RNS Number : 9397R
Oriole Resources PLC
22 July 2025
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.
Oriole Resources PLC
('Oriole Resources' or the 'Company')
Confirmed Extension of Sub-Surface Gold System at Mbe
Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company focused on West and Central Africa, is pleased to report further positive drilling results for its 90%[1] owned Mbe orogenic gold project ('Mbe' or the 'Project') in Cameroon.
Highlights
· Results from holes MBDD014 to MBDD017 have returned multiple gold ('Au') mineralised intersections from maiden ('Phase 1') drilling at the MB01-S target.
· Results include 1.10m at 9.35g/t Au, 2.20m at 2.47g/t Au and 3.00m at 1.59g/t Au (using a 0.20 g/t Au lower cut-off grade; see Figures 1 & 2 and Table 1 below).
· The strike length of sub-surface mineralisation has been increased to at least 300m, underpinning the maiden Exploration Target published earlier this month. The system remains open in all directions and at depth.
· Following a review of the Exploration Target geostatistical data, the fully-funded Phase 1 drilling programme at MB01-S has been expanded to 7,050m in 25 holes. A total of 5,580.50m has been drilled to date, with 18 holes (MBDD001-018) completed and a nineteenth hole (MBDD019) is nearing completion.
· Following completion of the maiden drilling programme, the Company anticipates publishing an independent consultant's maiden, pit-constrained Mineral Resource Estimate ('MRE') for MB01-S in Q4-2025.
Commenting, Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The latest set of drilling results continues to support our expectation, based on the recently publish JORC exploration target, of defining a resource of considerable scale at MB01-S. We now have delineated a substantial gold system which, importantly, remains open in all directions and at depth and we look forward to reporting the maiden MRE in Q4-2025."
Figure 1. Interpretative cross section for fence line N872782 with gold assay results from holes MBDD014 - MBDD017. Hole MBDD019 is in progress.
Further Details
A Phase 1 diamond drilling programme commenced at MB01-S in late November 2024. A total of 5,580.50m has been drilled to date, with 18 holes (MBDD001-018) completed and a nineteenth hole (MBDD019) nearing completion.
The Company today reports results for holes MBDD014 to MBDD017, all drilled towards the west (270˚) on fence line N872782 that is located 100m to the north of fence line N872682 (holes MBDD003-006). Results have delivered 58 further mineralised intersections, including 1.10m at 9.35g/t Au, 2.20m at 2.47g/t Au and 3.00m at 1.59g/t Au (Table 1, Figure 2), bringing the running total to over 250 gold bearing intersections which equates to a discovery rate of over one intersection per 19m. A review of the QAQC samples has confirmed that the data falls within acceptable limits of error except for one blank that returned very low levels of gold and remedial action for this blank sample is underway.
Figure 2. Updated plan for Phase 1 drilling at MB01-S with a selection of best results to date from MBDD001 to MBDD017, and the holes reported today in blue boxes. Green dots denote holes drilled/planned towards 090 degrees (from Grid North) and blue dots are those drilled towards 270 degrees. Drilling fence line numbers are in blue text.
Importantly, this drilling fence line was not covered by the 2024 trenching campaigns and so has provided greater data resolution over this part of system. The results have extended the strike length of sub-surface mineralisation at MB01-S to 300m, underpinning the recently published Exploration Target. Drilling results to date have also confirmed that the system at MB01-S is up to 400m wide and has a vertical depth of at least 290m; it remains open in all directions and at depth.
Table 1. Calculated intersections from Phase 1 holes MBDD014-017, using a 0.20g/t Au lower cut-off grade. Results greater than 1.00g/t Au are in bold and 'including' intervals are in bold italics.
