REG - Oriole Resources PLC - Drilling Update for the Bibemi Gold Project

Oriole ResourcesAnnouncement

03/02/2025 07:15

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RNS Number : 5552V  Oriole Resources PLC  03 February 2025

Oriole Resources PLC

('Oriole Resources' or 'the Company' or 'the Group')

 

Drilling Update for the Bibemi Gold Project in Northern Cameroon

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company
focused on West and Central Africa, is pleased to provide an update on its
90% owned Bibemi orogenic gold project ('Bibemi' or the 'Project')
in Cameroon, where BCM International ('BCM') has acquired an initial 10%
interest and is earning up to a further 40% interest by spending up to US$4
million on exploration.  A fully funded Phase 5 diamond drilling programme
is currently underway at the Project, where an updated Mineral Resource
Estimate ('MRE') of 375,000 ounces ('oz') contained gold ('Au'), grading 2.30
grammes per tonne ('g/t') gold, was announced in January 2024.

Highlights

 

·    A total of 6,560.10 metres ('m') has been drilled in 54 holes in the
ongoing Phase 5 diamond drilling programme at the Bakassi Zone 1 prospect
('Bakassi Zone 1' or 'BZ1').

·    Results for seven drill holes from the BZ1-SW target (BBDD096-102)
have returned additional intersections of 2.90m at 1.41g/t Au and 1.00m at
3.78g/t Au (based on a 0.20g/t Au lower cut-off (Table 1, Figure 2).

·    A further four holes (BBDD103-106) have been completed at the BZ1-MRE
zone, with assay results pending, and a fifth hole (BBDD107) is on-going.

·    The holes at the BZ1-MRE zone are along infill fence lines within the
existing MRE, with the aim of reducing drill hole spacing to around 50m and
enabling an upgrade part of the existing MRE to the Measured and/or Indicated
Australasian Joint Ore Reserve Committee ('JORC') Code categories.  Initial
geological review of these holes has confirmed the continuation of
sulphide-mineralised shear veins between existing fence lines (Figure 1).

·    Completion of the Phase 5 drilling programme is anticipated later
this quarter.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are
looking forward to the completion of the current drilling programme at Bibemi
and having all results so that the Mineral Resource Estimate model can be
updated.  Given that several intersections in the programme to date fall
outside of the current mineralisation wireframes, but within the existing MRE
open pit design, we see good scope for additional near surface resource ounces
to be defined.  In addition, we anticipate that there will be an important
upgrade to the existing MRE to the Measured and/or Indicated JORC Code
categories."

 

Figure 1. Example of an approximately 2.80m zone of brecciated
quartz-tourmaline-sulphide shear vein from hole BBDD105

 

Further Details

At the 177 square kilometre ('km(2)') Bibemi orogenic gold project in the
North region of Cameroon, the Company's exploration to date has identified
shear-hosted gold mineralisation at four main prospects - Bakassi Zone
1, Bakassi Zone 2, Lawa West and Lawa East - within an approximately 12
kilometre ('km') long mineralised hydrothermal system at surface.

 

Between 2021 and 2022, the Company completed four phases of diamond drilling
at the Project for a total of 6,685.40m in 54 holes, with gold mineralisation
hosted in both steeply dipping and flatter lying quartz and quartz-tourmaline
veins.  The majority of that drilling was focused on an approximately 1km
long section at the southern end of Bakassi Zone 1 where, in January 2024,
the Company reported an MRE for the BZ1-MRE zone of 5.1 million tonnes
grading 2.30g/t Au for approximately 375,000 oz Au contained in the 'JORC
Inferred Resources category, based on a 0.45g/t Au lower cut-off grade and
within a US$2,000/oz gold price open pit shell (announcement dated 15 January
2024).

 

In June 2024, a fully funded Phase 5 diamond drilling programme commenced at
Bakassi Zone 1 to further test the BZ1-MRE zone, and two along strike targets,
BZ1-NE and BZ1-SW, for a planned 7,060m in 62 holes.  To date, a total of
6,560.10m has been drilled in 54 holes, with 32 of these holes completed at
BZ1-MRE (BBDD051A, BBDD055-080, and BBDD103-107), 14 holes drilled at BZ1-NE
(BBDD081 - BBDD094), and 8 holes drilled at BZ1-SW (BBDD095-102; Figure 3).

Previously reported intersections from this programme include 4.10m at 7.99g/t
Au (BBDD059), 2.70m at 14.67g/t Au (BBDD058), 2.00m at 12.50g/t Au (BBDD061),
2.15m at 9.95g/t Au (BBDD063), 2.00m at 8.57g/t Au (BBDD075) and 1.00m at
25.54g/t Au (BBDD068; announcements dated 12 September 2024, 14 October 2024,
and 28 November 2024).  Several of these intersections fall outside the
current mineralisation wireframes, but within the existing MRE open pit
design, providing scope for additional near surface resources.

