Last checked at 10 May 2021 07:00
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Bibemi Gold Project Update
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on the recently completed maiden diamond drilling programme at its 51%-owned Bibemi gold project ('Bibemi') in Cameroon. Following the report of multiple holes showing evidence of visible gold mineralisation (announcement date 12 April 2021), the team completed the drilling programme on 25 April for a total 3,118 metres in 29 holes.
Since reporting results from the first hole, which confirmed orogenic-style gold mineralisation to a depth of more than 90 metres below surface (announcement dated 31 March 2021), the Company has been made aware of delays at the assaying laboratory in Cote d'Ivoire that have impacted turnaround times for the remaining results, predominantly due to the widely-reported national power outages. The Company has been reassured that measures have been put in place so that normal turnaround times (14 days from receipt/clearance from customs for gold analysis) have now resumed. The results of subsequent multielement analysis will be longer, due to that analysis being completed in Canada.
As at 9 May 2021, a total of 1,401 samples had been received by the laboratory for assaying. A further 1,754 samples are currently being prepared for dispatch to the laboratory. As previously indicated, the Company still anticipates that full results for the programme will be released before the end of Q2-2021.
For further information on the Bibemi project, 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 will, upon completion of the work to analyse the samples, satisfy the conditions to earn a 90% interest in RMC Cameroon SARL which owns the Bibemi project.
In the meantime, the Company is pleased to confirm that it has commenced its regional mapping and stream sediment sampling programme at the Central Licence project which covers a continuous land package of 3,592 square kilometres. To date, a total of 180 samples have been collected of a planned 1,360 sample programme. Results are expected in H2-2021.
For further information on the Central Licences project, please see the following page of the Company's website https://orioleresources.com/projects/central-cameroon/.
** ENDS **
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014) which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:
Oriole Resources PLC Bob Smeeton / Tim Livesey / 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 / George Grainger
| Tel: +44 (0)20 7383 5100 |
Shard Capital Partners LLP Damon Heath / Erik Woolgar / Isabella Pierre
| Tel: +44 (0)20 186 9900 |
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Licences 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. 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 both regions.