ORR Oriole Resources Plc

Oriole Resources PLC 

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

Further Results from Maiden Drilling Programme at the Mbe Licence in Cameroon

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 ('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. 

A fully funded maiden diamond drilling programme is currently underway at the MB01-S target to follow-up on previously reported highly encouraging results from soil, rock chip and trench sampling.

Highlights

·    The maiden ('Phase 1') drilling programme at MB01-S is over 30% complete, with approximately 2,200 metres ('m') drilled in the first seven holes (MBDD001-07).

·    Results from the second scissor hole pair at MB01-S have delivered over 30 gold ('Au') mineralised intersections, with hole MBDD003 intersecting over 60m of recurrent gold mineralisation (using a 0.20 gramme per tonne ('g/t') Au lower cut-off grade), including (Figure 1, Table 1):

MBDD003 (drilled towards 090 degrees ( ˚  )):

o  4.24m at 7.70g/t Au from 146.40m, including 1.72m at 18.00g/t Au

o  14.30m at 0.86g/t Au from 68.30m, including 2.30m at 2.09g/t Au and 3.35m at 1.02g/t Au

o  1.70m at 6.11g/t Au from 49.5m

o  8.00m at 1.03g/t Au from 55.60m, including 2.20m at 2.34g/t Au

o  10.15m at 0.58g/t Au from 127.90m, including 4.30m at 1.05g/t Au

MBDD004 (drilled towards 270˚):

o  3.00m at 0.99g/t Au from 143.60m

o  4.60m at 0.53g/t Au from 119.00m, including 1.20m at 1.38g/t Au

o  1.00m at 1.20g/t Au from 3.25m

o  2.85m at 0.63g/t Au from 59.90m

o  1.00m at 1.00g/t Au from 252.60m

·    MBDD003 has reported gold mineralisation throughout the hole, with an average grade of 0.48g/t Au returned over the first 150m (with no cut-off applied).  This is in addition to previously reported results for hole MBDD002, which returned recurrent mineralisation over more than 80m and an average grade of 0.25g/t Au over 275m.

·    In MBDD003, the longest and highest grade intervals were intersected at a shallower depth than expected, mostly being within 115m vertical depth from surface.

·    In general, it would appear that NNW trending structures have delivered narrower but higher grade gold intervals, reflecting the soil sampling geochemistry around this fence line.  The structures are much steeper on this line than those intersected in the first two holes (MBDD001 and MBDD002) and appear to have intersected the mineralisation sub-perpendicular rather than down dip as was anticipated.  The structural complexity justifies the scissor hole approach, and further assessment is underway.

·    The system is overall less dilational along this fence line, perhaps also explaining why MBDD004 had fewer mineralised intersections.  However, in MBDD003, where the NNW structures intersect NNE trending structures, wider zones of lower grade gold mineralisation have developed, such as 8.00m at 1.03g/t Au and 14.30m at 0.86g/t Au.  The highest grade interval of 4.24m at 7.70g/t Au including 1.72m at 18.00g/t Au (MDBB003) is related to a 40 centimetre ('cm') thick NNW trending sulphide rich smoky quartz vein, and associated alteration, at the lithological boundary between quartz feldspar porphyry ('QFP') and amphibolite gneiss units. 

·    The results continue to confirm the potential for higher grade zones of mineralisation within broader, lower grade envelopes and the system is now confirmed over a strike length of 200m, being the distance between the two fence lines drilled to date, and a vertical depth of approximately 290m.  

·    A further two holes have been drilled (MBDD005-006) and a seventh (MBDD007) is in progress.  Results for the next batch of drill holes are expected to be reported in Q2 2025.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are very pleased with the latest results from the second scissor pair of holes at Mbe, which continue to demonstrate the project's tremendous potential.  Not only has hole MDBB003 intersected wide zones of lower grade gold, it has also intersected a highest grade interval of 4.24m at 7.70g/t Au.  The high number of intersections received to date in the maiden programme is truly exciting.

"The mineralised system has been proven to now have a minimum strike length of 200m, and we look forward to expanding this further as the programme continues.  Whilst we had anticipated that MBDD004 would deliver the highest grades, rather than MBDD003, the purpose of the two pairs of scissors holes was to provide key geological structural information and, with the measured drilling rate of the one rig, this will enable us to fine tune the programme's drill hole parameters and indeed our geological model.  With a further two holes holes already completed and a third underway, we look forward to more results next quarter."  

Figure 1. Cross section for drilling fence line N872682 showing interpreted mineralised zones and selected mineralised intervals from holes MBDD003 (green labels) and MBDD004 (blue labels). 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 ('km²'), is an orogenic gold project located within the broader 2,266km² 'Eastern CLP' package of five contiguous gold focused exploration licences in the Adamawa Region in 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 structures that dip approximately 50˚ to the east) 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 quartz-feldspar porphyry (QFP) unit, which itself is mineralised and creates wide envelopes of pervasive, lower grade gold mineralisation. 