In January, an intersection of 1.20m at 13.60g/t Au was reported from the
first hole (BBDD095) at the BZ1-SW zone (announcement dated 14 January
2025).  The Company today reports results for a further seven drill holes at
BZ1-SW, containing 2.90m at 1.41g/t Au including 1.00m at 3.78g/t Au (Figure
2, Table 1), supporting the interpretation that the quartz shear vein system
at BZ1-MRE extends to the southwest.  Indeed, gold-bearing quartz veins have
been encountered in several drilling fence lines at BZ1-SW, extending
north-northeast over a strike length of over 400m.

Figure 2. Drill plan for the BZ1-SW zone, showing drill holes BBDD095-102 (in
white), and Phase 4 hole BBDD054 (in yellow).

 

 

 

Table 1. Calculated intersections from Phase 5 holes BBDD096-102 using a
0.20g/t Au lower cut-off grade.  Results greater than 1g/t Au are in bold.

            From (m)  To (m)    Grade (g/t Au)  Intersection*
 BBDD096    No significant intersections
 BBDD097    No significant intersections
 BBDD098    11.80     14.70     1.41            2.90m at 1.41g/t Au
 Including  13.70     14.70     3.78            1.00m at 3.78g/t Au
 BBDD099    83.40     84.40     0.63            1.00m at 0.63g/t Au
 BBDD100    No significant intersections
 BBDD101    No significant intersections
 BBDD102    No significant intersections

* Intervals greater than 1.00m, calculated using a 0.20g/t Au lower cut-off
grade and no more than 32% internal dilution.  True widths are variable due
to changes in vein orientation but are typically 77% of the reported downhole
interval.

 

Drilling is continuing at the BZ1-MRE zone to complete the final two and a
half holes of the Phase 5 programme (Figure 3).  An initial geological review
of holes BBDD103-106 has confirmed the along strike continuation of
quartz-tourmaline (+/- carbonate) shear veins, which are known to host the
gold mineralisation at BZ1-MRE (Figure 1).  The samples for these holes will
be sent for analysis once the programme is completed, later this month, and
results will be published in due course.  The full results from the Phase 5
programme are expected to upgrade part of the existing JORC Inferred MRE to
the Measured and/or Indicated categories.

 

 

Figure 3. Drill plan showing infill drilling at BZ1-MRE zone as the final part
of Phase 5

 

Detailed metallurgical test work is also continuing, alongside various other
technical and environmental and social studies, to help support the Company's
ongoing exploitation licence application process.

 

Further information can be found in the Bibemi JORC Table 1 disclosure on
the following page of the Company's
website https://orioleresources.com/projects/bibemi/
(https://orioleresources.com/projects/bibemi/) .

 

 

Competent Persons Statement

 

The information in this announcement that relates to the Mineral Resource is
based on data compiled by Mr. Robert Davies, EurGeol, CGeol, an independent
consultant to Oriole.  Mr Davies is a Director of Forge International
Limited.  Mr Davies has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves".  Mr Davies consents to the inclusion in
the report of the matters based on his information in the form and context in
which it appears.  The Company confirms that it is not aware of any new
information or data that materially affects the Mineral Resource Estimate, and
that all material assumptions and technical parameters underpinning the MRE
continue to apply.

 

The technical information in this release that relates to Exploration Results
and the planned exploration programme has been compiled by Mrs Claire Bay
(Executive Director).  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
(http://www.orioleresources.com) ,  @OrioleResources on X,

or contact:

 Oriole Resources Plc                      Tel: +44 (0)23 8065 1649
 Martin Rosser / Bob Smeeton / Claire Bay

 BlytheRay (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 / Elliot Peters
 SP Angel Corporate Finance LLP            Tel: +44 (0)20 3470 0470

 Ewan Leggat

 

Notes to Editors:

Oriole Resources PLC is an AIM-listed gold exploration company, with projects
in West and Central 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 90% owned Bibemi project and has
identified multi-kilometre gold and lithium anomalies 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$1.5 million in signature payments, up
to US$8 million in exploration expenditure, as well as JORC resource-based
success payments.

 

At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl
('AGEM'), a wholly owned subsidiary of Managem Group, has recently completed a
six-year earn-in to acquire an estimated 59% beneficial interest in the Senala
Exploration Licence by spending US$5.8 million.  A review of expenditure and
discussions on the formation of a joint-venture company are currently
underway.  The Company also has several interests and royalties in companies
operating in East Africa and Turkey that could give future cash payments.

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