kilometres - presence of stacked veins is highly prospective for enhanced concentrations of gold mineralisation;

·    Further drill holes being planned to test north-eastern Bakassi area.

 

 

Oriole Resources CEO, Tim Livesey, said: "The results of our initial mapping, trenching and sampling programmes in 2018/19 confirmed extensive gold anomalism but it was clear that gaining a better understanding of the structural setting would be essential in order for us to identify the most prospective areas of mineralisation where there is potential to define a resource. 

"We are delighted to see such positive results at the beginning of the 2020 field season. The mapping has confirmed extension of the Zone 1 structure to the north-east and, importantly, the presence of sub-horizontal stacked veins is very encouraging for the development of a resource target. 

"Rock-chip sampling along this structure has returned consistent gold mineralisation, with all 10 samples from "Category 1" veins showing gold mineralisation, the highest grade being 35.86 g/t Au.  

"This again highlights the prospectivity of the Bakassi area, continuing to confirm our geological model and affording us the opportunity to go on to identify significant widths of gold mineralisation in the system. 

"This has been a fantastic start to our field season in Cameroon. It's rare to have your geological models advanced and supported so strongly, with every analysis coming back positive for gold. This is a great credit to our geological team who have developed and tested this hypothesis, yet again highlighting the value of having "boots on the ground". 

"We look forward to following-up with further field work and a targeted diamond drill programme during 2020."

 

 

Further Details

During Q4-2019, the Oriole team completed ground-truthing of 14 proposed drill locations for its planned initial 1,500 metre diamond drilling programme (announcement dated 14 November 2019). The work has confirmed that only minimal preparation works are required ahead of drilling and the holes have been pegged accordingly. Drilling will focus on the Bakassi area and will test the depth-extension of mineralisation identified to date, including beneath previous best intersection of 9.0 metres grading 3.14 g/t Au from trench BT-021 (announcement dated 21 May 2019).

 

The team also completed detailed (1:2,000 scale) mapping over a 5.2 square kilometre area at the north-eastern end of the Bakassi area, including to the north of BT-021, where earlier selective rock-chip sampling returned up to 135.40 g/t Au (announced dated 27 November 2018). Mapped lithologies are consistent with those identified previously, namely meta-sediments (phyllite, metapelite, shale, and quartzite) in the eastern part of the mapped area (Zone 2), tonalite and granodiorite in western part of mapped area (Zone 1) and meta-sediments intercalated with mafic schists in the area in between Zone 1 and Zone 2.

 

Structurally-speaking, the entire Bakassi area appears to be a succession of folds with north-northeast axes. Mapping has confirmed the extension of mineralisation within the Zone 1 structural corridor by 1.3 kilometres to the north-east, to approximately 5.3 kilometres. The team also identified multiple sets of sub-horizontal, stacked quartz veins that could support enhanced volumes of gold mineralisation in this area. 10 selective samples of 'Category 1' quartz-tourmaline veins, previously identified as being the most prospective for gold mineralisation, were taken to support the mapping. All samples were mineralised (>0.10 g/t Au) and seven samples graded greater than 2.00 g/t Au, with best results of 35.86 g/t Au, 23.30 g/t Au and 19.70 g/t Au (Table 1). One sample (BBR001) from a 'Category 2' saccharoidal quartz vein with iron oxides, not expected to carry grade, was confirmed to be barren and, together with the mineralised examples, reaffirm the team's understanding of the structural controls on gold mineralisation.

 

Table 1. Rock-chip sampling results from northern Bakassi area

Sample ID

Grade (g/t Au)*

Vein type

BBR001

<0.02

Category 2

BBR002

19.61

Category 1

BBR003

0.69

Category 1

BBR004

2.61

Category 1

BBR005

35.86

Category 1

BBR006

3.61

Category 1

BBR007

0.19

Category 1

BBR008

2.54

Category 1

BBR009

0.91

Category 1

BBR010

23.14

Category 1

BBR011

4.37

Category 1

* 0.10 g/t Au cut off

 

On the basis of the work completed, the team is currently planning additional drill holes to supplement the initial planned c.1,500 programme. The Company plans to complete the programme during 2020.

 

For further information, including a map showing the latest results and JORC Table 1, please see the following page of our website https://orioleresources.com/projects/bibemi-and-wapouze/.

 

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 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.

 

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

or contact:

 

 

Oriole Resources Plc

Tel: +44 (0)20 7830 9650

Tim Livesey / Bob Smeeton / 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 / Ben Roberts / Niall McDonald

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, focussed on 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 1 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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