REG - Oriole Resources PLC - Mbe Project Delivers Further Gold Mineralisation

Oriole ResourcesAnnouncement

15/04/2025 07:02

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RNS Number : 9894E  Oriole Resources PLC  15 April 2025

Oriole Resources PLC

('Oriole Resources' or 'the Company' or 'the Group')

 

Mbe Gold Project Delivers Further Gold Mineralisation in Cameroon -

23.10m at 0.71g/t Au from 76.00m, including 7.20m at 1.02g/t Au and 2.00m at
2.48g/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  (#_ftn1)  owned Mbe orogenic gold project ('Mbe' or the 'Project')
in Cameroon.

 

Highlights

 

·    The maiden ('Phase 1') drilling programme at MB01-S is approximately
44% complete for a total of 2,895.10 metres ('m') drilled, with nine holes
drilled (MBDD001-09) and a tenth hole (MBDD010) in progress.

·    Results from holes MBDD005 and MBDD006, over 609.10m of drilling,
have returned a further 30 gold ('Au') mineralised intersections (using a 0.20
gramme per tonne ('g/t') Au lower cut-off grade), including (see Figure 1 and
Table 1):

 

MBDD005:

o 23.10m at 0.71g/t Au from 76.00m, including 7.20m at 1.02g/t Au and 2.00m
at 2.48g/t Au

o 5.60m at 1.03g/t Au from 7.50m

o 1.00m at 1.87g/t Au from 38.30m

 

MBDD006:

o 13.80m at 0.61g/t Au from 103.10m, including 3.40m at 1.17g/t Au and 2.10m
at 1.06g/t Au

o 7.30m at 0.51g/t Au from 8.30m, including 1.90m at 1.18g/t Au

o 1.00m at 1.12g/t Au from 60.90m

o 1.00m at 1.64g/t Au from 71.50m

 

·    The system is confirmed to a depth of approximately 150m from surface
on this drill fence line.  The results continue to demonstrate wide zones of
bulk-tonnage gold mineralisation, which should be open pit mineable, related
to sulphide-rich quartz veins, veinlets and breccias that have developed
predominantly within quartz-feldspar porphyry ('QFP') units.

·    Samples from holes MBDD007 and MBDD008 are already on their way to
Bureau Veritas in Côte d'Ivoire for fire assay analysis.  Results for these
drill holes are expected to be reported later this quarter.

·    The programme is currently scheduled for completion in Q3-2025, and
the Company anticipates publishing a maiden, pit-contained Mineral Resource
Estimate ('MRE') in H2-2025.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The latest
Mbe drilling results continue to return significant widths of gold
mineralisation.  As we continue to build the 3-D picture of the geology and
gold mineralisation, it supports our opinion that there could be a substantial
volume of material delineated that is potentially amenable to a large-scale
open pit mining method.  As we approach the halfway mark in the planned
programme's metreage, we very much look forward to reporting the next set of
results."

 

Figure 1. Interpretative cross section for fence line N872682 at MB01-S, with
a selected mineralised intervals from holes MBDD003 and MBDD004 (green labels;
previously reported, announcement dated 24 March 2025) and MBDD005 and MBDD006
(blue labels; reported today). The fence line is located approximately 30m to
the north of trench MBT007, the results for which are shown in red along the
surface trace (announcement dated 30 September 2024).

 

Further Details

 

Mbe, with a licence area of 312 square kilometres ('km(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 3 kilometre ('km') long, NE trending prospect,
named MB01 (or the 'Prospect'), 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 that occur within, or
at the contact with, an intensely altered QFP unit and the orthogneiss host
rock, which itself is mineralised and creates wide 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 for a planned 6,590m in 24 holes.  BCM
International ('BCM') 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.

To date, a total of 2,895.10m has been drilled, with nine holes completed
(MBDD001-09) and a tenth hole (MBDD010) in progress.  The Company today
reports results for holes MBDD005 and MBDD006  that have delivered more than
30 gold mineralised intersections (Table 1, Figure 2), such as 23.10m at
0.71g/t Au from 76.00m, including 7.20m at 1.02g/t Au and 2.00m at 2.48g/t Au
(MBDD005) and 13.80m at 0.61g/t Au from 103.10m, including 3.40m at 1.17g/t Au
and 1.20m at 1.06g/t Au (MBDD006).

This is in addition to the 64 gold-bearing intersections returned from the
first four holes, MBDD001-04, which returned 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
(MBDD002) and 8.00m at 1.00g/t Au, and 4.24m at 8.12g/t Au, including 1.72m at
19.08g/t Au (MBDD003) (Announcement dated 24 March 2025).  A review of the
QAQC samples has confirmed that the data falls within acceptable limits of
error.

