REG - Oriole Resources PLC - Assaying Method Review for the Mbe Gold Project

Oriole ResourcesAnnouncement

24/03/2025 07:00

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RNS Number : 7650B  Oriole Resources PLC  24 March 2025

Oriole Resources PLC

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

 

Assaying Method Review for the Mbe Gold Project in Cameroon

 

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 ('Mbe' or the 'Project') in Cameroon,
one of five licences within the Company's district scale Central Licence
Package ('CLP').  BCM International ('BCM') 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 fully funded maiden diamond drilling programme is currently underway at the
MB01-S target for a planned 6,590 metres ('m') in 24 holes, to follow-up on
previously reported highly encouraging results from soil, rock-chip and trench
sampling.

 

Highlights

 

·    The maiden ('Phase 1') drilling programme at MB01-S is approximately
38% complete for a total of 2,543m drilled, with seven holes completed
(MBDD001-07) and an eighth hole (MBDD008) in progress.

·    The first four holes (MBDD001 to MBDD004) were drilled as scissor
hole pairs to help with the interpretation of the structural controls on
mineralisation.  All samples were also analysed for gold ('Au') using both
photon and fire assaying methods as part of a rigorous study to determine the
best method for all future holes based on technical, cost and timeliness
aspects.

·    The outcome of that study is that Oriole will use a standard fire
assay method at Bureau Veritas in Côte d'Ivoire in future because:

o  the results for the two methods were statistically comparable, with any
differences considered to be minor and related to natural variation;

o  there is a significant cost saving when using fire assay compared to
photon assay due to the ability to send much smaller sample sizes for fire
assay (60g per sample for fire assay compared to 500g for photon assay,
equating to a saving of US$10 per sample);

o  there were significant delays experienced at Ghana customs which negated
the potential for improved turnaround times for the photon assay method; and

o  analysing drill core by fire assay will provide greater continuity since
the preceding 7,055m trenching programme, the results of which can be used in
the estimation of a maiden resource later this year, also used fire assay.

·    To date, the Company has only reported the photon assay results.
However, for technical and reporting consistency, the fire assay results for
holes MBDD001 to MBDD004 are herein presented.

·    The results have delivered more than 60 gold mineralised intervals,
the most significant of which include:

o  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 (MBDD002).

o  8.00m at 1.00g/t Au, and 4.24m at 8.12g/t Au, including 1.72m at 19.08g/t
Au (MBDD003).

·    Generally, mineralised intersections remain unchanged across the
datasets for both assaying methods, but some 'including' interval lengths have
changed.

·    Holes MBDD005-007 are currently being prepared, with samples for
MBDD005 already on their way to Bureau Veritas for fire assay analysis.
 Results for all three drill holes are expected to be reported in Q2 2025.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The outcome
of the study into the best assaying method to use at our Mbe project shows a
clear-cut preference, based on positive technical, cost and reporting
timeliness benefits, for fire assaying at Bureau Veritas in Côte d'Ivoire.
In the meantime, maiden drilling of the MB01-S target is progressing well,
with over 2,500m now completed and with the next results expected in Q2 2025."

Figure 1. Plan for Phase 1 drilling at MB01-S with a selection of best results
to date from fire assay analysis.

 

Further Details

 

Mbe, with a licence area of 312 square kilometres ('km(2)'), is an orogenic
gold project located within the broader 2,266km(2) '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 3 kilometre ('km') long, NE trending prospect,
named MB01 (or the 'Prospect'), 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 structures that dip approximately 50˚ to the
east) 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 that occur within, or at the contact with, an
intensely altered quartz-feldspar porphyry (QFP) unit, which itself is
mineralised and creates wide 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 for a planned 6,590m in 24 holes.  To date, a
total of 2,543m has been drilled, with seven holes (MBDD001-07) completed and
an eighth (MBDD008) underway.  The first four holes were scissored pairs,
with MBDD001 and MBDD003 drilled towards the east (090˚), and MBDD002 and
MBDD004 drilled towards the west (270˚), to assess the optimal orientation
for intersecting the gold mineralisation, and to guide the rest of the drill
programme.  Following this review, drilling towards 270˚ was deemed to be
the best orientation.  The scissored pairs of drill holes have also helped
improve knowledge of the structural geological controls on the mineralisation.

The Company has completed an orientation study on assay methodologies, with
all samples from MBDD001 to MBDD004 being analysed for gold by both photon
assay and fire assay techniques.  Both methods are acceptable under the
Australasian Joint Ore Reserve Committee ('JORC') 2012 code and a review of
the QAQC samples has confirmed that reported data for both methods fell within
acceptable limits of error.

 

Whilst the photon assay method was initially trialled with the expected
benefit of faster results turnaround times, the Company has decided to
complete the MB01-S drilling programme using a standard fire assay method.
This decision largely relates to the significant cost impact related to
sending larger sample sizes required for photon assay (500g rather than 60g
per sample, equating to a US$10 increase per sample), which might have been
acceptable had the turnaround time been improved.  However, the recent delays
experienced at Ghana customs have resulted in no overall improvement in the
speed of processing.  Analysing drill core by fire assay will also provide
greater continuity since the preceding 7,055m trenching programme, the results
of which can be used in the estimation of a maiden resource later this year,
also used fire assay.

 

To date, the Company has only reported photon assay results for the first four
holes (MBDD001 to MBDD004) and so the Company today reports the fire assay
results for MBDD001 to MBDD004.  The results have delivered more than 60 gold
mineralised intersections, the most significant of which were returned from
holes MBDD002 and MBDD003 (Table 1).

 

 

