Oriole Resources Regulatory News (ORR)

Oriole Resources PLC 

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

Initial Stream Sediment Sampling Results for the Central Licence Package in Cameroon

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on the 3,592 square kilometre ('km2') district-scale licence package in Central Cameroon ('Central Licence Package', 'CLP' or the 'Package') that was issued to the Company's 90%-owned subsidiary, Oriole Cameroon SARL, and its 51%-owned subsidiary Reservoir Minerals Cameroon SARL, earlier this year (announcement dated 3 February 2021). The minority interests in these companies are held by Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), who have confirmed the Company's 90% beneficial ownership in all of the licences.

The licences cover Paleo-Proterozoic to Pan-African age rocks and are highly prospective for orogenic-style gold mineralisation. Following a desktop remote sensing study that identified 12 initial priority gold targets, the team has been undertaking a Package-wide mapping and stream sediment sampling programme (announcement dated 29 June 2021). That programme has now been completed over the five easternmost licences, with gold results of up to 95 ppb gold ('Au') received for the Niambaram and Tenekou Licences. Samples for the remaining three licences, Pokor, Ndom and Mbe, are in the process of being submitted for analysis and results are expected in Q3 2021. The sampling of the three western licences has been paused for the rainy season and is expected to recommence in Q4 2021.

 Highlights

· Assay results for gold in 376 stream sediment samples have been received for the Niambaram and Tenekou licences.

· Results indicate a number of areas of elevated gold in distinct drainage basins, associated with the northeast-trending Tcholliré- Banyo shear zone ('TBSZ') corridor and interpreted north-northwest trending cross-cutting structures.

· 87 sample sites returned gold values ≥2 ppb Au (detection limit).

· 51 sample sites returned gold values ≥5 ppb.

· The highest-grade sample returned 95 ppb Au.

· Multi-element data related to these samples is expected in Q3.

· Mapping and sampling over the remaining three licences in the west of the Package will resume in Q4 2021.

Oriole Resources CEO, Tim Livesey, said: "The initial results from this first phase of exploration in the Package, associated as it is with the main Tcholliré-Banyo shear zone corridor, supports our hypothesis of the CLP being an area of huge potential for gold exploration. The fact that multiple areas of elevated gold concentrations have been identified in multiple drainage basins gives us confidence in our exploration model and reaffirms our encouragement for the prospectivity of the area. We note with interest, the apparent correlation of a number of these elevated gold in streams sample sites with significant interpreted lineaments and mapped structures and also with areas of historical and current artisanal mining activity.

"We look forward to receiving the outstanding multi-element data for these samples through the remainder of Q3, as well as the full data for the remaining three eastern CLP licences.

"Planning is well advanced for the re-start of the stream sediment sampling of the three westernmost licences in Q4 this year. Ranking of priority targets will begin once more data has been received, to enable follow-up work programmes to be tailored to suit the expansion of the exploration programme.

"Meanwhile, we will be mobilising our field team over the next two to three weeks ahead of the next round of drilling at the Bibemi gold project, where our maiden programme identified a number of follow-up targets, including a high-priority target extending over c.1km at the southern end of Bakassi Zone 1. Further details on the upcoming programme will be released in due course."

Further Details

On 3 February 2021, the Company reported that it's 90%-owned Cameroonian subsidiary, Oriole Cameroon SARL, had received approval for five new licences (Tenekou, Niambaram, Pokor, Ndom and Mbe) in central Cameroon, located to the west of the regional capital, Ngaoundéré. Together with a further three new licences (Mana, Dogon and Sanga) granted to Reservoir Minerals Cameroon SARL, in which the Company has subsequently earned a 51% interest (announcement dated 6 April 2021), the Central Licence Package covers a contiguous, district-scale land package of 3,592km2.

Covering Paleo-Proterozoic to Pan-African rocks, a well-known host for orogenic gold deposits worldwide, the licences were initially targeted by the Company's technical team due to their apparent proximity to the dominant regional structure, the TBSZ, a major southwest-northeast-trending splay off the larger-scale Central African Shear Zone. The TBSZ and its associated shears, thrusts and faults are (according to academic literature) thought to be one of the significant structural controls for gold and other mineralisation in the region.

In May, the Company commenced a regional mapping and stream sediment sampling programme, focussed on sampling active sediments on the primary (first to third order) stream beds at an average density of 0.4 samples per km2. To date, the team has completed 64% of the programme, with 874 (including eight orientation) samples taken over the Oriole Cameroon SARL licences. All samples are being assayed for gold and a suite of 45 other elements. Gold results for a total 376 samples, relating to the Niambaram and Tenekou licences, have now been received from Bureau Veritas. Of these, 87 sample sites returned gold values at or above the detection limit (2 ppb Au) and 51 sample sites returned gold values at or in excess of 5 ppb Au. The highest-grade sample returned 95 ppb Au. A map showing results from the programme can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/1045J_1-2021-8-18.pdf

Analysis of QAQC plots for standard certified reference materials, inserted blanks and duplicates (for 32 and 17 QAQC samples respectively) was completed and found to be within acceptable ranges. Multi-element data related to these samples is expected in Q3.

Results indicate a number of areas of elevated gold in distinct drainage basins, associated with the northeast-trending TBSZ corridor and interpreted north-northwest trending cross-cutting structures that appear to be associated with a major fault (with the same orientation) that passes through the centre of the Package.

A further 498 samples, relating to the Pokor, Ndom and Mbe licences, are in the process of being dispatched for analysis. The remainder of the programme is due to recommence over the Reservoir Minerals Cameroon SARL licences in Q4 2021.

Meanwhile, a Phase 2 diamond drilling programme will commence shortly at the Company's 90%-owned Bibemi gold project in the north of Cameroon. The initial focus will be on a c.1km area at the southern end of Bakassi Zone 1, one of four targets at the licence, where the maiden drilling programme in H1-2021 returned multiple mineralised intersections, including 2.45m grading 2.96 g/t Au and 3.60m grading 1.75 g/t Au (announcement dated 29 June 2021). The team will be mobilised to site in the next two to three weeks, with drilling anticipated to commence in September. Exact timing is subject to accessibility following the rainy season; further details on the upcoming programme will be announced in due course.

For further information on the Central Licences, please see the following page of the Company's website https://orioleresources.com/projects/central-cameroon/.

Competent Persons Statement 

The information in this release that relates to Exploration Results has been compiled by Claire Bay (Executive Director, Exploration & 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.

The information contained within this announcement is deemed by the Company 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. Following the publication of this announcement, this inside information is now considered to be in the public domain.

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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 West Africa. It is focused on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Cameroon 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 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.