Last checked at 20 Dec 2021 07:00
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Phase 2 Diamond Drilling at Bibemi Returns up to 6.50m @ 3.92 g/t Au
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to announce results from the recently completed Phase 2 diamond drilling programme at its 90%-owned Bibemi gold project ('Bibemi' or 'the Project') in Cameroon.
The programme focussed on the Bakassi Zone 1 prospect ('Bakassi Zone 1') and has delivered best mineralised intervals of 6.50m grading 3.92 grammes per tonne ('g/t') gold ('Au') including 1.00m grading 16.79 g/t Au, 5.20m grading 1.97 g/t Au and 2.25m grading 8.82 g/t Au including 1.00m grading 19.33 g/t Au.
A follow-up programme of infill and extension drilling ('Phase 3') is nearing completion and results are anticipated in Q1-2022.
Highlights
· Phase 2 drilling completed for 1,650.70m in 11 holes to test a c.1km portion of Bakassi Zone 1, to infill previously reported mineralised zones identified by maiden drilling;
· Selective sampling has delivered significant intersections (based on a 0.3 g/t Au cut-off) on all drill fence lines. Best results include:
BBDD030
o 2.40m grading 2.68 g/t Au from 21.30m
o 2.25m grading 8.82 g/t Au from 34.75m including 1.00m grading 19.33 g/t Au
BBDD031
o 5.20m grading 1.97 g/t Au from 100.70m including 3.20m grading 2.94 g/t Au
BBDD034
o 6.50m grading 3.92 g/t Au from 119.00m including 1.00m grading 16.79 g/t Au
o 1.20m grading 13.79 g/t Au from 144.70m
BBDD037
o 2.10m grading 1.91 g/t Au from 110.10m
BBDD039
o 1.00m grading 8.80 g/t Au from 127.90m
BBDD040
o 1.20m grading 7.28 g/t Au from 78.80m
· Results continue to confirm continuity of surface mineralisation along strike and to a vertical depth of more than 100m below surface. The system remains open at depth;
· A series of drill plans and sections for the Phase 2 programme can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/1159W_1-2021-12-19.pdf
· Phase 3 drilling, to test the width and strike extension of the widest (dilational) zones of veining identified in the Phase 2 core, is nearing completion for a planned 1,350m in nine holes. Results are anticipated in Q1-2022.
Oriole Resources CEO, Tim Livesey, said: "The results from the second phase of drilling at Bibemi continue to support our targeting rationale, with good widths & grades being intersected around the southern Bakassi Zone 1 target lines.
"The continued drill success at Bibemi gives us great confidence in our understanding of the system and these positive results have allowed us to continue straight into Phase 3 of the drill testing programme. We will of course share those results as and when they become available."
Further Details
In Q2-2021, the Company completed its maiden drilling programme at Bibemi for a total of 3,118m in 29 holes to test four key prospects (Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East) within the 8.3km-long system.
Results from the maiden programme confirmed shear-hosted gold mineralisation at all four prospects with up to 12m-wide zones of mineralisation returned from the southern end of Bakassi Zone 1. Best intersections from that programme included 2.45m grading 2.96 g/t Au, 3.60m grading 1.75 g/t Au and 12.40m grading 0.71 g/t Au, all returned from drilling fence lines BZ1_L6 and BZ1_L7, which are themselves 800m apart.
The Company today reports that it has completed a follow-up diamond drilling programme for 1,650m in 11 holes (BBDD030 - BBDD040), focussed on infill and extension drilling around these fence lines. All holes intersected mineralisation at the expected depth within the delineated northeast-trending shear corridor with the most significant zones of veining (quartz-tourmaline) and alteration intersected on lines BZ1_L7 and BZ1_P2_L3 that are located approximately 400m apart.
Selective sampling of the core, based on visual inspection of mineralisation and alteration, has delivered significant intersections in all holes (Table 1). Best results include 6.50m grading 3.92 g/t Au including 1.00m grading 16.79 g/t Au (BBDD034, line BZ1_P2_L3), 5.20m grading 1.97 g/t Au (BBDD031, line BZ1_L7) and 2.25m grading 8.82 g/t Au including 1.00m grading 19.33 g/t Au (BBDD030, line BZ_L7). QAQC for all of the reported intervals were found to be within acceptable limits. Further testing of the mineralised envelopes has been completed and results are awaited.
Table 1. Significant intersections from selective sampling of diamond drill holes BBDD030 to BBDD040 at Bibemi (based on a 0.3 g/t Au cut-off).
