TIDMORR
RNS Number : 7140G
Oriole Resources PLC
21 July 2023
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Lithium Exploration Update, Cameroon
Oriole Resources (AIM: ORR), the AIM-quoted exploration company
focussed on West Africa, provides an exploration update on the
lithium potential within its 90%-owned Central Licence Package
('CLP') project in Cameroon. The district-scale CLP project
comprises nine contiguous licences covering 4,091 square kilometres
('km (2) ') of previously unexplored Paleo-Proterozoic to
Pan-African age rocks that are highly prospective for a range of
commodities, including orogenic-style gold mineralisation and
lithium . Two of the CLP licences, Ndom and Gamboukou, are being
assessed for their potential to host hard rock lithium.
Highlights
-- In November 2022, the Company reported that anomalous
geochemical data from its soil sampling programmes had identified
lithium-in-soil anomalism at the Ndom licence, which appeared to be
associated with geological units mapped regionally as porphyritic
granitoid;
-- In the same month, the Company secured the Gamboukou licence,
immediately to the south of Ndom on the basis of it having similar
lithium-prospective geology;
-- Pegmatite veins within the granitoids and the older basement
rocks have been confirmed within both the Ndom and Gamboukou
licence areas;
-- A total of 105 rock-chip samples (including QAQC) from Ndom
targeted pegmatite veins that are up to 1.5 metres ('m') wide were
analysed for a multi-element suite and have returned a maximum
lithium value of 39.5 parts per million ('ppm');
-- Further analysis was completed on 11 rock chip samples
(including QAQC), including the 39.5 ppm sample ( NDR0085) , using
an alternative methodology and has returned a maximum value of 35
ppm lithium, also from sample NDR0085 ;
-- Technical studies to assess the mineralogy of the pegmatites
to help understand the mineralogy and potential lithium-bearing
minerals are on-going;
-- Mapping and sampling programmes have been designed for the
next field season and the Company is currently seeking an
investment partner for lithium.
Oriole Resources CEO, Tim Livesey , said: " Whilst it's good to
get consistent lithium results on the samples taken to date, we do
need to complete further analyses and mineralogical studies to
begin to understand better the initiation point for the original
anomaly.
"As we remain focused on the significant positive gold results
seen to date across the five Eastern CLP licences, we will continue
to run our lithium investigations in parallel and remain open to
any investment interest at a project level from any lithium
specialist exploration groups."
Further Details
At the CLP project (4,091km(2) in area), located in the centre
of Cameroon, nine contiguous licences cover a land package that has
significant potential for orogenic gold mineralisation and other
minerals. The Company has a 90% interest in all nine licences,
which it holds through local subsidiary companies.
Five of these licences, the Eastern CLP ( Tenekou, Niambaram,
Pokor, Ndom and Mbe), were granted in February 2021 and have been
the focus of the Company's exploration to date, primarily for
orogenic gold. However, a review of multi-element data from
regional-scale stream and soil samples identified anomalous
lithium-in-soil values (up to 84 ppm) within the east of the Ndom
licence which, according to the previously established regional
geology, provisionally thought to be related to pegmatites hosted
within porphyritic granitoid units. Noting that comparable
porphyritic granitoids underlie much of the ground to the south of
Ndom, the Company applied for the Gamboukou licence, which it was
able to secure in November last year (Announcement dated 29
November 2022). These comparable granitoids are present in much of
the eastern and central region of the 499 km(2) of the Gamboukou
licence.
Figure 1: Simplified summary of the prospective areas across the
CLP. Lithium anomalism identified to date is located in the
southeastern corner of Ndom, with the Gamboukou, and Maboum
licences also having been identified as having prospective
geology.
Ndom licence
The results at Ndom outlined two anomalous lithium-in-soil
trends, the longest of which is 9.6km and approximately half its
length overlies an east-northeast trending Pan-African age (c.
450-650 million years old) porphyritic granitoid. This area also
corresponds with elevated concentrations of caesium, tin and
beryllium, elements that are commonly associated with LCT
pegmatites (complex pegmatites characterised by anomalous
accumulations of lithium, caesium and tantalum) and/or 'fertile' or
lithium enriched granites, thus strengthening the theory that the
pegmatites associated with the porphyritic granitoids may have the
potential to host hard rock lithium mineralisation. Assessment of
the geochemical signature of soils derived from this granitoid, and
smaller outcrops in the vicinity, confirms that they are
predominantly highly fractioned granites, and are likely to be
S-type (sediment derived) that are known globally for their
association with lithium deposits. These granitoid units also
extend to the southeast, within much of the Gamboukou licence area.
The second lithium-in-soil linear anomaly is approximately 9.0km
long, and between 2km and 4km north of, but parallel to, the
east-northeast porphyritic granitoid.
Figure 2: Soil sampling results for Grid 1, covering the Ndom
and Mbe licences within the Eastern CLP block, showing the elevated
lithium-in-soil concentrations in eastern Ndom, overlying a mixture
of migmatitic gneisses and porphyritic granitoids
In Q1-2023, the team completed detailed geological mapping, over
the zone of lithium anomalism, which identified numerous pegmatite
veins (ranging from centimetre scale to up to 8m wide) in the
granitoid outcrops, as well as within the metamorphosed, Pan
African basement rocks (greenschist to amphibolite facies,
tonalite- trondhjemite-granodiorite, ' TTG'). Pegmatites were
observed as individual veins, but localised areas of 'clustered'
pegmatites were also observed. The abundance of mica in some
specimens, and the soil geochemistry suggested that petalite and
lepidolite (common lithium-bearing mica minerals) and cassiterite
(a tin-bearing mineral that commonly occurs within LCT pegmatites)
may be present (Announcement dated February 2023).
