Oriole Resources PLC (LON:ORR)

Oriole Resources PLC (LON:ORR)


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Oriole Resources PLC RNS Release

Final Results Phase 1 Trenching - Bibemi


RNS Number : 6254Z
Oriole Resources PLC
21 May 2019
 

Oriole Resources PLC 

('Oriole Resources' or 'the Company')

 

Final Results Phase 1 Trenching

- Bibemi Gold Project, Cameroon 

 

Oriole Resources, the AIM-quoted exploration company focused on West Africa, is pleased to provide an exploration update for Cameroon, where it is earning up to a 90% interest in the Bibemi and Wapouzé gold projects. The projects are 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. Final results are reported for Phase 1 trenching at Bibemi, following initial intersections reported earlier in the year (announcement dated 6 March 2019) and rock-chip sampling results in the fourth quarter of 2018 that demonstrated high-grade gold anomalism (up to 135.4 grammes per tonne ("g/t") gold ("Au")) extending over a four kilometre ("km") strike (announcement dated 27 November 2018).

 

The results reported today include a best intersection of nine metres ("m") at 3.14 g/t Au, returned from trench BT-021, located towards the northern extent of the central Bakassi zone. Within this is a higher grade interval of 13.12 g/t Au over 2m, which correlates-well with multiple "bonanza" grade rock-chip samples yielded from nearby quartz veins. 

 

At the earlier-stage Wapouzé project, circa 20km to the north, Phase 1 infill soil sampling has recently been completed and results for a 639 soil samples and 123 rock-chip samples are expected later this quarter.

 

Oriole is a first-mover in Cameroon and, based on results received to date, is looking to expand its position in the country during the year.

 

Highlights:

·    Final results received for Phase 1 trenching at the Bakassi Zone (BT-014 to BT-023), Bibemi. Best results (>0.10 g/t Au) include:

9m at 3.14 g/t Au (BT-021)

§ including 2m at 13.12 g/t Au;

1m at 4.53 g/t Au (BT-019);

16m at 0.50 g/t Au, 2m at 1.27 g/t Au and 2m at 0.84 g/t Au (BT-023);

2m at 1.58 g/t Au (BT-015);

1m at 2.27 g/t Au (BT-017);

2m at 0.92 g/t Au and 1m at 0.56 g/t Au (BT-018);          

2m at 1.28 g/t Au (BT-022);

3m at 0.75 g/t Au (BT-016).

 

·    Selective channel sampling of an individual quartz vein in BT-019 returned 6.64 g/t Au;

·    Geological mapping and structural analysis of the quartz veins has identified two main gold-mineralised sets (north-east and northnortheast orientated), both of which are tourmalinised;

·    Selective re-opening of historic trenches has delivered a best intersection of 2m at 9.90 g/t Au from former Reservoir Minerals trench T07;

·    Initial screen metallics fire assay on coarse rejects has indicated that the presence of coarse gold in the samples is not impacting the total gold content. Further testwork is underway;

·    A number of technical studies are underway, including geophysical interpretation of regional data, thin section petrography and x-ray difraction ("XRD") analysis of key lithologies;  

·    Phase 2 infill trenching at Bibemi has been completed for 3,504m (100m spacing) for 11 trenches, results expected late third quarter 2019;

·    At the nearby earlier-stage Wapouzé project, Phase 2 infill soil sampling and rock chip sampling is complete, with results expected during the second quarter of 2019;

·    Oriole has met its Year 1 commitment ahead of schedule;

·    Oriole plans to acquire further licences to expand its position in Cameroon.

 

 

Chief Executive Officer, Tim Livesey, said: "We are extremely encouraged to see that the second batch of Phase 1 trenching results from Bibemi continue to support an orogenic gold model, and that interrogation and interpretation of the data has identified two main mineralised vein trends to date. 

