Central Cameroon Exploration Update

Oriole Resources PLC 

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

Central Cameroon Exploration Update

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to provide an update on the 3,592 square kilometre ('km²') district-scale licence package in Central Cameroon ('Central Licence Package' or the 'Package') that was issued to the Company's subsidiary, Oriole Cameroon SARL, and its partner Reservoir Minerals Cameroon SARL, a subsidiary of Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3') earlier this year (announcement dated 3 February 2021).

The licences cover Paleo-Proterozoic to Pan-African age rocks and are highly prospective for orogenic-style gold mineralisation. Following a desktop remote sensing study that identified 12 initial priority gold targets, the team has been undertaking a Package-wide mapping and stream sediment sampling programme (announcement dated 29 June 2021). That programme has now been completed over the five easternmost licences, with results anticipated during Q3 2021. The programme has now been paused for the rainy season and will continue over the remaining three licences in Q4 2021.

 Highlights

·    Regional-scale mapping and stream sediment sampling has continued over the Central Licence Package

·    The programme is now 64% complete, with 874 samples taken over Oriole Cameroon SARL's five licences in the east of the Package:

o  371 samples relating to the Niambaram and Tenekou licences have been sent to Bureau Veritas for gold and multi-element analysis

o  A further 503 samples have been prepped and will be dispatched to Bureau Veritas shortly

·    Initial results anticipated in Q3 2021

·    Mapping and sampling over the remaining three licences in the west of the Package will resume in Q4 2021

Oriole Resources CEO, Tim Livesey, said: "We are pleased with the progress our team is making on the stream sediment sampling programme in Central Cameroon, a vital first step in defining target areas by identifying river basins with associated gold anomalism.  The speed and efficiency of the work is reflective of the well-trained nature of the teams, several of whom have worked with BRGM as part of the World Bank-funded, Cameroonwide, prospectivity mapping and sampling programme, 'PRECASEM'. 

"The Central Licence Package holds all the indicators of a new gold district, sitting within an area of appropriate host geology, with respect to age, metamorphic grade and alteration, and importantly being cross-cut by deep seated crustal structures that are crucial for the emplacement of gold in orogenic systems. 

"We already know from historical sampling, and evidenced by more recent artisanal activity, that the licence package has the potential to host gold, so we are understandably eager to see the results of this programme. 

"Grassroots exploration doesn't come any simpler than this, with rapid and systematic field work allowing us to start defining and ranking targets for further investigation during the next field season."

Further Details

On 3 February 2021, the Company reported that it's 90%-owned Cameroonian subsidiary, Oriole Cameroon SARL, had received approval for five new licences (Tenekou, Niambaram, Pokor, Ndom and Mbe) in central Cameroon, located to the west of the regional capital, Ngaoundéré. Together with a further three new licences (Mana, Dogon and Sanga) granted to Reservoir Minerals Cameroon SARL, in which the Company has subsequently earned a 51% interest (announcement dated 6 April 2021), the Central Licence Package covers a contiguous, district-scale land package of 3,592km².

Covering Paleo-Proterozoic to Pan-African rocks, a well-known host for orogenic gold deposits worldwide, the licences were initially targeted by the Company's technical team due to their apparent proximity to the dominant regional structure, the Tcholliré-Banyo shear zone ('TBSZ'), a major southwest-northeast-trending splay off the larger-scale Central African Shear Zone. The TBSZ and its associated shears, thrusts and faults are (according to academic literature) thought to be one of the significant structural controls for gold and other mineralisation in the region.  

An initial remote sensing study interpreted that the TBSZ passes through at least six licences; all of the Oriole Cameroon SARL licences in the east of the package and at least one of the Reservoir Minerals Cameroon SARL licences (Sanga) in the west, with the potential for it to be hidden by younger (Cenozoic-age) cover rocks at the Mana and Dogon licences. Following an assessment of the structural controls, host rocks and alteration, the study led to the definition of 12 initial targets that have the potential to host orogenic gold mineralisation. In addition, the recent Cenozoic-aged volcanism in the west of the Package highlights the potential for other styles of gold mineralisation (e.g. high-sulphidation), which may overprint the older system locally.

In May, the Company commenced a regional mapping and stream sediment sampling programme, focused on sampling active sediments on the primary (first to third order) stream beds at an average density of 0.4 samples per km². To date, the team has completed 64% of the programme, with 874 samples taken over the Oriole Cameroon SARL licences. A total of 371 samples, relating to the Niambaram and Tenekou licences, have now been sent to Bureau Veritas and a further 503 samples, relating to the Pokor, Ndom and Mbe licences, will be dispatched in the coming days. All samples will be assayed for gold and a suite of 45 other elements. Initial results are anticipated during Q3 2021, with the remainder of the programme due to recommence over the Reservoir Minerals Cameroon SARL licences in Q4 2021.

For further information on the Central Licences, please see the following page of the Company's website https://orioleresources.com/projects/central-cameroon/.

Competent Persons Statement 

The information in this release that relates to Exploration Results has been compiled by Claire Bay (Executive Director, Exploration & 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.

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) which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Following the publication of this announcement, this inside information is now considered to be in the public domain.

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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 West Africa. It is focused on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Cameroon 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. The Company also 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.