Hole ID
From (m)
To (m)
Au grade (g/t)
Intersection
MBDD014
33.30
35.50
1.43
2.20m at 1.43g/t Au
including
34.40
35.50
2.58
1.10m at 2.58g/t Au
and
38.80
39.90
0.22
1.10m at 0.22g/t Au
and
125.50
126.60
0.34
1.10m at 0.34g/t Au
and
137.90
140.10
0.28
2.20m at 0.28g/t Au
and
151.50
153.50
0.26
2.00m at 0.26g/t Au
and
155.60
156.60
0.42
1.00m at 0.42g/t Au
and
158.60
159.60
0.58
1.00m at 0.58g/t Au
and
192.10
193.20
0.21
1.10m at 0.21g/t Au
and
204.70
205.70
0.45
1.00m at 0.45g/t Au
and
211.70
212.70
2.37
1.00m at 2.37g/t Au
and
272.40
273.40
1.98
1.00m at 1.98g/t Au
and
275.50
278.90
0.39
3.40m at 0.39g/t Au
and
305.30
306.40
0.27
1.10m at 0.27g/t Au
and
308.60
310.80
1.77
2.20m at 1.77g/t Au
including
309.70
310.80
3.32
1.10m at 3.32g/t Au
and
315.30
316.30
0.43
1.00m at 0.43g/t Au
MBDD015
69.30
70.35
0.78
1.05m at 0.78g/t Au
and
145.60
146.60
0.66
1.00m at 0.66g/t Au
and
149.60
151.60
0.45
2.00m at 0.45g/t Au
and
153.60
154.60
0.41
1.00m at 0.41g/t Au
and
164.20
166.20
2.19
2.00m at 2.19g/t Au
including
164.20
165.20
4.14
1.00m at 4.14g/t Au
and
173.30
174.30
0.22
1.00m at 0.22g/t Au
and
180.70
185.10
0.94
4.40m at 0.94g/t Au
including
180.70
184.00
1.18
3.30m at 1.18g/t Au
and
219.40
221.70
0.22
2.30m at 0.22g/t Au
and
248.10
249.20
0.90
1.10m at 0.90g/t Au
and
268.70
272.90
0.35
4.20m at 0.35g/t Au
and
292.40
293.50
0.46
1.10m at 0.46g/t Au
MBDD016
10.70
18.50
0.40
7.80m at 0.40g/t Au
and
71.10
72.20
3.40
1.10m at 3.40g/t Au
and
82.50
83.50
0.44
1.00m at 0.44g/t Au
and
87.50
88.50
0.22
1.00m at 0.22g/t Au
and
91.70
93.90
1.91
2.20m at 1.91g/t Au
including
91.70
92.80
3.48
1.10m at 3.48g/t Au
and
108.80
110.80
0.91
2.00m at 0.91g/t Au
including
109.80
110.80
1.05
1.00m at 1.05g/t Au
and
122.80
123.80
0.35
1.00m at 0.35g/t Au
and
156.90
161.10
0.41
4.20m at 0.41g/t Au
including
157.90
158.90
1.03
1.00m at 1.03g/t Au
and
167.70
168.80
0.55
1.10m at 0.55g/t Au
and
180.20
181.20
0.28
1.00m at 0.28g/t Au
and
186.20
190.20
0.20
4.00m at 0.20g/t Au
MBDD017
14.80
19.90
0.35
5.10m at 0.35g/t Au
and
22.00
23.10
0.26
1.10m at 0.26g/t Au
and
32.20
34.40
2.47
2.20m at 2.47g/t Au
including
32.20
33.20
4.13
1.00m at 4.13g/t Au
and
37.60
39.70
0.42
2.10m at 0.42g/t Au
and
48.30
49.40
0.28
1.10m at 0.28g/t Au
and
52.70
53.80
0.36
1.10m at 0.36g/t Au
and
57.10
58.20
0.40
1.10m at 0.40g/t Au
and
60.40
62.60
0.93
2.20m at 0.93g/t Au
including
61.50
62.60
1.51
1.10m at 1.51g/t Au
and
65.90
67.00
9.35
1.10m at 9.35g/t Au
and
70.30
71.30
1.83
1.00m at 1.83g/t Au
and
74.40
81.50
0.36
7.10m at 0.36g/t Au
and
102.60
103.60
0.73
1.00m at 0.73g/t Au
and
109.00
112.00
1.00
3.00m at 1.00g/t Au
and
122.80
126.00
0.86
3.20m at 0.86g/t Au
including
125.00
126.00
1.02
1.00m at 1.02g/t Au
and
147.90
148.90
0.56
1.00m at 0.56g/t Au
and
156.40
159.30
0.92
