TIDMORR
RNS Number : 5540I
Oriole Resources PLC
27 November 2018
Oriole Resources PLC
('Oriole Resources' or 'the Company')
Bonanza Gold Grades at Bibemi, Cameroon
Oriole Resources, the AIM-quoted exploration company operating
in Africa and Europe, is pleased to announce excellent results from
its recently completed rock-chip sampling programme at the Bibemi
project in Cameroon (announcement dated 19 November 2018), where
the Company is earning up to a 90% interest. Results have confirmed
significant gold anomalism extending over c.4 km strike,
predominantly from quartz and quartz-tourmaline veins hosted within
granodiorite; 16 samples have returned >10 g/t Au, and 4 samples
returning over 100 g/t Au.
Highlights
- Results received for 454 rock-chip samples from predominantly
quartz and quartz-tourmaline veins:
o Best results include 135.4 g/t Au, 119.7 g/t Au, 117.2 g/t Au
and 107.2 g/t Au;
o 16 samples returned >10 g/t Au;
o 43 samples assayed >1 g/t Au;
- NE-trending high-grade mineralisation at Zone 1 confirmed over a c.4km strike;
- Confirmation of Zone 2 to the east, with assays up to 35.9 g/t Au;
- Current Phase 1 trenching (200m-spacing) to be increased by 4 trenches totalling 2,000 m.
Oriole CEO Tim Livesey, said: "We are delighted that this early
sampling at Bibemi has delivered such high-grade results from what
is an initial phase of ground-truthing. The results delivered along
the 4km strike only serve to strengthen the rationale for Oriole's
investment in this highly prospective region, and we are excited at
the prospect of further results from the planned increased in the
current trenching programme. The trenching programme is designed to
tighten up our targeting for a drill programme in 2019, and the
recent results support this work.
These excellent results in Cameroon, together with the
encouraging progress being made by our partner, IAMGOLD, at the
Dalafin project in Senegal, highlight the increasing value that we
are realising across our portfolio of highly exciting early-stage
assets."
Further Information
In July and August 2018, the Company undertook mapping and
rock-chip sampling focussed on the central Bakassi area of the
Bibemi licence, where Reservoir Minerals Corporation ('Reservoir')
had previously identified three parallel NNE-trending gold
mineralised trends (>10 ppb Au halos enveloping strongly
anomalous zones>100 ppb Au that extend along strike for up to 2
km and confirmed in places by outcropping veins) over a cumulative
strike distance of c.20km. Samples were collected from
predominantly quartz and quartz-tourmaline veins (2 samples per
site; one from the vein and one from the wallrock) and were
analysed for gold (10 ppb detection limit) using the FA450 method,
and utilising the FA550 method where reported assays exceeded 10
g/t Au.
Results have been received for 454 samples from Bureau Veritas
laboratory in Cote d'Ivoire, including 45 QAQC samples (10% of
total). Analysis of QAQC plots for standard certified reference
materials, inserted blanks and duplicates was completed and found
to be within acceptable ranges. Best results include 135.4 g/t Au,
119.7 g/t Au, 117.2 g/t Au and 107.2 g/t Au, with 16 samples
returning >10 g/t Au and 43 samples assaying >1 g/t Au. The
results have extended the previously defined NE-trending 'Zone 1'
gold anomaly to more than 4km in strike, as well as defining
parallel zones of mineralisation (100-200 m to the east) extending
over 500 m. The mineralisation is off-set in places by late
NW-trending faulting. Results have also confirmed mineralisation in
Zone 2, a parallel NE-trending zone c.1km to the east, where
results up to 35.9 g/t Au have extended the known mineralisation to
over 1km.
Earlier this month, Oriole commenced a 5,500 m Phase 1 trenching
programme at Bakassi, on 200m lines, focused on the infill and
extension of previously defined 'Zone 1' and 'Zone 2' (Announcement
dated 19 November 2018). Channel samples are being collected over
1m intervals at the bedrock interface, which lies within a few
metres of surface. Results are anticipated in early Q1-2019. Based
on these new rock-chip sampling results, an additional 4 lines
totalling 2,000 m will be added to the Phase 1 programme to target
the new anomalies on the NE-extension of Zone 1
Subject to results from the Phase 1 programme, a more detailed
Phase 2 infill trenching programme on Zone 1 and Zone 2 will be
completed at a 100m spacing. This trench programme will enable
accurate delineation of the mineralised zones in these
high-priority areas, so ensuring that the subsequent drill
programme will be targeted with a high degree of confidence.
Further to the Company's announcement on 19 November 2018, a
field team has now been dispatched to the Wapouzé licence, located
c.20km to the north of Bibemi. Soil sampling will commence next
week and will initially test the eastern portion of the licence on
a 400m by 100m grid, an area where previous stream sediment
sampling by Reservoir returned 5 samples >25ppb Au over a
distance of 8 km. Approximately 2,140 samples will be collected
from 10-20 cm below the saprolitic bedrock and analysed at Bureau
Veritas using a low-level detection Fire Assay method. Results are
anticipated H1-19.
For further information, including a JORC Table 1 disclosure and
a map showing rock-chip sampling results and trench locations,
please see the Bibemi and Wapouzé page of our website
https://orioleresources.com/projects/bibemi-and-wapouze/
Deal Terms
Under the terms of the Option Agreement, Oriole can earn an
initial 51% of BEIG3's Bibemi and Wapouzé licences (the 'Projects')
in Cameroon by funding US$1.56m of exploration over two years (the
'First Option'). Thereafter, Oriole can earn a further 39% for an
additional U$1.56m exploration expenditure, or on the completion of
a pre-feasibility study on at least one of the Projects, over the
subsequent two years (the 'Second Option'). BEIG3 will retain a 10%
free carried interest in both Projects up to completion of the
Second Option or the completion of a pre-feasibility study on at
least one of the Projects.
Oriole and BEIG3 will form a JV company managed by a committee,
comprising three representatives of Oriole and two representatives
of BEIG3 following exercise of the First Option, that will hold and
operate the Projects.
Oriole will manage the exploration programme and BEIG3 will
provide operational and logistical support via a technical services
agreement.
Competent Persons Statement
The information in this release that relates to Exploration
Results has been compiled on behalf of the Company by Issouf
Ouedraogo (General Manager West Africa). Claire Bay (VP Exploration
and Business Development) has reviewed the information in this
announcement, including in respect of the exploration on the
Cameroon Project that was carried out by Reservoir, and which was
disclosed by Reservoir in accordance with the requirements of
National Instrument 43-101 (Reservoir News Release on SEDAR dated
18th November, 2014), and confirms that she is not aware of any new
information or data that materially affects the information
included in the original Reservoir news release and reproduced
here. Claire Bay (MGeol, CGeol, EurGeol, FIMMM) and Issouf
Ouedraogo (MSc, MAusIMM) are Competent Persons as defined as
defined in the JORC code and take responsibility for the release of
this information.
** ENDS **
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
Camarco (IR/PR contact) Tel: +44 (0)20 3757 4980
Gordon Poole / Nick Hennis / Emily
Hall
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ben Roberts
/ Samuel Rowe
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore / Andrew Chubb
Turner Pope Investments (TPI) Tel: +44 (0)2036214120
Ltd
Ben Turner / James Pope / Andy
Thacker
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company,
operating in Africa and Europe. It is focused on early-stage
exploration in Cameroon and the more advanced Dalafin gold project
in Senegal, where IAMGOLD has the option to spend US$8m to earn a
70% interest. The Company has a number of interests and royalties
in companies operating throughout Africa and Turkey and is
assessing 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 rns@lseg.com or visit www.rns.com.
END
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