REG - Oriole Resources PLC - Confirmed Extension of Mbe Sub-Surface Gold System

Oriole ResourcesAnnouncement

22/07/2025 07:00

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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  (#_ftn1) 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/
(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
 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 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
(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 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  (#_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.

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