REG - Oriole Resources PLC - Bonanza Gold Finds Extend Mbe Mineral System

Oriole ResourcesAnnouncement

26/08/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250826:nRSZ5170Wa&default-theme=true

RNS Number : 5170W  Oriole Resources PLC  26 August 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')

 

Bonanza Gold Intersections and Extension of Sub-Surface Mineralised 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 significant
results from the maiden ('Phase 1') drilling programme at its 90% 1  (#_ftn1)
owned Mbe orogenic gold project ('Mbe' or the 'Project') in Cameroon.

 

Highlights

 

·    Results for holes MBDD018 to MBDD020 have returned 31 gold ('Au')
mineralised intersections at the MB01-S target, using a 0.20 g/t Au lower
cut-off grade, taking the total number of gold-bearing intersections over the
programme to date to 285, equating to a discovery rate of more than one
intersection every 21m. The latest results include:

 

MBDD019:

o  6.15m at 19.67g/t Au from 113.50m, including 1.00m at 119.10g/t Au

o  9.30m at 0.58g/t Au from 24.90m

 

MBDD018:

o  3.00m at 17.66g/t Au from 141.70m, including 2.00m at 26.31g/t Au

o  1.00m at 9.86g/t Au from 38.90m

o  3.00m at 1.53g/t Au from 21.00m

 

MBDD020 :

o  4.00m at 2.94g/t Au from 71.40m, including 1.00m at 9.59g/t Au

o  7.80m at 0.87g/t Au from 174.30m, including 3.00m at 1.54g/t Au

 

·    Importantly, the results have underpinned and extended the current
Exploration Target, with multiple zones of high-grade mineralised material
identified outside the existing mineralisation model.  The sub-surface system
remains open in all directions and at depth.

 

·    In addition, five rock chip samples, collected from artisanal pits at
the northwest periphery of the MB01-S soil anomaly, returned grades of up to
13.10g/t Au.  All five samples were located ~150m outside of the defined
Exploration Target, highlighting the presence of mineralisation beyond the
current drilling area and demonstrating potential for further system
extensions.

 

·    Ahead of the Company publishing a maiden, pit-constrained Mineral
Resource Estimate ('MRE') for MB01-S, independent consultant Forge
International has recently completed the prerequisite site visit.  The MRE is
expected in Q4-2025, following completion of the Phase 1 drilling programme,
which is already 90% complete.

 

Commenting, Chief Executive Officer of Oriole Resources, Martin Rosser, said:

"The latest drilling results for Mbe are significant for several reasons.
 Firstly, they confirm the potential for very high grades within the deposit,
consistent with what we have already confirmed at surface.  Secondly, they
extend the known gold system boundaries, which has the potential to enhance
the size of the recently published Mbe Exploration Target and the maiden MRE
for MB01-S, which is earmarked for Q4-2025.  Finally, with the system
remaining open in all directions, the potential scale of Mbe is currently
uncapped and is therefore hugely exciting."

 

 

Figure 1. Selected best results for holes MBDD018 and MBDD020 (blue boxes) and
new rock chip results (≥0.5g/t Au), all reported today, alongside previously
reported best results for holes MBDD003 and MBDD006 (line N872682), and holes
MBDD016 and MBDD017 (line N872782). All newly reported holes are drilled
towards 270˚ (from grid north) with drill traces for the reported holes shown
as black lines.  Drilling fence line IDs are in blue text.  The data is
overlain on gold-in-soil contours, and the previously reported Exploration
Target outline is delineated.

 

Further Details

 

A Phase 1 diamond drilling programme commenced at MB01-S in late November 2024
and is over 90% complete, with a total of 6,465.90m drilled to date in 23
holes.

The Company today reports results for holes MBDD018 to MBDD020, with all holes
drilled towards the west (270˚).  MBDD018 is located on new fence line
N872882, some 100m north of N872782, which has had no other drilling to date.
 MBDD019 and MBDD020 are located at the western ends of fence line N872782
(previous drilling includes MBDD014 - MBDD0017) and N872682 (previous drilling
includes MBDD003 - MBDD006) respectively. All holes targeted the western soil
anomaly, part of which falls outside of the Exploration Target published last
month.

Results have delivered 31 further mineralised intersections, including best
intersections of 6.15m at 19.67g/t Au, including 1.00m at 119.10g/t Au from
MBDD019 and 3.00m at 17.66g/t Au, including 2.00m at 26.30g/t Au from MBDD018
(Table 1, Figures 1 to 5).  The total number of gold bearing intersections
over the programme to date now stands at 285, equating to a discovery rate of
more than one intersection every 21m.  A review of the QAQC samples has
confirmed that the data falls within acceptable limits.

