Oriole Resources PLC (ORR.L) Thani Stratex Djibouti Exploration Update

Excellent Diamond Drilling Results from Assaleyta and Hesdaba including best intersections of 17.37m grading 3.59 g/t Au and 10.75m grading 26.27 g/t Au respectively

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an update on its interest in Thani Stratex Djibouti Limited (‘TSD’), where African Minerals Exploration & Development Fund III (‘AMED Fund III’) is managing and funding a multi-million-dollar exploration programme across a portfolio of low-sulphidation epithermal gold projects in the East African Rift Valley. The first and second tranches of the funding, totalling US$5 million, have been used to undertake drilling programmes at the Pandora, Assaleyta and Hesdaba projects.

At Assaleyta, results for a further two diamond drill holes from TSD’s Phase 2 exploration programme continue to demonstrate the significant potential at the project, with a best intersection of 38.10 metres (‘m’) grading 2.21 grammes per tonne (‘g/t’) gold (‘Au’) from 126.60m downhole including 17.37m grading 3.59 g/t Au returned from the Porcupine Hill prospect. Results also received for 11 Reverse Circulation (‘RC’) holes at the project.

At the Hesdaba project, located immediately to the west of Assaleyta, selective sampling of hole Hd-D-17 have returned 19.80m grading 1.18 g/t Au from 79.30m and 10.75m grading 26.27 g/t Au from 108.25m including a bonanza intersection of 1.22m grading 211.00 g/t Au. Results for a further three boreholes, drilled along an 800m strike-length of this system, are still pending. It is anticipated that all outstanding assay results will be received during October, satisfying the Tranche 2 milestones. Subject to continued positive results, the Tranche 3 budget, for a further US$2.5 million, is currently being prepared ahead of infill and step-out drilling commencing in Q4-2021.

Following completion of the Tranche 2 funding, TSD has concluded a preference share conversion that has seen Oriole’s interest reduced to 9.21% which the Company consequently considers no longer material to the group.

Highlights

· At Assaleyta, results received for two diamond holes, drilled to test the centre of the epithermal system at the Red Eagle Mountain and Porcupine Hill prospects respectively;

· Partial results for hole Ay-D-08, drilled at Porcupine Hill, have returned a best intersection of 38.10m grading 2.21 g/t Au from 126.60m including 17.37m grading 3.59 g/t Au. Further results from below this interval are awaited;

· Results also received for 11 RC drill holes (Ay-R-01 to Ay-R-10 and outstanding results for Ay-R-15), with best intersections (using 0.3 g/t Au cut-off) including 12.00m grading 0.53 g/t Au from 3.00m including 2.00m grading 1.27 g/t Au (Ay-R-09). Assays for a further seven holes (Ay-R-16 to Ay-R-22) are awaited;

· At Hesdaba, final results received for remaining 259 samples (including QAQC) from the 2020 grab sampling programme. A total of 26 samples returned over 1 g/t Au, best results include:

o 36.90 g/t Au and 6.80 g/t Au from the Red Horns prospect

o 19.00 g/t Au and 16.45 g/t Au from the Caravan prospect

o 10.35 g/t Au returned from the Maranzana prospect

· Results also received for diamond drill hole Hd-D-17 (selectively sampled), collared on the Red Horns prospect. Best intersections include 19.80m grading 1.18 g/t Au from 79.30m and 10.75m grading 26.27 g/t Au from 108.25m including 1.22m grading 211.00 g/t Au;

· Results for a further 484 diamond core and RC drilling samples (inclusive of QAQC) from Assaleyta and 1,453 diamond core and RC drilling samples (inclusive of QAQC) from Hesdaba are anticipated in early Q4-2021;

· AMED Fund III has approved Tranche 3 of its funding commitment and planning for Phase 3 exploration programme is underway, with work scheduled to commence in Q4-2021;

· Oriole’s interest in TSD has been reduced to 9.21% and the projects are no longer considered material from an AIM reporting perspective.

Oriole CEO, Tim Livesey, said: “We are very encouraged to see continued success from the exploration programmes in Djibouti. These recently reported results confirm the opportunity for grading intersections of significant width, further de-risking this ‘new frontier’ project.

“With the next tranche of investment about to be deployed, we are looking forward to reviewing the proposed exploration plan for the next phase of drilling, which we believe will move Djibouti a step closer to the development of a resource.

“Whilst we will no longer be reporting regularly on the exploration results for TSD, we do believe that the ongoing exploration programmes are continuing to grow the value of the projects significantly.”

Further Details

In 2019, TSD signed an agreement with AMED Fund III for the management and funding of TSD and its epithermal gold projects in the East African Rift Valley of Djibouti (announcement dated 19 November 2019). The first and second tranches of the funding, totalling US$5 million, have been used to undertake drilling programmes at the Pandora, Assaleyta and Hesdaba projects.

At Assaleyta, TSD completed a Phase 2 exploration programme earlier this year comprising 687.80m diamond drilling in three holes and 2,508m RC drilling in 22 drillholes (announcement dated 23 March 2021). The programme was designed to evaluate sub-surface mineralisation at three prospects, namely Black Mamba and Porcupine Hill, where previous drilling returned best intercepts of 17.38m grading 2.25 g/t Au from surface (AY-DD-01) and 5.18m grading 4.50 g/t Au from 12.09m and 1.58m grading 8.67 g/t Au from 177.19m (AY-DD-03) (calculated using a 0.3 g/t Au cut-off), and the untested Red Eagle Mountain prospect. I nitial results from the Phase 2 programme included best RC intersections of 16.00m grading 1.08 g/t Au from 12.00m (hole Ay-D-15) and 5.00m grading 8.97 g/t Au from 110.00m including 1.00m grading 43.00 g/t Au (hole Ay-R-14; announcement dated 1 July 2021).

The Company today reports further RC results, related to holes Ay-R-01 to Ay-R-10 and the outstanding samples for hole Ay-R-15 (Table 1; announcement dated 1 July 2021). Best intersections (using 0.3 g/t Au cut-off) include 12.00m grading 0.53 g/t Au from 3.00m including 2.00m grading 1.27 g/t Au from hole Ay-R-09, demonstrating the potential for wider envelopes of lower grade material around more discrete higher-grade veins. Results relating to a further seven holes at the Red Horn and Black Mamba prospects, Ay-R-16 to Ay-R-19 and Ay-R-20 to Ay-R-22 respectively, are still awaited.

Table 1. RC drilling results for holes Ay-R-01 to Ay-R-11 and Ay-R-15 at the Assaleyta project’s Red Eagle Mountain prospect

Read More

For further information please visit www.orioleresources.com, @OrioleResources on Twitter,

or contact:

Oriole Resources PLC

Tim Livesey / Bob Smeeton / Claire Bay

Notes to Editors:

Oriole Resources PLC is an AIM-listed exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Licences projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8 million to earn a 70% interest. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.


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