 

"Work continues to improve our understanding of the geological and structural setting of the mineralisation, with studies at the regional, camp and local scale.  We are currently undertaking a range of technical studies, including the interpretation of regional airborne geophysical data, structural and geological analysis of recently re-mapped areas and detailed petrographic studies of rock samples from the key lithologies identified during the trenching programmes. This will move us one step closer to designing a targeted drilling programme to test the prospective central Bakassi area - the main focus of our field work to date - during the next dry season, commencing in October 2019. Alongside this, we will be reviewing the broader Bakassi zone, where Reservoir Minerals previously identified a circa 20km strike of anomalous gold mineralisation.

 

"At Wapouzé, we anticipate that the results from the infill soil sampling programme will be received and released before the end of the second quarter. This data will assist us in designing the next programme of work at Wapouzé, which will include detailed geological mapping and trenching over the key anomalous zones (>12km strike identified to date),  and will ultimatly lead us to the identification of drill targets.

 

"These "boots on the ground" geological programmes are very typical of early stage grassroots work, following tried and tested systematic exploration techniques. Where successful, they will ultimately lead to drill-testing of the systems, the first step in resource identification and definition, ultimately aiming to deliver tangible value for Oriole shareholders.

 

"On the basis of our success to date, we are looking forward to expanding our footprint in Cameroon, alongside our partner BEIG3. With a year of detailed field work already under our belt, a prominent local partner and relationships forged with key contacts within the Government and local communities, we expect to capitalise on our position as first movers within Cameroon. "

 

Further details

 

Further to the initial intersections reported earlier in the year for trenches BT-001 to BT-013 (announcement dated 6 March 2019), the Company has now received final results for its Phase 1 wide-spaced trenching programme (200m spacing) at the Bibemi project in northern Cameroon, which was completed for 23 trenches (BT-001 to BT-023) for a total of 9,145m. As previously reported, the programme was planned to test the central Bakassi zone of the licence, where former operator Reservoir Minerals Inc. ("Reservoir Minerals") had identified multiple parallel mineralised trends over a cumulative strike distance of circa 20km. Oriole's work at Bakassi has initially focused on just 4km of this strike, targeting two high-priority areas ('Zone 1' and 'Zone 2') defined by Reservoir's work.  The remaining areas of gold anomalism outside of the central zone are yet to be systematically explored by Oriole.

 

The results announced today are for trenches BT-014 to BT-022 (orientated N132 degrees), relating to 2,104 samples and for BT-023 (orientated N025) for 279 samples. Analysis of QAQC plots for standard certified reference materials, inserted blanks and duplicates (for 170 and 23 QAQC samples respectively) was completed and found to be within acceptable ranges. Further details on the processing and analytical techniques can be found in the JORC Table 1 disclosure on the Company's website.

 

Results from the recently recieved batch are shown in Table 1 and include a best intersection of 9m at 3.14 g/t Au including 2m at 13.12 g/t Au (BT-021). Overall, the best results were returned from BT-019 and BT-021, both located towards the northern end of the Bakassi zone, supporting the previous high-grade rock-chip samples in that area of up to 135.40 g/t Au (announcement dated 27 November 2018). A number of narrower, mineralised intervals were also intersected at the 1.00-2.00 g/t Au level. Selective sampling of a quartz vein in BT-019 returned 6.64 g/t Au.

 

 

Table 1. Significant results (>0.10 g/t Au) from trenches BT-014 to BT-022 at Bakassi zone, Bibemi project

 

 

Trench ID

From (m)

To (m)

Gold (ppm)*

Intersection*, **

BT-014

432

434

0.17

2m @ 0.17 g/t Au

BT-014

456

457

0.11

1m @ 0.11 g/t Au

BT-014

463

466

0.33

3m @ 0.33 g/t Au

BT-014

474

476

0.21

2m @ 0.21 g/t Au

BT-014

480

481

0.20

1m @ 0.2 g/t Au

BT-015

36

38

0.10

2m @ 0.1 g/t Au

BT-015

319

320

0.12

1m @ 0.12 g/t Au

BT-015

372

373

0.45

1m @ 0.45 g/t Au

BT-015

415

417

1.58

2m @ 1.58 g/t Au

BT-015

419

421

0.10

2m @ 0.10 g/t Au

BT-015

443

444

0.12

1m @ 0.12 g/t Au

BT-016

251

252

0.12

1m @ 0.12 g/t Au

BT-016

574

577

0.75

3m @ 0.75 g/t Au

BT-017

23

25

0.10

2m @ 0.10 g/t Au

BT-017

36.5

37.5

2.27

1m @ 2.27 g/t Au

BT-017

66

67

0.14

1m @ 0.14 g/t Au

BT-017

181

182

0.17

1m @ 0.17 g/t Au

BT-017

301

302

0.18

1m @ 0.18 g/t Au

BT-018

209

211

0.43

2m @ 0.43 g/t Au

BT-018

215

217

0.23

2m @ 0.23 g/t Au

BT-018

219

221

0.92

2m @ 0.92 g/t Au

BT-018

241

242

0.56

1m @ 0.56 g/t Au

BT-018

314

316

0.10

2m @ 0.10 g/t Au

BT-018

324

325

0.25

1m @ 0.25 g/t Au

BT-018

399

401

0.22

2m @ 0.22 g/t Au

BT-019

26

27

4.53

1m @ 4.53 g/t Au

BT-020

14

16

0.10

2m @ 0.10 g/t Au

BT-020

20

24

0.45

4m @ 0.45 g/t Au

BT-020

26

27

0.21

1m @ 0.21 g/t Au

BT-021

18

27

3.14

9m @ 3.14g/t Au incl. 2m @ 13.12g/t Au

BT-021

35

37

0.29

2m @ 0.29 g/t Au

BT-021

66

69

0.44

3m @ 0.44 g/t Au

BT-022

155

157

1.28

2m @ 1.28 g/t Au

 

*weighted gold grades calculated using a 0.10 g/t Au cut-off and 1m internal dilution. Intervals >0.50 g/t Au shown in bold.

** sample intervals are taken along the length of the trench which is believed to be perpendicular to the strike of the mineralisation, however, true widths are not yet known.

 

 

Results have also been received for trench BT-023, which was oriented N025 degrees (almost perpendicular to the other trenches and sub-parallel to the main north-east shear) to investigate the litho-structural controls on grade distribution. Best intersections include 2m at 0.84 g/t Au (from 42m), 6m at 0.35 g/t (from 50m), 2m at 0.61 g/t Au (from 132m), 2m at 1.27 g/t Au (from 282m), and 16m at 0.50 g/t Au (from 317m). Whilst the trench lithology is comparable to the other trenches reported (felsic intrusive with foliation striking N025 to N030 degrees, plus minor meta-sedimentary units), the only significant quartz vein observed was parallel to the trench (and thus the main foliation). Other gold mineralised zones were observed at irregular intervals along the trench, reflecting the complex structural controls of fluid flow and gold precipitation within major shear zones of this nature.  

 

Results were also received for the historic RMC trenches (T01, T04, T07 and T08), that were selectively re-opened to assess the continuity of mineralisation between Oriole's trenches immediately to the north and south. Best results from this work were returned from trenches T07 and T08, including:

 

·    2m at 9.9 g/t Au (T07);

·    2.25m @ 1.13 g/t Au, 3m at 0.49 g/t Au and 2m at 2.46 g/t Au (T08).

 

Whilst T08 shows a reasonable correlation with the previously reported high-grade zones, it is observed that all four trenches from the original 2013 Reservoir Minerals programme were not deep enough to avoid potential contamination from transported cover rocks. We believe that this issue was addressed for subsequent programmes by Reservoir but a more detailed assessment is underway.

