REG - Oriole Resources PLC - Final drilling results from MB01-N

Oriole ResourcesAnnouncement

Yesterday 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:20260316:nRSP6756Wa&default-theme=true

RNS Number : 6756W  Oriole Resources PLC  16 March 2026

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")

 

Final drilling results from MB01-N including 56.20m at 0.99g/t Au in MBDD039

 

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company
focused on Central and West Africa, is pleased to provide an update on its
50%(( 1  (#_ftn1) )) owned Mbe gold project in Cameroon ("Mbe" or the
"Project"), where it has received the final positive results from the recently
completed maiden diamond drilling programme at the MB01-N target (the
"Programme").

Highlights

 

o  Results from holes MBDD036 to MBDD039 have returned further gold
intersections, including:

 

MBDD039

o  56.20m at 0.99g/t Au from 4.70m depth, including 14.60m at 2.03g/t Au and
2.00m at 3.14g/t Au

o  24.00m at 0.47g/t Au from 94.30m depth, including 2.00m at 2.21g/t Au

 

MBDD038

o  21.30m at 1.22g/t Au from 118.10m depth, including 7.00m at 2.09g/t Au and
1.00m at 3.29g/t Au

o  9.00m at 0.87g/t Au from 81.80m depth, including 4.00m at 1.55g/t Au

 

MBDD036

o  4.10m at 0.52g/t Au from 73.90m depth

o  4.10m at 0.31g/t Au from 4.50m depth

 

o  MBDD036 has confirmed that the system extends approximately 700m in a
north-south direction and it remains open in all directions.

 

o  Mineralisation within both MBDD039 and MBDD038 is predominantly hosted by
sulphide-telluride veinlets with MBDD039 returning the widest intersection to
date at MB01-N.

 

o  The Company's consultant will now prepare a maiden JORC Resource for the
MB01-N target, which will be published in Q2-2026 and is expected to add
significantly to the existing 870,000oz JORC Resource at the nearby MB01-S
deposit.

 

o  Meanwhile, the Oriole and BCM teams are preparing to commence a fully
funded 2,500m step-out drilling programme at MB01-S, which is expected to add
further ounces to the global resource base at Mbe later this year.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The final
drilling results from MB01-N have seen the programme finish on a high, with
more impressive wide mineralised intersections, notably in hole MBDD039 with
56.2m at almost 1g/t from very near surface.

"We are very much looking forward to our consultant's maiden MRE for MB01-N,
due in Q2-2026, and the commencement of the fully funded 2,500m step-out
drilling programme at MB01-S."

Figure 1. Selected best results to date from the maiden MB01-N diamond
drilling programme.  Results published today are in the blue boxes (MBDD036
to MBDD039), and previously reported results are in the white boxes (MBDD025
to MBDD035).

 

Further Details

 

The Programme, which was completed last month, consisted of 2,982.80m drilling
in 15 holes (see announcement dated 20 February 2026), and was designed to
test the MB01-N target, located 700m to the northeast of the MB01-S deposit
and where the Company has previously reported a maiden JORC Inferred Mineral
Resource Estimate of 24.8Mt at a grade of 1.09g/t Au for 870,000oz contained
gold (see announcement dated 21 October 2025).  MB01-N has a JORC Exploration
Target of 15Mt to 20Mt at 0.77 to 0.94g/t Au for 370,000oz to 605,000oz
contained gold, and offers significant upside to the total JORC Resource
potential of the Mbe project.

 

The Company today reports results for the final four holes in the Programme,
MBDD036 to MBDD039, which include a total of 27 mineralised intersections
(Table 1; using a 0.20g/t Au cut-off grade).  A review of the QAQC samples
has confirmed that the data falls within acceptable limits of error.

