Oriole Resources PLC Update on Mobilisation of Drill Equipment (7976F)

TIDMORR

RNS Number : 7976F

Oriole Resources PLC

19 November 2020

Oriole Resources PLC

('Oriole Resources' or 'the Company' or 'the Group')

Update on Mobilisation of Drill Equipment to Bibemi Project , Cameroon

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on its mobilisation of drill equipment to its Bibemi Project ('Bibemi' or the 'Project') in Cameroon (Announcement dated 24 September 2020). The Company is pleased to report that the drill rig has now been dispatched and is expected to arrive in Cameroon in early December 2020. Due to COVID-19 related border restrictions at the country of origin, this arrival schedule is approximately three weeks later than originally planned. However, the Company still anticipates being in a position to commence its 3,000m diamond drilling programme before the end of the year.

Meanwhile, the Oriole team has been working in Cameroon since early October and has now completed the planned detailed geological mapping at the northern extension of the Bakassi zone. It has also completed the planned reconnaissance mapping over the southern extension of that zone.

Highlights

-- Following minor COVID-19-related border restrictions, Capital Ltd has now dispatched a Boart Longyear diamond drill rig from Mali and will shortly be shipping it to Cameroon via Dakar, Senegal;

   --    Ancillary equipment is currently en route from South Africa to Cameroon by sea; 
   --    Both shipments are expected to arrive in Cameroon early next month; 
   --    Construction of the drill camp is well underway; 

-- 17 drill holes have already been identified within the high-grade Bakassi area ('Bakassi' or 'the Prospect') for a planned 1,940m and construction of the drill pads is now complete;

-- The programme will focus on testing the depth-extension of mineralisation identified to date;

-- Detailed mapping of Bakassi to the northeast, and reconnaissance mapping to the southwest is now complete - data currently being compiled and interpreted;

-- Subject to the usual customs clearance procedures and mobilisation of all equipment to site, the Company still anticipates commencing its 3,000m maiden diamond drilling programme at the Bakassi before the end of the year, assuming no further delays.

Oriole Resources CEO, Tim Livesey, said : "The mobilisation of the drill rig is a key milestone in the work stream and we are working hard to ensure a clean passage through customs when the equipment arrives in Cameroon, in anticipation of drilling commencing before the end of the year. A programme of 17 holes for 1,940m has already been designed but results from the recently completed mapping programmes to test the north-eastern and south-western extensions at Bakassi are expected to deliver further drill targets.

"We are confident that Bibemi will continue to build on the good results we've already yielded from the rock chip sampling and trenching programmes, and it will be great to get some vertical extension to the significant trends that the team have already identified on surface.

"We look forward to sharing the results of our drill programme with our shareholders early next year."

Further Details

Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), the Company is earning-up to a 90% interest in the Bibemi and Wapouzé projects in northern Cameroon by spending US$3.12 million over four years (announcement dated 12 June 2018). The Company is currently in year three of that investment period.

The Company announced on 24 September 2020 that it had signed a 3,000m diamond drilling contract with Capital Ltd to enable a maiden drilling programme at the Project. Mobilisation of equipment is now well advanced, with all shipments expected to arrive in Cameroon early in December 2020. Due to COVID-19 related border restrictions at the country of origin, this arrival schedule is approximately three weeks later than originally planned. Assuming no further delays, and following customs clearance of the drilling equipment and its transportation to site, the Company anticipates commencing drilling before the end of the year.

The maiden drilling programme, which will run through Q1-2021, will focus on testing the depth-extension of mineralisation at Bakassi. To date, the Company has identified and pegged targets for an initial 1,940 metres of drilling (over 17 holes) that will particularly focus on the stacked veins recently identified at the northern end of the 5.3 kilometres 'Zone 1' target. Earlier sampling there returned up to 35.86 grammes per tonne (' g/t') gold ('Au') from rock-chip sampling and a best trenching intersection of 9m at 3.14 g/t Au (announcement dated 21 May 2019).

The team is currently on site ahead preparing for the drill campaign, including construction of drill pads (now complete) and a drill camp. Detailed mapping (1:2,000 scale) along strike to the north-east of Bakassi, and reconnaissance mapping to the south-west, has also recently been completed. The data is currently being compiled and interpreted and is expected to deliver further drilling targets to support a total 3,000m programme. Completion of the drilling programme is expected to see Oriole satisfy the conditions for the Company to earn a 90% interest in the Project.

For further information on Bibemi, including a drill plan and JORC Table 1 disclosure, please see the following

page of the Company's website   https://orioleresources.com/projects/bibemi-and-wapouze/ . 

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.

** ENDS **

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

 
 Oriole Resources PLC                Tel: [phone] 
  Bob Smeeton / Tim Livesey / 
  Claire Bay 
 Blytheweigh (IR/PR contact)         Tel: [phone] 
  Tim Blythe / Megan Ray / Rachael 
  Brooks 
 Grant Thornton UK LLP               Tel: [phone] 
  Samantha Harrison / Seamus 
  Fricker 
 Shard Capital Partners LLP          Tel: [phone] 
  Damon Heath / Erik Woolgar 
  / Isabella Pierre 
 

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 and Wapouzé 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. Year two commitments have been met at all three projects. 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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November 19, 2020 02:00 ET (07:00 GMT)