Oriole Resources PLC (AIM:ORR) Maiden JORC Resource for Bibemi Gold Project

Maiden JORC Resource for Bibemi Gold Project in Cameroon

305,000 oz grading 2.19 g/t gold Inferred

Oriole Resources PLC, the AIM-quoted gold exploration company focussed on West Africa, is pleased to report a maiden Inferred JORC-compliant Mineral Resource Estimate (‘MRE’ or the ‘Resource’) of 305,000 Troy ounces (‘oz’) grading 2.19 grammes per tonne (‘g/t’) gold (‘Au’) for Bakassi Zone 1, one of four prospects at its 90%-owned Bibemi orogenic gold project (‘Bibemi’ or the ‘Project’) in Cameroon .

Highlights

· A pit optimisation study has been completed to upgrade a portion of the previously-reported JORC Exploration Target for the Bakassi Zone 1 prospect (announcement dated 10 October 2022) to a maiden JORC Resource;

· The pit-constrained Resource is estimated to be 4.3 million tonnes grading 2.19 g/t Au for approximately 305,000 oz Au in the JORC Inferred Resources category;

· The entire Resource has been defined within the limit of a  US$1,800 /oz gold price pit shell;

· The Resource has been modelled over a strike length of 1,220 metres (‘m’) and to a depth of 260m below surface, using a cut-off grade of 0.30 g/t Au and a top-cut of 20 g/t Au;

· The residual JORC Exploration Target, not including the Resource blocks, is estimated to be between 1.5 and 2.2 million tonnes at grades ranging from 1.10 to 2.10 g/t for between an additional 53,000 and 148,000 oz of Au[[1]] ;

· Both estimates remain open at depth and along strike to the northeast;

· The Resource and updated Exploration Target have been compiled for Oriole by independent consultant  Forge International Limited (‘Forge’), who has recently completed a site visit to Bibemi in accordance with JORC guidelines ;

· There exists significant potential to expand the MRE at Bakassi Zone 1 and to identify additional resources at the other three prospects on the licence, Bakassi Zone 2, Lawa West and Lawa East, which are all located within a few kilometres (‘km’) of Bakassi Zone 1;

· An infill geophysics programme is planned for H1-2023, to aid drill targeting at the remaining three prospects on the Bibemi licence as well as future Resource-expansion activities.

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Figure 1   3D Isometric view of the Resource blocks within U$1,800/oz pit shell

Figure 2   Cross section (looking northeast) through the core zone (fence line BZ1_P2_L3) of the Exploration Target model for Bakassi Zone 1, showing drill holes and mineralised domains.

Figure 3   Plan view showing the block model with U$1800/oz Resource pit shell, and drill holes used to estimate the Bakassi Zone 1

Oriole CEO, Tim Livesey, said:  “An excellent early result from the past season’s drilling at the Bakassi Zone 1 prospect on our Bibemi licence in Cameroon, which we believe is the first ever JORC MRE for orogenic gold in Cameroon.

“We are very pleased to have delivered an initial JORC MRE of significant size in a cost-effective manner and within such a short timeframe, despite the impacts of the covid pandemic. 

“This was the first drilling ever carried out at Bibemi and it clearly demonstrates the massive opportunity that exists in this underexplored region.

“The Bakassi Zone 1 prospect is open at depth with the current Resource model reaching down to 260m. It is also open along strike to the north-east and there is additional potential within three kilometres of this initial pit design at the Bakassi Zone 2, Lawa West and Lawa East prospects. Collectively these prospects have the potential to deliver many more ounces.

“We are delighted that our early move into Cameroon continues to deliver success, both here at Bibemi and in the expansive Central Licence Package. The Oriole team identified the critical mineralising controls following the early work of mapping and trenching.  The first phases of prospect drilling and the structural reviews of the oriented core drilling programme confirmed this, and the information has been used to deliver the JORC MRE.