 

Holes MBDD036, MBDD037, and MBDD039 were all drilled towards the west
(270-dgree azimuth), whereas MBDD038 was drilled towards the south (180-degree
azimuth) to test the downdip structures observed in MBDD026, MBDD032, and
MBDD034, which trend ENE-WSW and ESE-WNW.  Significant intersections included
56.20m at 0.99g/t Au from 4.70m - the best intersection to date at MB01-N -
from MBDD039, and 21.30m at 1.22g/t Au from MBDD038.  In both MBDD038 and
MBDD039, mineralisation is typically hosted by sulphide-telluride veinlets and
breccias that have infilled shear-related fractures, predominantly within the
felsic dykes.

 

Table 1. Selected intersections from holes MBDD036 and MBDD039, using a
0.20g/t Au lower cut-off grade.  Results > 1.00g/t Au are highlighted in
bold.

 

 Hole ID    From (m)  To      Grade (g/t Au)  Intersection

                      (m)
 MBDD036    4.50      8.60    0.31            4.10m at 0.31g/t Au
 and        18.80     19.80   0.21            1.00m at 0.21g/t Au
 and        24.50     25.60   0.88            1.10m at 0.88g/t Au
 and        73.90     78.00   0.52            4.10m at 0.52g/t Au
 and        89.50     90.50   0.45            1.00m at 0.45g/t Au
 and        94.50     95.50   0.31            1.00m at 0.31g/t Au
 and        100.80    101.80  0.42            1.00m at 0.42g/t Au
 MBDD037*   36.20     38.20   0.32            2.00m at 0.32g/t Au
 MBDD038    24.30     25.30   0.27            1.00m at 0.27g/t Au
 and        31.30     34.30   0.34            3.00m at 0.34g/t Au
 and        39.80     40.80   0.14            1.00m at 1.40g/t Au
 and        43.80     44.80   0.75            1.00m at 0.75g/t Au
 and        48.90     49.90   3.15            1.00m at 3.15g/t Au
 and        67.90     68.90   0.40            1.00m at 0.40g/t Au
 and        71.10     73.10   1.73            2.00m at 1.73g/t Au
 including  72.10     73.10   2.93            1.00m at 2.93g/t Au
 and        76.20     78.30   0.35            2.10m at 0.35g/t Au
 and        81.80     90.80   0.87            9.00m at 0.87g/t Au
 including  81.80     85.80   1.55            4.00m at 1.55g/t Au
 and        97.80     98.80   0.24            1.00m at 0.24g/t Au
 and        100.80    101.80  0.36            1.00m at 0.36g/t Au
 and        108.40    113.50  0.30            5.10m at 0.30g/t Au
 and        118.10    139.40  1.22            21.30m at 1.22g/t Au
 including  120.10    127.10  2.09            7.00m at 2.09g/t Au
 including  138.40    139.40  3.29            1.00m at 3.29g/t Au
 and        147.90    149.00  0.28            1.10m at 0.28g/t Au
 MBDD039    4.70      60.90   0.99            56.20m at 0.99g/t Au
 including  13.10     14.10   1.42            1.00m at 1.42g/t Au
 including  19.40     20.50   1.51            1.10m at 1.51g/t Au
 including  22.60     24.60   1.16            2.00m at 1.16g/t Au
 including  27.70     28.80   1.44            1.10m at 1.44g/t Au
 including  31.00     32.00   1.32            1.00m at 1.32g/t Au
 including  34.20     48.80   2.03            14.60m at 2.03g/t Au
 including  52.80     53.80   1.00            1.00m at 1.00g/t Au
 including  58.90     60.90   3.14            2.00m at 3.14g/t Au
 and        68.90     71.90   0.64            3.00m at 0.64g/t Au
 and        85.90     88.90   0.39            3.00m at 0.39g/t Au
 and        89.90     91.00   0.20            1.10m at 0.20g/t Au
 and        94.30     118.30  0.47            24.00m at 0.47g/t Au
 including  97.50     99.50   2.21            2.00m at 2.21g/t Au
 * hole only selectively sampled due to encountered geology

 

Figure 2. Drill core from hole MBDD039 with mineralisation hosted by
sulphide-telluride veinlets and crackle breccia within sheared felsic dykes.
 This section of core is within the 14.60m at 2.03g/t Au interval within the
wider 56.20m at 0.99g/t Au intersection.

