Announcement • Jul 24
Oriole Resources Plc Publishes Updated JORC Mineral Resource Estimate For MB01-S Deposit at Mbe Project
Oriole Resources PLC published an updated JORC Mineral Resource Estimate for the MB01-S deposit at its 50% owned Mbe orogenic gold project in Cameroon. Together with the Mineral Resource Estimate for the neighbouring MB01-N deposit, the total JORC Inferred Mineral Resource at the Project is now 1.66 million oz contained gold with a mean grade of 1.02g/t. Following completion of the 10-hole step-out drilling programme, Forge International Limited produced an updated Inferred Mineral Resource Estimate for MB01-S of 40.1Mt with a mean grade of 1.01g/t for 1,300,000oz contained gold. Both the previous and the updated estimates have been reported using a USD 3,200/oz gold price and a lower cut-off grade of 0.40g/t Au. The Mineral Resource Estimate now extends over a strike length of approximately 1,200m, a width of up to 730m, a maximum vertical depth of 287m and remains open laterally and at depth. Combined with the existing Inferred Mineral Resource Estimate at MB01-N (360,000oz at a mean grade of 1.05g/t), located 700m to the northeast of MB01-S, Mbe now has a total Inferred Mineral Resource Estimate of 1.66 million oz contained Au, with both deposits remaining open laterally and at depth and with further potential satellite targets within the wider licence area. The updated Mineral Resource Estimate for the MB01-S deposit has been prepared by Forge, incorporating data from the recently completed step-out drilling programme, is presented in Table 1 and has been reported in accordance with the JORC Code. The new estimate, which is based on a combination of drill hole and trench assay data acquired by the Company since 2024, is 40.1Mt at a grade of 1.01g/t for 1,300,000oz contained Au, based on a 0.40g/t Au lower cut-off grade and is constrained within an open pit shell optimised using a USD 3,200/oz gold price. The Mineral Resource Estimate is based on total of 13,761 samples, collected from 4,453m of trenching and 9,305m of diamond drilling from 34 holes, with gold grades estimated using ordinary kriging within hard-boundary mineralisation wireframes, based on length-weighted composited assay data. The Mineral Resource extends over a strike length of approximately 1,200m, up to 730m width and to a maximum depth of 287m. To define the blocks with reasonable prospects of eventual economic extraction as required under the JORC Code, the estimate has been constrained within a Lerchs-Grossman optimised pit shell generated in Datamine NPVS, using a gold price of USD 3,200/oz and the application of reasonable mining parameters as set out in the Project's JORC Table 1. The Mineral Resource has been reported above a cut-off grade of 0.40 g/t Au and filtered by the pit shell constraint. The Resource Estimate is reported on both a gross, 100% basis and a net attributable basis. Oriole holds a 50% beneficial interest through the licence-holding company, Oriole Cameroon SARL. The remaining 50% interest is held by BCM International Limited following completion of its earn-in. Differences may occur due to rounding. The reported Mineral Resources are not Mineral Reserves and have not been demonstrated to be economic to mine to the level needed to report an Ore Reserve. Further exploration, sampling, and economic studies are required before any potential conversion to Ore Reserves can be considered. A site visit to the Mbe Project was completed by Mitko Ligovski, a Competent Person representing Forge International, who verified the geological and sampling data used in this estimate. Limited preliminary environmental and social baseline work has been undertaken at the site. This Inferred Mineral Resource Estimate represents an approximate 50% uplift to the 870,000oz maiden Mineral Resource Estimate for MB01-S, and the deposit still remains open laterally and at depth. The grade-tonnage sensitivity analysis in Table 2 demonstrates that the deposit is not particularly sensitive to cut-off grade. The Inferred Mineral Resource Estimate for MB01-S is in addition to the 360,000oz contained Inferred Mineral Resource Estimate published for the MB01-N deposit, which is restated below and takes into account Oriole's net attributable interest. Mbe now has a total JORC Inferred Mineral Resource Estimate of 1.66 million oz contained Au with a mean grade of 1.02g/t, with both deposits remaining open laterally and at depth and with further potential satellite targets within the wider licence area. The total resource at Mbe currently stands at 1.66Moz contained Au. Mineralisation at both deposits remains open in all directions and at depth.