 

In March, Oriole highlighted a repeatability issue likely due to the presence of coarse 'nugget' gold, typical of gold-bearing quartz-vein systems (announcement dated 6 March 2019). Preliminary analysis of the coarse rejects from key mineralised zones, using a screen metallics fire assay technique, has indicated that, whilst the Company does have a component of coarse gold at the project, it is not biasing the total gold assay. Therefore, the current assaying methods are believed to be appropriate but further test work is underway.

 

Detailed geological mapping and structural analysis of the entire vein population to date has shown that four sets are present. Two of these, trending north-east and north-northeast, are mineralised and fractured, sometimes brecciated. The other two vein sets, also trending north-east and north-northeast are barren. Interrogation of the dataset is still ongoing, however this initial review has highlighted the presence of a cross-cutting east-northeast (N070) fabric in some of the mineralised veins which may be indicative of an overprinting event. Delineation of zones of structural intersection will continue to be a key focus for review by the team between now and the start of the next field season in October.

 

This review will be supported by the interpretation of geophysical data (magnetics and radiometrics), which also covers the Wapouzé licence. Over the next few weeks the Company will also be undertaking thin section petrography and XRD analysis for rock samples from both properties and all the data will form part of a technical review session in July.

 

Meanwhile, the Phase 2 infill trenching programme Bibemi (infilling to 100m spacing) has now been completed for 11 trenches totalling 3,504m. The samples will be submitted for analysis once the above review has been completed over the summer. Consequently, the results for this detailed infill trenching programme are anticipated late in the third quarter of 2019.

 

Finally, at the Wapouzé project, approximately 20km to the north-east of Bibemi, systematic Phase 2 infill soil sampling (200m x 100m grid) has been completed over three key anomalies in the previously identified Bataol zone. A total of 639 soil samples and 123 rock chip samples were collected during the programme and results are anticipated later in the second quarter of 2019.

 

Oriole has now met its Year 1 expenditure and work commitment under the terms of an Option Agreement with local partner BEIG3. Oriole is a first-mover in Cameroon and, based on results received to date, is looking expand its position in the country during the year.

 

For further information, including maps and a JORC Table 1 please see the Bibemi and Wapouzé page of the Company's website https://orioleresources.com/projects/bibemi-and-wapouze/.

 

Deal Terms

In June 2018, the Company signed an Option Agreement with BEIG3 whereby it can earn an initial 51% of BEIG3's Bibemi and Wapouzé licences (the 'Projects') in Cameroon, held through its wholly-owned subsidiaries Reservoir Minerals (BVI) Cameroon and Reservoir Minerals Cameroon Sarl, by funding US$1.56 million on exploration over two years. Thereafter, Oriole can earn a further 39% for an additional U$1.56 million exploration expenditure, or by completing a pre-feasibility study on at least one of the Projects, over the subsequent two years. Oriole has now met its Year 1 commitment at the project and anticipates triggering the 51% threshold.

 

Competent Persons Statement 

The information in this release that relates to Exploration Results has been compiled, and is based on information reviewed on behalf of the Company, by Claire Bay (VP Exploration and Business Development) and Issouf Ouedraogo (General Manager for West Africa). Claire Bay (MGeol, CGeol, EurGeol, FIMMM) and Issouf Ouedraogo (MSc, MAusIMM) are Competent Persons as defined in the JORC code and take responsibility for the release of this information. Claire Bay and Issouf Ouedraogo have reviewed the information in this announcement and confirm that they are not aware of any new information or data that materially affects the information reproduced here.

 

 

 

** 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 / Ben Roberts / Niall McDonald

 

Tel: +44 (0)20 7383 5100

Hannam & Partners

Neil Passmore / Andrew Chubb

 

Tel: +44 (0)20 7907 8500

Turner Pope Investments (TPI) Ltd

Ben Turner / James Pope / Andy Thacker

Tel: +44 (0)2036214120

 

 

Notes to Editors:

 

Oriole Resources PLC is an AIM-listed exploration company, focussed on West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8 million 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 Africa.


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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