 

Figure 3. Drill core from MBDD038 where mineralisation is hosted by
sulphide-telluride veinlets within sheared and silicified orthogneiss and
felsic dyke units.  This section of core is within the 7.00m at 2.09g/t Au
including interval, within the wider 21.30m at 1.22g/t Au intersection.

 

Hole MBDD039 was collared approximately 50m west of MBDD027 and has
intersected, closer to surface, the same zone identified in MBDD027, where
best intersections of 16.10m at 2.49g/t Au and 14.80m at 0.73g/t Au were
previously reported (see announcement dated 26 January 2026) (Figure 6).  As
anticipated, hole MBDD038 (drilled towards the south) largely intersected E-W
trending structures which occur as sulphide-telluride veinlets, infilling
shear-related fractures.  These E-W veins are interpreted to have formed
within the broadly NNW-SSE to N-S trending mineralised corridor at MB01-N,
locally contributing to the overall gold grades.

 

Hole MBDD036 was the southernmost hole drilled on the main MB01-N anomalous
trend, extending the known strike of the system, which remains open in all
directions, to over 700m in a N-S direction.  MBDD037 was drilled to target a
lesser gold-in-soil anomaly, parallel to and east of the main MB01-N trend,
which coincided with narrow gold-bearing intersections in the 2024 trenching
programmes.  While some breccia zones with minor mineralisation were observed
within the hole, overall there was little to no mineralisation present in the
hole and thus it was only sampled selectively.

 

Figure 4. Simplified N-S cross section showing new results from MBDD038 and
interpreted mineralised zones, in the context of E-W trending drilling fence
line N874091.  *Fence line N874091 includes holes MBDD026, MBDD032 and
MBDD034, which appear as overlapping traces in this section due to the view
direction.  As such, no results have been added for these holes; see Figure 5
for further context.

 

Figure 5. Simplified E-W cross section of fence line N874091 with new results
from MBDD038 and interpreted mineralised zones.  *NB. MBDD038 has been
drilled towards the south, cross-cutting N874091, and the results from MBDD038
are therefore oblique to the holes on that fence line.

 

Figure 6. Simplified E-W cross section of fence line N873992 with new results
from MBDD039, previously reported results from MBDD027, and interpreted
mineralised zones.

 

Following receipt of all results from the Programme, Oriole will now engage
Forge to generate the maiden MRE for MB01-N, with reporting of that MRE
anticipated in Q2-2026.

 

Meanwhile, the Oriole and BCM teams are preparing to mobilise for the next
phase of exploration at Mbe; a fully funded step-out diamond drilling
programme at MB01-S which is planned for a provisional 2,500m in 10 holes.
The step out programme is expected to add further ounces to the global
resource base at Mbe later this year and further details will be provided in
due course.

 

Finally, administration is still underway to formalise BCM's 50% beneficial
interest in the project, with the drafting of a JV partnership agreement in
progress.

Competent Persons Statement

 

The technical information in this release that relates to exploration results
and any planned exploration programme(s) has been compiled by 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

 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 6632
 Tim Metcalfe / Graham Herring / Florence Staton       oriole@investor-focus.co.uk (mailto:oriole@investor-focus.co.uk)

 

Glossary and Abbreviations

 Au                Gold
 BCM               BCM International Limited
 Bibemi            Bibemi orogenic gold project
 Company           Oriole Resources PLC
 E-W               East-west
 ENE-WSW           East northeast-west southwest
 ESE-WNW           East southeast-west northwest
 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
 N-S               North-south
 Oriole Resources  Oriole Resources PLC
 oz                Troy ounce of gold
 QAQC              Quality Assurance Quality Control
 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 Central and West Africa.  It is currently focused on exploration in
Cameroon.

