Last checked at 18 Jan 2021 07:00
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Q1 Project Work Programmes
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides a summary of the current work programmes on projects ongoing during Q1-2021.
In Senegal, IAMGOLD has completed its 10,000 metre ('m') air core ('AC') drilling programme at the Senala project ('Senala'), as scheduled. As per the Company's previous guidance, it is anticipated that these results will be available during Q1-2021 (announcement dated 9 November 2020). The AC drilling is intended to better-define the geochemical footprint of the gold mineralisation at the Faré prospect, where historical drilling has returned best results of 20m grading 31.13 grammes per tonne ('g/t') gold ('Au') including 10m grading 60.98 g/t Au from reverse circulation ('RC') drilling and 59.60m grading 2.20 g/t Au and 49.50m grading 1.75 g/t Au from diamond drilling
Subject to the results of the AC drilling programme, IAMGOLD has planned a further 5,000m follow-up RC drilling and has also planned 1,000m diamond drilling to test mineralised intervals previously identified by Stratex International (announcement dated 9 November 2020). IAMGOLD is currently in Year 3 of its earn-in to an initial 51% interest in Senala and, under the terms of the option agreement, must have spent a further US$1 million by the end of February 2021 to keep the option in good standing.
In Cameroon, the Company anticipates first results from its maiden diamond drilling programme at the Bibemi project ('Bibemi') later this quarter and into Q2 (announcement dated 15 December 2020). The total planned programme now stands at 28 holes for 3,080m and will focus on testing the depth extension of surface gold mineralisation identified at four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - that occur over an 8.3-kilometre-long system. Best results from the work completed to date include up to 135.40 g/t Au from selective rock-chip sampling (announcement dated 27 November 2018) and 9m grading 3.14 g/t Au from trench sampling (announcement dated 21 May 2019). Completion of the drilling programme at Bibemi is expected to see Oriole satisfy the conditions for the Company to earn a 90% interest in Bibemi and the nearby Wapouzé project ('Wapouzé').
At Wapouzé, pilot trenching is underway to test key gold-in-soil anomalies identified from previous soil sampling campaigns (announcement dated 15 December 2020). Sampling and detailed mapping are being undertaken to help understand the spatial-temporal relation between lithologies, alteration and structures. Subject to results, it is possible that the drill rig could be moved to test targets at Wapouzé following the programme at Bibemi.
The Company is also awaiting the approval of eight new licences in central Cameroon, which cover a contiguous land package of c.3,500 km2 within highly prospective terrane for gold mineralisation (announcement dated 8 October 2020).
In Djibouti, Thani Stratex Djibouti ('TSD'), in which the Company has an 11.80% interest, completed its Phase 1 programme at the Hesdaba project for 2,242.31m of diamond drilling in 17 holes and 3,413m of RC drilling in 33 holes (announcement dated 22 December 2020). The final results for this programme, as well as from TSD's ongoing RC and diamond drilling programmes at the nearby Assaleyta project, are expected during Q1-2021.
The Company looks forward to providing updates on all of these projects as the information becomes available.
** ENDS **
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 / Seamus Fricker / 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 (Bibemi and Wapouzé 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. Year two commitments have been met at all three projects. 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.