Last checked at 9 Feb 2022 07:00
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Exploration Update for Wapouzé, Cameroon
Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an exploration update for its 90%-owned Wapouzé gold project ('Wapouzé' or 'the Project') in Cameroon.
During Q4-2021, the team completed a programme of soil sampling over the southwest extent of the Wapouzé licence, as well as trenching over previously-identified soil anomalies at the Bataol Zone in the east. Results reported today include a best trenching interval of 2.00 metres ('m') grading 4.06 grammes per tonne ('g/t') gold ('Au').
Highlights
· Five trenches completed for a total of 2,524m at the Bataol Zone. All trenches have returned anomalous gold (using a 0.10 g/t Au cut-off) with best results including:
o 2.00m grading 0.53 g/t Au (WPT006);
o 2.00m grading 4.06 g/t Au (WPT007); and
o 1.50m grading 0.53 g/t Au and 2.00m grading 0.50 g/t Au (WPT008).
· Mineralisation is predominantly hosted by quartz veinlets within sedimentary schist;
· Soil sampling completed over the southwest of the Project area has returned grades of up to 141 ppb Au;
· A series of maps for the completed programmes can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/0847B_1-2022-2-8.pdf
Oriole Resources CEO, Tim Livesey, said: "We are continuing to gain an understanding of the gold mineralised systems at Wapouzé and these recent soil and trenching results add to that knowledge.
"Previous sampling at the Project had identified extensive surface anomalies, with some significant gold grades in soils. As we better understand the local geology and the likely influences of structure on the mineralisation here, as at Bibemi to the south, the team continues to develop the exploration programme with a view to identifying drill targets."
Further Details
At the Wapouzé project, located 20 km to the north of the Company's more advanced Bibemi project, soil sampling programmes undertaken in 2019 identified multiple gold-in-soil anomalies within the Bataol Zone in the north-east, including an 8km-long northeast-trending anomaly, which returned up to 531 ppb Au (0.53 g/t Au), and a parallel 2.8km-long anomaly (Announcements dated 18 March 2019 and 6 June 2019).
In Q1-2021, the Company completed a 150m pilot trenching programme for three trenches (WPT001 to WPT003) across a small portion of the 8km-long anomaly. However, the programme did not return any significant intersections (Announcement dated 6 April 2021) and so in Q4-2021, a further five trenches (WPT004 to WPT008) were completed for 2,524m.
Four of the trenches were planned to test the anomaly either side of the pilot trenches, at a regional spacing of 500m to 1km, whilst the fifth trench was designed to test the centre of the parallel 2.8km-long anomaly. All trenches were orientated towards 130 degrees.
The results reported today have confirmed anomalous gold (using a 0.10 g/t Au cut off) in all trenches, with a best intersection of 2.00m grading 4.06 g/t Au reported in WPT007 (Table 1). The mineralisation is associated with quartz veinlets, typically hosted by sedimentary schists.
Table 1. Significant results (0.10 g/t Au cut-off) from trenches WPT004 to WPT008 at Bataol zone, Wapouzé project
Trench ID | From (m) | To (m) | Average Au (g/t) | Intersection |
WPT004 | 349.00 | 351.00 | 0.20 | 2.00m @ 0.20 g/t Au |
| 357.00 | 359.00 | 0.38 | 2.00m @ 0.38 g/t Au |
| 441.00 | 442.00 | 0.11 | 1.00m @ 0.11 g/t Au |
| 448.00 | 449.00 | 0.16 | 1.00m @ 0.16 g/t Au |
| 451.00 | 452.00 | 0.16 | 1.00m @ 0.16 g/t Au |
| 492.00 | 494.00 | 0.18 | 2.00m @ 0.18 g/t Au |
WPT005 | 221.00 | 228.00 | 0.19 | 7.00m @ 0.19 g/t Au |
| 430.00 | 432.00 | 0.18 | 2.00m @ 0.18 g/t Au |
| 450.00 | 452.00 | 0.12 | 2.00m @ 0.12 g/t Au |
WPT006 | 6.50 | 7.50 | 0.13 | 1.00m @ 0.13 g/t Au |
| 123.00 | 125.00 | 0.14 | 2.00m @ 0.14 g/t Au |
| 177.50 | 179.50 | 0.11 | 2.00m @ 0.11 g/t Au |
| 208.00 | 210.00 | 0.53 | 2.00m @ 0.53 g/t Au |
| 227.50 | 228.50 | 0.18 | 1.00m @ 0.18 g/t Au |
WPT007 | 191.00 | 193.00 | 0.19 | 2.00m @ 0.19 g/t Au |
| 344.50 | 346.50 | 0.14 | 2.00m @ 0.14 g/t Au |
| 408.50 | 410.50 | 4.06 | 2.00m @ 4.06 g/t Au |
| 482.50 | 484.50 | 0.13 | 2.00m @ 0.13 g/t Au |
WPT008 | 52.00 | 54.00 | 0.11 | 2.00m @ 0.11 g/t Au |
| 126.00 | 128.00 | 0.10 | 2.00m @ 0.10 g/t Au |
| 160.00 | 161.00 | 0.13 | 1.00m @ 0.13 g/t Au |
| 164.00 | 166.00 | 0.13 | 2.00m @ 0.13 g/t Au |
| 189.50 | 191.00 | 0.53 | 1.50m @ 0.53 g/t Au |
| 302.00 | 304.00 | 0.50 | 2.00m @ 0.50 g/t Au |
*average weighted gold grades calculated using a 0.10 g/t Au cut-off and no internal dilution. 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.
The Company also completed soil sampling over the southwestern extent of the licences. Results for a total 947 samples include a best grade of 141 ppb Au, with 14 samples assaying 20 ppb Au or more and 29 samples reporting above the 10 ppb Au threshold. Whilst the data has confirmed continuation of the structural regime to the southwest, the anomalism is not well defined, perhaps reflecting the lack of competent host rock in the vicinity.
QAQC data for both the soil and trench samples is considered to be within acceptable ranges. The team will now review all data sets ahead of designing further work programmes.
For further information on the Wapouzé project, including maps and a JORC Table 1, please see the following page of the Company's website https://orioleresources.com/projects/wapouze/.
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 Wapouzé, the Bibemi project (20km to the south) 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.