RNS Number : 1213J
Oriole Resources PLC
19 May 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')
Mbe Drilling Confirms Potential for Zones of Higher-Grade Gold
Including 1.00m at 51.30g/t Au
Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company focused on West and Central Africa, is pleased to provide an update on its 90%[1] owned Mbe orogenic gold project (the 'Project') in Cameroon, including further positive drill results that continue to demonstrate the potential for narrower zones of high-grade gold mineralisation within the wider, lower-grade mineralised envelopes.
Highlights
· Results from drillhole MBDD009 have increased the total mineralised gold ('Au') intersections from the maiden ('Phase 1') drilling programme to 137 (using a 0.20 g/t Au lower cut-off grade) (see Figure 1 and Table 1 below), including:
o 2.00m at 25.77g/t Au from 147.10m, including 1.00m at 51.30g/t Au.
o 11.20m at 0.50g/t Au from 66.60m, including 1.60m at 1.04g/t Au and 2.00m at 1.07g/t Au.
o 1.10m at 2.99g/t Au from 119.00m.
o 1.00m at 1.06g/t Au from 124.00m.
· Hole MBDD009 is located approximately 160m to the west of hole MBDD008, where a best intersection of 86.50m at 1.36g/ Au was reported last week. These results have extended the width of the mineralised corridor on this fence line to over 400m and continue to demonstrate the potential for narrower zones of higher-grade gold within, and proximal to, the wider, lower-grade envelopes.
· The fully funded Phase 1 drilling programme at the MB01-S target is over 60% complete, with 13 holes (MBDD001-013) drilled to date and a fourteenth hole (MBDD014) in progress.
· Results for holes MBDD010-012 are expected later this quarter, with samples from hole MBDD010 already on their way to Bureau Veritas in Côte d'Ivoire for fire assay analysis.
· The drilling programme is currently scheduled for completion in Q3-2025, and the Company anticipates publishing a maiden, pit-contained MRE in Q4-2025.
· Ahead of this, the Company plans for an independent consultant to produce a JORC Exploration Target estimation in Q3-2025 to provide earlier guidance on the resource potential of the Project. The Company believes that the Project could be mined by open pit mining methods.
Chief Executive Officer of Oriole Resources, Martin Rosser, said: "Building on the last announcement of outstanding drilling results, hole MBDD009 is significant as it supports our view that we can expect narrower zones of high-grade gold mineralisation within the wider, lower-grade mineralised envelopes. The 1.00m at 51.30g/t gold intersection is the highest grade encountered to date."
Figure 1. Interpretative cross section for fence line N872482 at MB01-S, with selected mineralised intervals from holes MBDD001, MBDD002, MBDD007, and MBDD008 (blue labels; previously announced on 24 March 2025 and 15 May 2025) and MBDD009 (green labels; announced today). The fence line is located approximately 40m to the south of trench MBT008, the results for which are shown in red along the surface trace.
Further Details
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-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 for a planned 6,590m in 24 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.
A total of 3,966.20m has been drilled to date, with 13 holes completed (MBDD001-013) and a fourteenth hole (MBDD014) in progress. The Company today reports results for the ninth hole, MBDD009, located on fence line N872482, which was drilled towards the west (270˚). Results have delivered 12 gold mineralised intersections (Table 1, Figure 2), such as 2.00m at 25.77g/t Au, including 1.00m at 51.30g/t Au (the highest grading sample from the drilling programme to date), and 11.20m at 0.50g/t Au, including 1.60m at 1.04g/t Au and 2.00m at 1.07g/t Au. A review of the QAQC samples has confirmed that the data falls within acceptable limits of error.
The total number of gold-bearing intersections from the first nine holes in the programme, MBDD001-009, stands at 137. Other significant intersections from the programme to date include: 86.50m at 1.36g/t Au, including 39.40m at 2.00g/t Au, 6.00m at 2.24g/t Au, and 3.00m at 2.32g/t Au, and 8.50m at 2.25g/t Au, including 1.00m at 17.00g/t Au (MBDD008); 29.75m at 0.88g/t Au, including 17.30m at 1.35g/t Au, and 26.30m at 0.65g/t Au, including 10.90m at 1.08g/t Au from MBDD002; 24.20m at 0.45g/t Au including 3.00m at 1.27g/t Au (MBDD007); 8.00m at 1.00g/t Au and 4.24m at 8.12g/t, Au including 1.72m at 19.08g/t Au (MBDD003); 23.10m at 0.71g/t Au, including 7.20m at 1.02g/t Au and 2.00m at 2.48g/t Au, and 5.60m at 1.03g/t Au from 7.50m (MBDD005); and 13.80m at 0.61g/t Au, including 3.40m at 1.17g/t Au and 2.10m at 1.06g/t Au (MBDD006) (Announcements dated 24 March 2025 and 15 April 2025, 12 May 2025; Figure 2).
