Oriole Resources Regulatory News (ORR)

Oriole Resources PLC 

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

Exploration Update: Bibemi Gold Project, Cameroon -

Potential to Enhance Volume of Mineralised Material at Bakassi Zone 1

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an exploration update on its 90%-owned Bibemi gold project ('Bibemi' or 'the Project') in Cameroon.

The first two holes of the ongoing Phase 4 diamond drilling programme have confirmed the existence of mineralised sub-horizontal quartz veins between the previously defined sub-vertical shear veins. Confirmation of these sub-horizontal veins could be important for building a volume of mineralised material at Bakassi Zone 1, just one of four prospects at the Project.

Highlights

· Two vertical holes, BBDD050 and BBDD052, have been completed at Bakassi Zone 1 as part of an ongoing Phase 4 diamond drilling programme (announcement dated 30 May 2022);

· The holes have confirmed the presence of mineralised sub-horizontal quartz veins connecting the already-defined sub-vertical shear veins;

· An updated drill plan and cross-section for fence line BZ1_L7 can be viewed at the following link:

http://www.rns-pdf.londonstockexchange.com/rns/8813O_1-2022-6-14.pdf

· The results, once received, will have the potential to enhance the volume of the Company's internal three-dimensional geological and mineralisation model for Bakassi Zone 1. The Company is working towards delivery of a JORC classified Exploration Target at Bakassi Zone 1;

· Ahead of the upcoming licence renewal process (announcement dated 30 May 2022), the Company hosted a delegation from the Ministry of Mines, where the Minister of Mines, Industry and Technological Development expressed his satisfaction in the work and progress at the Project to date. A news item covering the visit is available at the following link: https://orioleresources.com/investors/interviews/.

Oriole Resources CEO, Tim Livesey, said: "The successful intersection of sub-horizontal extensional veins at Bakassi Zone 1, in addition to the already defined sub-vertical northeast-trending shear veins, continues to support the team's technical assessment of the system. This extensional event appears to have created opportunities for the injection of mineralising fluids, which may in turn (subject to positive assay results) lead to a significant volumetric increase in the known mineralisation in Zone 1. 

"It's exactly these types of structural interplays that create the potential for mineable grades and widths in orogenic systems and we are keen to see how the analysis stacks up against the positive results received to date at Bibemi. With a high success rate to date of intersecting gold mineralisation on the licence, we are confident the systems at Bibemi have the capacity to host an orogenic gold deposit. 

"As always, we look forward to updating the market as results are received."

Further Details

Between Q1-2021 and Q1-2022, the Company completed three phases of diamond drilling for a total of 6,154.10 metres ('m') in 49 holes at the Project, which confirmed shear-hosted gold mineralisation at all four prospects. The majority of the drilling has been focussed on a circa 1 km long section at the southern end of the Bakassi Zone 1 and has delivered best results to date of 6.50m grading 3.92 grammes per tonne ('g/t') gold ('Au'), including 1.00m grading 16.79 g/t Au (BBDD034), 5.20m grading 1.97 g/t Au and 9.20m grading 1.31 g/t Au (announcements dated 20 December 2021 and 9 February 2022). The mineralised shear corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of sub-vertical laminated quartz tourmaline (shear) veins as well as extensional, sub-horizontal quartz veins.

The Company is currently undertaking a Phase 4 diamond drilling programme (announcement dated 30 May 2022) and today reports that the two vertical holes in that programme, BBDD050 (completed for 165m on fence line BZ1_P2_L3) and BBDD052 (completed for 126 m on fence line BZ1_L7), have intersected multiple sub-horizontal extensional quartz veins. The veins are sulphide-rich and have broader alteration halos than observed in the sub-vertical veins, which could be important in terms of delivering wider zones of mineralisation. The intersection of the two vein sets/structures is believed to be a strong control on the location of gold within the shear corridor and therefore this confirmation of repeated extensional veining downhole could be significant in terms of building volume. 

The results, once received, will have the potential to enhance the volume of the Company's internal three-dimensional geological and mineralisation model for Bakassi Zone 1. The Company is working towards delivery of a JORC classified Exploration Target at Bakassi Zone 1.

Six metres were also drilled as an extension to drill hole BBDD0034 on BZ1_P2_L3 to intersect downdip of the 2.50m grading 8.90 g/t Au intersection reported in hole BBDD045, circa 20m along fence to the northwest. The extensional drilling was terminated early due to the break-down of the core orientation tool; however, the visual geology suggests that the interval has been intersected as expected. A further 11.50m was drilled in inclined hole BBDD051 although was also terminated early on the same grounds and may be revisited later in the programme. A replacement orientation tool is now on site.

As previously reported, a series of technical studies, including specific gravity measurements and metallurgical test work, are underway to support a two-year extension of the Bibemi licence beyond its current term which expires on 5 October 2022 and a technical report will be submitted to the Ministry of Mines in Q3 this year to support this process (announcement dated 30 May 2022). Ahead of this submission, the Company recently hosted a delegation from the Ministry of Mines, where the Minister of Mines, Industry and Technological Development expressed his satisfaction in the work and progress at the Project to date. During the visit, the Company also presented its progress to the local community, who remain supportive of the Company's operations.

For further information on the Bibemi project, including drill plans and a JORC Table 1, please see the following page of the Company's website https://orioleresources.com/projects/bibemi/. 

Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), the Company has satisfied the conditions to earn a 90% interest in Bibemi, the Wapouzé project (20km to the north) and three licences in Central Cameroon. Beneficial ownership in the licences has been confirmed and the administrative process to formalise this ownership is currently underway.

Competent Persons Statement 

The information in this release that relates to Exploration Results has been compiled by Claire Bay (Executive Director, 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 to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

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

Notes to Editors:

Oriole Resources PLC is an AIM-listed exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Licence Package projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8 million to earn a 70% interest. Under the terms of the Option Agreement, IAMGOLD has recently met its first commitment by spending US$4 million within an initial four years and will shortly acquire a 51% interest in Senala. The Company also 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.