REG - Oriole Resources PLC - Phase 1 Drilling Completed at Mbe

Oriole ResourcesAnnouncement

02/09/2025 07:02

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RNS Number : 5488X  Oriole Resources PLC  02 September 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')

 

Phase 1 Drilling Completed at Mbe, Maiden Mineral Resource Estimate to Follow

Oriole Resources PLC (AIM: ORR), the AIM quoted gold exploration company
focused on West and Central Africa, is pleased to report that Phase 1 drilling
is now complete at its 90% 1  (#_ftn1) owned Mbe orogenic gold project ('Mbe'
or the 'Project') in Cameroon, for 6,828.40m in 24 drill holes at the MB01-S
target.

Results for the remaining four holes in the programme are expected later this
month, with the maiden pit-constrained JORC Mineral Resource Estimate ('MRE')
to be published as soon as possible thereafter in Q4-2025.

Commenting, Chief Executive Officer of Oriole Resources, Martin Rosser, said:

"Completion of the Phase 1 maiden drilling programme is an important
milestone, and one which has been achieved by our dedicated field team working
hard through the Cameroon wet season.  Now we are eagerly looking forward to
the independent consultant's maiden JORC mineral resource estimate in Q4-2025
and will announce the results for the remaining holes ahead of that".

 

Further Details

 

With 285 gold ('Au') mineralised intervals reported to date, a selection of
best results from the programme thus far are shown in Table 1.

 

Table 1. Selection of best gold mineralised drill intersections reported to
date from Phase 1 holes (MBDD001 to MBDD020), using a 0.20g/t Au lower cut-off
grade.

 

 Hole ID  Intersection
 MBDD008  86.50m at 1.36g/t Au from 22.00m, incl. 39.40m at 2.00g/t Au
 and      6.00m at 2.24g/t Au
 and      3.00m at 2.32g/t Au
 MBDD019  6.15m at 19.67g/t Au from 113.50m, including 1.00m at 119.10g/t Au
 MBDD018  3.00m at 17.66g/t Au from 141.70m, including 2.00m at 26.31g/t Au
 and      1.00m at 9.86g/t Au from 38.90m
 MBDD012  21.30m at 1.61g/t Au from 2.40m
 and      2.50m at 10.31g/t Au from 98.50m
 MBDD009  2.00m at 25.77g/t Au from 147.10m
 MBDD002  29.75m at 0.88g/t Au from 94.95m
 and      26.30m at 0.65g/t Au from 133.50m
 MBDD005  23.10m at 0.71g/t Au from 76.00m

 

One planned drill hole, located to the northeast of the grid, could not be
completed due to weather-related access issues.  However, it is not expected
to have a significant detrimental impact on the pit-constrained JORC MRE for
MB01-S, which is anticipated for release in Q4-2025.

 

As previously reported, the Competent Person's site visit for the MRE has
already been completed and so the estimation work will begin in earnest as
soon as results for the remaining four holes have been received later this
month.  In the meantime, Forge International, the Company's Independent
consultant, has confirmed that the trenching, as well as the drilling, can be
included in the MRE, which should help to maximise conversion to Resource
ounces over that target.

 

Since the mineralised system is currently open in all directions, any MRE will
be provisional and will be open to upgrade and expansion through further
exploration.  Any mineralised material that doesn't get converted into the
MRE, will remain in the Exploration Target category, including the material at
MB01-N which is yet to be drilled.

 

The Company looks forward to reporting the final drilling results and the MRE
later this year.

 

Further information 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/) .

 

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

 

Competent Persons Statement

 

The information in this announcement that relates to the Exploration Target is
based on data compiled by Mr. Robert Davies, EurGeol, CGeol, an independent
consultant to Oriole.  Mr Davies is a Director of Forge International
Limited.  Mr Davies has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as defined in the JORC
Code.  Mr Davies consents to the inclusion in the report of the matters based
on his information in the form and context in which it appears.  The Company
confirms that it is not aware of any new information or data that materially
affects the Exploration Target, and that all material assumptions and
technical parameters underpinning the Exploration Target continue to apply.

 

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.

 

Glossary and Abbreviations

 Au                               Gold
 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 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
 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, 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 anomalies within
the district scale Central Licence Package project, including the Mbe
project.  At Mbe, the Company has published a maiden Exploration target range
of 33 to 44Mt at a grade of 0.77 to 0.95g/t Au for 0.82Moz to 1.34Moz
contained gold for the MB01 prospect, and a maiden Resource for the MB01-S
target is scheduled for Q4-2025.  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, complementary
Exploration Target range of 17 to 24Mt at a grade of 0.69 to 0.84g/t
Au for 380,000 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

 

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 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- 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 is planned for 7,050m
in 25 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.

An Exploration Target 2  (#_ftn2) range of 33 to 44Mt at 0.77 to 0.95g/t Au
for 0.82 to 1.34Moz contained Au was published in July 2025, based on diamond
drilling results from holes MBDD001 to MBDD013 at MB01-S, as well as trenching
data, and the interpretation of geophysical and geochemical anomaly maps from
both MB01-N and MB01-S.  The Exploration Target remains open in all
directions and at depth and it is anticipated that it will be succeeded by a
maiden MRE in Q4 2025, following completion of the Phase 1 drilling programme
later this quarter.

 

 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).

 2  (#_ftnref2) The potential quality and grade of the Exploration Target are
conceptual in nature.  There has been insufficient exploration to estimate a
Mineral Resource, and there is no certainty that further exploration work will
result in the determination of a Mineral Resource.

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