Figure 2. Plan for Phase 1 drilling at MB01-S with a selection of best results to date from MBDD001 to MBDD009. Green dots denote holes drilled towards 090 degrees and blue dots are those drilled towards 270 degrees.
Table 1. Calculated intersections from Phase 1 holes MBDD009, using a 0.20g/t Au lower cut-off grade. Results greater than 1.00g/t Au are in bold.
Hole ID
From (m)
To (m)
Au (g/t)
Intersection*
MBDD009
9.70
10.70
0.56
1.00m at 0.56g/t Au
and
34.15
35.30
0.54
1.15m at 0.54g/t Au
and
66.60
77.80
0.50
11.20m at 0.50g/t Au
including
69.50
71.10
1.04
1.60m at 1.04g/t Au
including
73.80
75.80
1.07
2.00m at 1.07g/t Au
and
99.35
100.60
0.33
1.25m at 0.33g/t Au
and
112.40
116.80
0.32
4.40m at 0.32g/t Au
and
119.00
120.10
2.99
1.10m at 2.99g/t Au
and
122.50
125.00
0.49
2.50m at 0.49g/t Au
including
124.00
125.00
1.06
1.00m at 1.06g/t Au
and
130.00
133.15
0.48
3.15m at 0.48g/t Au
and
147.10
149.10
25.77
2.00m at 25.77g/t Au
including
148.10
149.10
51.30
1.00m at 51.30g/t Au
and
161.30
162.45
0.22
1.15m at 0.22g/t Au
and
168.25
169.30
0.27
1.05m at 0.27g/t Au
and
193.40
194.50
0.41
1.10m at 0.41g/t Au
* Intersections greater than 1.00m, calculated using a 0.20g/t Au lower cut-off grade and no more than 35% internal dilution. True widths are not currently known.
The results reported today have delivered the highest grading intersection to date at the Project, with mineralisation over this interval associated with steeply NE-dipping smoky quartz veins hosted by a quartz feldspar porphyry (QFP) unit, that is considered to have a strong spatial relationship with the gold mineralisation at Mbe (Figure 3).
These results have extended the width of the mineralised corridor on this fence line (N872482) to over 400m and continue to demonstrate the potential for narrower zones of higher gold grade within and proximal to the wider, lower-grade envelopes. The Company believes that the Project could be mined by open pit mining methods.
Figure 3. Highest grading interval of 1.00m at 53.10g/t Au, within the wider 2.00m at 25.77g/t Au intersection from MBDD009. High-grading material is associated with NE-dripping (NNW-trending) smoky quartz veinlets hosted by a QFP intrusion.
Results for holes MBDD010 to MBDD012 are expected later this quarter, with samples from hole MBDD010 already on their way to the Bureau Veritas laboratory in Côte d'Ivoire for fire assay analysis. Holes MBDD010 to MBDD012 have been drilled on a new fence line, N872572, which is located between fence line N872472 (100m to the south), and N872672 (100m to the north) and will enable better assessment of the gold distribution along strike.
This drilling programme is currently scheduled for completion in Q3-2025, and the Company anticipates publishing a maiden, pit-contained MRE in Q4-2025, which will be estimated in accordance with the JORC code. Ahead of this, the Company plans for an independent consultant to undertake a JORC Exploration Target estimation in Q3-2025.
Further information can be found in the Mbe JORC Table 1 disclosure on the following page of the Company's website https://orioleresources.com/projects/mbe/.
Competent Persons Statement
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.
Enquiries:
Oriole Resources Plc
Tel: +44 (0)23 8065 1649
Martin Rosser/ Bob Smeeton / Claire Bay
IFC Advisory Ltd (Financial IR & PR)
Tel: +44 (0)20 3934 6630
Tim Metcalfe / Graham Herring / Florence Staton
oriole@investor-focus.co.uk
Grant Thornton UK LLP
Tel: +44 (0)20 7383 5100
Samantha Harrison / Ciara Donnelly/ Elliot Peters
SP Angel Corporate Finance LLP Ewan Leggat / Jen Clarke
Tel: +44 (0)20 3470 0470
Glossary and Abbreviations
Au
Gold
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
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
Notes to Editors
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. 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. 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
[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).
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