Table 1. Calculated intersections from Phase 1 holes MBDD001 to MBDD004, 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)  Grade (Au g/t)  Intersection*
 MBDD001    80.40     82.40   3.13            2.00m at 3.13g/t Au
 and        108.00    109.00  3.53            1.00m at 3.53g/t Au
 and        115.60    116.60  1.00            1.00m at 1.00g/t Au
 and        138.60    140.75  0.96            2.15m at 0.96g/t Au
 including  138.60    139.60  1.65            1.00m at 1.65g/t Au
 and        152.25    153.25  0.25            1.00m at 0.25g/t Au
 and        163.25    164.25  0.37            1.00m at 0.37g/t Au
 and        182.85    183.85  0.20            1.00m at 0.20g/t Au
 and        206.70    212.70  0.36            6.00m at 0.36g/t Au
 and        222.60    235.00  0.41            12.40m at 0.41g/t Au
 and        244.25    245.25  0.97            1.00m at 0.97g/t Au
 and        270.00    271.00  0.90            1.00m at 0.90g/t Au
 and        275.60    282.10  0.44            6.50m at 0.44g/t Au
 and        306.85    308.05  0.27            1.20m at 0.27g/t Au
 and        310.25    312.20  1.79            1.95m at 1.79g/t Au
 including  311.20    312.20  3.13            1.00m at 3.13g/t Au
 and        327.25    328.45  0.25            1.20m at 0.25g/t Au
 and        344.45    346.80  0.27            2.35m at 0.27g/t Au
 MBDD002    5.90      6.90    0.53            1.00m at 0.53g/t Au
 and        15.90     18.70   0.86            2.80m at 0.86g/t Au
 including  15.90     16.90   1.47            1.00m at 1.47g/t Au
 and        30.55     31.95   0.51            1.40m at 0.51g/t Au
 and        42.55     43.65   0.42            1.10m at 0.42g/t Au
 and        44.95     46.05   0.29            1.10m at 0.29g/t Au
 and        48.75     52.20   0.67            3.45m at 0.67g/t Au
 and        62.75     67.20   0.28            4.45m at 0.28g/t Au
 and        70.80     71.90   0.56            1.10m at 0.56g/t Au
 and        75.90     77.00   0.33            1.10m at 0.33g/t Au
 and        81.30     86.90   0.65            5.60m at 0.65g/t Au
 including  83.10     84.90   1.18            1.80m at 1.18g/t Au
 and        94.45     124.20  0.88            29.75m at 0.88g/t Au
 including  96.20     113.50  1.35            17.30m at 1.35g/t Au
 and        133.50    159.80  0.65            26.30m at 0.65g/t Au
 including  138.50    139.50  1.03            1.00m at 1.03g/t Au
 including  141.50    152.40  1.08            10.90m at 1.08g/t Au
 including  156.80    157.80  1.62            1.00m at 1.62g/t Au
 and        165.90    172.70  1.09            6.80m at 1.09g/t Au
 including  168.75    170.70  2.17            1.95m at 2.17g/t Au
 and        188.25    190.55  0.34            2.30m at 0.34g/t Au
 and        196.60    197.60  0.49            1.00m at 0.49g/t Au
 MBDD003    21.85     22.85   0.72            1.00m at 0.72g/t Au
 and        49.95     51.65   6.19            1.70m at 6.19g/t Au
 and        55.60     63.60   1.00            8.00m at 1.00g/t Au
 including  55.60     57.80   2.25            2.20m at 2.25g/t Au
 including  62.50     63.60   1.47            1.10m at 1.47g/t Au
 and        68.30     82.60   0.87            14.30m at 0.87g/t Au
 including  69.40     71.70   2.02            2.30m at 2.02g/t Au
 including  77.15     78.15   1.15            1.00m at 1.15g/t Au
 including  79.25     82.60   1.09            3.35m at 1.09g/t Au
 and        96.40     99.80   0.62            3.40m at 0.62g/t Au
 including  97.60     98.80   1.17            1.20m at 1.17g/t Au
 and        115.50    116.50  0.82            1.00m at 0.82g/t Au
 and        127.90    138.05  0.56            10.15m at 0.56g/t Au
 including  137.05    138.05  2.15            1.00m at 2.15g/t Au
 and        146.40    150.64  8.12            4.24m at 8.12g/t Au
 including  146.40    148.12  19.08           1.72m at 19.08g/t Au
 and        183.86    186.18  1.04            2.32m at 1.04g/t Au
 and        195.98    199.10  0.52            3.12m at 0.52g/t Au
 and        225.25    227.35  0.22            2.10m at 0.22g/t Au
 and        230.60    231.80  0.25            1.20m at 0.25g/t Au
 and        254.40    255.40  0.21            1.00m at 0.21g/t Au
 and        303.20    304.20  0.20            1.00m at 0.20g/t Au
 and        321.10    322.10  0.21            1.00m at 0.21g/t Au
 and        333.50    334.50  0.26            1.00m at 0.26g/t Au
 and        337.90    338.90  0.69            1.00m at 0.69g/t Au
 and        353.60    354.60  0.25            1.00m at 0.25g/t Au
 and        372.30    373.30  0.24            1.00m at 0.24g/t Au
 and        377.30    379.50  0.33            2.20m at 0.33g/t Au
 and        381.90    382.90  0.32            1.00m at 0.32g/t Au
 MBDD004    3.25      4.25    1.15            1.00m at 1.15g/t Au
 and        59.90     62.75   0.61            2.85m at 0.61g/t Au
 and        101.10    104.70  0.35            3.60m at 0.35g/t Au
 and        111.90    113.20  0.34            1.30m at 0.34g/t Au
 and        119.00    123.60  0.54            4.60m at 0.54g/t Au
 including  119.00    120.20  1.46            1.20m at 1.46g/t Au
 and        143.60    146.60  1.01            3.00m at 1.01g/t Au
 and        186.10    187.10  0.25            1.00m at 0.25g/t Au
 and        201.90    205.00  0.34            3.10m at 0.34g/t Au
 and        216.50    217.50  0.29            1.00m at 0.29g/t Au
 and        252.60    253.60  0.99            1.00m at 0.99g/t Au
 and        267.40    268.40  0.82            1.00m at 0.82g/t Au
 and        276.50    277.50  0.25            1.00m at 0.25g/t Au

 

* Intervals 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.

 

 

Results for the two methods are statistically comparable and any difference in
grades between individual reported intervals are considered to be minor and
related to natural variation.  When the two datasets are shown on a bivariate
plot, they show a clear strong positive correlation. There is therefore no
evidence of systematic under or over-reporting of gold by either method.

 

 

 

Figure 2. Bivariate plot for gold photon against fire assay results data from
MBDD001 to MBDD004

 

Absolute grade variations are relatively small and some 'including' interval
lengths have changed, but the overall reported intersection lengths remain
unchanged between both assay method datasets.  Notably, the widest reported
photon assay interval of 29.75m at 0.82g/t Au including 17.30m at 1.09g/t Au,
has been upgraded slightly to 29.75m at 0.88g/t Au including 17.30m at 1.35g/t
Au.  A more fulsome comparison of intersections from the two methods in shown
in Table 2.