2.90m at 0.92g/t Au
including
158.30
159.30
2.36
1.00m at 2.36g/t Au
and
215.50
216.50
0.22
1.00m at 0.22g/t Au
and
235.80
236.80
0.87
1.00m at 0.87g/t Au
and
263.50
266.50
1.59
3.00m at 1.59g/t Au
including
265.50
266.50
3.71
1.00m at 3.71g/t Au
and
268.70
272.00
0.45
3.30m at 0.45g/t Au
including
270.90
272.00
1.12
1.10m at 1.12g/t Au
and
292.05
294.20
0.32
2.15m at 0.32g/t Au
* Intersections greater than 1.00m, calculated using a 0.20g/t Au lower cut-off grade and no more than 5.00m consecutive internal dilution or 35% total internal dilution. True widths are not currently known.
The lithologies encountered in these holes correlate well with those seen in previously reported holes, and the style of mineralisation is consistent with the rest of the Mbe deposit. Gold mainly occurs in steeply NE-dipping smoky quartz veins (bearing tellurides and pyrite) hosted by quartz feldspar porphyry (QFP) units.
A review of the Exploration Target variogram published earlier this month, has led to an expansion of the Phase 1 drilling programme at MB01-S to 7,050m in 25 holes. A number of the remaining holes have been relocated (new positions are shown in Fig. 2) to focus on identifying additional mineralised material that currently falls outside of the model, in particular to target the western soil 1,000ppb Au soil anomaly contour shown in Figure 2.
Following completion of the Phase 1 drilling programme, the Company anticipates publishing an independent consultant's maiden, pit-constrained MRE for MB01-S in Q4-2025 and believes that the Project could be mined by open pit methods.
Further information can be found in the JORC Table 1 disclosure on the following page of the Company's website: https://orioleresources.com/projects/mbe/.
Enquiries:
Oriole Resources Plc
Tel: +44 (0)23 8065 1649
Martin Rosser/ Bob Smeeton / Claire Bay
Strand Hanson Limited (Nomad& Broker)
Tel: +44 (0)20 7409 3494
Christopher Raggett / James Spinney / Edward Foulkes
IFC Advisory Ltd (Financial IR & PR)
Tel: +44 (0)20 3934 6630
Tim Metcalfe / Graham Herring / Florence Staton
oriole@investor-focus.co.uk
Competent Persons Statement
The information in this announcement that relates to the Mineral Resource Estimate and 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 JORC Code. 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 Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource Estimate or the Exploration Target, and that all material assumptions and technical parameters underpinning the MRE and the Exploration Target continue to apply.
The technical information in this release that relates to Exploration Results and the planned exploration programme has been compiled by Mrs Claire Bay (Executive Director). 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.
