Expands Footprint in Cameroon
Oriole Resources PLC
('Oriole Resources' or 'the Company')
Expands Footprint in Cameroon
Oriole Resources, the AIM-quoted exploration company focused on West Africa, is pleased to announce that it is expanding its footprint in Cameroon following early sucess at the Bibemi and Wapouzé gold projects, 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").
The Company has formed a new 90%-owned local subsidiary, Oriole Cameroon SARL, and has submitted applications for a district-scale land package in the centre of the country.
· Formation of a new, 90%-owned local subsidiary, Oriole Cameroon SARL, with local partner BEIG3;
· Applications submitted for eight new licences:
o Three through existing joint venture agreement with BEIG3;
o Five through Oriole Cameroon SARL;
o Represents a contiguous land package covering c.3,500km2.
· Regional-scale stream-sediment programme has confirmed multiple gold ("Au") anomalies within the licence areas, in a Pan African dominated geological setting;
· Granting of licences anticipated in early 2020;
· Year 1 exploration will include prospect-scale stream-sediment sampling to identify priority targets ahead of follow-up soil sampling and detailed geological mapping.
Chief Executive Officer, Tim Livesey, said: "As we indicated back in May, our success to date in Cameroon has given us the confidence to build on our existing footprint in the country to capitalise on our position as first movers in this new frontier for gold exploration.
"During our technical review meetings in July, the team identified and ranked seven key areas within Cameroon where we felt the geological potential merited us staking new licences. We have now submitted eight new licence applications covering a district-scale land package in our highest ranked areas. Having attended the CIMEC conference in Yaoundé last month, where the Mining Sector Capacity Building Project ("PRECASEM") presented prospectivity data from the first phase of the programme, I'm pleased to report that the results from regional geochemistry across our new licence areas has identified multiple strong gold anomalies. We look forward to exploring these further, following the completion of the licencing process.
"We have been very encouraged by the welcome shown to us by the Ministry of Mines and the Prime Minister, Head of Government. The development of the exploration and mining sector is a critical focus in Cameroon, contributing to the continuing development of the country through the responsible identification and extraction of primary minerals. Alongside our partner at BEIG3, we look forward to an active field season and to progressing this land package through the next stage of exploration."
In line with the Company's previously stated objectives (announcement dated 21 May 2019), it has made significant strides to expand on its existing footprint in Cameroon, where it is already earning-in to two projects in the north of the country, Bibemi and Wapouzé, through its local partner BEIG3.
During technical review meetings in July, the team identified and ranked seven key areas that it deemed to be the most prospective based on geology, structural location and complexity, historic gold anomalism (identified from scientific journals and existing geological mapping data) and logistical considerations such as ease of access. Of the seven target areas identified and ranked, the Priority 1 and Priority 2 areas offered an opportunity to apply for a contiguous land package and eight sub-targets were identified for licence application.
Under Cameroon's Mining Code, each company is allowed to hold five exclusive exploration licences of 500km2 each. The Company has now made submissions for the eight licences, which cover a continuous land package of c.3,500m; three through its existing partnership with BEIG3, and the remaining five through a recently formed 90%-owned local subsidiary, Oriole Cameroon SARL. BEIG3 and its associate Roxane Minerals Limited will have a collective 10% free-carried interest in each licence within Oriole Cameroon SARL up until the definition of a minimum Measured and Indicated resource of 50,000 oz Au; thereafter, funding will be pro-rata on a contribute or dilute basis. BEIG3 is an excellent, technically-competent partner that is well-connected both at the Governmental and local community level and Oriole looks forward to sharing its success with its partner going forward.
At the 3rd Cameroon International Investment Mining and Exhibition Conference ("CIMEC"; http://cimec2019.com/home/) held on 2-4 September 2019 in Yaoundé, Phase 1 geological data was presented from the World Bank-funded PRECASEM programme (in association with the French and Finnish geological surveys (BRGM and GTK, respectively) and BEIG3). This included regional-scale stream-sediment sampling that has confirmed multiple gold anomalies within the new licence areas.
The licence applications are now live on the government's mining cadastre and the Company looks forward to providing a further update once the licences are granted, currently anticipated in early 2020, and cementing further Oriole's first-mover advantage.
For further information on Oriole's projects in Cameroon, please see the page of the Company's website https://orioleresources.com/projects/bibemi-and-wapouze/.
** ENDS **
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
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 (Nomad)
Samantha Harrison / Ben Roberts / Niall McDonald
Tel: +44 (0)20 7383 5100
WH Ireland Limited (Joint Broker)
Adrian Hadden / Darshan Patel / Lydia Zychowska
Tel: +44 (0)20 7220 1666
Hannam & Partners (Joint Broker)
Neil Passmore / Andrew Chubb
Tel: +44 (0)20 7907 8500
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 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.
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