Trenching over these anomalies in 2024 confirmed wide zones of anomalism, including 51.00m at 1.02g/t Au (MBT007), 88.00m at 0.71g/t Au and 47.75m at 1.23g/t Au (MBT008), and 79.00m at 0.43g/t Au (MBT015) (announcements dated 30 September 2024 and 12 November 2024).

In November 2024, the Company commenced a fully funded maiden diamond drilling programme for a planned 6,590m in 24 holes at the MB01-S target.  To date, a total of 2,203.30m drilling has been completed in seven holes, MBDD001-07.  The first four holes were scissored pairs, with MBDD001 and MBDD003 drilled towards the east (090˚), and MBDD002 and MBDD004 drilled towards the west (270˚), in order to assess the optimal orientation for intersecting the gold mineralisation, and to guide the rest of the drilling programme (Figure 2).  Following a structural assessment of the two scissor hole pairs, it was decided that a drill azimuth of 270˚ was preferred and, as such, from hole MBDD005 onwards, all holes will be drilled towards 270˚ with a planned inclination of -50˚.

Figure 2. Plan for Phase 1 drilling at MB01-S with current progress and a trace of the mineralisation at surface between the two fence lines.

Initial results from MBDD001 and MBDD002 showed a good correlation between the visual geology and the gold assay values, which delivered multiple wide zones of gold mineralisation, with a best intersection of 29.75m at 0.82g/t Au, including 17.30m at 1.09g/t Au from MBDD002.

Today, the Company reports the results from the second pair of scissor holes, MBDD003 and MBDD004, with over 30 mineralised intersections reported in total, and hole MBDD003 intersecting over 60m of recurrent gold mineralisation.  All samples were analysed for gold using a photon assay method, and significant intersections (based on a lower cut-off grade of 0.20g/t Au) are shown in Table 1.  MBDD003 has reported gold mineralisation throughout the hole, with an average grade of 0.58g/t Au returned over the first 150m (with no cut-off applied).  This is in addition to previously reported results for hole MBDD002, which returned recurrent mineralisation over more than 80m and an average grade of 0.25g/t Au over 275m.

A review of the Quality Assurance, Quality Control ('QAQC') samples has confirmed that all data for reported intervals falls within acceptable limits of error.  As part of the Company's expanded study on the appropriate assay method, the samples are also being analysed by fire assay.  Any meaningful changes to the intersections reported in Table 1 will be reported in due course. 

Table 1. Calculated intersections from Phase 1 holes MBDD003 and MBDD004, using a 0.20g/t Au lower cut-off grade.  Results greater than 1 g/t Au are in bold.

* 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.

Most of the wider and higher-grade zones of mineralisation in MBDD003 are reported between approximately 50m and 150m downhole depth, therefore within 115m of surface.  They are typically associated with lithological contacts between QFP and amphibolite-gneiss host rock.  From 160m depth, the hole intersected a 25-30m wide zone of late, unmineralised mafic dykes.  Mineralisation resumes after this zone but at a lower tenor, despite widespread disseminated sulphides.

The highest grade interval of 4.24m at 7.70g/t Au, including 1.72m at 18.00g/t Au in hole MBDD003 is related to a NNW trending, 40cm thick smoky quartz vein, and associated alteration, at the lithological boundary between QFP and amphibolite gneiss units, which has centimetre scale sulphide masses.

Figure 3. Highest grading intersection from MBDD003 with the 1.72m at 18.00g/t Au (the average of the two labelled intervals) associated with a smoky quartz vein with centimetre scale masses of sulphide and associated alteration. 

Structural assessment of the core suggests that these NNW trending structures, responsible for the higher grade gold mineralisation, are vertical to steeply east dipping compared to the shallower dips (approximately 50˚ to the east) observed in hole MBDD001 and MBDD002.  The NNW trend mirrors well the soil geochemistry reported to date, suggesting the system is less dilational along this fence line and perhaps also explaining why MBDD004 intersected far fewer mineralised intervals.  However, in MBDD003, brecciation has developed where they intersect the NNE-trending structures, leading to wider zones of lower grade mineralisation that is more comparable to that intersected in the first two holes (located ~200m to the south).

This structural complexity highlights the benefits of the scissor hole approach and further assessment is underway to improve the understanding of the mineralised system and amend the drilling programme plan as necessary.

Overall, the results continue to confirm the potential for higher grade zones of mineralisation within broader, lower grade envelopes and the system is now confirmed over a strike length of 200m.

All four planned drill holes (MBD003-06) have been completed on fence line N872682 and drilling has moved back to fence line N872482 to complete drilling around MBDD001 and MBDD002.  Hole MBDD007 is currently in progress and results for the next batch of drill holes are expected to be reported in Q2.

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/. 

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,  @OrioleResources on X, 

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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.