Glossary and Abbreviations
Au
Gold
Forge
Forge International Limited
g/t
Grammes per tonne
JORC
Joint Ore Reserves Committee
JORC Code
2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
km
Kilometre
km2
Square kilometre
Mbe
Mbe orogenic gold project
m
Metres
MRE
Mineral Resource Estimate
Mt
Million tonnes
Oriole Resources or the Company
Oriole Resources PLC
oz
Troy ounce of gold
Phase 1
Maiden diamond drilling programme at the MB01-S target, Mbe
Project
Mbe orogenic gold project
QFP
Quartz Feldspar Porphyry
t/m3
Tonnes per cubic metre
Notes to Editors
Oriole Resources
Oriole Resources PLC is an AIM-quoted gold exploration company, with projects in West and Central Africa. It is focused on early-stage exploration in Cameroon, where the Company has reported a Resource of 460,000oz contained gold at 2.06g/t Au in the JORC Indicated and Inferred categories at its 90% owned Bibemi project and has identified multi-kilometre gold and lithium anomalies within the district scale Central Licence Package project, including the Mbe project. At Mbe, the Company has published a maiden Exploration target range of 33 to 44 million tonnes at a grade of 0.77 to 0.95g/t Au for 0.82Moz to 1.34Moz contained gold for the MB01 prospect, and a maiden Resource for the MB01-S target is scheduled for Q4-2025. BCM International is currently earning up to a 50% interest in the Bibemi and Mbe projects in return for a combined investment of US$1.5 million in signature payments, up to US$8 million in exploration expenditure, as well as JORC resource-based success payments. BCM International is currently earning up to a 50% interest in the Bibemi and Mbe projects in return for a combined investment of US$1.5 million in signature payments, up to US$8 million in exploration expenditure, as well as JORC resource-based success payments.
At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl ('AGEM'), a wholly owned subsidiary of Managem Group, has completed a six-year earn-in to acquire an approximate 59% beneficial interest in the Senala Exploration Licence by spending US$5.8 million. The Company has reported a Resource of 155,000oz contained gold at 1.26g/t Au in the JORC Inferred category for the Faré South prospect, and an additional, complementary Exploration target range of 17 to 24Mt at a grade of 0.69 to 0.84g/t Au for 380,000 to 650,000oz contained gold for all prospects at Senala. Discussions on the formation of a joint venture company are currently underway. The Company also has several interests and royalties in companies operating in East Africa and Turkey that could give future cash payments.
For further information please visit www.orioleresources.com, @OrioleResources on X
Background on Mbe
Mbe, with a licence area of 312km2, is an orogenic gold project located within the broader 2,266km2 'Eastern CLP' package of five contiguous gold focused exploration licences in the Adamawa Region of central Cameroon. Since 2022, the Company's systematic exploration programmes have identified a 3km long, NE trending prospect, named MB01, which sits within a wider 12.5km long zone of gold-in-soil anomalism that trends ENE.
At MB01, increased dilation at the sites of structural intersections (steeply dipping NNE and NNW trending shear structures) is believed to have resulted in enhanced levels of gold deposition at the northern target, MB01-N, and MB01-S, the southern target. Gold mineralisation at these targets comprises high-grade, sulphide- and telluride-rich quartz veins, veinlets and breccias within wider envelopes of pervasive, lower-grade gold mineralisation.
After highly encouraging results from infill soil sampling, rock-chip sampling, and trench sampling, a fully funded maiden drilling programme commenced at the MB01-S target in late November 2024 and is planned for 7,050m in 25 holes. BCM International has acquired an initial 10% interest in Mbe and is earning up to a further 40% interest by spending up to US$4 million on exploration.
An Exploration Target[2] range of 33 to 44 million tonnes at 0.77 to 0.95g/t A for 0.82Moz to 1.34Moz contained Au was published in July 2025 based on diamond drilling results from holes MBDD001 to MBDD013 at MB01-S, as well as trenching data, and the interpretation of geophysical and geochemical anomaly maps from both MB01-N and MB01-S. The Exploration Target remains open in all directions and at depth and it is anticipated that it will be succeeded by a maiden MRE in Q4 2025, following completion of the Phase 1 drilling programme later this quarter.
[1] Oriole is currently undertaking a restructuring process that, once completed, will see it increase its holding from 80% to a 90% interest in the Project (announcement dated 17 October 2024).
[2] The potential quality and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and there is no certainty that further exploration work will result in the determination of a Mineral Resource.
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