Announcement • May 22
Oriole Resources PLC Announces Initial Results from Step-Out Diamond Drilling Programme at MB01-S Deposit at Its 50% Owned Mbe Orogenic Gold Project in Cameroon
Oriole Resources PLC announced initial results from the Step-out diamond drilling programme (the "Programme" or "Phase 3") at the MB01-S deposit at its 50% owned Mbe orogenic gold project ("Mbe" or the "Project") in Cameroon. The total JORC Inferred Mineral Resource Estimate ("MRE") at Mbe currently stands at 1.23 million oz contained gold ("Au") across both MB01-S and MB01-N deposits. Following completion of the Programme next month, it is anticipated that an updated JORC MRE will be reported for MB01-S in early Third Quarter 2026. Results from the first three holes in the Programme, MBDD040 to MBDD042, have returned 30 mineralised gold intersections, including: MBDD041 1.00m at 59.00g/t Au from 58.40m 10.50m at 2.46g/t Au from 93.80m, including 3.10m at 7.56g/t Au 1.10m at 5.64g/t Au from 88.30m 2.00m at 3.00g/t Au from 133.40m, including 1.00m at 5.44g/t Au MBDD040 3.00m at 2.82g/t Au from 214.60m, including 1.00m at 7.38g/t Au 3.00m at 2.54g/t Au from 40.50m, including 1.00m at 6.51g/t Au 4.80m at 0.96g/t Au from 53.70m, including 1.10m at 3.07g/t Au MBDD042 1.00m at 2.53g/t Au from 134.10m MBDD040 is the most northern hole drilled to date at MB01-S and has extended the strike length of the system by a further 100m to approximately 600m. MBDD041, located 100m to the south of MBDD040 has confirmed the northeastern extension of previously reported high-grade mineralisation in Phase 1 hole, MBDD019, which included 6.15m at 19.67g/t Au from 113.50m, including 1.00m at 119.10g/t Au. The Programme, planned for 2,500m in 10 holes, is now approximately 70% complete. Upon receipt of full results for the Programme, an updated MRE will be prepared for MB01-S with a targeted publication date of early Third Quarter 2026. Transfer of the Mbe licence from Oriole Cameroon SARL to Oriole Mbe SARL has been approved by the Ministry of Mines and the restructuring process announced on 17 October 2026 is nearing completion. The Step-out diamond drilling programme at the MB01-S deposit, which commenced in March 2026, was planned for 2,500m in 10 holes. It was designed to expand the existing 870,000oz contained gold JORC MRE at MB01-S, which is currently open in all directions and at depth, by testing the potential extension of the mineralised system. All holes were planned to be 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 the first results from the Programme, for holes MBDD040 to MBDD042, which targeted the northward extensions of MB01-S. MBDD040 is located on a new fence line, N872982, approximately 100m north of the Phase 1 drilling grid, and has confirmed an extension of the deposit's strike length to approximately 600m. Holes MBDD041 and MBDD042 were drilled to the west and east respectively of previously reported hole MBDD018, on fence line N872882. MBDD041 in particular has delivered high-grade results, including 1.00m at 59.00g/t Au from 58.40m and 10.50m at 2.46g/t Au from 93.80m including 3.10m at 7.56g/t Au. Table 1. Calculated intersections from Phase 3 holes MBDD040 to MBDD042, using a 0.20g/t Au lower cut-off grade. Results greater than 1.00g/t Au are in bold and 'including' intervals are in bold italics. Hole ID From (m) To (m) Au Grade (g/t) Intersection MBDD040 40.50 43.50 2.54 3.00m at 2.54g/t