REG - Oriole Resources PLC - Excellent Gold Intersection at Mbe Gold Project

Oriole ResourcesAnnouncement

12/05/2025 07:00

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RNS Number : 1641I  Oriole Resources PLC  12 May 2025

Oriole Resources PLC

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

 

Excellent Gold Intersection at Mbe Gold Project in Cameroon

125 gold-bearing intersections now returned from the first eight drill holes,
an incredible discovery rate for a maiden drill programme

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,
including very significant positive drilling results.

 

Highlights

 

·    125 gold-bearing intersections now returned from the first eight
drill holes on the Project.

 

·    2,667.30 metres ('m') of drilling, delivering approximately one gold
intersection for every 21m drilled, is an incredible discovery rate for a
maiden drilling programme.

 

·    Results from the latest holes drilled, MBDD007 and MBDD008, have
returned a further 31 gold ('Au') mineralised intersections (using a 0.20
gramme per tonne ('g/t') Au lower cut-off grade) (see Figure 1 and Table 1
below), including:

 

MBDD008:

o 86.50m at 1.36g/t Au from 22.00m, including 39.40m at 2.00g/t Au, 6.00m at
2.24g/t Au and 3.00m at 2.32g/t Au

o 8.50m at 2.25g/t Au from 8.20m, including 1.00m at 17.00g/t Au

o  6.00m at 0.56g/t Au from 114.50m, including 2.00m at 1.10g/t Au

o  1.10m at 1.34g/t Au from 140.30m

o  1.00m at 3.62g/t Au from 230.50m

 

MBDD007:

o  24.20m at 0.45g/t Au from 194.30m, including 3.00m at 1.27g/t Au

o  9.40m at 0.56g/t Au from 80.50m, including 3.20m at 1.09g/t Au

o  4.15m at 0.57g/t Au from 106.40m, including 1.00m at 1.32g/t Au

 

·    The results are hugely significant for the Project and continue to
demonstrate wide zones of bulk-tonnage and near-surface gold mineralisation,
which could be mineable by open pit.

 

·    The fully funded maiden ('Phase 1') drilling programme at the MB01-S
target is approximately 60% complete for a total of 3,912.20m drilled in 12
holes (MBDD001-012) and a thirteenth hole (MBDD013) is in progress.

 

·    Results for holes MBDD009-011 are expected later this quarter, with
samples from hole MBDD009 already on their way to Bureau Veritas in Côte
d'Ivoire for fire assay analysis.

 

·    The drill programme is currently scheduled for completion in Q3-2025,
and the Company anticipates publishing a maiden, pit-constrained Mineral
Resource Estimate ('MRE') in Q4-2025.

 

·    Ahead of this, the Company plans for an independent consultant to
produce a JORC Exploration Target estimation in Q3 to provide earlier guidance
on the upside potential at the project.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are
ecstatic with the latest drill hole results from MB01-S.  Not only have we
encountered very significant widths of mineralisation, but the grades in hole
MBDD008 are the best to date and hugely impressive, and from near surface to
boot.

"These results emphatically support our contention that MB01-S, with its wide
zones of bulk-tonnage and near-surface gold mineralisation reported to date,
could be favourable for a potential open pit mining operation.  This all
bodes very well for the rest of the maiden drilling programme, our independent
consultant's JORC Exploration Target and later MRE reports, and deliberations
regarding the next phase of drilling at MB01-S and the start of the maiden
drilling programme at MB01-N."

 

 

 

Figure 1. Interpretative cross section for fence line N872482 at MB01-S, with
selected mineralised intervals from holes MBDD001-002 (blue labels; previously
announced on 24 March 2025) and MBDD007 and MBDD008 (green labels; reported
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 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 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 ('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.

To date, a total of 3,912.20m has been drilled, with 12 holes completed
(MBDD001-012) and a thirteenth hole (MBDD013) in progress.  The Company today
reports results for the seventh and eighth holes MBDD007 and MBDD008, located
on fence line N872482, with both holes drilled towards the west (270˚).
 Results have delivered more than 30 intersections with gold mineralisation
(Table 1, Figure 2), such as 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) and 24.20m at 0.45g/t Au, including
3.00m at 1.27g/t Au (MBDD007).  A review of the QAQC samples has confirmed
that the assay data falls within acceptable limits of error.

This is in addition to the 94 gold-bearing intersections returned from the
first six holes, MBDD001-06, which returned significant intersections,
including: 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; 8.00m at 1.00g/t Au
and 4.24m at 8.12g/t, Au including 1.72m at 19.08g/t Au from 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 from 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 from MBDD006
(Announcements dated 24 March 2025 and 15 April 2025; Figure 2).

 

 

Figure 2. Plan for Phase 1 drilling at MB01-S with a selection of best results
to date.

