REG - Oriole Resources PLC - Update on Drilling Results at Mbe Gold Project

Oriole ResourcesAnnouncement

28/02/2025 14:30

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RNS Number : 9397Y  Oriole Resources PLC  28 February 2025

Oriole Resources PLC

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

 

Update on Drilling Results at Mbe Gold Project

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company
focused on West and Central Africa, provides an update on its 90% 1  (#_ftn1)
 owned Mbe orogenic gold project ('Mbe' or the 'Project') in Cameroon, one
of five licences within the Company's district-scale Central Licence Package
('CLP').  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.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "I am
pleased to say that we have received the next batch of results from the maiden
drilling programme at Mbe.  Whilst we had indicated the Company would receive
these in February, this has been later in the month than anticipated, largely
due to custom related delays.  The knock-on effect is that we are slightly
delayed in the rigorous process of running requisite QAQC checks and the
normal corporate reporting compliance steps.  Rest assured that we are
completing these tasks as quickly as possible and will be able to announce the
results very soon."

 

 

** 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

 

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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