“With obvious similarities to the extensive gold-in-soils anomalism identified in the last field season across our Central Licence Package, the Oriole team’s exploration success at Bibemi reconfirms our commitment to Cameroon as a new frontier for gold exploration and mining.

“Cameroon has all the hallmarks of an underexplored mining district, with huge opportunity for early movers such as Oriole Resources.” 

Further Details

At the Bibemi orogenic gold project in northern Cameroon (177km2 in area), 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 a circa 12 km-long mineralised hydrothermal system at surface. Since Q1-2021, the Company has completed four phases of diamond drilling at the Project for a total of 6,685.40m in 54 holes. The majority of the drilling has been focussed on a circa 1 km section at the southern end of Bakassi Zone 1 and has delivered best intersections of 14.80m grading 4.27 g/t Au and 7.70m grading 2.74 g/t Au (hole BBDD050), 6.50m grading 3.92 g/t Au (hole BBDD034), 5.20m grading 1.97 g/t Au (hole BBDD031), and 9.20m grading 1.31 g/t Au (hole BBDD042) (announcements dated  20 December 2021  9 February 2022  and  15 September 2022 ). The mineralised corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of steeply-dipping quartz-tourmaline veins as well as extensional, sub-horizontal quartz veins.

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Figure 4  Bibemi drill plan showing key prospects and collar locations

In October 2022, the Company reported a maiden JORC Exploration Target for Bakassi Zone 1 of between six million tonnes and eight million tonnes at grades ranging from 1.50 to 1.70 g/t Au for between 290,00 and 440,000 oz Au. 

The Company today reports that Forge, together with its associate Axe Valley Mining Consultants Ltd, has completed a Competent Persons site visit and a pit optimisation study to enable the conversion of a portion of that Exploration Target into a maiden Resource of 305,000 oz Au grading 2.19 g/t Au in the Inferred category, based on a 0.30 g/t Au cut off and within a US$1,800/oz gold price pit shell (Table 1).

Table 1. Resource tabulation for Bakassi Zone 1 using a 0.30 g/t Au cut off and within a US$1,800/oz pit shell

Gross

Net Attributable (90%)

Material

Classification

Tonnage

Grade

(g/t Au)

Total contained gold (oz)

Tonnage

Grade

(g/t Au)

Total contained gold (oz)

Oxide

Inferred

200,000

1.53

10,000

180,000

1.53

9,000

Fresh

Inferred

4,100,000

2.23

294,000

3,690,000

2.23

265,000

Total

Inferred

4,300,000

2.19

305,000

3,870,000

2.19

274,000

Notes:

· The Operator of the Bibemi Project is Oriole Resources PLC.

· The Resource Estimate is shown on a gross (100%) basis of the Bakassi Zone 1 target within the Bibemi Project. Oriole currently holds a 90% net attributable beneficial interest through the licence holding company, Reservoir Minerals Cameroon SARL. The remaining 10% interest is held by Bureau d’Etudes et d’Investigations Géologico-minières, Géotechniques et Géophysiques SARL (‘BEIG3’), the Company’s JV partner.

· All figures are rounded to reflect the relative accuracy of the estimate. Differences may occur due to rounding.

· Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. It is uncertain if further exploration will convert Inferred Mineral Resources to higher confidence categories.

· To define the blocks with reasonable prospects of economic extraction, the Inferred Mineral Resource Estimate is reported above a cut-off grade of 0.30 g/t and constrained within wireframe models representing the mineralised bodies and within a Lerchs-Grossman optimised pit shell based on a gold price of US$1,800 / oz, with the application of reasonable mining parameters.

· The Resource estimate has an effective date of 7 December 2022.

· The Resource has been estimated by Mr. Robert Davies, EurGeol, CGeol, a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The JORC code).

Figure 5  Plan view showing Resource pit shell and blocks representing the Exploration Target

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Figure 6  Long section (looking southeast) showing Exploration Target blocks and pit constrained Inferred Resource blocks

This maiden Inferred Resource has been estimated using 28 diamond holes for a total of 3,840m. The Resource estimate is not sensitive to cut-off grade, as can be seen in the grade tonnage sensitivity shown in Table 2. 

