REG - Oriole Resources PLC - Mbe - further significant gold mineralisation

Oriole ResourcesAnnouncement

12/06/2025 07:00

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RNS Number : 4836M  Oriole Resources PLC  12 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')

 

Mbe drilling delivers further significant gold mineralisation from very near
surface

- including 21.30m at 1.61g/t gold and 2.50m at 10.31g/t gold

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  (#_ftn1) owned Mbe orogenic gold project (the 'Project') in Cameroon,
including further positive drill results that reinforce Mbe's potential to be
a major new gold discovery.

 

Highlights

 

·    Results from drill hole MBDD012 have increased the total number of
mineralised gold ('Au') intersections from the maiden ('Phase 1') drilling
programme to nearly 200 (using a 0.20 g/t Au lower cut-off grade; see Figures
1 & 2 and Table 1 below), including:

 

o  21.30m at 1.61g/t Au from 2.40m, including 11.00m at 2.04g/t Au and 4.00m
at 2.53g/t Au

o  3.20m at 0.52g/t from 86.50m, including 1.10m at 1.20g/t Au

o  2.50m at 10.31g/t Au from 98.50m, including 1.50m at 14.70g/t Au

o  3.10m at 1.10g/t Au from 179.60m

 

·    Hole MBDD012 was drilled on fence line N872582, located between
previously drilled fence lines N872482 (100m to the south) and N872682 (100m
to the north), and to the west of MBDD010 and MBDD011 for which results were
reported earlier this week (announcement dated 10 June 2025).

 

·    The 21.30m at 1.61g/t Au intersection from 2.40m is located
approximately 110m to the northwest of previously reported best intersection
of 86.50m at 1.36g/t Au from 22.00m in hole MBDD008 (announcement dated 12 May
2025) and, based on the soil results (see Figure 2) would suggest a coherent
zone of mineralisation between these fence lines.

 

·    These near-surface results, together with those reported for holes
MBDD010 and MBDD011, further support the along-strike continuity of
mineralisation between all three fence lines reported to date.  Sub-surface
mineralisation has therefore been confirmed over a strike length of at least
200m, a width of up to 400m and to a vertical depth of as least 290m.  The
system remains open in all directions and at depth.

 

·    The fully funded Phase 1 drilling programme at the MB01-S target is
almost 70% complete, with 4,568.90m drilled to date, and with 15 holes
(MBDD001-015) completed and a sixteenth hole (MBDD016) in progress.

 

·    Results for hole MBDD013 are expected in late Q2/early Q3 2025, with
samples on their way to Bureau Veritas in Côte d'Ivoire for fire assay
analysis.  Once these have been received, the Company plans for an
independent consultant to produce a JORC Exploration Target estimation in Q3
2025, to 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-contained 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 latest results from hole MBDD012 are some of the best gold mineralised
intersections reported to date, both for length and grade; and start from very
near surface.  Our geological understanding of the deposit continues to grow
with the drilling results for each new hole and with it our confidence that
Mbe has significant gold resource potential."

 

Figure 1. Interpretative cross section for fence line N872582 at MB01-S, with
selected mineralised intervals from holes MBDD010 to MBDD012; a full
interpretation for this line is pending results for hole MBDD013.  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 4,568.90m has been drilled to date, with 15 holes (MBDD001-015)
completed and a sixteenth hole (MBDD016) in progress.  The Company today
reports results for the twelfth hole of the programme (MBDD012), drilled
towards the west (270˚).  This hole is located to the west of previously
reported holes MBDD010 and MBDD011, on infill fence line N872582 that is ~100m
north of fence line N872482 (holes MBDD001, MBDD002, and MBDD007-009), and
~100m south of fence line N872682 (holes MBDD003-006).  Results have
delivered 16 further gold mineralised intersections (Table 1, Figure 2), such
as: 21.30m at 1.61g/t Au, including 11.00m at 2.04g/t Au and 4.00m at 2.53g/t
Au, and 2.50m at 10.31g/t Au, including 1.50m at 14.70g/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 twelve
holes in the programme, MBDD001-012 for 3,617.30m drilled, stands at 196,
equating to a discovery rate of approximately one intersection per 18.50m.

