Oriole Resources Regulatory News (ORR)

Oriole Resources PLC 

('Oriole Resources' or 'the Company')

Encouraging Phase 1 Trenching Results at Bibemi Gold Project, Cameroon

Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is pleased to provide an exploration update for Cameroon, where it is earning up to a 90% interest in the Bibemi and Wapouzé gold projects. In Q4-2018, the Company reported rock-chip sampling results for Bibemi that demonstrated high-grade gold anomalism extending over c.4 km strike (announcement dated 27 November 2018).

Initial results announced today from a follow-up Phase 1 trenching programme at Bibemi have confirmed multiple zones of orogenic-style gold mineralisation, including 6m @ 3.02 g/t Au, with individual veins returning up to 13.70 g/t Au. The programme is now complete with remaining results anticipated later this quarter / early Q2. Infill Phase 2 trenching will commence shortly for a planned 4,360m.

At the earlier-stage Wapouzé project, c.20km to the north-east, systematic soil sampling has recently been completed and results for a 2,119 soil samples and 146 rocks samples are expected later this month.

Highlights:

· Phase 1 trenching and geological mapping completed for 8,742m over two key zones at Bibemi;

· Results received for an initial 13 trenches - confirm multiple zones of orogenic-type gold mineralisation within a dominant NE-trending shear zone. Best results include (0.10 g/t Au cut-off):

o 6m @ 3.02 g/t Au (BT-010);

o 1.4m @ 6.31 g/t Au and 1.2m @ 1.48 g/t Au (BT-005);

o 2m @ 0.86 g/t Au (BT-002);

o 2m @ 0.87 g/t Au (BT-007);

o 4m @ 0.76 g/t Au (BT-008);

o 2m @ 0.76 g/t Au (BT-013).

· Channel sampling of individual veins within these trenches has returned grades of up to 13.70 g/t Au from amphibolite-hosted quartz and quartz-tourmaline veins, commonly associated with sericite-chlorite-epidote alteration;

· Highest grades yielded from moderate to steeply-dipping N-S oriented structures, which cross-cut the main NE-shear foliation. However, there is also some evidence for mineralisation in more shallow-dipping (c.30 degrees), NW-trending veins, as well as those parallel to shear foliation;

· Final results for Phase 1 anticipated end Q1/early Q2;

· Mineralised intervals within historic Reservoir trenches have been reopened to further investigate the litho-structural controls on mineralisation;

· 4,360m Phase 2 infill trenching (100m spacing) to commence shortly;

· Soil sampling completed at Wapouzé - results expected later this month.

Oriole Resources CEO, Tim Livesey, said: "These results from our first phase of trenching at Bibemi are very encouraging and, together with the Phase 2 infill trenching, will assist us in both gaining a better understanding of the mineralised system and progressing towards a drill decision later in the year. 

Though the higher-grading intercepts may appear at first glance to be rather sporadic, they do follow the previously mapped trends and confirm our early model of shear-related vein mineralisation. When one considers the scale of the area and the average 200m-spacing between trenches, the results to date suggest the presence of multiple mineralised ore shoots within what is a major 600m-wide structural corridor. 

There is clearly more work to be done to understand the controls on mineralisation in this kind of complex strutural environment. However, the results from this first pass trenching programme have been encouraging and insightful, giving us a useful overview of the geology in the area and allowing us to tailor the next phase of our work to target the areas of potential higher grade. Remembering that the individual ore shoots in many of the worlds biggest mines exploiting this kind of orogenic gold deposit have strike lengths of around 200-400m, our immediate task now is to target the higher-grade sections with the intention of defining specific ore shoots and the geological factors controlling their localisation."

Further details

In Q4-2018, the Company commenced a Phase 1 trenching programme at Bibemi, focused on two priority areas, 'Zone 1' and 'Zone 2', within the central Bakassi zone, where former operator Reservoir Minerals Inc. ('Reservoir') had previously identified three parallel mineralised trends over a cumulative strike distance of c.20km.

A total of 22 trenches have now been completed for a total of 8,742m. Trenches were excavated to depths of 1-2m on 130 degree-oriented lines at a spacing of 200m, to infill and extend the historic work by Reservoir. Samples (2-3 kg) were taken at or close to the saprolite-bedrock interface, approximately 20cm from the base of trench, and were collected over 1m or 2m intervals, with actual sample lengths dictated by geology, mineralisation, and alteration.

