REG - Oriole Resources PLC - First Results from MB01-N Drilling

Oriole ResourcesAnnouncement

Wed 07:00

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RNS Number : 8919N  Oriole Resources PLC  07 January 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")

 

First Results from MB01-N Drilling

First two drill holes have both returned significant gold intersections

 

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 gold project in Cameroon ("Mbe" or the "Project"), where it
has received the first results from the ongoing 2,950m maiden diamond drilling
programme at the MB01-N target (the "Programme").

Highlights

 

·    The first two drill holes at MB01-N have both returned significant
gold intersections including:

 

MBDD026

o  21.70m at 3.13g/t Au from 86.80m, including 7.20m at 8.19g/t Au and
containing 1.00m at 42.50g/t Au

o  4.00m at 1.52g/t Au from 41.80m

 

MBDD025

o  16.20m at 0.77g/t Au from 37.20m, including 10.10m at 1.08g/t Au

 

·    The initial geological and structural interpretation indicates that
MB01-N shows many similarities with MB01-S, further supported by the
comparable mix of narrow high-grade intervals within wider lower-grade
envelopes.

 

·    The high-grade mineralisation is controlled by NNW-trending breccia
zones formed by intersecting structures and therefore the mineralised zones
within the two holes, which are located approximately 200m apart, may be
linked and continuous along strike.

 

·    The fully funded MB01-N drilling programme is approximately 46%
complete, with six holes drilled, a seventh underway and is expected to be
finished in Q1-2026.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "Results
from the first two holes at the MB01-N target have delivered tremendous
substantial widths of gold mineralisation and, as seen at the nearby MB01-S
deposit, include some high-grade veins.  It is an excellent start to 2026,
and we eagerly look forward to reporting results from the next set of holes."

 

Figure 1. Diamond drilling progress at the MB01-N target with selected best
results from MBDD025 and MBDD026.  All holes are planned to be drilled
towards 270˚ (bearing from grid north) and at an inclination of 50˚.
 Drilling fence line IDs are in blue text.  The data is overlain on
gold-in-soil contours, and the 2025 Exploration Target outline is delineated.

 

Further Details

 

The Programme, which commenced in November 2025, has been planned to test the
MB01-N target, which is located 700m to the northeast of the MB01-S deposit,
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).

 

The programme is progressing well and is currently at 46% completion, with six
holes (MBDD025-030) drilled and a seventh (MBDD031) underway.  The Company
today reports the results from the first two diamond drill holes from MB01-N
(MBDD025 and MBDD026).  A total of 13 mineralised intersections (Table 1)
were returned, with narrow higher-grade zones and wider envelopes of
pervasive, lower-grade material, as seen at the MB01-S target.  The best
example of this is from hole MBDD026, which returned the highest grading
individual interval of 1.00m at 42.50g/t Au that sits within a broader zone of
21.70m at 3.13g/t Au from 86.80m downhole depth.  In these first two holes at
MB01-N, the discovery rate stands at more than one intersection every 15m and
all mineralised intervals have been reported within 100m vertical depth from
surface.  A review of the QAQC samples has confirmed that the data falls
within acceptable limits of error.

 

Table 1. Selected intersections from MBDD025 and MBDD026 using a 0.20g/t Au
lower cut-off grade.  Results > 1g/t Au are highlighted in bold.

 

 Hole ID    From (m)  To (m)  Grade (g/t Au)  Intersection*
 MBDD025    28.20     31.20   0.94            3.00m at 0.94g/t Au
 and        37.20     53.40   0.77            16.20m at 0.77g/t Au
 including  40.20     50.30   1.08            10.10m at 1.08g/t Au
 and        56.80     57.90   0.23            1.10m at 0.23g/t Au
 and        61.00     70.20   0.42            9.20m at 0.42g/t Au
 and        82.20     88.40   1.00            6.20m at 1.00g/t Au
 including  83.30     84.40   2.45            1.10m at 2.45g/t Au
 MBDD026    41.80     45.80   1.52            4.00m at 1.52g/t Au
 including  41.80     42.80   2.16            1.00m at 2.16g/t Au
 and        67.60     69.70   0.56            2.10m at 0.56g/t Au
 and        86.80     108.50  3.13            21.70m at 3.13g/t Au
 including  100.30    107.50  8.19            7.20m at 8.19g/t Au
 including  103.50    104.50  42.50           1.00m at 42.50g/t Au
 and        112.70    115.70  0.26            3.00m at 0.26g/t Au
 and        118.70    119.70  0.87            1.00m at 0.87g/t Au
 and        123.70    127.90  0.37            4.20m at 0.37g/t Au
 and        138.50    139.70  0.22            1.20m at 0.22g/t Au
 and        145.90    146.90  0.42            1.00m at 0.42g/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.  Stated as drilled widths - true widths are not
currently known.

 

The overall geological and structural controls at MB01-N are similar to
MB01-S, with the dominant lithologies consisting of the
orthogneiss-amphibolite basement rock, which in turn has been intruded by
numerous shear-hosted granitic felsic dykes and late mafic dykes.

 

The mineralisation is predominantly structurally controlled by post felsic
intrusion, shear-related extension and brittle failure that has formed
conjugate fracture sets and NNW-trending zones of brecciation, subsequently
exploited by gold-rich hydrothermal fluids.  The mineralisation typically
occurs within steeply dipping shear corridors, with mineralisation enhanced by
brittle failure of the felsic intrusions.

 

Figure 2. Simplified cross section of fence line N874091 with results from
MBDD026 and interpreted mineralised zones.  PMBDD032 is a planned hole that
is yet to be drilled.

 

Figure 3. Drill core for the highest grading interval, 1.00m at 42.50g/t Au,
showing intensely brecciated felsic dyke with sulphide/telluride
mineralisation.

 

Figure 4. Simplified cross section of fence line N874318 with results from
MBDD025 and interpreted mineralised zones.  MBDD029 has been drilled but
results are pending.

 

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 Programme has been
designed to maximise conversion from an Exploration Target to JORC Resource.

 

Upon completion of the Programme, targeted for late Q1-2026, the Company's
partner BCM International Limited will acquire a 50% interest in the Mbe
licence.

 

Competent Persons Statement

 

The technical information in this release that relates to Exploration Results
and any 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.

 

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

 

Glossary and Abbreviations

 Au                Gold
 BCM               BCM International Limited
 Bibemi            Bibemi orogenic gold project
 Company           Oriole Resources PLC
 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  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 West and Central Africa.  It is focused on early-stage 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 at MB01-N with the aim of converting the existing
Exploration Target to a Resource.  BCM is nearing completion of US$4 million
in exploration expenditure at Mbe, which will see it earn a 50% interest.

 

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 a further 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 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 in the Adamawa Region of central Cameroon.
 Since 2022, the Company's systematic exploration programmes have identified
four geochemical targets, 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 planned 2,950m drilling programme was commenced in
November 2025 and is scheduled for completion in late Q1 2026.

 

BCM has acquired an initial 10% interest in Mbe and upon completion of the
2,950m drilling programme at MB01-N will acquire a further 40% interest in the
project.

 

 

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).  Upon completion of the
earn-in by BCM International Limited, Oriole will then revert to a 50%
interest in the Project.

 

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