Hole ID | Azimuth (°) | Inclination (°) | From (m) | To (m) | Au (ppm) | Au Interval* |
BBDD030 | 320 | -50 | 21.30 | 23.70 | 2.68 | 2.40m @ 2.68 g/t g/t** |
and |
|
| 34.75 | 37.00 | 8.82 | 2.25m @ 8.82 g/t g/t** |
including |
|
| 36.00 | 37.00 | 19.33 | 1.00m @ 19.33 g/t |
and |
|
| 42.00 | 42.80 | 3.65 | 0.80m @ 3.65 g/t |
BBDD031 | 320 | -50 | 73.80 | 75.80 | 2.00 | 2.00m @ 0.81 g/t |
and |
|
| 83.60 | 86.70 | 0.43 | 3.10m @ 0.43 g/t |
and |
|
| 100.70 | 105.90 | 1.97 | 5.20m @ 1.97 g/t |
including |
|
| 102.70 | 105.90 | 2.94 | 3.20m @ 2.94 g/t |
and |
|
| 145.80 | 146.90 | 0.32 | 1.10m @ 0.32 g/t |
BBDD032 | 320 | -50 | 140.30 | 143.90 | 3.60 | 3.60m @ 0.40 g/t** |
BBDD033 | 320 | -50 | 45.90 | 47.10 | 0.62 | 1.20m @ 0.62 g/t** |
and |
|
| 67.50 | 68.60 | 2.81 | 1.1m @ 2.81 g/t** |
BBDD034 | 320 | -50 | 24.30 | 25.50 | 0.31 | 1.20m @ 0.31 g/t |
and |
|
| 60.30 | 61.50 | 0.60 | 1.20m @ 0.60 g/t |
and |
|
| 65.10 | 66.30 | 1.24 | 1.20m @ 1.24 g/t |
and |
|
| 68.70 | 69.90 | 0.79 | 1.20m @ 0.79 g/t |
and |
|
| 73.50 | 74.70 | 1.25 | 1.20m @ 1.25 g/t |
and |
|
| 103.50 | 107.10 | 0.54 | 3.60m @ 0.54 g/t** |
and |
|
| 119.00 | 125.50 | 3.92 | 6.50m @ 3.92 g/t g/t** |
including |
|
| 120.10 | 121.10 | 16.79 | 1.00m @ 16.79 g/t |
including |
|
| 123.50 | 125.50 | 4.13 | 2.00m @ 4.13 g/t g/t** |
and |
|
| 132.70 | 133.90 | 0.65 | 1.20m @ 0.65 g/t |
and |
|
| 144.70 | 145.90 | 13.79 | 1.20m @ 13.79 g/t |
BBDD035 | 320 | -50 | 29.90 | 31.10 | 1.73 | 1.20m @ 1.73 g/t g/t** |
and |
|
| 56.20 | 57.20 | 1.25 | 1.00m @ 1.25 g/t |
and |
|
| 84.80 | 86.00 | 0.31 | 1.20m @ 0.31 g/t |
BBDD036 | 320 | -50 | 114.00 | 118.80 | 0.62 | 4.80m @ 0.62 g/t |
including |
|
| 114.00 | 115.20 | 1.08 | 1.20m @ 1.08 g/t |
including |
|
| 117.60 | 118.80 | 1.10 | 1.20m @ 1.10 g/t |
and |
|
| 142.80 | 144.00 | 6.05 | 1.20m @ 6.05 g/t |
BBDD037 |
|
| 49.50 | 50.50 | 0.31 | 1.00m @ 0.31 g/t |
and |
|
| 61.30 | 68.30 | 0.43 | 7.00m @ 0.43 g/t |
and |
|
| 110.10 | 112.20 | 1.91 | 2.10m @ 1.91 g/t g/t** |
including |
|
| 110.10 | 111.00 | 3.20 | 0.90m @ 3.20 g/t |
and |
|
| 120.50 | 121.50 | 0.37 | 1.00m @ 0.37 g/t** |
BBDD038 | 320 | -50 | 12.70 | 13.70 | 1.05 | 1.00m @ 1.05 g/t g/t** |
and |
|
| 100.00 | 101.20 | 2.94 | 1.20m @ 2.94 g/t |
BBDD039 | 320 | -50 | 127.90 | 128.90 | 1.00 | 1.00m @ 8.80 g/t g/t** |
BBDD040 | 320 | -50 | 78.80 | 80.00 | 7.28 | 1.20m @ 7.28 g/t |
*Intervals greater than 1 gramme per metre average grade, calculated using a 0.3 g/t Au cut-off and no more than 50% internal dilution. True widths are approximately 77% of the reported downhole interval.
*\* The samples within the reported intersection started and/or finished in grade and so further sampling has been completed to determine the full extent of the mineralised envelope. Results are awaited.
A follow-up Phase 3 programme of infill and extension drilling is nearing completion for a further c.1,350m in nine holes. The holes were planned on the basis of a visual assessment of the Phase 2 core, to test the width and strike extension of the widest zones of veining, that are interpreted to reflect more dilational parts of the system where there has been an enhanced flow of mineralised fluids. Results are anticipated in Q1-2022.
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.
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 (at its 90%-owned 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.