Oriole Regulatory News (ORR)

Oriole Resources PLC 

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

Bibemi Phase 4 Drilling Results -

including 14.80m grading 4.27 g/t gold

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 where the Company has completed four phases of diamond drilling to date.

Highlights

· Phase 4 diamond drilling programme at Bibemi, completed for 531.30 metres ('m') in six holes, including an extension to previously reported Phase 2 drillhole BBDD034;

· Results prove the existence of multiple grade-bearing, sub-horizontal veins in addition to the previously tested sub-vertical veins;

· Results for 238 selective core samples (including QAQC) have delivered a number of significant intersections (based on a 0.3 grammes per tonne ('g/t') gold ('Au') cut-off). Best results include:

BBDD034 extension

o  2.00m grading 39.42 g/t Au from 160.00m including 1.00m grading 75.36 g/t Au

BBDD050

o  4.30m grading 3.33 g/t Au from 53.30m

o  5.50m grading 1.80 g/t Au from 66.00m

o  14.80m grading 4.27 g/t Au from 104.30m including 5.00m grading 10.22 g/t Au

o  7.70m grading 2.74 g/t Au from 132.10m

o  1.00m grading 17.01 g/t Au from 141.80m

o  9.60m grading 1.11 g/t Au from 148.70m

BBDD052

o  3.00m grading 1.17 g/t Au from 41.70m

o  8.00m grading 1.06 g/t Au from 65.30m

BBDD053

o  3.00m grading 12.30 g/t Au from 58.00m

BBDD054

o  1.00m grading 6.52 g/t Au from 37.00m

· Hole BBDD050 was drilled vertically at the Bakassi Zone 1 prospect and has confirmed extensional veins with broad alteration haloes that have delivered the widest zones of continuous mineralisation to date including 14.80m grading 4.27 g/t Au;

· The results to date at Bakassi Zone 1 indicate a good potential for the future delineation of a mineable Mineral Resource;

· High-grade mineralisation has also been confirmed at Lawa East, with hole BBDD053 delivering 3.00m grading 12.30 g/t Au.

Oriole Resources CEO, Tim Livesey, said: "These are extremely exciting results from the latest phase of drilling; yet again our projects in Cameroon have delivered, with these results confirming that we have two gold-bearing vein sets at Bakassi Zone 1 and that we have additional potential for mineralisation at the two Lawa prospects.

"At Bakassi Zone 1, the vertical hole BBDD050 was designed to test for gold mineralisation in sub-horizontal extensional quartz veins. These sub-horizontal veins are in addition to the already proven sub-vertical quartz-tourmaline veins, and as such they offered the opportunity to significantly increase the volume of mineralisation by creating a lattice-work of mineralisation. 

"We are very pleased to see confirmation of this theory with wide zones of gold mineralisation being related to the interplay of both vein sets downhole. Five separate intersections in this particular hole each show significant width and grade, including the widest zone drilled to date at the Project of nearly 15m at over 4 g/t Au. 

"This indicates to us that we have the potential at Bakassi Zone 1 to composite the vein sets, in order to create wider zones of gold mineralisation that could be considered economic for open pit or underground bulk mining methods. We will continue to refine our geological and grade models and report back to the market as we progress our work as the dry season begins during Q4 this year.

"Cameroon is truly delivering on its promise as a new frontier for gold exploration and, alongside our extensive success within the Central Licence Package (CLP), we are pleased to be first movers with the opportunity of defining a new gold district. The geological information acquired at Bibemi will provide an invaluable baseline for our future work on the CLP and so we look forward to the upcoming field season at both projects."

Cross section of Phase 4 diamond drill programme highlighting vertical hole BBDD050

Further Details

The Bibemi orogenic gold project is located in northern Cameroon (177km2 in area). Exploration to date has identified four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - with Bakassi Zone 1 being the most advanced in terms of work completed. Between Q1-2021 and Q1-2022, the Company completed three phases of diamond drilling for a total of 6,154.10m in 49 holes at the Project, which confirmed shear-hosted gold mineralisation at all four prospects. The majority of the drilling was focussed on a circa 1 km section at the southern end of the Bakassi Zone 1 and delivered best intersections of 6.50m grading 3.92 g/t Au, including 1.00m grading 16.79 g/t Au (hole 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 corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of sub-vertical quartz-tourmaline veins as well as extensional, sub-horizontal quartz veins.

In Q2-2022, the Company completed a Phase 4 diamond drilling programme for 531.30m in five new holes (BBDD050 to BBDD054) as well as an extension to Phase 2 diamond hole BBDD034. The results reported today (see Table 1) represent selective sampling of the Phase 4 drill core for 238 samples (including QAQC).

Table 1. Significant intersections from selective sampling of Phase 4 diamond drill holes at Bibemi, including holes BBDD050 to BBDD054 and an extension of previously drilled hole BBDD034 (based on a 0.3 g/t Au cut-off). 

*Intervals greater than 1 gramme per metre average grade, calculated using a 0.30 g/t Au cut-off and no more than 50% internal dilution. True widths for the -50 inclined holes are approximately 77% of the reported downhole interval. True widths for the -90 inclined holes is approximately 60% of the reported downhole interval.

Holes BBDD050 and BBDD052 were drilled vertically at Bakassi Zone 1 to target the extensional quartz veins and to assess their potential to enhance the volume of gold mineralisation within the system (announcement dated 29 June 2022). Both vertical holes confirmed the presence of extensional veins downhole. BBDD050 in particular encountered multiple extensional veins with wide, sulphide-rich alteration haloes that have delivered broad mineralised intervals including 14.80m grading 4.27 g/t Au. This supports the Company's belief that there is good potential for mineable widths of mineralisation at the Project.

The extension of BBDD034 was completed to test the down-dip continuity of shear-related veining that returned 2.50m grading 8.90 g/t Au in Phase 3-hole BBDD045 (announcement dated 9 February 2022). The additional drilling reported today has yielded 2.00m grading 39.42 g/t Au from 160.00m, following the previous best intersection from BBDD034 of 6.50m grading 3.92 g/t Au from 119.00m including 1.00m grading 16.79 g/t Au (announcement dated 20 December 2021).

Hole BBDD053 was drilled at Lawa East prospect, where Phase 1 diamond drilling delivered visible gold related to an intersection of 0.80m grading 27.90 g/t Au (announcement dated 12 April 2021). Based on structural evidence observed in that hole and in veins exposed by recent artisanal workings, BBDD053 was drilled towards 250 degrees and has delivered a wider, high-grade interval of 3.00m grading 12.30 g/t Au from 58.00m. 

For further information on the Bibemi project, including drill plans, cross-sections 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.

Phase 4 diamond drill hole collar map

Close up of cross section showing drill holes BBDD045, BBDD050 and BBDD034

Phase 4 drill core from holes BBDD034 and BBDD050

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:

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 in East Africa and Turkey that could deliver future cash flow.