Table 2. Grade tonnage sensitivity for Bakassi Zone 1 resource at 0.10 g/t Au intervals

Cut-off Grade (g/t Au)

Tonnage

Grade (g/t Au)

Total Contained Gold (oz)

0.1

4,700,000

2.05

307,000

0.2

4,400,000

2.14

306,000

0.3

4,300,000

2.1 9

305,000

0.4

4,200,000

2.23

304,000

0.5

4,100,000

2.37

303,000

0.6

4,000,000

2.35

299,000

 The residual JORC Exploration Target, that is the portion of the original Exploration Target that could not be upgraded to an Inferred Resource based on current information, is estimated to be between 1.5 and 2.2 million tonnes at grades ranging from 1.10 to 2.10 g/t for between 53,000 and 148,000 oz of Au (Table 3). The residual Exploration Target is along strike of the Resource in areas of the deposit where there is insufficient sample support to be Classified as Inferred Resource. With infill drilling it is hoped that the size and confidence level of the existing Resource will be increased to incorporate some of the additional ounces.  

The JORC Exploration Target comprises 3D wireframe volumes based on geological mapping, available drilling data and cross-section interpretations. A density of 2.85 tonnes per metre cubed (‘t/m3‘), which represents the mean density of the 150 density records that are contained within the mineralisation wireframe models, has been used for the Exploration Target calculations.

Table 3. Exploration Target for Bakassi Zone 1 (in addition to the Inferred Resource)

Tonnage Range

Grade Range (g/t Au)

Total Contained Metal Range

(oz Au)

1,500,000 – 2,200,000

1.10-2.10

53,000 – 148,000

Notes:

· The Exploration Target has been generated using 28 diamond holes totalling 3,840m of drilling. The Exploration Target has been prepared by wireframe modelling of mineralised bodies, using a 0.1 g/t cut-off and following the geological and structural interpretation for the deposit. The estimate has been limited to a depth of 200m below the current topography. The grade is presented as a range of approximately 20% above and 20% below the actual grade estimated using an inverse distance weighting interpolation, applying a cut-off of 0.3 g/t gold. A density of 2.85t/m 3  has been used throughout. All figures are rounded to reflect the relative accuracy of the estimate.

· The Exploration Target estimate covers a strike length of approximately 1,200m. Drill holes have been completed at a spacing of between 35m and 115m on fence lines that are mostly between 90m and 130m apart. All of the data has been used to create wireframe models and a block model.

· The potential quantity and grade of the Exploration Target is conceptual in nature. 

· There has been insufficient exploration to estimate a Mineral Resource for all target areas reported. It is proposed that such areas are tested with infill Diamond and/or Reverse Circulation drilling although it is uncertain at this stage whether further exploration will result in the estimation of a Mineral Resource.

· The Exploration Target has been estimated by Mr. Robert Davies, EurGeol, CGeol., a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The JORC code).

As previously reported, the Company anticipates completing a n infill geophysics (magnetic) survey during the first half of 2023 to help the team develop its Resource-expansion activities.

For further information on the Bibemi project, including a JORC Table 1, please see the following page of the Company’s website https://orioleresources.com/projects/bibemi/ .  

Competent Persons Statement  

The information in this announcement that relates to the Mineral Resources and Exploration Targets 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 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.

Glossary

Term

Intended generalised meaning

Competent Person

A minerals industry professional who is a Member or Fellow of the Australasian Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists, or of a Recognised Professional Organisation, as included in a list available on the JORC and Australian Securities Exchange websites.

Cut-off grade

The lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. It is therefore the grade above or below which the Mineral Resource or Ore Reserve is economic.

Diamond drilling

Drilling method which obtains a cylindrical core of rock by drilling with an annular bit impregnated with diamonds.

Exploration Target

A statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality) relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.

Feasibility Study

A comprehensive technical and economic study of the selected development option for a mineral project, which includes appropriately detailed assessments of the applicable Modifying Factors together with any other relevant operational factors and detailed financial analysis which are necessary to demonstrate at the time of reporting that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a Pre-Feasibility Study.

Grade

The measurement of the quantity, percentage or quality of a metal or mineral contained within a mineral deposit.

g/t

Grammes per tonne.

Inferred mineral resource

that part of a Mineral Resource for which quantity and grade or quality are estimated from limited geological evidence and sampling. Geological evidence is sufficient to imply, but not verify, geological and grade continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that most of an Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

Indicated Mineral Resource

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade/quality continuity between points where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve.

Measured Mineral Resource

That part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade/quality continuity between points where data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.

Modifying Factors

Modifying Factors are considerations used to convert Mineral Resources to Ore Reserves. These include, but are not restricted to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

Infill drilling

Drilling designed to fill or close gaps between existing drill holes.

JORC Code

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 edition (JORC Code), is an internationally recognised professional code of practice which sets minimum standards for the public reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mineralisation

Any single mineral or combination of minerals occurring in a mass, or deposit, of economic interest. The term is intended to cover all forms in which mineralisation might occur, whether by class of deposit, mode of occurrence, genesis or composition.

Mineral Resource

A concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided in order of increasing geological confidence into Inferred, Indicated and Measured categories.

Ore Reserve

The economically mineable part of a Measured or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level, which Include the application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The key underlying assumptions and outcomes of the prefeasibility study or feasibility study must be disclosed at the time of reporting of a new or materially changed Ore Reserve. Ore Reserves are sub-divided in order of increasing confidence into Probable and Proved classifications.

Ounce / oz

Troy ounce (31.1035 grams).

Oxide

A compound of sulphur with a metallic element.

ppm

Parts per million, equivalent to g/t.

Reverse circulation (RC) drilling

A percussion drilling technique where air is pumped down the outer part of the drill rods and used to return drill chips to surface.

Shear zone

A tabular zone in the Earth’s crust along which movement has occurred and in which the rocks have been crushed, stretched or flattened.

Strike

The orientation of the long horizontal dimension of a planar or tabular geological feature such as a bed, vein or fault.

Strike length

The length of a geological feature, such as a vein, along the direction of its strike.

Sulphide

A compound of sulphur with a metallic element.

Tonnage (also volume)

An expression of the amount of material of interest.

Trenching

The removal of cover to allow mapping and sampling of the underlying rock.

Pit optimisation

An exercise conducted to determine the most profitable open pit design, given a mineral resource and a set of economic and metallurgical parameters. These parameters typically consist of commodity prices, process recoveries and operating costs.

Pre-Feasibility Study

A comprehensive study of a range of options for the technical and economic viability of a mineral project, which has advanced to a stage where a preferred method, the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of processing is determined. It includes a financial analysis based on reasonable assumptions on the Modifying Factors and the evaluation of any other relevant factors, which are sufficient for a Competent Person, acting reasonably, to determine if all or part of the Mineral Resources may be converted to an Ore Reserve at the time of reporting. A Pre-Feasibility Study is at a lower confidence level that a Feasibility Study.

Probable Ore Reserve

The economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the modifying factors applying to a Probable Ore Reserve is lower than that applying to a Proved Ore Reserve. A Probable Ore Reserve has a lower level of confidence than a Proved Ore Reserve but is of sufficient quality to serve as the basis for a decision on the development of the deposit.

Proved Ore Reserve

The economically mineable part of a Measured Mineral Resource. A Proved Ore Reserve implies a high degree of confidence in the Modifying Factors. A Proved Ore Reserve represents the highest confidence category of an Ore Reserve estimate. The style of mineralisation or other factors could mean that Proved Ore Reserves are not achievable in some deposits.

Vein

A vein is a distinct sheetlike body of crystallised minerals within a rock.

** 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

 


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