Oriole Resources PLC (ORR.L) Diamond Drilling Delivers Bonanza Grades at Bibemi

Phase 3 Diamond Drilling Delivers Bonanza Grades at Bibemi, Cameroon

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to announce results from the recently completed Phase 3 diamond drilling programme at its 90%-owned Bibemi gold project (‘Bibemi’ or ‘the Project’) in Cameroon.

The programme was focussed on infill and extensional drilling at the Bakassi Zone 1 prospect (‘Bakassi Zone 1’) and has delivered mineralised intervals of up to 9.20 metres (‘m’) grading 1.31 grammes per tonne (‘g/t’) gold (‘Au’) and 2.10m grading 19.04 g/t Au including a bonanza intersection of 1.10m grading 36.06 g/t Au (bonanza grade being defined as being equal to or greater than 31.10 g/t Au, therefore 1 troy ounce per tonne).

These results continue to support the Company’s exploration model and are starting to outline the potential for a JORC-classified Exploration Target at what is just one of four prospects at the Project.

Highlights

· Results received for Phase 3 diamond drilling completed for 1,385.40m in nine holes at Bakassi Zone 1;

· Selective sampling has delivered significant intersections (based on a 0.3 g/t Au cut-off) in seven of the holes. Best results include:

BBDD042

  • 9.20m grading 1.31 g/t Au from 84.90m including 3.10m grading 3.19 g/t Au
  • 1.10m grading 3.48 g/t Au from 107.70m
  • 1.90m grading 1.80 g/t Au from 137.80m

BBDD044

  • 1.00m grading 4.34 g/t Au from 106.30m
  • 1.20m grading 2.68 g/t Au from 120.50m
  • 1.00m grading 2.10 g/t Au from 145.30m

BBDD045

  • 1.00m grading 4.15 g/t Au from 62.80m
  • 1.10m grading 9.97 g/t Au from 90.40m
  • 1.10m grading 17.70 g/t Au from 124.50m
  • 2.50m grading 8.90 g/t Au from 136.00m including 1.30m grading 16.77 g/t Au

BBDD046

  • 2.00m grading 2.82 g/t Au from 63.10m including 1.00m grading 5.21 g/t Au
  • 1.00m grading 6.78 g/t Au from 110.00m
  • 2.10m grading 19.04 g/t Au from 121.10m including 1.10m grading 36.06 g/t Au

BBDD048

  • 2.40m grading 6.05 g/t Au from 127.20m including 1.20m grading 11.67 g/t Au

· Results have confirmed the mineralised corridor at Bakassi Zone 1 extends over widths of up to 150m and to more than 1km along strike. Mineralisation has been confirmed to a vertical depth of more than 100m below surface and the system remains open at depth;

· A series of drill plans and sections for the Phase 3 programme can be viewed at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0849B_1-2022-2-8.pdf

Oriole Resources CEO, Tim Livesey, said: “The Phase 3 infill and extension drilling has again delivered multiple gold intersections at the Bakassi Zone 1 target, confirming our ideas on the prospectivity of the area. This programme has given us additional geological, structural and mineralisation data with which we move closer to the definition of an ‘Exploration Target’, under JORC rules.

“We are pleased that the infill drilling in particular has given us such good correlation with previous intersections and we are working to continue the development of our exploration targeting model at Bakassi Zone 1. It is important to note that Bakassi Zone 1 remains open along strike in both directions and at depth.

“Learnings from this programme will also be applied across the other three target areas on the Project, where we are yet to carry out any additional drilling and where we have evidence of gold systems from previous work by our team.

“As a brand-new frontier for gold exploration, Cameroon is continuing to deliver positive results for the Company and we are increasingly happy with our decision to focus on the country back in 2018.”

Further Details

In Q2-2021, the Company completed its maiden drilling programme at Bibemi for a total of 3,118m in 29 holes to test four key prospects (Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East) within the 8.3km-long system. The programme confirmed shear-hosted gold mineralisation at all four prospects with best results, including 2.45m grading 2.96 g/t Au, 3.60m grading 1.75 g/t Au and 12.40m grading 0.71 g/t Au, being returned from Bakassi Zone 1 (Announcement dated 29 June 2021).

Two subsequent phases of diamond drilling (Phase 2 and Phase 3) have focussed on infill and extensional drilling at Bakassi Zone 1, targeting the widest zones of veining that are interpreted to reflect more dilational parts of the system, where there has been an enhanced flow of mineralising fluids. Best results from the Phase 2 programme included 6.50m grading 3.92 g/t Au including 1.00m grading 16.79 g/t Au, 5.20m grading 1.97 g/t Au and 2.25m grading 8.82 g/t Au including 1.00m grading 19.33 g/t Au ( Announcement dated 20 December 2021) . Subsequent testing of the mineralised envelopes around these intersections has not delivered any material change.

The Phase 3 results announced today relate to 1,385.40m diamond drilling in nine holes (BBDD041 – BBDD049). Selective sampling of the core, based on visual inspection of mineralisation and alteration, has delivered significant intersections in seven of the holes and including narrow, higher-grade intervals, such as 2.10m grading 19.04 g/t Au including 1.10m grading 36.06 g/t Au, as well as wider zones of lower-grade mineralisation, including 9.20m grading 1.31 g/t Au (Table 1).QAQC for all of the reported intervals were found to be within acceptable limits.

Table 1. Significant intersections from selective sampling of diamond drill holes BBDD041 to BBDD049 at Bibemi (based on a 0.3 g/t Au cut-off).

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*Intervals greater than 1 gramme per metre average grade, calculated using a 0.3 g/t Au cut-off and no more than 50% internal dilution. True widths are approximately 77% of the reported downhole interval.

These results have confirmed that the mineralised corridor at Bakassi Zone 1 extends over widths of up to 150m and over a strike length of more than 1km. They continue to support the Company’s exploration model and are starting to outline the potential for estimating a JORC-classified Exploration Target at what is just one of four prospects at the Project. The deepest interval is from a vertical depth of 112m below surface and the system remains open at depth and along strike.

As previously reported, the southernmost fence line (line BZ1_P2_Infill 5, comprising holes BBDD041 and BBDD043) intersected a northwest-trending fault that appears to have shifted the mineralised structure c.200m to the west (Announcement dated 5 January 2022). This offset is believed to be post-mineralisation, with the soil geochemistry recently confirmed to extend c.3km southwards towards the Lawa West prospect.

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

Under the terms of its option agreement with Bureau d’Etudes et d’Investigations Géologico-minières, Géotechniques et Géophysiques SARL (‘BEIG3’), the Company has satisfied the conditions to earn a 90% interest in Bibemi, the Wapouzé project (20km to the north) and three licences in Central Cameroon. Beneficial ownership in the licences has been confirmed and the administrative process to formalise this ownership is currently underway.

Competent Persons Statement

The information in this release that relates to Exploration Results 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 **

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.

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


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