Oriole Resources PLC (ORR.L) Gold Targets Identified in Central Cameroon

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its 90 per cent (‘%’) owned district-scale licence package in Central Cameroon (‘Licence Package’).

Following the recent issue of the licences made to the Company’s subsidiary, Oriole Cameroon SARL, and its partner Reservoir Minerals Cameroon Sarl, a subsidiary of Bureau d’Etudes et d’Investigations Géologico-minières, Géotechniques et Géophysiques SARL (‘BEIG3’) (announcement dated 3 February 2021), an independent desktop remote sensing study has now been completed over the entire 3,592km 2 Licence Package. This work has identified 12 initial priority gold targets, which will be given particular attention during the Company’s planned mapping and stream sediment sampling programmes later in H1-2021.

Highlights

· Independent remote sensing study completed over the entire 3,592km2 Licence Package;

· Preliminary geological, alteration and structural interpretations completed;

· Seven of the eight licences are interpreted to cover predominantly Paleo-Proterozoic and Pan-African (Neo-Proterozoic) terranes, both of which are prospective for orogenic gold. The eighth licence is covered by younger volcanic rocks but the Proterozoic and/or Pan-African terranes are expected to be encountered at depth;

· The Tcholliré-Banyo shear zone (‘TBSZ’) has been interpreted to cross at least six of the licences. It is believed to be one of the significant structural controls for gold and other mineralisation in the region;

· The work has identified an initial 12 priority gold targets for follow-up;

· Reconnaissance visit completed to complete initial ground-truthing of the targets and to inform the local authorities of the Company’s upcoming work programmes;

· Confirmation of gold recovery from alluvial workings in the centre of the easternmost Ndom licence;

· Regional-scale mapping and stream sediment sampling is planned to commence during H1-2021.

Oriole Resources CEO, Tim Livesey, said: ” This work endorses the Company’s initial assessment that the district has significant potential to host orogenic-type gold mineralisation.

“Whilst these 12 ‘first-pass’ remote sensing targets look interesting from a desktop analysis point of view, we will also be carrying out a wider, district-scale stream sediment sampling programme and mapping, as the main part of the 2021 programme across the entire Licence Package. From this work we expect to identify many more areas of interest for detailed follow up in later exploration phases. Throughout, we will continue to re-evaluate and re-prioritise our targets across this potential new gold exploration district as more data becomes available from the field programmes, ably led by Abdoul Mbodji, our West African Exploration Manager and Claire Bay our VP Exploration.

“We have already had encouraging indications from our team’s initial reconnaissance visit on the licences just last week, with evidence of alluvial gold in streams being identified. As the old adage goes, the best indicator for the presence of gold is gold itself, and so we are very happy to see evidence of this during such a brief field visit!

“We look forward to updating the market further as our Central Licence programmes progress through 2021, and of course reporting back on the results of our maiden drilling programme at Bibemi and ongoing work at Wapouzé through Q1 and Q2.”

Further Details

On 3 February 2021, the Company reported that it’s 90%-owned Cameroonian subsidiary, Oriole Cameroon Sarl, had received approval for five new licences (Tenekou, Niambaran, Pokor, Ndom and Mbe) in central Cameroon, located to the west of the regional capital, Ngaoundéré.Together with a further three new licences (Mana, Dogon and Sanga) granted to Reservoir Minerals Cameroon Sarl, a subsidiary of Oriole’s partner B EIG3, and in which Oriole has an option, at no additional cost, to acquire a 90% ownership position, the district-scale licence package covers a contiguous land package of 3,592km 2 .

The licences were initially targeted by the Company’s technical team due to their apparent proximity to the dominant regional structure, the Tcholliré-Banyo shear zone, which is a major southwest-northeast-trending splay off the larger-scale Central African Shear Zone. The TBSZ and its associated shears, thrusts and faults are (according to academic literature) thought to be one of the significant structural controls for gold and other mineralisation in the region.

An independent remote sensing study has recently been completed across the entire Licence Package. The study used Landsat 8 imagery and ASTER digital terrain models in order to develop preliminary regional-scale interpretations for geology, alteration and structure. Seven of the eight licences have been interpreted to cover predominantly Paleo-Proterozoic and Pan-African (Neo-Proterozoic) terranes, both of which are prospective for orogenic gold.

At the two westernmost licences, Mana and Dogon, the area is distinctly different from the east of the Licence Package, being topographically higher (c.1,937 metres in west to c.450m in the east). Here the structural control is dominantly north-northeast-south-southwest and is associated with more recent (Cenozoic) bimodal volcanism that is believed to overlie the older Paleo-Proterozoic to Pan -African rocks and may represent a reactivation of older structures.

These interpretations are supported by a recent reconnaissance visit by the field team which confirmed that variably deformed orthogneiss units dominate the Licence Package, intercalated with amphibolite, quartzite and migmatite units. Shearing and quartz vein development is parallel to the TBSZ, with the veins typically forming at the contact zones between the granite and amphibolite. Locally these units are cut by younger, basaltic rocks, supporting the interpretation for bimodal volcanism. In addition to the orogenic mineralisation being targeted, this more recent volcanism highlights the potential for other styles of gold mineralisation (e.g. high-sulphidation) within the Licence Package, which may overprint the older system locally.

Importantly, the study has also interpreted that the TBSZ passes through at least six licences; all of the Oriole licences in the east of the package and at least one of the BEIG3 licences (Sanga) in the west, with the potential for it to be hidden by the Cenozoic cover rocks in the Mana and Dogon. A number of other important structural orientations have been interpreted within the eastern licences which may be important in controlling the emplacement and therefore location of the gold mineralisation. This is evidenced by three historical gold occurrences within the Licence Package – including data recorded by the French Geological Survey (BRGM) – that are all located at, or near to, the intersection of interpreted north-northwest-south-southeast trending faults and fractures with structures parallel to the main TBSZ structure.

Following a compilation of the geological, alteration and structural information across the Licence Package, a list of 12 priority targets have been identified and ranked as having the most potential to host gold mineralisation. During the recent reconnaissance visit, the team visited some of these targets and, from a regional and high-level perspective, they are comfortable that the remote sensing work reflects the geology and structures observed to date. The team also observed active alluvial workings in the centre of the easternmost Ndom licence, with a large number of visible gold grains being recovered. Broadly speaking, the topography of the Licence Package dips north-eastwards, and therefore the rivers drain to the east. The occurrence of alluvial gold in the far east of the licence package is therefore encouraging for locating a hard rock source of the gold further to the west.

During the reconnaissance visit, the team also met with the local authorities to confirm and approve the Company’s upcoming work programmes. The team was well-received and a mapping and regional-scale stream sediment sampling programme is planned for later in H1-2021. This work will be conducted alongside the existing ongoing programmes at Bibemi and Wapouzé (announcement dated 18 January 2021).

For further information on the Central Licences, including a range of photographs following the recent reconnaissance trip, please see the following page of the Company’s website https://orioleresources.com/projects/central-cameroon/.

Competent Persons Statement

The information in this release that relates to Exploration Results has been compiled by Claire Bay (VP 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 by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.


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