Table 1. Calculated intersections from Phase 1 holes MBDD018 to MBDD020, 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)  Grade (Au g/t)  Intersection
 MBDD018    21.00     24.00   1.53            3.00m at 1.53g/t Au
 including  21.00     22.00   2.52            1.00m at 2.52g/t Au
 and        31.70     32.80   0.26            1.10m at 0.26g/t Au
 and        38.90     39.90   9.86            1.00m at 9.86g/t Au
 and        94.50     95.50   0.40            1.00m at 0.40g/t Au
 and        103.00    104.10  4.97            1.10m at 4.97g/t Au
 and        118.40    119.40  0.22            1.00m at 0.22g/t Au
 and        123.50    125.50  0.43            2.00m at 0.43g/t Au
 and        127.70    128.80  0.25            1.10m at 0.25g/t Au
 and        133.60    136.80  0.47            3.20m at 0.47g/t Au
 and        141.70    144.70  17.66           3.00m at 17.66g/t Au
 including  142.70    144.70  26.31           2.00m at 26.31g/t Au
 and        156.10    157.10  1.52            1.00m at 1.52g/t Au
 and        219.10    221.10  0.40            2.00m at 0.40g/t Au
 and        256.40    257.40  0.22            1.00m at 0.22g/t Au
 MBDD019    2.60      3.60    0.41            1.00m at 0.41g/t Au
 and        24.90     34.20   0.58            9.30m at 0.58g/t Au
 including  24.90     28.90   1.01            4.00m at 1.01g/t Au
 and        48.80     51.90   0.69            3.10m at 0.69g/t Au
 including  50.90     51.90   1.43            1.00m at 1.43g/t Au
 and        53.90     56.90   1.18            3.00m at 1.18g/t Au
 including  55.90     56.90   3.09            1.00m at 3.09g/t Au
 and        69.10     71.20   1.31            2.10m at 1.31g/t Au
 including  70.20     71.20   2.33            1.00m at 2.33g/t Au
 and        76.70     78.90   0.42            2.20m at 0.42g/t Au
 and        106.40    107.40  0.28            1.00m at 0.28g/t Au
 and        109.40    110.40  0.31            1.00m at 0.31g/t Au
 and        113.50    119.65  19.67           6.15m at 19.67g/t Au
 including  118.65    119.65  119.10          1.00m at 119.10g/t Au
 and        153.60    154.70  0.27            1.10m at 0.27g/t Au
 and        218.40    221.70  0.27            3.30m at 0.27g/t Au
 MBDD020    16.80     17.80   0.24            1.00m at 0.24g/t Au
 and        28.40     29.50   0.20            1.10m at 0.20g/t Au
 and        71.40     75.40   2.94            4.00m at 2.94g/t Au
 including  72.40     73.40   9.59            1.00m at 9.59g/t Au
 and        118.30    119.30  4.39            1.00m at 4.39g/t Au
 and        168.30    169.30  0.24            1.00m at 0.24g/t Au
 and        174.30    181.60  0.87            7.80m at 0.87g/t Au
 including  174.30    177.30  1.54            3.00m at 1.54g/t Au
 and        185.80    191.55  0.25            5.75m at 0.25g/t Au

 

Figure 2: Summary of best results from drilling completed to date, with
MBDD018 to MBDD020 reported today (in blue boxes).  Blue holes are drilled
towards 270˚ and green drilled towards 090˚ (both from grid north).
 Drilling fence line IDs are in blue text.  The data is overlain on
gold-in-soil contours, and the previously reported Exploration Target outline
is also shown.

Drilling results to date have confirmed that the system at MB01-S extends up
to approximately 450m wide and has a vertical depth of at least 290m.  The
results from MBDD018 have also extended the strike length of sub-surface
mineralisation at MB01-S to 400m, further underpinning the recently published
Exploration Target.  Importantly, holes MBDD018 and MBDD019 have returned
high-grade mineralised material outside of the current maiden Exploration
Target zone, indicating potential extensions to the current model and
providing significant upside potential for an enhancement of tonnage and
possibly grade in future resource estimation studies.  MBDD020 has targeted
part of the Exploration Target where the sample support was comparatively
lower, thus providing further confidence in the continuity of mineralisation
over the western part of the system.  Importantly, the MB01-S system remains
open in all directions and at depth.

Figure 3. Interpretative cross section for fence line N872782,
with selected mineralised intervals from previously reported holes MBDD014 -
MBDD017, and results reported today from MBDD019.

 

Figure 4. Interpretative cross section for fence line N872882,
with selected mineralised intervals from MBDD018.  The fence line is located
approximately 30m to the south of trench MBT006, the results for which are
shown in red along the surface trace.

 

Figure 5. Interpretative cross section for fence line N872682, with selected
mineralised intervals from previously reported MBDD003 to MBDD006, and results
reported today from MBDD020.

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 telluride- and
pyrite-rich smoky quartz veins (commonly steeply NE-dipping) and breccias,
hosted within quartz feldspar porphyry (QFP) units or at the sheared contacts
of QFP and the orthogneiss host rocks.

Figure 6. High-grade gold mineralisation from ~140m depth in MBDD018

 

Figure 7. High-grade gold mineralisation from ~118m depth in MBDD019, hosted
by disseminations and clusters of sulphides/tellurides within quartz veins

In addition to the drilling results, five rock chip samples were collected
from artisanal workings at MB01-S that had been opened since the previous
rock-chip sampling campaign.  All samples, located within ~150m of the
existing Exploration Target area, returned measurable gold, with four
returning ≥0.50g/t Au and a highest grade of 13.10g/t Au.  The rock chip
data, coupled with the results from holes MBDD018 to MBDD020, confirm
mineralisation at surface and at depth outside of the current Exploration
Target area, and support the extension of the mineralised system to the west
and north-northwest.

Following completion of the Phase 1 drilling programme, the Company expects to
publish an independent consultant's maiden, pit-constrained MRE for MB01-S in
Q4-2025 and believes that the deposit 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/
(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 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 Exploration Target, and that all material assumptions and
technical parameters underpinning 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
 km(2)                            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/m(3)                           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 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 44Mt 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.

 

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
(http://www.orioleresources.com) ,  @OrioleResources on X

 

Background on Mbe

 

Mbe, with a licence area of 312km(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
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  (#_ftn2) range of 33 to 44Mt at 0.77 to 0.95g/t Au
for 0.82 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  (#_ftnref1) 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  (#_ftnref2) 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLFIFVTTDIVFIE