Investor deep dive
Oriole Resources looks to utilise first mover advantage in West African gold exploration
Significant Gold Anomalism Defined
Oriole Resources PLC
('Oriole Resources' or 'the Company')
Significant Gold Anomalism Defined by Phase 2
Soils Programme at Wapouzé Project, Cameroon
Oriole Resources, the AIM-quoted exploration company focussed on West Africa, is pleased to provide an exploration update for the Wapouzé gold project ("Wapouzé" or the "Project") in Cameroon, where it is earning up to a 90% interest. 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.
Phase 2 infill soil sampling at the Bataol zone has returned up to 210 parts per billion ("ppb") gold ("Au"), providing support for the multiple >10 ppb gold-in-soil anomalies identified during the Phase 1 programme (announcement dated 18 March 2019), and defining more clearly the zones of higher-grade mineralisation within those anomalies. This includes a >60 ppb Au anomaly towards the southwestern-end of the Bataol Zone, which extends over a strike length of 1 kilometre ("km").
· Results for Phase 2 infill soil sampling over Bataol Zone have supported and refined the >10 ppb gold-in soil anomalism defined during Phase 1:
o 3 samples > 100 ppb Au - peak assay of 210 ppb Au;
o 45 samples >20 ppb Au; and
o 123 samples >10 ppb Au.
· Definition of a >60 ppb Au anomaly over a 1km by 300 metre ("m") area within the previously identified 2.8 km anomaly (>10 ppb Au) at Bataol Zone;
· Higher grade anomalism appears to be associated with a northeast-trending silicified metasedimentary unit, possibly exploiting a shear zone;
· Petrography and x-ray difraction ("XRD") analysis of key lithologies is currently underway;
· Next phase of work is currently being designed ahead of the next dry season.
Oriole Resources CEO, Tim Livesey, said: "The ongoing positive soils results from the infill sampling at the Bataol zone are very encouraging. Seeing 0.2 g/t Au peaks in soil sampling is a pretty good indicator that there is potential for economic-grade gold in the system.
"We are particularly pleased to see confirmation and improved definition of the anomalism at the south western end of the previously identified anomalous trends. This area of multiple parallel soil anomalies creates a significant footprint for potential mineralisation, which we will be following up on as a priority during the next field season.
"These results continue to support our position that the Wapouzé and Bibemi licences are highly prospective targets in a new frontier for modern gold exploration. During the last year, since signing the option agreement with BEIG3, we have worked hard with our partner to deliver strong progress on both projects through systematic, extensive and low-cost exploration programmes. Our ongoing studies will further develop the targets at Bibemi through the summer ahead of rig mobilisation for a drilling campaign in the next dry season later in 2019, and we intend to follow up on these anomalous areas at Wapouzé soon after."
In the first quarter of 2019, Phase 1 systematic soil sampling was completed on a 400m by 100m grid to test the eastern portion of the Wapouzé licence. Results (up to 531 ppb Au) identified two main zones of northeast-trending mineralisation, associated with shear-parallel quartz veins - the Bataol Zone (8km by 5km) in the north-east of the licence and the Bizdar Zone (2 km by 4 km) in the south-east of the licence (announcement dated 18 March 2019). At Bataol, the Phase 1 results outlined multiple parallel >10 ppb Au anomalies, including three key anomalies extending over strikes of 8km, 2.8km and 2.2km respectively.
Last month the Company reported that Phase 2 infill soil sampling (200m by 100m grid) had been completed over the main anomalies at Bataol in order to identify more discrete zones of higher-grade anomalism (announcement dated 21 May 2019). Assays have now been received for 639 soil samples and 52 QAQC samples (representing 8% of all samples). Analysis of QAQC plots for standard certified reference materials, inserted blanks and duplicates has been completed and confirmed the data to be within acceptable ranges.
Results announced today include a best grade of 210 ppb Au, with 3 samples reporting greater than 100 ppb Au, 45 samples >20 ppb Au and 123 samples >10 ppb Au. The soil results further confirm continuity of the >10 ppb gold-in-soil anomalies reported for Phase 1 soil sampling and have also defined more robust zones of higher-grade mineralisation within and independent of these zones. Of particular note is a >60 ppb Au anomaly that extends over an area of 1km by 300m within the previously-identified 2.8km anomaly in the centre of the Bataol Zone. This, and other areas of higher-grade gold-in-soil anomalism, appear to be related to nearby northeast-trending silicified and sheared metasedimentary unit.
Thin section petrography and XRD analysis is currently underway to help confirm the main lithologies and identify the key mineralisation and alteration assemblages. In the meantime, the team is designing the next programme of work at Wapouzé, ahead of the next dry season which will commence in October 2019.
Wapouzé is located approximately 20 km to the north-east of the Bibemi project, where the Company is also earning up to 90% and has recently reported results for a Phase 1 trenching programme, including 9m at 3.14 g/t Au (announcements dated 6 March 2019 and 21 May 2019).
For further information, including maps and a JORC Table 1 please see the Bibemi and Wapouzé page of our website https://orioleresources.com/projects/bibemi-and-wapouze/.
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.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon 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 / Ben Roberts / Niall McDonald
Tel: +44 (0)20 7383 5100
Adrian Hadden / Lydia Zychowska
Tel: +44 (0)20 7220 1666
Hannam & Partners
Neil Passmore / Andrew Chubb
Tel: +44 (0)20 7907 8500
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.
Quick facts: Oriole Resources PLC
Market Cap: £2.18 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE