Oriole Resources PLC 

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

Bibemi JORC Exploration Target

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to report a maiden JORC-compliant Exploration Target for its 90%-owned Bibemi orogenic gold project ('Bibemi' or 'the Project') in Cameroon.

Highlights

·    Independent consultant Forge International Limited ('Forge') delivers a maiden JORC-compliant Exploration Target for the Bakassi Zone 1 prospect of between six million tonnes and eight million tonnes at grades ranging from 1.50 to 1.70 grammes per tonne ('g/t') Au for between 290,000 and 440,000 Troy ounces ('oz) of gold ('Au')^[1]. The potential quantity and grade of the Exploration Target is conceptual in nature;

·    The Exploration Target has been modelled over a strike length of 1,200 metres ('m') and to a depth of 200m below surface, using a cut-off grade of 0.30 g/t Au and a top-cut of 20 g/t Au;

·    Following the confirmation of a gold-mineralised sub-horizontal vein component within the shear system, the model includes mineralised zones with a true width of up to 36m;

·    The remaining activities required in order to define a maiden Mineral Resource Estimate for Bakassi Zone 1 include data verification, which will be completed by Forge in the upcoming field season, and by undertaking a pit optimisation exercise to define blocks with reasonable prospects of economic extraction in accordance with JORC guidelines;

·    The Bakassi Zone 1 Exploration Target remains open along strike to the north-east and at depth and is just one of four prospects on the licence where drilling has confirmed sub-surface gold mineralisation.

Tim Livesey, CEO of Oriole, commented: "We are delighted to report this maiden JORC Exploration Target for what is just one of four prospects at Bibemi. Given that Cameroon has had no hard rock gold resources reported to date, we are proud to be leading the charge in helping to change that.  We are looking forward to upgrading and hopefully extending the mineralisation in due course.

"As one of four prospect areas within the Bibemi licence, Bakassi Zone 1 has seen the majority of our drill focus up until now, as we've pushed hard to deliver a JORC Exploration Target. In doing so we have taken a significant leap forward in de-risking the concept of there being economic orogenic-style gold mineralisation in Cameroon. Delivery of this JORC Exploration Target has been achieved in just 19 months since commencing the maiden drilling programme at Bibemi, demonstrating the team's ability to drive efficient and economical exploration in a new frontier.

"We are keen to expand our resource base both here at Bibemi and also within our highly prospective CLP licence areas in the centre of the country, where we have already identified multiple targets with similar characteristic gold anomalism and associated geology, alteration and structure as identified and drilled at Bibemi."

[1] See Table 1 within 'Further Details' section for more information on this Exploration Target, including full disclosure notes

Plan view showing the block model with grade distribution, and drill holes used to estimate the Bakassi Zone 1 Exploration Target. 

Cross section through the core zone (fence line BZ1_P2_L3) of the Exploration Target model for Bakassi Zone 1, showing grade distribution within block model.

Further Details

The Company's exploration to date has identified shear-hosted gold mineralisation at four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - within a circa 12 km-long system at surface. Since Q1-2021, the Company has completed four phases of diamond drilling at the Project for a total of 6,685.40min 54 holes. The majority of the drilling has been focussed on a circa 1 km section at the southern end of the Bakassi Zone 1 and has delivered best intersections of 14.80m grading 4.27 g/t Au and 7.70m grading 2.74 g/t Au (hole BBDD050), 6.50m grading 3.92 g/t Au (hole BBDD034), 5.20m grading 1.97 g/t Au (hole BBDD031), and 9.20m grading 1.31 g/t Au (hole BBDD042) (announcements dated 20 December 2021, 9 February 2022 and 15 September 2022). The mineralised corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of sub-vertical quartz-tourmaline veins as well as extensional, sub-horizontal quartz veins.

The latest Phase 4 drilling provided a tangible improvement in the Company's understanding of the mineralised system, with the confirmation of mineralised sub-horizontal extensional veining in addition to the sub-vertical shear veining highlighting the potential for a bulk-mineable target at the Project.   