 

 

Table 2. Selected best intersections from MBDD001 to MBDD004 using a 0.20g/t
Au lower cut-off grade.  Results greater than 1 g/t Au are in bold.

 Hole ID    From (m)  To (m)  Photon Assay Intersection  Fire Assay Intersection
 MBDD001    80.40     82.40   2.00m at 3.23g/t Au        2.00m at 3.13g/t Au
 and        222.60    235.00  12.40m at 0.42g/t Au       12.40m at 0.41g/t Au
 MBDD002    94.45     124.20  29.75m at 0.82g/t Au       29.75m at 0.88g/t Au
 including  96.20     113.50  17.30m at 1.09g/t Au       17.30m at 1.35g/t Au
 and        133.50    159.80  26.30m at 0.62g/t Au       26.30m at 0.65g/t Au
 including  138.50    139.50  1.00m at 1.07g/t Au        1.00m at 1.03g/t Au
 including  141.50    152.40  10.90m at 1.02g/t Au       10.90m at 1.08g/t Au
 including  156.80    157.80  1.00m at 1.38g/t Au        1.00m at 1.62g/t Au
 and        165.90    172.70  6.80m at 1.06g/t Au        6.80m at 1.09g/t Au
 including  168.75    170.70  1.95m at 2.10g/t Au        1.95m at 2.17g/t Au
 MBDD003    49.95     51.65   1.70m at 6.11g/t Au        1.70m at 6.19g/t Au
 and        55.60     63.60   8.00m at 1.03g/t Au        8.00m at 1.00g/t Au
 including  55.60     57.80   2.20m at 2.34g/t Au        2.20m at 2.25g/t Au
 and        68.30     82.60   14.30m at 0.86g/t Au       14.30m at 0.87g/t Au
 including  69.40     71.70   2.30m at 2.09g/t Au        2.30m at 2.02g/t Au
 including  77.15     78.15   (1.00m at 0.98g/t Au)*     1.00m at 1.15g/t Au
 including  79.25     82.60   3.35m at 1.02g/t Au        3.35m at 1.09g/t Au
 and        127.90    138.05  10.15m at 0.58g/t Au       10.15m at 0.56g/t Au
 including  137.05**  138.05  4.30m at 1.05g/t Au        1.00m at 2.15g/t Au
 and        146.40    150.64  4.24m at 7.70g/t Au        4.24m at 8.12g/t Au
 including  146.40    148.12  1.72m at 18.00g/t Au       1.72m at 19.08g/t Au

* = photon assay intersection was below 1 g/t Au therefore not previously
reported as an including intersection, ** = photon assay including
intersection was wider with a 'from' depth of 133.50m

 

Holes MBDD005-007 are currently being prepared, with samples for MBDD005
already on their way to Bureau Veritas in Côte d'Ivoire for fire analysis.
Results for all three drill holes are expected to be reported in Q2 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/
(https://orioleresources.com/projects/bibemi/) .

 

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.

 

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.

 

 

** ENDS **

 

 

 

For further information please visit www.orioleresources.com
(http://www.orioleresources.com) ,  @OrioleResources on X,

or contact:

 Oriole Resources Plc                      Tel: +44 (0)23 8065 1649
 Martin Rosser / Bob Smeeton / Claire Bay

 BlytheRay (PR Contact)                    Tel: +44 (0)20 7138 3204
 Tim Blythe / Megan Ray

 Grant Thornton UK LLP                     Tel: +44 (0)20 7383 5100
 Samantha Harrison / Ciara Donnelly / Elliot Peters
 SP Angel Corporate Finance LLP            Tel: +44 (0)20 3470 0470

 Ewan Leggat / Jen Clarke

 

Notes to Editors:

Oriole Resources PLC is an AIM-listed 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 375,000oz contained Au
at 2.30g/t in the JORC Inferred category 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 recently completed a
six-year earn-in to acquire an approximate 59% beneficial interest in the
Senala Exploration Licence by spending US$5.8 million.  A review of
expenditure and 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.

 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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