TIDMORR
RNS Number : 6917H
Oriole Resources PLC
19 November 2018
Oriole Resources PLC
('Oriole Resources' or 'the Company')
Cameroon Update: Completion of in-Country Prep Lab
and Commencement of Trenching at Bibemi
Oriole Resources, the AIM-quoted exploration company operating
in Africa and Europe, is pleased to provide an update on its
activities in Cameroon, following the signing of an option
agreement ('Option Agreement') on two early stage gold projects,
Bibemi and Wapouzé, earlier this year (Announcement dated 12 June
2018). The Company's local Cameroonian partner, Bureau d'Etudes et
d'Investigations Géologico-minières, Géotechniques et Géophysiques
SARL ('BEIG3') has recently completed the installation of a sample
preparation laboratory in Yaoundé and a total of 454 rock samples
collected during July and August have now been prepared at the new
lab and sent for gold analysis at Bureau Veritas in Cote d'Ivoire
('Bureau Veritas'). A 5,500 m initial trench programme is now
underway at the more advanced Bibemi licence ('Bibemi'), where
previous operator Reservoir Minerals Inc. ('Reservoir') had
identified three parallel mineralised trends over a strike distance
of c.20km.
Highlights
- Local partner BEIG3 has completed the installation of a sample
prep laboratory in Yaoundé, at no cost to Oriole. The laboratory
will result in significant cost savings across the life of the
programme;
- Mapping and rock sampling completed on Bibemi during July and
August - 454 rock samples have been prepared at the new laboratory
and dispatched to Bureau Veritas; results expected next month;
- Follow-up trenching has commenced at Bibemi:
o 5,500 m Phase 1 infill and extensional trenching programme
currently testing two priority zones within the central Bakassi
zone on 200 m spacing - results anticipated in Q1-19;
o More detailed Phase 2 infill trenching to be conducted in
Q1-19 over the 2 priority zones at a 100 m spacing to enable better
delineation of key mineralised veins;
- Systematic soil sampling to commence at Wapouzé licence ('Wapouzé') next month.
Oriole CEO Tim Livesey, said: "We are very pleased that BEIG3
has completed the installation of a sample prep facility, at no
cost to Oriole, as a step to both speeding up the processing time
and reducing the cost of sample transport. The facility has been
reviewed and approved by Bureau Veritas, and by our West African
exploration manager, Issouf Ouedraogo, who is acting as Oriole CP
on the project.
The early works in the field in July and August at Bibemi have
confirmed the close proximity of the bedrock interface to surface
and strengthened our relative understanding of the host structures.
We expect that the two phase trenching in these areas will lead to
better definition of the existing zones and possible extensions of
those areas currently supported by soil anomalies alone. It is the
nature of exploration in new frontiers that the programme adapts to
increased data and interpretations. Consequently we have taken the
decision to defer the drilling programme into 2019, after both
trenching programmes are completed.
Next month we will also commence systematic soil sampling at the
less advanced Wapouzé prospect; this is ahead of schedule "
Further Information
Oriole's partner in Cameroon, BEIG3, has recently completed the
installation of an in-country sample preparation laboratory. The
laboratory in Yaoundé enables the preparation of crush (500g) and
pulp (60g) sub-samples from 2-3 kg bulk field samples, which are
much more cost-efficient to ship and should result in significant
savings for the Company across the life of the programme. The
laboratory has been approved by Bureau Veritas, which is
internationally accredited (ISO 9001), as well as by the Company's
West Africa Manager Issouf Ouedraogo, a Competent Person as defined
in the JORC code.
Since signing the earn-in agreement in May this year, Oriole has
focused on the more advanced Bibemi project, where gold
mineralisation is predominantly hosted in quartz and
quartz-tourmaline veins within metamorphosed Pan African
volcano-sedimentary rocks. Earlier trenching by Reservoir returned
best results including 6.2m @ 8.05g/t Au and 8.5m @ 4.04 g/t Au
(Reservoir announcement dated 18 November 2014). During its due
diligence, Oriole confirmed that the veins and host bedrock are
either outcropping or close to surface (<2m), with very limited
overburden material or lateritic profile development. As such, the
historical soil geochemical data collected by Reservoir is deemed
by the Company to be a true indication of mineralisation within the
immediately underlying bedrock.