The Company today reports that independent consultant Forge International Limited, has prepared a maiden JORC-compliant Exploration Target for the Bakassi Zone 1 of between six million tonnes and eight million tonnes at grades ranging from 1.50 to 1.70 g/t Au for up to 440,000 oz Au (Table 1).  Within this model, mineralised zones with a true width of up to 36.32m have been reported.

The JORC Exploration Target comprises nine 3D wireframe volumes based on geological mapping, available drilling data and cross-section interpretations. A density of 2.85 tonnes per metre cubed ('t/m³'), which represents the mean density of the 150 density records that are contained within the mineralisation wireframe models, has been used for the Exploration Target calculations.

Table 1. Exploration Target for Bakassi Zone 1

Notes:

·    The Exploration Target is an estimate of the exploration potential of the Bakassi Zone 1 mineral deposit.

·    The Exploration Target has been generated using 28 diamond holes totalling 3,840m of drilling. The Exploration Target has been prepared by wireframe modelling of mineralised bodies, using a 0.1 g/t cut-off and following the geological and structural interpretation for the deposit. The estimate has been limited to a depth of 200m below the current topography. The grade is presented as a range of approximately 20% above and 20% below the actual grade estimated using an inverse distance weighting interpolation, applying a cut-off of 0.3 g/t gold. A density of 2.85t/m³ has been used throughout. All figures are rounded to reflect the relative accuracy of the estimate.

·    The Exploration Target estimate covers a strike length of approximately 1,200m. Drill holes have been completed at a spacing of between 35m and 115m on fence lines that are mostly between 90m and 130m apart. All of the data has been used to create wireframe models and a block model.

·    The potential quantity and grade of the Exploration Target is conceptual in nature. 

·      There has been insufficient exploration to estimate a Mineral Resource for all target areas reported. It is proposed that such areas are tested with infill Diamond and/or Reverse Circulation drilling although it is uncertain whether further exploration will result in the estimation of a Mineral Resource.

·    The Exploration Target has been estimated by Mr. Robert Davies, EurGeol, CGeol., a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (The JORC code).

                The model uses a top-cut of 20 g/t Au, as supported by the log normal distribution shown in the gold population histogram below, to minimise any bias from the highest-grade intervals reported to date, for example 1.00m grading 75.36 g/t Au in BBDD034.

Histogram showing gold populations existing within the modelled wireframes. The curve shows a log-normal distribution which means the modelled wireframes show a good level of validation with how the grade is distributed within the deposit.

A site visit by Forge is being planned for the upcoming field season (October 2022 to June 2023) to complete data verification ahead of the delivery of an anticipated maiden Mineral Resource Estimate. Due to the level of confidence in the existing data and geological model, it is anticipated that, subject to this site visit, a portion of the Exploration Target could be upgraded to a JORC-compliant Inferred Mineral Resource without any further drilling. However, it should be noted that such a Resource will be pit constrained and therefore it cannot be assumed that the entire Exploration Target reported today will be upgraded to an Inferred Resource. It is anticipated that additional drilling will be required in the future to increase sample support for the model on fence lines where there has been limited drilling. However, any further drilling at the Project will be subject to the outcome of the Maiden Resource Estimate and is unlikely to occur before Q4-2023.

For further information on the Bibemi project, including drill plans, cross-sections and a JORC Table 1, please see the following page of the Company's website https://orioleresources.com/projects/bibemi/.

Under the terms of its option agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), the Company has satisfied the conditions to earn a 90% interest in Bibemi, the Wapouzé project (20km to the north) and three licences in Central Cameroon. Beneficial ownership in the licences has been confirmed and the administrative process to formalise this ownership is currently underway.

Competent Persons Statement 

The information in this announcement that relates to the Exploration Target is based on data compiled by Mr. Robert Davies, EurGeol, CGeol, an independent consultant to Oriole. Mr Davies is a Director of Forge International Limited. Mr Davies has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Davies consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The technical information in this release that relates to Exploration Results and the planned exploration programme 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:

Notes to Editors:

Oriole Resources PLC is an AIM-listed exploration company, operating in West Africa. It is focussed on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Licence Package 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. Under the terms of the Option Agreement, IAMGOLD has recently met its first commitment by spending US$4 million within an initial four years and will shortly acquire a 51% interest in Senala. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could deliver future cash flow.