 

At its district scale Central Licence Package, the Company has identified
multi-kilometre long gold anomalies, including at its flagship Mbe project.
At Mbe, the Company has published a JORC Inferred MRE of 870,000oz at 1.09g/t
Au for the MB01-S deposit, and an Exploration Target range of 15Mt to 20Mt at
a grade of 0.77g/t to 0.94g/t Au for 370,000oz to 605,000oz contained gold for
the MB01-N target.  A fully funded maiden drilling programme commenced in
November 2025 and was completed in February 2026 at MB01-N, with the aim of
converting the existing Exploration Target to a Resource.   Following the
completion of the MB01-N drilling programme, and by meeting various financial
commitments, BCM has earned a 50% interest in the project.  Drafting of a JV
partnership agreement is in progress.  Mineral Resource Estimation work for
MB01-N will commence shortly.

 

The Company has also reported a Resource of 460,000oz contained gold at
2.06g/t Au in the JORC Indicated and Inferred categories at its 50% owned
Bibemi project, where it has applied for an exploitation licence.  In
November 2025, BCM completed its earn-in to give it a 50% interest in Bibemi
by meeting certain payment conditions, including spending US$4 million on
exploration.

 

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 (using a gold price of
US$1,800/oz)  in the JORC Inferred category for the Faré South prospect, and
an additional, complementary Exploration Target range of 17Mt to 24Mt at a
grade of 0.69g/t to 0.84g/t Au for 380,000oz to 650,000oz contained gold for
all prospects at Senala.  Best results to date include 20.00m grading 31.13
g/t Au including 10.00m grading 60.98 g/t Au from RC drilling and 59.60m
grading 2.20 g/t Au from diamond drilling.  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.

 

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 mainly in the Adamawa Region of central
Cameroon.  Since 2022, the Company's systematic exploration programmes have
identified four geochemical targets, named MB01-MB04.

 

At the 3km long MB01 prospect, 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 the southern deposit, MB01-S.  Gold
mineralisation at Mbe 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 was completed in
September 2025 for 6,828.40m in 24 holes.  Best drilling results included
86.50m at 1.36g/t Au from 22.00m, including 39.40m at 2.00g/t Au (hole
MBDD008), 21.30m at 1.61g/t Au from 2.40m (MBDD012) and 6.15m at 19.67g/t Au
from 113.50m, including 1.00m at 119.10g/t Au (MBDD019).  In October 2025, a
maiden MRE was published for the MB01-S deposit of 870,000oz at 1.09g/t, using
a US$3,200/oz gold price and a cut-off grade of 0.40g/t Au.  Mineralisation
at MB01-S remains open in all directions and at depth.

 

At the MB01-N target, approximately 700m to the northeast of MB01-S, an
Exploration Target range of 15Mt to 20Mt at 0.77g/t to 0.94g/t Au for
370,000oz to 605,000oz contained Au was published in July 2025, based on
trenching data and the interpretation of geophysical and geochemical anomaly
maps.  The Exploration Target remains open in all directions and at depth,
and it is anticipated that drilling of the target will result in a conversion
to Resource ounces.  A 2,982.80m drilling programme was completed in February
2026 in 15 holes.  Now that the full assay results have been received the
Company's consultant will prepare a maiden MRE for MB01-N to add to 870,000oz
Au at MB01-S.  Following completion of the MB01-N drilling programme, and the
meeting of various financial commitments, BCM has acquired 50% interest in the
project and administration is underway to formalise this interest.

 

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

(( 1  (#_ftnref1) ))  Following the completion of the MB01-N drilling
programme, BCM International has achieved a 50% beneficial interest in Mbe and
administration to formalise this interest in underway.  Oriole now has a 40%
interest but is currently undertaking a restructuring process that, once
completed, will see it increase its interest in the Project to 50%
(announcement dated 17 October 2024).

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  DRLXELFFQXLLBBD



            Copyright 2019 Regulatory News Service, all rights reserved