Preparation of 60g pulp sub-samples was undertaken at an in-country laboratory (approved by ISO 9001-accredited Bureau Veritas laboratory in Cote d'Ivoire ('Bureau Veritas') which is operated by the Company's local partner, Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'). Analysis was undertaken by Bureau Veritas utilising Fire Assay with an AAS finish, with gravimetric finish for samples reporting grade >10 g/t Au. Results have been received for 3,608 samples from the first 13 trenches (BT-001 to BT-013), including 8% QAQC samples. Analysis of QAQC plots for standard certified reference materials, inserted blanks and duplicates was completed and found to be within acceptable ranges. Umpire sampling was also completed for 155 samples at ALS Global ('ALS') in Ireland, using a Fire Assay method with an AAS finish. QAQC analysis confirmed no issues. Overall the comparison of the Bureau Veritas and ALS results showed good correlation. However, 1 g/t Au) showed a >1g/t Au variation, thus, highlighting a repeatability issue that is probably due to the coarse 'nugget' gold effect, typical of - gold-bearing vein systems. Further assessment of the coarse rejects from these mineralised zones will be undertaken to investigate the extent of this issue.

Results to date have confirmed multiple zones of orogenic-type mineralisation, with best results of 6m @ 3.02 g/t Au (BT-010) and 1.4m @ 6.31 g/t Au and 1.2m @ 1.48 g/t Au (BT-005) (Table 1). Mineralisation is associated with quartz and quartz-tourmaline veins hosted in amphibolite schist and granodiorite, commonly enveloped by wider zones of sericite-chlorite-epidote alteration. Results for the remainder of the Phase 1 trenching programme are anticipated by early Q2-2019 and will include four trenches covering the previously reported high-grade rock-chip samples of 135.40 g/t Au, 119.70 g/t Au, 117.20 g/t Au and 107.20 g/t Au (announcement dated 27 November 2018).

Table 1. Results from trench sampling at Bakassi zone, Bibemi project

*calculated using a 0.10 g/t Au cut-off. Intervals >0.50 g/t Au shown in bold.

** sample intervals are taken along the length of the trench which is believed to be perpendicular to the strike of the mineralisation, however, true widths are not yet known.

Fourteen channel samples taken across individual quartz veins within the trenches have also confirmed the potential for higher-grade mineralisation with best results of 13.70 g/t Au from 25cm quartz-tourmaline vein and 9.55 g/t Au over 10cm from a quartz vein in trench BT-010.

Structural mapping has confirmed that the highest grades are related to N-S oriented structures, which cross-cut the main NE shear foliation. However, there is also some evidence for mineralisation in more shallow-dipping (c.30 degrees), NW-trending veins (although these appear to be late), as well as those parallel to the NE shear foliation. Mineralised intervals within four historic Reservoir trenches (T07 and T08 in Zone 1, and T01 and T04 in Zone 2) have been re-opened for 290m to further investigate the litho-structural controls on mineralisation.

On the basis of results received to date, a Phase 2 infill trenching (100m spacing) will shortly commence across the most prospective areas, with a planned 7 trenches for 3,170m at Zone 1 and 5 trenches for 1,190m at Zone 2.

At the Wapouzé project, approximately 20km to the north-east of Bibemi, systematic soil sampling (400m x 100m grid) has recently been completed on the eastern portion of the licence, where previous stream sediment sampling by Reservoir returned 5 samples >25ppb Au over a distance of 8km. A total of 2,119 samples have been collected from 20-30cm below surface in most cases upper saprolite zone, as well as 146 rock-chip samples. Samples have been sent for analysis at Bureau Veritas using a low-level detection Fire Assay method and results are anticipated later this month.

For further information, including maps and a JORC Table 1 please see the Bibemi and Wapouzé page of our website https://orioleresources.com/projects/bibemi-and-wapouze/.

Deal Terms

Under the terms of the Option Agreement, Oriole can earn an initial 51% of BEIG3's Bibemi and Wapouzé licences (the 'Projects') in Cameroon by funding US$1.56m on exploration over two years. Thereafter, Oriole can earn a further 39% for an additional U$1.56m exploration expenditure, or by completing a pre-feasibility study on at least one of the Projects, over the subsequent two years.

Competent Persons Statement 

The information in this release that relates to Exploration Results has been compiled, and is based on information reviewed on behalf of the Company, by Claire Bay (VP Exploration and Business Development) and Issouf Ouedraogo (General Manager for West Africa). Claire Bay (MGeol, CGeol, EurGeol, FIMMM) and Issouf Ouedraogo (MSc, AusIMM) are Competent Persons as defined in the JORC code and take responsibility for the release of this information. Claire Bay and Issouf Ouedraogo have reviewed the information in this announcement and confirm that they are not aware of any new information or data that materially affects the information reproduced here.

** ENDS **

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 Africa and Europe. It is focused on early-stage exploration in Cameroon and the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. The Company has several interests and royalties in companies operating throughout Africa and Turkey and is assessing new opportunities in both regions.