Oriole Resources Regulatory News (ORR)

Oriole Resources PLC

 ('Oriole' or 'the Company')

Senala Exploration Update

Oriole Resources PLC, the AIM-quoted gold exploration company focussed on West Africa, provides an update on the Senala gold project in Senegal ('Senala' or the 'Project'), where Managem Group ('Managem') has recently taken control of the Project, having acquired AGEM Senegal Exploration Suarl ('AGEM'), formerly a subsidiary of IAMGOLD Corporation ('IAMGOLD'), for its portfolio of assets in Senegal. Oriole currently has a 41.65% interest in the Project.

Highlights

· Managem has acquired AGEM, which remains operator of Senala;

· Managem is continuing funding of the AGEM earn-in on Senala under the terms of the 2018 Option Agreement (Announcement dated 1 March 2018), with the option to earn up to a maximum 70% interest in the Project by 28 February 2024, subject to a total spend of US$8 million;

· An update of the litho-structural model is currently being carried out by the exploration team to integrate all results achieved to date;

· A 2,000 metre ('m') diamond drilling programme comprising nine holes has been planned along the full 6-kilometre length of the main mineralised trend at Faré, being the most advanced of five prospects at the Project;

· Drilling is expected to commence later in 2023 and results from the programme will be used to help guide future programmes at Faré.

Figure 1. Drill plan for the Faré prospect, showing best results from drilling to date and the planned 2023 diamond drill hole locations.

Oriole Resources CEO, Tim Livesey, said: "We are delighted to see activity re-start at Faré, where we know there is potential to extend the existing maiden resource at Faré South, identify additional resources at Faré South and Faré North, and to test additional targets identified during the 2022 auger drilling programme.

"The recent purchase by Fortuna Silver Mines Inc., at a premium to market capitalisation, of Chesser Resources, our neighbour in Senegal, has once again re-enforced the value of the Kédougou-Kéniéba gold district and indicates the enormous upside potential that exists at Faré and the other prospect areas within the Senala licence.

"We would like to wish Managem great success in the development and advancement of all of its assets in the region, and look forward to receiving results from the 2023 programme at Senala in due course".

Further Details

In March 2018, the Company's 85%-owned subsidiary, Stratex-EMC S.A., signed an option agreement (the 'Agreement') with IAMGOLD's wholly-owned subsidiary, AGEM Suarl, whereby AGEM could earn up to a 70% interest in the Project by spending up to US$8 million over six years. Since signing the Agreement, IAMGOLD's exploration had been focused on two prospects at the Project, namely Faré ('Faré' or the 'Prospect'; comprising the Faré North, Faré South and Faré Far South sub-prospects) and Madina Bafé.

At the end of February 2022, AGEM had completed the First Option under the Agreement by spending US$4 million over four years to earn an initial 51% interest in Senala. Notification of the interest has been submitted to the Ministry but is yet to be formally assigned to the underlying licence. During 2022, AGEM commenced exploration under the second option period of the Agreement ('Second Option') and completed a 10,695m auger drilling programme at Faré that continued to highlight the extent and prospectivity of the Prospect (Announcement dated 29 September 2022).

On 21 December 2022, the Company reported that IAMGOLD had signed a definitive agreement to sell its subsidiary, AGEM, to Managem, which included IAMGOLD's interest in Senala, and on 26 April 2023, IAMGOLD announced that the sale had been completed. Accordingly, Oriole has been advised that Managem is now the owner of AGEM and it has confirmed to the Company that it will continue to fund AGEM's earn-in on Senala under the terms of the Second Option. AGEM has the right to earn up to a further 19% (total 70%) by spending an additional US$4 million before the end of February 2024.

Despite the change of ownership, the majority of the AGEM exploration team has been retained in Senegal to provide continuity and, in addition to updating the litho-structural model for Faré, has planned a nine-hole, 2,000m diamond drilling programme along the length of the main mineralised trend at Faré. The programme has been planned to undercut some of the more mineralised shallow intervals returned to date, to intersect primary mineralisation below the base of oxidation and provide further information on the style of mineralisation, any associated alteration and the structural controls.

Figure 2. Cross section showing mineralization and proposed drill hole at Faré South

In addition to two drill holes at Faré North, three holes have been planned to test the Faré South prospect, where the Company has previously announced a maiden JORC-compliant Resource of 155,000 ounces ('oz') gold ('Au') grading 1.26 grammes per tonne ('g/t') Au in the Inferred category, based on a 0.3 g/t Au cut off and within a US$1,800/oz pit shell, and an additional Exploration Target of up to 280,000 oz Au grading 1.10 g/t Au (announcement dated 23 August 2021). The remaining four holes will test the Faré Far South prospect, where RC drilling programmes during 2021 delivered multiple high-grade intersections including 35.00m grading 3.61 g/t Au, 5.00m grading 12.45 g/t Au and 14.00m grading 2.09 g/t Au.

A drill rig is currently being mobilised, with the programme expected to commence later in 2023. The information obtained from this programme will help guide future drilling programmes at the Prospect.

Competent Persons Statement

The technical information in this release that relates to Exploration Results and the planned exploration programme 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 **

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Notes to Editors:

Oriole Resources PLC is an AIM-listed gold exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon, where the Company has a maiden Resource of 305,000 oz Au in the JORC Inferred category at the Bibemi project and has identified multi-kilometre gold and lithium anomalism within the district-scale Central Licence Package project. At the more advanced Senala gold project in Senegal, IAMGOLD had earned an initial 51% beneficial interest by spending US$4 million and has the option to spend up to a further US$4 million by 28 February 2024 to earn a further 19% interest. On 26 April 2023, IAMGOLD announced that it had completed the sale of its portfolio of projects in West Africa, including its interest in Senala, to Managem Group. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could deliver future cash flow.