Figure 2. Plan for Phase 1 drilling at MB01-S with a selection of best results
to date from MBDD001 to MBDD012. Green dots denote holes drilled towards 090
degrees (Grid North) and blue dots are those drilled towards 270 degrees.

 

Table 1. Calculated intersections from Phase 1 holes MBDD012, 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
 MBDD012    2.40      23.70   1.61            21.30m at 1.61g/t Au
 including  2.40      13.40   2.04            11.00m at 2.04g/t Au
 including  17.70     21.70   2.53            4.00m at 2.53g/t Au
 and        26.80     27.95   0.23            1.15m at 0.23g/t Au
 and        31.35     32.50   0.29            1.15m at 0.29g/t Au
 and        38.50     43.40   0.38            4.90m at 0.38g/t Au
 and        56.30     57.50   0.89            1.20m at 0.89g/t Au
 and        62.10     63.20   0.61            1.10m at 0.61g/t Au
 and        73.10     74.20   0.56            1.10m at 0.56g/t Au
 and        76.30     77.30   0.63            1.00m at 0.63g/t Au
 and        79.40     82.50   0.36            3.10m at 0.36g/t Au
 and        86.50     89.70   0.52            3.20m at 0.52g/t Au
 including  88.60     89.70   1.20            1.10m at 1.20g/t Au
 and        98.50     101.00  10.31           2.50m at 10.31g/t Au
 including  99.50     101.00  14.70           1.50m at 14.70g/t Au
 and        105.10    106.10  0.21            1.00m at 0.21g/t Au
 and        179.60    182.70  1.10            3.10m at 1.10g/t Au
 and        207.00    208.00  0.64            1.00m at 0.64g/t Au
 and        216.30    217.40  0.22            1.10m at 0.22g/t Au
 and        238.40    239.50  0.97            1.10m at 0.97g/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.

 

The mineralisation in MBDD012 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, 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).  The
majority of gold mineralised intervals have been reported within 100m of
surface, with the potential for higher-grade zones within the broader,
lower-grade envelopes, flagged by the 2.50m at 10.31g/t Au intersection that
relates to an ~1m-wide quartz-sulphide vein (Figure 3).

 

 

Figure 3. Approximately 1m-wide smoky quartz and sulphide vein by a QFP
intrusion in MBDD012.  Using a 0.20g/t Au lower cut-off, the zone returned
2.50m at 10.31g/t Au, including 1.50m at 14.70g/t Au.

 

Importantly, the 21.30m at 1.61g/t Au intersection from 2.40m is located
approximately 110m to the northwest of previously reported best intersection
of 86.50m at 1.36g/t Au from 22.00m in hole MBDD008 (announcement dated 12 May
2025) and, based on the soil results (see Figure 2) would suggest a coherent
zone.  All holes to date have reported multiple significant (≥0.20g/t Au)
intersections; further information including a full list of these
intersections 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/) .

 

These results, together with those previously reported from holes
MBDD001-MBDD011, have provided further support for the along-strike
(north-south) continuity of mineralisation between the three drill fence lines
drilled to date, proving the sub-surface continuity of mineralisation 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.

 

Results for MBDD013 are expected in late Q2/early Q3 2025, with samples
already on their way to Bureau Veritas laboratory in Côte d'Ivoire for fire
assay analysis.  Once these have been received, 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.

 

This drilling programme is currently scheduled for completion in Q3 2025, and
the Company anticipates publishing an independent consultant's maiden,
pit-contained MRE in Q4 2025, which will be estimated in accordance with the
JORC code.

 

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.  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  (#_ftnref1) 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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