REG - Oriole Resources PLC - Mbe Drilling Confirms Higher-Grade Gold Potential

Oriole ResourcesAnnouncement

19/05/2025 07:00

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RNS Number : 1213J  Oriole Resources PLC  19 May 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')

 

Mbe Drilling Confirms Potential for Zones of Higher-Grade Gold

Including 1.00m at 51.30g/t Au

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 that continue to demonstrate the potential for
narrower zones of high-grade gold mineralisation within the wider, lower-grade
mineralised envelopes.

 

Highlights

 

·    Results from drillhole MBDD009 have increased the total mineralised
gold ('Au') intersections from the maiden ('Phase 1') drilling programme to
137 (using a 0.20 g/t Au lower cut-off grade) (see Figure 1 and Table 1
below), including:

 

o  2.00m at 25.77g/t Au from 147.10m, including 1.00m at 51.30g/t Au.

o  11.20m at 0.50g/t Au from 66.60m, including 1.60m at 1.04g/t Au and 2.00m
at 1.07g/t Au.

o  1.10m at 2.99g/t Au from 119.00m.

o  1.00m at 1.06g/t Au from 124.00m.

 

·    Hole MBDD009 is located approximately 160m to the west of hole
MBDD008, where a best intersection of 86.50m at 1.36g/ Au was reported last
week.  These results have extended the width of the mineralised corridor on
this fence line to over 400m and continue to demonstrate the potential for
narrower zones of higher-grade gold within, and proximal to, the wider,
lower-grade envelopes.

 

·    The fully funded Phase 1 drilling programme at the MB01-S target is
over 60% complete, with 13 holes (MBDD001-013) drilled to date and a
fourteenth hole (MBDD014) in progress.

 

·    Results for holes MBDD010-012 are expected later this quarter, with
samples from hole MBDD010 already on their way to Bureau Veritas in Côte
d'Ivoire for fire assay analysis.

 

·    The drilling programme is currently scheduled for completion in
Q3-2025, and the Company anticipates publishing a maiden, pit-contained MRE in
Q4-2025.

 

·    Ahead of this, the Company plans for an independent consultant to
produce a JORC Exploration Target estimation in Q3-2025 to provide earlier
guidance on the resource potential of the Project.  The Company believes that
the Project could be mined by open pit mining methods.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "Building on
the last announcement of outstanding drilling results, hole MBDD009 is
significant as it supports our view that we can expect narrower zones of
high-grade gold mineralisation within the wider, lower-grade mineralised
envelopes.  The 1.00m at 51.30g/t gold intersection is the highest grade
encountered to date."

 

 

Figure 1. Interpretative cross section for fence line N872482 at MB01-S, with
selected mineralised intervals from holes MBDD001, MBDD002, MBDD007, and
MBDD008 (blue labels; previously announced on 24 March 2025 and 15 May 2025)
and MBDD009 (green labels; announced 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 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 3,966.20m has been drilled to date, with 13 holes completed
(MBDD001-013) and a fourteenth hole (MBDD014) in progress.  The Company today
reports results for the ninth hole, MBDD009, located on fence line N872482,
which was drilled towards the west (270˚).  Results have delivered 12 gold
mineralised intersections (Table 1, Figure 2), such as 2.00m at 25.77g/t Au,
including 1.00m at 51.30g/t Au (the highest grading sample from the drilling
programme to date), and 11.20m at 0.50g/t Au, including 1.60m at 1.04g/t Au
and 2.00m at 1.07g/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 nine holes in
the programme, MBDD001-009, stands at 137.  Other significant intersections
from the programme to date include: 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); 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; 24.20m at 0.45g/t Au including 3.00m at 1.27g/t Au (MBDD007);
8.00m at 1.00g/t Au and 4.24m at 8.12g/t, Au including 1.72m at 19.08g/t Au
(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 (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 (MBDD006)
(Announcements dated 24 March 2025 and 15 April 2025, 12 May 2025; Figure
2).

 

Figure 2. Plan for Phase 1 drilling at MB01-S with a selection of best results
to date from MBDD001 to MBDD009.  Green dots denote holes drilled towards 090
degrees and blue dots are those drilled towards 270 degrees.

 

Table 1. Calculated intersections from Phase 1 holes MBDD009, 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)  Au (g/t)  Intersection*
 MBDD009    9.70      10.70   0.56      1.00m at 0.56g/t Au
 and        34.15     35.30   0.54      1.15m at 0.54g/t Au
 and        66.60     77.80   0.50      11.20m at 0.50g/t Au
 including  69.50     71.10   1.04      1.60m at 1.04g/t Au
 including  73.80     75.80   1.07      2.00m at 1.07g/t Au
 and        99.35     100.60  0.33      1.25m at 0.33g/t Au
 and        112.40    116.80  0.32      4.40m at 0.32g/t Au
 and        119.00    120.10  2.99      1.10m at 2.99g/t Au
 and        122.50    125.00  0.49      2.50m at 0.49g/t Au
 including  124.00    125.00  1.06      1.00m at 1.06g/t Au
 and        130.00    133.15  0.48      3.15m at 0.48g/t Au
 and        147.10    149.10  25.77     2.00m at 25.77g/t Au
 including  148.10    149.10  51.30     1.00m at 51.30g/t Au
 and        161.30    162.45  0.22      1.15m at 0.22g/t Au
 and        168.25    169.30  0.27      1.05m at 0.27g/t Au
 and        193.40    194.50  0.41      1.10m at 0.41g/t Au

* Intersections greater than 1.00m, 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 highest grading intersection to
date at the Project, with mineralisation over this interval associated with
steeply NE-dipping smoky quartz veins hosted by a quartz feldspar porphyry
(QFP) unit, that is considered to have a strong spatial relationship with the
gold mineralisation at Mbe (Figure 3).

 

These results have extended the width of the mineralised corridor on this
fence line (N872482) to over 400m and continue to demonstrate the potential
for narrower zones of higher gold grade within and proximal to the wider,
lower-grade envelopes.  The Company believes that the Project could be mined
by open pit mining methods.

 

 

Figure 3. Highest grading interval of 1.00m at 53.10g/t Au, within the wider
2.00m at 25.77g/t Au intersection from MBDD009.  High-grading material is
associated with NE-dripping (NNW-trending) smoky quartz veinlets hosted by a
QFP intrusion.

 

Results for holes MBDD010 to MBDD012 are expected later this quarter, with
samples from hole MBDD010 already on their way to the Bureau Veritas
laboratory in Côte d'Ivoire for fire assay analysis.  Holes MBDD010 to
MBDD012 have been drilled on a new fence line, N872572, which is located
between fence line N872472 (100m to the south), and N872672 (100m to the
north) and will enable better assessment of the gold distribution along
strike.

 

This drilling programme is currently scheduled for completion in Q3-2025, and
the Company anticipates publishing a maiden, pit-contained MRE in Q4-2025,
which will be estimated in accordance with the JORC code.  Ahead of this, the
Company plans for an independent consultant to undertake a JORC Exploration
Target estimation in Q3-2025.

 

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.

 

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 (mailto: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

 

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.  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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