 

 

 

Figure 2. Plan for Phase 1 drilling at MB01-S with a selection of best results
to date.

 

Table 1. Calculated intersections from Phase 1 holes MBDD005 to MBDD006, 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*
 MBDD005    7.50      13.10   1.03            5.60m at 1.03g/t Au
 and        36.40     43.20   0.53            6.80m at 0.53g/t Au
 including  38.30     39.30   1.87            1.00m at 1.87g/t Au
 and        53.40     54.40   0.26            1.00m at 0.26g/t Au
 and        59.50     61.60   0.30            2.10m at 0.30g/t Au
 and        63.90     66.10   0.31            2.20m at 0.31g/t Au
 and        69.10     72.10   0.38            3.00m at 0.38g/t Au
 and        76.00     99.10   0.71            23.10m at 0.71g/t Au
 including  84.90     92.10   1.02            7.20m at 1.02g/t Au
 including  97.10     99.10   2.48            2.00m at 2.48g/t Au
 and        110.60    115.50  0.42            4.90m at 0.42g/t Au
 and        127.20    128.30  0.31            1.10m at 0.31g/t Au
 and        140.30    142.20  0.34            1.90m at 0.34g/t Au
 and        144.80    149.00  0.43            4.20m at 0.43g/t Au
 and        151.00    152.00  0.65            1.00m at 0.65g/t Au
 and        171.15    172.90  0.39            1.75m at 0.39g/t Au
 and        324.30    325.60  1.04            1.30m at 1.04g/t Au
 MBDD006    4.70      5.80    0.29            1.10m at 0.29g/t Au
 and        8.30      15.60   0.51            7.30m at 0.51g/t Au
 including  10.90     12.80   1.18            1.90m at 1.18g/t Au
 and        19.40     21.60   0.39            2.20m at 0.39g/t Au
 and        32.50     36.70   0.42            4.20m at 0.42g/t Au
 and        41.00     42.00   0.22            1.00m at 0.22g/t Au
 and        60.90     64.10   0.44            3.20m at 0.44g/t Au
 including  60.90     61.90   1.12            1.00m at 1.12g/t Au
 and        69.50     72.50   0.68            3.00m at 0.68g/t Au
 including  71.50     72.50   1.64            1.00m at 1.64g/t Au
 and        76.40     79.90   0.24            3.50m at 0.24g/t Au
 and        81.90     82.90   0.28            1.00m at 0.28g/t Au
 and        103.10    116.90  0.61            13.80m at 0.61g/t Au
 including  107.40    110.80  1.17            3.40m at 1.17g/t Au
 including  114.80    116.90  1.06            2.10m at 1.06g/t Au
 and        131.40    132.50  0.28            1.10m at 0.28g/t Au
 and        138.50    139.60  0.33            1.10m at 0.33g/t Au
 and        198.70    199.80  0.80            1.10m at 0.80g/t Au
 and        225.00    226.00  0.30            1.00m at 0.30g/t Au
 and        233.10    234.20  0.52            1.10m at 0.52g/t Au
 and        236.00    237.00  0.36            1.00m at 0.36g/t Au

 

* Intervals 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.

 

Late mafic dykes on this drill fence line appear to have disrupted the
mineralisation at approximately 150m below surface.  However, their impact
seems to be a localised thus far, with limited evidence of such dykes on the
southern fence line, N872482.

 

Samples from holes MBDD007 and MBD008 have been prepared and are on their way
to Bureau Veritas in Côte d'Ivoire for fire analysis.  Results for both
drill holes are expected to be reported later this quarter.

 

The programme is currently scheduled for completion in Q3-2025, and the
Company anticipates publishing a maiden, pit-contained MRE in H2-2025, which
will be estimated in accordance with the Australasian Joint Ore Reserve
Committee ('JORC') 2012 code.

 

 

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.

 

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.

 

 

** ENDS **

 

 

 

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

or contact:

 Oriole Resources Plc                      Tel: +44 (0)23 8065 1649
 Martin Rosser / Bob Smeeton / Claire Bay

 BlytheRay (PR Contact)                    Tel: +44 (0)20 7138 3204
 Tim Blythe / Megan Ray

 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

 

Notes to Editors:

Oriole Resources PLC is an AIM-listed 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 375,000oz contained Au
at 2.30g/t in the JORC Inferred category 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 recently completed a
six-year earn-in to acquire an approximate 59% beneficial interest in the
Senala Exploration Licence by spending US$5.8 million.  A review of
expenditure and 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.

 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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