A total of 105 samples (including QAQC), targeting pegmatites,
were analysed for a suite of 45 elements (including lithium other
LCT related elements such as beryllium, caesium, rubidium and
tantalum etc.) using a four-acid rock digest preparation and an
ICP-MS finish. Results have returned lithium concentrations up to a
maximum value of 39.5 ppm, with only nine samples returning greater
than 10 ppm lithium. These results were unexpectedly lower than the
lithium-in-soil data and so further assessment was merited.
According to one academic source, granitic samples with an
elemental K/Br ratio of less than 150 are considered to be
characteristic of pegmatite-hydrothermal evolution. Review of the
multi-element data from Ndom confirmed that 20 of the 105 samples
fell within this range, thus confirming the presence of
pegmatite-hydrothermal influences at Ndom.
Figure 3. Discrimination plot of K/Br vs Li (ppm) for the rock
chip sample analyses (both methods) at Ndom. Samples that plot
below a K/Br ratio of 150 are considered to be characteristic of
pegmatite-hydrothermal evolution trend.
Due to lithium-bearing minerals typically showing resistance to
acid digestion, it is considered that the initial four-acid digest
used in the initial sample preparation may not have been sufficient
to completely dissolve the lithium. To investigate this,
representative material from ten samples, were analysed (together
with one QAQC sample) using a more aggressive peroxide fusion
rock-digest sample preparation with an ICP-MS finish. Whilst one of
the samples is a re-analysis of sample NDR0085, which returned 39.5
ppm, the remaining samples were selected on the basis of the
identification (in hand specimen) of a silver-coloured mica that is
tentatively considered to be lepidolite. NDR0085 returned a
comparable value of 35 ppm lithium and the remaining nine samples
returned values between 3 ppm and 13 ppm lithium, similar to the
previous batch of rock chip samples.
The results to date highlight the difficulties surrounding
exploration for hard rock lithium. However, the elevated
lithium-in-soils values still indicate a proximal source of lithium
within the Ndom permit, which merits further investigation.
In addition, eight rock chip samples (three from the original
batch of 105 samples and five from the new selection) were selected
for X-ray Diffraction (XRD) analysis, which was completed in
collaboration with University College London. This technique can be
used to identify minerals according to their crystal structures.
All eight samples confirmed the presence of common pegmatite
minerals (quartz, feldspars, and muscovite mica) with confidence.
Due to the multiphase nature of the samples, and a similar
diffraction pattern of lithium bearing micas (i.e. lepidolite) to
muscovite mica, the formal identification of lithium bearing micas
has not been possible. However, in one sample, parts of the XRD
pattern could be attributed to one of a range of micas including
illite, fluorannite, trilithonite (lithium-bearing),
siderophyllite, and muscovite. Furthermore, it is possible to have
a range of chemistry between muscovite and lepidolite, whereby the
muscovite structure can contain up to 3.3 percentage by weight
("wt%") elemental lithium (or up to 7.1 wt% lithium oxide using the
conversion factor of 2.153) before altering to a lepidolite
structure that would be discernible using XRD analysis. There is
therefore potential for more exotic forms of mica within the
samples and more investigation is required to understand the
lithium potential at Ndom.
Gamboukou licence
At Gamboukou, Pan-African age porphyritic granitoid outcrops
similar to those seen at Ndom have been observed along with
pegmatite occurrences.
A reconnaissance visit during Q4-2022 consisted of outcrop
mapping along two north-south trending lines. The eastern line was
dominated by a porphyritic granitoid unit similar to the main
porphyritic granitoid at Ndom, with minor influence of overlying
tertiary basalts, whereas the western line was dominated by
strongly sheared granodiorite overlain by a thick laterite.
Pegmatites were observed along both lines, although were more
prominent along the eastern line.
Continuation of mapping and sampling, along with a first-pass
stream sediment sampling programme is being planned for the next
field season to help with targeting. However, the Company is
currently seeking a lithium-focused investment partner to help fund
this work.
For further information on the CLP project, including a JORC
Table 1, please see the following page of the Company's website
https://orioleresources.com/projects/central-licence-package.
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 Tel: +44 (0)23 8065 1649
Tim Livesey / Bob Smeeton / Claire
Bay
BlytheRay (IR/PR Contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray / Rachael
Brooks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / George Grainger / Ciara Donnelly
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Ewan Leggat / Harry Davies-Ball
Notes to Editors:
Oriole Resources PLC is an AIM-listed gold exploration company,
operating in West Africa. It is focussed on early-stage exploration
in Cameroon, where the Company has a maiden Resource of 305,000 oz
Au in the JORC Inferred category at the Bibemi project and has
identified multi-kilometre gold and lithium anomalism within the
district-scale Central Licence Package project. At the more
advanced Senala gold project in Senegal, Oriole was advised by
IAMGOLD on 26 April 2023 that AGEM Senegal Exploration Suarl
('AGEM') was now a wholly-owned subsidiary of Managem Group. As
previously announced, AGEM has earned an initial 51% beneficial
interest by spending US$4 million and has the option to spend up to
a further US$4 million by 28 February 2024 to earn a further 19%
interest. Reverse Circulation drilling is planned as part of AGEM's
Year 6 programme at Senala. The Company also has several interests
and royalties in companies operating in East Africa and Turkey that
could deliver future cash flow.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCMZGZNVGNGFZM
(END) Dow Jones Newswires
July 21, 2023 02:00 ET (06:00 GMT)
Oriole Resources (LSE:ORR)
Historical Stock Chart
From Apr 2024 to May 2024
Oriole Resources (LSE:ORR)
Historical Stock Chart
From May 2023 to May 2024