Announcement • Jun 10
Oriole Resources plc Reports Step-Out Drilling Results At Mbe South Gold Deposit
Oriole Resources PLC has announced further results from the Step-out diamond drilling programme at the MB01-S deposit at its 50% owned Mbe orogenic gold project in Cameroon. The total JORC Inferred Mineral Resource Estimate at Mbe currently stands at 1.23 million oz contained gold across both the MB01-S and MB01-N deposits. The Programme has now been completed for 2,476.80m in 10 holes and results for the remaining five holes are expected later this month. Thereafter, it is anticipated that an updated JORC Mineral Resource Estimate will be reported for MB01-S in early Third Quarter 2026. Results for holes MBDD043 and MBDD044 have returned 23 mineralised gold intersections, including: MBDD044: 27.20m at 1.69g/t Au from 96.00m depth, including 6.00m at 5.81g/t Au, 1.00m at 2.19g/t Au and 1.00m at 2.09g/t Au; MBDD043: 27.60m at 0.58g/t Au from 53.30m depth, including 1.10m at 4.08g/t Au and 2.80m at 1.20g/t Au. Hole MBDD044 appears to represent the along strike extension of the 29.80m at 0.79g/t Au intersection in MBDD024, located 180m to the SSE. The Programme has been completed for 2,476.80m in 10 holes, with results for the remaining five holes expected later this month. An updated Mineral Resource Estimate for MB01-S is anticipated in early Third Quarter 2026. The Step-out diamond drilling programme at the MB01-S deposit, which commenced in March 2026, has now been completed for 2,476.80m in 10 holes. It was designed to expand the existing 870,000oz contained gold JORC Mineral Resource Estimate at MB01-S, by testing the potential extension of the mineralised system. All holes were drilled towards the west (at an azimuth of 270°) and at an inclination of -50°, therefore in the same orientation as the majority of holes in the Phase 1 drilling programme. The Company reports results for holes MBDD043 and MBDD044, which targeted the western extension of MB01-S. Both holes were completed to the west of Phase 1 drilling on fence line N872582 but are offset approximately 25m to the north (i.e. on a Northing of N873607) due to access constraints. True widths are not currently known. These holes have identified two distinct and substantial zones of mineralisation punctuated by higher grading intervals, which is consistent with other notable zones at Mbe. The 27.20m at 1.69g/t Au intersection from MBDD044, which includes 1.00m at 25.00g/t Au (within the reported 6.00m at 5.81g/t Au 'including' interval), is associated with a zone of brecciated and altered orthogneiss. The orthogneiss in this sequence is highly deformed, evidenced by visible parasitic folding, and the brittle fractures within the breccia zone have been infilled to form NNW-SSE trending sulphide-telluride veinlets that dip steeply to the southwest. The geometry of these veinlets is comparable with the overall mineralised trends identified throughout MB01-S. The geometry of the veining implies that the mineralisation in MBDD044 is the along-strike continuation of the 27.80m at 0.79g/t Au intersection previously reported in hole MBDD024, located 180m to the SSE. This, together with other structural data acquired during the Programme, supports a slight rotation of the mineralised wireframes at MB01-S from the current N-S trend to a NNW-SSE orientation, which will be factored into the next Mineral Resource Estimate update. Results for the remaining five holes in the Programme are anticipated later this month. Thereafter, Oriole will engage its independent consultant to prepare an updated JORC Mineral Resource Estimate for the deposit, which currently stands at 870,000oz contained Au and remains open in all directions, with the publication of the updated Mineral Resource Estimate expected in early Third Quarter 2026. Any increase to this Mineral Resource Estimate will also increase the 1.23Moz total resource base at Mbe. At its district scale Central Licence Package, the Company has identified multi-kilometre long gold anomalies, including at its flagship Mbe project. At Mbe, the Company has published a global JORC Inferred Mineral Resource Estimate of 1.23Moz contained gold at MB01, consisting of 870koz at 1.09g/t Au for the MB01-S deposit, and 360koz at 1.05g/t Au for the MB01-N deposit. A fully funded step out drilling programme has recently been completed at MB01-S with the aim of further increasing the total resource at Mbe, where an update Mineral Resource Estimate is expected in Third Quarter 2026. Following the completion of the MB01-N drilling programme, and by meeting various financial commitments, BCM has earned a 50% interest in the Mbe project, and Oriole has recently completed a corporate restructuring to confirm the Company's and BCM's respective 50% interest in Mbe. Drafting of a JV partnership agreement is nearing completion. Background on Mbe: Mbe, with a licence area of 312km2, is an orogenic gold project located within the broader 2,266km2 'Eastern CLP' package of five contiguous gold focused exploration licences mainly in the Adamawa Region of central Cameroon. Since 2022, the Company's systematic exploration programmes have identified four geochemical targets, named MB01-MB04. At the 3km long MB01 prospect, 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 deposit, MB01-N, and the southern deposit, MB01-S. Gold mineralisation at Mbe 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 at the MB01-S target was completed in September 2025 for 6,828.40m in 24 holes. Best drilling results included 86.50m at 1.36g/t Au from 22.00m, including 39.40m at 2.00g/t Au (hole MBDD008), 21.30m at 1.61g/t Au from 2.40m (MBDD012) and 6.15m at 19.67g/t Au from 113.50m, including 1.00m at 119.10g/t Au (MBDD019).