 

Table 1. Calculated intersections from Phase 1 holes MBDD007 and MBDD008,
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*
 MBDD007    21.90     22.90   0.31            1.00m at 0.31g/t Au
 and        24.90     27.85   0.32            2.95m at 0.32g/t Au
 and        61.00     62.05   0.27            1.05m at 0.27g/t Au
 and        65.10     69.10   0.38            4.00m at 0.38g/t Au
 and        72.10     73.10   0.57            1.00m at 0.57g/t Au
 and        80.50     89.90   0.56            9.40m at 0.56g/t Au
 including  85.10     88.30   1.09            3.20m at 1.09g/t Au
 and        106.40    110.55  0.57            4.15m at 0.57g/t Au
 including  107.40    108.40  1.32            1.00m at 1.32g/t Au
 and        127.40    128.40  0.73            1.00m at 0.73g/t Au
 and        148.40    149.40  0.23            1.00m at 0.23g/t Au
 and        153.50    160.20  0.30            6.70m at 0.30g/t Au
 and        166.10    168.10  0.37            2.00m at 0.37g/t Au
 and        177.85    178.90  0.44            1.05m at 0.44g/t Au
 and        182.10    183.10  0.26            1.00m at 0.26g/t Au
 and        194.30    218.50  0.45            24.20m at 0.45g/t Au
 including  215.50    218.50  1.27            3.00m at 1.27g/t Au
 and        221.50    222.70  0.88            1.20m at 0.88g/t Au
 and        233.60    235.60  0.24            2.00m at 0.24g/t Au
 and        240.90    241.90  0.60            1.00m at 0.60g/t Au
 and        256.50    257.50  0.62            1.00m at 0.62g/t Au
 MBDD008    3.90      5.10    0.25            1.20m at 0.25g/t Au
 and        8.20      16.70   2.40            8.50m at 2.25g/t Au
 including  11.20     12.20   17.00           1.00m at 17.00g/t Au
 and        22.00     108.50  1.36            86.50m at 1.36g/t Au
 including  23.00     62.40   2.00            39.40m at 2.00g/t Au
 including  91.50     97.50   2.24            6.00m at 2.24g/t Au
 including  104.50    107.50  2.32            3.00m at 2.32g/t Au
 and        114.50    120.50  0.56            6.00m at 0.56g/t Au
 including  115.50    117.50  1.10            2.00m at 1.10g/t Au
 and        134.80    136.90  0.34            2.10m at 0.34g/t Au
 and        140.30    141.40  1.34            1.10m at 1.34g/t Au
 and        169.40    170.40  0.45            1.00m at 0.45g/t Au
 and        210.90    212.20  0.56            1.30m at 0.56g/t Au
 and        230.50    231.50  3.62            1.00m at 3.62g/t Au
 and        239.80    242.00  0.32            2.20m at 0.32g/t Au
 and        251.30    254.40  0.29            3.10m at 0.29g/t Au
 and        256.40    258.40  0.59            2.00m at 0.59g/t Au
 and        327.05    328.05  0.22            1.00m at 0.22g/t Au

* Intervals greater than 1.00m length, 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 best intersection to date at the
Project, with significant near-surface mineralisation related to strongly
silicified and brecciated quartz feldspar porphyry (QFP) units (Figure 3).
 The mineralisation on this drilling fence line (N872482) has now been
confirmed over a corridor width of over 350m and to a depth of at least 250m
and the results continue to demonstrate wide zones of bulk-tonnage gold
mineralisation, which could be open pit mineable.

 

 

Figure 3. A portion of the highest grading intersection (86.50m at 1.36g/t Au
from 22.00m, including 39.40m at 2.00g/t Au) from MBDD008, associated with
smoky quartz veinlets and hydrothermal breccias.

 

Results for holes MBDD009-011 are expected later this quarter, with samples
from hole MBDD009 already on their way to Bureau Veritas in Côte d'Ivoire for
fire assay analysis.  Holes MBDD010 and MBDD011 are located on a new fence
line, N872582, which is located between fence line N872482 (100m to the
south), and N872682 (100m to the north) and will enable better assessment of
the gold distribution along strike.

 

Initial bottle roll tests on surface samples at the Project indicated good
gold recoveries from those samples from standard cyanide leaching.  However,
more advanced and detailed studies are underway on material from hole MBDD002
to assess the mineralogy and geo-metallurgy in more detail.  The results of
this test work will be reported in due course.

 

This drilling programme is currently scheduled for completion in Q3-2025, and
the Company anticipates publishing a maiden, pit-constrained MRE in Q4-2025,
which will be estimated in accordance with the Australasian Joint Ore Reserve
Committee ('JORC') 2012 code.  Ahead of this, the Company plans for its
independent consultant to undertake a JORC Exploration Target estimation and
report it in Q3.

 

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 **

 

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                   Tel: +44 (0)20 3470 0470

 Ewan Leggat / Jen Clarke

 

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 375,000oz contained
gold 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.

 

For further information please visit www.orioleresources.com
(http://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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