TIDMORR
RNS Number : 3699A
Oriole Resources PLC
22 January 2024
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Due Diligence Sampling Results & Completion of DD at Mbe
Gold Project in Cameroon -
up to 256.74 g/t gold
Oriole Resources PLC, the AIM-quoted gold exploration company
focussed on West Africa, is pleased to report sampling results for
its 90%-owned Mbe orogenic gold project ('Mbe' or the 'Project') in
Cameroon and that BCM International Limited ('BCM') has now
confirmed it has completed its due-diligence review at the Project
(announcement dated 20 November 2023) .
Highlights
-- On 19 January 2024, the Company executed a conditional
earn-in agreement with BCM whereby BCM would earn up to 50%
interest in Mbe by meeting certain financial commitments.
Completion of the agreement was conditional on the successful
completion of BCM's due-diligence review on or before 31 January
2024;
-- In December 2023, as part of the due-diligence review, BCM
collected a total of 639 in-situ pit (channel-chip) and outcrop
(rock-chip) samples (total 707 samples including QAQC), over the
main 3 kilometre ('km') long zone identified by the Company's
previous exploration (announcements dated 30 January 2023 , 27
February 2023, 24 May 2023 and 2 January 2024);
-- The zone is underlain by a northeast to north-northeast
trending, shear-related porphyritic unit (provisionally recorded as
quartz-feldspar-porphyry ('QFP')) that is highly altered along its
central core and is silicified and gold-mineralised where the unit
is cross-cut by east-northeast trending mineralised structures;
-- BCM's results have returned 155 samples grading equal to or
greater than ('>=') 1 gramme per tonne ('g/t') gold ('Au'), 13
of which have graded >=10 g/t Au;
-- Best results include:
o 256.74 g/t, 133.44 g/t, 75.09 g/t, 33.66 g/t and 22.89 g/t Au
from outcrop sampling;
o 25.16 g/t, 23.97 g/t, 9.98 g/t, and 8.75 g/t Au from pit
sampling.
-- A further 232 samples graded between 0.20 g/t and 0.99 g/t Au;
-- The highest grades have been returned from smoky quartz veins
and strongly silicified QFP host rocks, which commonly display
stockwork quartz veining and boxwork textures after pyrite. There
is also an abundance of fine-grained aggregations of pyrite
encapsulated by silica;
-- The results provide further support for a northern and
southern target, MB01-N and MB01-S respectively, where increased
dilation (on the sites of structural intersections) has resulted in
enhanced levels of gold deposition over a strike length of at least
650 metres ('m') and 750m respectively, and over widths of more
than 500m;
-- BCM has confirmed to Oriole that it's due-diligence review is
now complete and consequently, the conditions of the Mbe earn-in
agreement (see above) have been satisfied. Now that the agreement
is unconditional, the Company expects to receive US$1 million in
signature payments from BCM before the end of February 2024.
Oriole CEO, Tim Livesey, said: "These very strong gold results,
obtained via an independent due diligence review, support our
belief that the Mbe licence has the opportunity to host significant
gold deposits. As part of the wider Eastern CLP, the prospects
tested by this programme at Mbe appear to represent the northern
edge of the proposed 'mineralised corridor', that runs across all
five licences.
"The due-diligence sampling programme was intended to test a
broad swathe of the host units, and not just the most obvious
targets, in addition to the mineralised veins, so it is very
encouraging to see so many sample sites return positive gold
grades. It is a strong indication that Cameroon offers
opportunities for new discoveries in areas with no significant
exploration history to date.
"On the basis of these results, we are pleased to share that BCM
has confirmed a positive outcome from their due diligence review,
and that they will be moving forward with the earn in agreement and
payment of the signature payments.
"With two of our key projects now fully funded, we are able to
progress exciting district-scale exploration at Mbe in parallel
with the resource definition and expansion programmes at Bibemi.
This promises to deliver plenty of news flow in the coming months.
It's also worth noting that we have four other licences in the
Eastern CLP and so look forward to continuing our exploration
programmes there, and on our lithium licences, later this
year."
"As always, we will keep the markets appraised of progress,
which has been positive for every programme we have completed
within the Eastern CLP since we were granted the licences in
February 2021."
Figure 1: Rock-chip sampling results to date within the main
3km-long trend at Mbe, highlighting the zones of higher-grade gold
mineralisation. BCM's due diligence samples (except those grading
less than 0.20 g/t Au) are denoted by larger labels than the Oriole
samples. The half arrows denote a sinistral shear sense on the main
NE/NNE -trending QFP zone. Inset map shows the relative location of
the Mbe mineralisation in relation within the wider Central Licence
Package.
Further Details
The Mbe project (312km(2) ) is covered by one of five contiguous
gold-focussed licences within the broader Eastern Central Licence
Package ('Eastern CLP') in central Cameroon, a district-scale
landholding covering 2,266km(2) of highly-prospective geology.
Following the initial identification of a c.12.5km-long zone of
en-echelon gold-in-soil anomalies at Mbe during regional
programmes, subsequent mapping and rock-chip sampling during 2023
identified a 3km-long geological zone containing areas of
high-grade gold mineralisation that yielded results of up to 134.10
g/t Au from surface samples and artisanal workings (announcements
dated 30 January 2023, 27 February 2023 and 21 June 2023).
Figure 2: Simplified summary of the prospective areas of gold
mineralisation defined to date within the Eastern CLP, comprising
five licences within the wider Central Licence Package
This 3km-long zone, which trends northeast to north-northeast,
comprises a (sinistral) shear-related QFP unit that is highly
silicified and mineralised where the unit is cross-cut by
east-northeast trending mineralised structures, and exhibits a wide
halo of pervasive albite alteration. High-grade gold mineralisation
has been identified at two sites along the strike length, where
these cross-cutting east-northeast veins (also with sinistral
movement) intersect the QFP unit, creating zones of dilation. These
cross-cutting, east-northeast veins correlate well with the
gold-in-soil anomalism identified during Oriole's soil sampling
programme in 2022.
In December 2023, BCM completed (at its own cost) a three-week
long site visit to Mbe and collected 639 samples weighing 2-5
kilograms each over the 3km-long zone. Of these, 542 samples were
collected from pits (5-10 metres deep and exclusively dug by
artisanal miners) and 97 samples were collected from outcropping
rocks. All of the pit samples were collected from in-situ
(weathered saprolite or saprock) material, with composite
channel-chip sampling being applied over the exposed pit wall (and
perpendicular to the dominant vein set, where apparent) to ensure
sample representivity.
Results have returned 155 samples grading >=1 g/t Au, 13 of
which have graded >=10 g/t Au. Of these higher-grading samples,
best results include 256.74 g/t, 133.44 g/t, 75.09 g/t, 33.66 g/t
and 22.89 g/t Au from outcrop sampling, and 25.16 g/t, 23.97 g/t,
9.98 g/t, and 8.75 g/t Au from pit sampling. A further 232 samples
graded between 0.20 and 0.99 g/t Au. A review of the QAQC results
related to these analyses has confirmed that all materials have
reported within acceptable limits, although natural variation has
resulted in some outliers in the field duplicate data, which is
typical of these systems.
The highest grades have been returned from smoky quartz veins
and strongly silicified QFP host rocks, which commonly display
stockwork veining and boxwork textures after pyrite. These samples
also have an abundance of fine-grained aggregations of pyrite
encapsulated by silica.
The results provide further support for targets at MB01-N and
MB01-S, where increased dilation (on the sites of structural
intersections) has resulted in enhanced levels of gold deposition.
These zones extend over strike lengths of at least 650m and 750m
respectively, and over widths of more than 500m. Importantly, the
data shows that the plus 1 g/t Au grades persist outside of the
discrete veins, extending well into the more weakly-altered QFP
host rocks to create wider halos of pervasive mineralisation and
alteration.
Figure 3. Left: Outcrop sampling results to date (Oriole and BCM) at MB01-N.
Right: Pit sampling results (BCM only) at MB01-N.
Figure 4: Left: Outcrop sampling results to date (Oriole and BCM) at MB01-S.
Right: Pit sampling results (BCM only) at MB01-S.
Further testwork is ongoing, including preliminary metallurgical
test work to ascertain the recoverability of the gold, but BCM has
confirmed to Oriole that it's due-diligence review is now complete,
with very positive results obtained.
Accordingly, and following execution of the Mbe earn-in
agreement earlier this month, the Company expects to receive US$1
million in signature payments from BCM, with the first tranche of
US$500,000 to be made on or before 31 January 2024 and the balance
of US$450,000 to be paid on or before 29 February 2024
(announcement dated 19 January 2024).
Work programmes are currently being designed for the next phase
of exploration at the Project, and further guidance on these will
be announced in due course.
For further information on the Mbe project, including a JORC
Table 1, please see the following page of the Company's website
https://orioleresources.com/projects/central-licence-package/ .
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.
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.
** ENDS **
For further information please visit www.orioleresources.com , @OrioleResources on Twitter,
or contact:
Oriole Resources Plc Tel: +44 (0)20 7830 9650
Tim Livesey / Bob Smeeton / Claire
Bay
BlytheRay (IR/PR Contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ciara Donnelly
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Ewan Leggat / Harry Davies-Ball
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 reported a Resource of 375,000
oz Au at 2.30g/t in the JORC Inferred category at its 82.2%-owned
Bibemi project and has identified multi-kilometre gold and lithium
anomalism within the district-scale Central Licence Package
project. BCM International is currently earning up to a 50%
interest in the Bibemi and Mbe projects in return for a combined
investment of US$1.5m in signature payments (US$0.55m of which has
already been received), up to US$8m in exploration expenditure, as
well as JORC resource-based success payments.
At the more advanced Senala gold project in Senegal, AGEM
Senegal Exploration Suarl ('AGEM'), a wholly-owned subsidiary of
Managem Group, has earned an initial 51% beneficial interest in the
Senala Exploration Licence by spending US$4 million and has the
option to spend up to a further US$4 million by 17 February 2024 to
earn an additional 19% interest in the licence. The Company also
has several interests and royalties in companies operating in East
Africa and Turkey that could deliver future cash flow.
.
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