Oriole Resources PLC 

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

Cameroon Exploration Update:

Lithium Pegmatites Confirmed at the CLP Project

Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides an exploration update on its 90%-owned Central Licence Package ('CLP') project in Cameroon. The district-scale CLP project comprises nine contiguous licences covering 4,091 square kilometres ('km²') 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.

Since Q4-2022, the team has been undertaking early-stage exploration at two of these licences, Ndom and Gamboukou, to assess their potential to host lithium-bearing pegmatites. A number of pegmatite units have now been identified that help underpin the source of the c.9 kilometre ('km') lithium-in-soil anomalies reported in Q4-2022 (announcement dated 29 November 2022). Mapping and sampling programmes are continuing at Gamboukou.

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, each extending over a c.9 km strike length, associated with 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;  

·    Since Q4-22, the team has been completing reconnaissance exploration at the Ndom and Gamboukou licences to assess their potential to host lithium-bearing pegmatites and has now confirmed multiple pegmatite veins within the granitoids and the older basement rocks;

·    A total of 64 rock-chip samples (including QAQC) have been taken at Ndom, 55 of which are targeting pegmatite veins that are up to 1.5 metres ('m') wide. Samples have also been taken to enable assessment of the mineralogy of the pegmatites to help understand which minerals are lithium-bearing;

·    Mapping and sampling programmes are continuing at Gamboukou.  

Figure 1. Top left: Pegmatite vein in amphibolite-gneiss. Top right: 1m-wide pegmatite vein. Bottom left: Sheared pegmatite vein with white mica. Bottom right: Mica-rich pegmatite.

Oriole Resources CEO, Tim Livesey, said: "With the multi-element work flagging potential lithium anomalies during 2022, we are pleased to be progressing reconnaissance work on our licences as part of our CLP programme in 2023.

"Whilst lithium was not an original target for Oriole, the anomalies highlighted by the earlier programmes seem to be associated with the correct granitic host units and this has created a great opportunity for additional value add in this extensive package of ground. 

"The addition of the Gamboukou licence in late 2022 further expanded our target area and is testimony to our teams continued focus on delivery of value in Cameroon through good, consistent, boots on the ground exploration.

"We look forward to updating the market as our teams complete their assessment of the area."

Further Details

At the CLP project (4,091km² 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, 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, appeared to be associated with a porphyritic granitoid unit. Comparable porphyritic granitoids underlie much of the eastern and central region of the Gamboukou licence, immediately to the south of Ndom, which the Company was able to secure in November last year.

Figure 2: Regional PRECASEM geology, showing licences within the CLP Project and soil sampling grids completed to date at the Eastern CLP block

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 concept that the pegmatites associated with the porphyritic granitoids may have the potential to host hard rock lithium mineralisation.

Figure 3: 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

Since December 2022, the team has been completing reconnaissance mapping and sampling at both licences to assess the potential for lithium-bearing pegmatites. At Ndom, the 9.6km-long lithium anomaly overlies a prominent massive granitoid outcrop that extends over an area of 8km by 2.5km. 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.

The team has identified numerous pegmatite veins in the granitoid outcrops, as well as with the metamorphosed, Pan African basement rocks (greenschist to amphibolite facies, tonalite- trondhjemite-granodiorite, 'TTG'), with widths ranging from a few centimetres to several metres. Lithium bearing minerals have yet to be visually identified but this is difficult in the field. Considering the abundance of white mica in some specimens, and the geochemistry known to date,  spodumene, petalite and lepidolite (common lithium-bearing minerals) and cassiterite (a tin-bearing mineral that commonly occurs within LCT pegmatites) are suspected.

A total of 64 rock chip samples (including QAQC) have been collected at Ndom, with nine taken from quartz veins, which will be analysed for gold, and 55 from pegmatite veins to target lithium. Samples have also been collected to enable technical studies that will help resolve the mineralogy of the veins.

At Gamboukou, pegmatite and granitoid outcrops similar to those seen at Ndom have been observed and reconnaissance mapping and sampling is underway. A first-pass stream sediment sampling programme is also being planned to help with targeting.

Figure 4: Lithium-in-soil results for the Ndom licence, on PRECASEM geology and outcrop classifications. Location of samples collected is also highlighted.

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:

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 recently reported a maiden Resource of 305,000 oz Au in the JORC Inferred 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, IAMGOLD is the operator and 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.