Au incl. 42.50 43.50 6.51 1.00m at 6.51g/t Au and 46.10 47.35 0.95 1.25m at 0.95g/t Au and 53.70 58.50 0.96 4.80m at 0.96g/t Au incl. 56.30 57.40 3.07 1.10m at 3.07g/t Au and 85.30 86.30 0.83 1.00m at 0.83g/t Au and 100.90 102.10 0.45 1.20m at 0.45g/t Au and 108.50 111.60 0.20 3.10m at 0.20g/t Au and 171.50 172.50 0.65 1.00m at 0.65g/t Au and 180.50 181.50 0.29 1.00m at 0.29g/t Au and 186.80 187.90 0.30 1.10m at 0.30g/t Au and 193.65 194.80 0.21 1.15m at 0.21g/t Au and 214.60 217.60 2.82 3.00m at 2.82g/t Au incl. 214.60 215.60 7.38 1.00m at 7.38g/t Au and 236.30 237.30 0.22 1.00m at 0.22g/t Au and 238.30 240.20 0.21 1.90m at 0.21g/t Au and 242.20 243.20 0.30 1.00m at 0.30g/t Au MBDD041 4.00 7.10 0.70 3.10m at 0.70g/t Au incl. 4.00 5.10 1.49 1.10m at 1.49g/t Au and 58.40 59.40 59.00 1.00m at 59.00g/t Au and 88.30 89.40 5.64 1.10m at 5.64g/t Au and 93.80 104.30 2.46 10.50m at 2.46g/t Au incl. 99.00 102.10 7.56 3.10m at 7.56g/t Au and 107.60 108.70 0.44 1.10m at 0.44g/t Au and 110.90 113.20 0.33 2.30m at 0.33g/t Au and 127.50 128.60 0.88 1.10m at 0.88g/t Au and 133.40 135.40 3.00 2.00m at 3.00g/t Au incl. 134.40 135.40 5.44 1.00m at 5.44g/t Au and 141.70 142.70 1.37 1.00m at 1.37g/t Au MBDD042 14.20 15.40 0.65 1.20m at 0.65g/t Au and 38.90 40.10 0.72 1.20m at 0.72g/t Au and 66.30 69.30 0.38 3.00m at 0.38g/t Au and 88.60 91.70 0.37 3.10m at 0.37g/t Au and 134.10 135.10 2.53 1.00m at 2.53g/t Au and 154.10 155.10 0.24 1.00m at 0.24g/t Au and 230.00 231.00 0.94 1.00m at 0.94g/t Au Intervals greater than 1.00m, calculated using a 0.20g/t Au lower cut-off grade and no more than 5.00m consecutive dilution or 35% total internal dilution. True widths are not currently known. The 1.00m at 59g/t Au interval is related to a narrow but high-grade interval that reflects a NNE-trending zone of vein breccia, with a near-vertical dip towards the WNW. The 10.50m at 2.46g/t Au interval shows evidence of shallower-dipping (55-60 °) mineralisation related to NNW trending (WSW dipping) sulphide-telluride veinlets formed by the infill of brittle fractures within a broadly NE-SW trending (SE-dipping) felsic dyke and as veins/veinlets within the orthogneiss host rock. Both mineralisation styles highlighted conform with the interpreted NNW-SSE and NNE-SSW conjugate fault system interpreted at MB01, but highlights once again the structural complexity within the deposits at Mbe. The high-grade intersections in MBDD041 are interpreted to reflect the along-strike extension of mineralisation observed in MBDD019, where 6.15m at 19.67g/t Au from 113.50m, including 1.00m at 119.00g/t Au was previously reported, and shows comparable alteration styles. The Programme at MB01-S is currently 70% complete. Once all results have been received, Oriole will engage an independent consultant to prepare an updated JORC MRE for the deposit, which currently stands at 870koz contained Au and remains open in all direction. Any increase to this MRE will, also increase the 1.23Moz total resource base at Mbe. Publication of the updated MRE is expected in early Third Quarter 2026. Work is underway to formalise BCM's 50% beneficial interest in Mbe, with the drafting of a joint venture partnership agreement nearing finalisation. In addition, transfer of the Mbe licence from Oriole Cameroon SARL to Oriole Mbe SARL has been approved by the Ministry of Mines and the restructuring process announced on 17 October 2024 is nearing completion.