In July and August, the Company undertook mapping and a rock
sampling programme focussed on the central Bakassi area, where
Reservoir had previously identified three parallel NNE-trending
gold mineralised trends (>10 ppb Au halos around stronger,
>100 ppb Au zones that extend up to 2 km, in places confirmed by
outcropping veins) over a cumulative strike distance of c.20km. A
total of 454 rock chips samples were collected and have been
crushed and split to 500g sub-samples at the new sample preparation
laboratory. These have now been shipped, together with 45 QAQC
samples representing 10% QAQC samples, to Bureau Veritas for Fire
Assay analysis and results are anticipated next month.
Oriole has now commenced a 5,500 m Phase 1 trenching programme
at Bakassi, focused on the infill and extension of previously
defined 'Zone 1' and 'Zone 2'. Trenching will be conducted on 200 m
lines, with 1 m channel samples collected at the bedrock interface.
Results are anticipated in early Q1-2019.
The Company had previously intended to undertake follow-up
drilling in Q1-19 but, recognising that the bedrock interface is so
close to surface, has instead decided that it would be more
efficient to conduct a further more detailed Phase 2 infill
trenching programme on Zone 1 and Zone 2 at a 100m spacing. This
trench programme will enable better delineation of the mineralised
zones in these high-priority areas, to ensure that the subsequent
drill programme can be targeted with higher confidence.
Systematic soil sampling will shortly commence on the less
advanced Wapouzé licence, located c.20km to the north of Bibemi.
Sampling will initially be conducted on a 400m by 100m grid to test
the eastern portion of the licence, where previous stream sediment
sampling by Reservoir returned 5 samples >25ppb Au over a
distance of 8 km. A planned 2,140 samples will be collected from
10-20 cm below the saprolitic bedrock and analysed at Bureau
Veritas using a low-level detection Fire Assay method. Results are
anticipated H1-19.
For further information, including a trench location plan map
please see the Bibemi and Wapouzé page of our website
https://orioleresources.com/projects/bibemi-and-wapouze/.
Deal Terms
Under the terms of the Option Agreement, Oriole can earn an
initial 51% of BEIG3's Bibemi and Wapouzé licences (the 'Projects')
in Cameroon by funding US$1.56m of exploration over two years (the
'First Option'). Thereafter, Oriole can earn a further 39% for an
additional U$1.56m exploration expenditure, or on the completion of
a pre-feasibility study on at least one of the Projects, over the
subsequent two years (the 'Second Option'). BEIG3 will retain a 10%
free carried interest in both Projects up to completion of the
Second Option or the completion of a pre-feasibility study on at
least one of the Projects.
Oriole and BEIG3 will form a JV company managed by a committee,
comprising three representatives of Oriole and two representatives
of BEIG3 following exercise of the First Option, that will hold and
operate the Projects.
Oriole will manage the exploration programme and BEIG3 will
provide operational and logistical support via a technical services
agreement.
Competent Persons Statement
The information in this release that relates to Exploration
Results has been compiled by on behalf of the Company by Claire Bay
(VP Exploration & Business Development). Claire Bay (MGeol,
CGeol, EurGeol, FIMMM) is a Competent Person as defined as defined
in the JORC code and takes responsibility for the release of this
information. Claire Bay has reviewed the information in this
announcement in respect of the exploration on the Cameroon Project
that was carried out by Reservoir, and which was disclosed by
Reservoir in accordance with the requirements of National
Instrument 43-101 (Reservoir News Release on SEDAR dated 18th
November, 2014), and confirms that she is not aware of any new
information or data that materially affects the information
included in the original Reservoir news release and reproduced
here.
**S **
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
Camarco (IR/PR contact) Tel: +44 (0)20 3757 4980
Gordon Poole / Nick Hennis / Emily
Hall
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ben Roberts
/ Samuel Rowe
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore / Andrew Chubb
Turner Pope Investments (TPI) Tel: +44 (0)20 3621 4120
Ltd
Ben Turner / James Pope / Andy
Thacker
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company,
operating in Africa and Europe. It is focused on early-stage
exploration in Cameroon and the more advanced Dalafin gold project
in Senegal, where IAMGOLD has the option to spend US$8m to earn a
70% interest. The Company has a number of interests and royalties
in companies operating throughout Africa and Turkey and is
assessing new opportunities in both regions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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