REG - Oriole Resources PLC - Further Gold Results and Exploration Target at Mbe

Oriole ResourcesAnnouncement

24/06/2025 07:00

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RNS Number : 0587O  Oriole Resources PLC  24 June 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')

 

Further Gold Results and Commencement of Exploration Target Estimation at Mbe

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 (the 'Project') in Cameroon, including
further positive drill results and commencement of a JORC Exploration Target
study for the MB01 prospect.

 

Highlights

 

·    Results from drill hole MBDD013 have delivered further mineralised
gold ('Au') intersections from the maiden ('Phase 1') drilling programme
(using a 0.20g/t Au lower cut-off grade; see Figures 1 & 2 and Table 1
below), including:

 

o  2.00m at 3.21g/t Au from 149.00m, including 1.00m at 6.03g/t Au

o  6.35m at 0.52g/t Au from 3.80m, including 2.00m at 1.03g/t Au

o  1.00m at 3.24g/t Au from 128.10m

 

·    Hole MBDD013 was drilled at the western limit of fence line N872582,
which also has delivered several wide zones of gold mineralisation including
21.30 m at 1.61g/t Au from 2.40m in hole MBDD012.

 

·    The fully funded Phase 1 drilling programme at the MB01-S target is
over 70% complete, with 4,918.90m drilled to date, and with 16 holes (MBDD001
- MBDD016) completed and a seventeenth hole (MBDD017) in progress.  Results
for holes MBDD014 to MBDD017 are anticipated in Q3 2025.

 

·    Results reported to date have confirmed sub-surface mineralisation
over a strike length of at least 200m, a width of up to 400m and to a vertical
depth of at least 290m.  The system remains open in all directions and at
depth.

 

·    Results for holes MBDD001 to MBDD013, as well as results from the
2024 trenching programmes, will now be used to produce a JORC Exploration
Target estimation for the MB01 prospect.  The results of that work are
expected to be published in early Q3 2025 and will provide early guidance on
the resource potential of the Project.

 

·    The drilling programme is currently scheduled for completion in Q3
2025, and the Company anticipates publishing an independent consultant's
maiden, pit-constrained MRE in Q4-2025.  The Company believes that the
Project could be mined by open pit mining methods.

 

 

Commenting, Chief Executive Officer of Oriole Resources, Martin Rosser, said:
"The Mbe maiden drilling programme continues to make good progress.
Importantly, now that we have the results for holes MBDD001 to MBDD013, and
along with the 2024 trenching programmes' data, our independent consultant
can produce a JORC Exploration Target estimation for the MB01 prospect.  We
anticipate that the estimate will be published in early Q3 2025 and
will provide valued early guidance on the resource potential of the Project."

 

 

Figure 1. Interpretative cross section for fence line N872582 at MB01-S, with
selected mineralised intervals from holes MBDD010 to MBDD012 (blue) and new
results from MBDD013 (green).  The fence line is located approximately 15m to
the south of trench MBT0015, the results for which are shown in red along the
surface trace.  It is also noted that artisanal excavations in this trench
led to significant gaps in sampling as follows: 94-164m, 169-172m and
174-179m.

 

Further Details

 

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-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 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.

A total of 4,918.90m has been drilled to date, with 16 holes (MBDD001 -
MBDD016) completed and a seventeenth hole (MBDD017) in progress.  The Company
today reports results for the thirteenth hole of the programme (MBDD013),
drilled towards the west (270˚).  This hole is located to the west of
previously reported holes (MBDD010 - MBDD012) on infill fence line N872582
that is ~100m north of fence line N872482 (holes MBDD001, MBDD002, and MBDD007
- MBDD009), and ~100m south of fence line N872682 (holes MBDD003 - MBDD006).

Results have delivered 12 further gold mineralised intersections (Table 1,
Figure 2) such as: 2.00m at 3.21g/t Au, including 1.00m at 6.03g/t Au, 6.35m
at 0.52g/t Au, including 2.00m at 1.03g/t Au, and 1.00m at 3.24g/t Au.  A
review of the QAQC samples has confirmed that the data falls within acceptable
limits of error.  The total number of gold-bearing intersections from the
first thirteen holes in the programme (MBDD001 - MBDD013), stands at 208 in
3,822.80m drilling, equating to a discovery rate of approximately one
intersection per 18m.

Table 1. Calculated intersections from Phase 1 drill hole MBDD013 at Mbe,
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  Intersection
 MBDD013    3.80      10.15   0.52   6.35m at 0.52g/t Au
 including  4.80      6.80    1.03   2.00m at 1.03g/t Au
 and        36.40     37.70   0.56   1.30m at 0.56g/t Au
 and        39.90     40.90   0.58   1.00m at 0.58g/t Au
 and        67.10     68.20   1.34   1.10m at 1.34g/t Au
 and        82.50     83.50   0.38   1.00m at 0.38g/t Au
 and        87.60     90.60   0.62   3.00m at 0.62g/t Au
 including  87.60     88.60   1.50   1.00m at 1.50g/t Au
 and        103.50    105.50  0.39   2.00m at 0.39g/t Au
 and        123.00    125.00  0.28   2.00m at 0.28g/t Au
 and        128.10    129.10  3.24   1.00m at 3.24g/t Au
 and        139.80    141.80  0.65   2.00m at 0.65g/t Au
 and        149.00    151.00  3.21   2.00m at 3.21g/t Au
 including  149.00    150.00  6.03   1.00m at 6.03g/t Au
 and        119.80    120.90  0.50   2.10m at 0.50g/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.

 

Figure 2. Plan for Phase 1 drilling at MB01-S with a selection of best results
to date from MBDD001 to MBDD013. Green dots denote holes drilled towards 090
degrees (Grid North) and blue dots are those drilled towards 270 degrees.

 

The mineralisation in MBDD013 correlates well with previously reported
results, and the style of mineralisation is consistent with the rest of the
Mbe deposit, mainly steeply NE-dipping higher-gold grading smoky quartz veins
hosted by a quartz feldspar porphyry (QFP) unit (such as the 2.00m at 3.21g/t
Au), and broader, but lower gold-grading zones associated with the
intersection of the NE-dipping (NW trending) and E-dipping structures
(approximately N-S trending) such as 6.35m at 0.52g/t Au.  The majority of
gold mineralised intervals have been reported within 100m vertical depth from
surface.

 

 

These results, together with those previously reported from holes MBDD001 -
MBDD012, have provided evidence of the along-strike (north-south) continuity
of mineralisation between the three drill fence lines drilled to date.  The
sub-surface continuity of mineralisation is therefore identified over a strike
length of over 200m, with a width of up to 400m, and a vertical depth of at
least 290m.  The system remains open in all directions and at depth.
 Further information including a full list of significant intersections
(≥0.20g/t Au) 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/) .

 

Drilling results to date, together with results from the 2024 trenching
programmes, will now be used produce a JORC Exploration Target, to provide
earlier guidance on the resource potential of the Project.  This work, being
completed by independent consultant Forge International, is expected to be
published in early Q3-2025.

 

The remainder of the Phase 1 programme is scheduled for completion in Q3 2025,
following which the Company anticipates publishing an independent consultant's
maiden, pit-constrained MRE in Q4 2025, which will be estimated in accordance
with the JORC code and will be defined from the full maiden drilling programme
dataset.

 

 

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.

 

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

 

Glossary and Abbreviations

 Au                               Gold
 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
 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

 

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 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.  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, complimentary
Exploration target range of 17 to 24 million tonnes at a grade of 0.69 to
0.84g/t Au for 380,000oz 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

 

 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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