Oriole Resources hails 'strong potential' of Cameroon gold project

Martin Rosser, chief executive of Oriole Resources PLC (AIM:ORR), said he was very pleased with the latest drilling results from the Mbe gold project in Cameroon, which continue to highlight its strong potential.

The company reported that hole MBDD003 intersected a high-grade interval of 4.24 metres at 7.7 grams per tonne (g/t) of gold, including 1.72 metres at 18 g/t gold, as well as multiple wider zones of lower-grade mineralisation.

"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," Rosser said. "The high number of intersections received to date in the maiden programme is truly exciting."

The drilling campaign at the MB01-S target is now over 30% complete, with approximately 2,200 metres drilled across seven holes.

The results have confirmed gold mineralisation over a strike length of at least 200 metres and to a vertical depth of around 290 metres.

Hole MBDD004, drilled in the opposite direction to MBDD003, also returned multiple gold intersections, including 3.00 metres at 0.99g/t gold from 143.60 metres and 4.60 metres at 0.53g/t gold from 119.00 metres, with a higher-grade interval of 1.20 metres at 1.38g/t gold. The company noted that while MBDD004 encountered fewer mineralised intersections, it provided crucial structural data to refine the geological model.

Rosser noted that while MBDD004 was initially expected to deliver the highest grades, the scissor hole approach was designed to gather structural data to refine the company's geological model. "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," he said.

Two additional drill holes have now been completed, and a third is in progress, with further results expected in the second quarter of 2025. The company is targeting high-grade zones within broader, lower-grade gold envelopes and is using the new data to refine its exploration strategy.

Oriole Resources, which owns 90% of the Mbe project, is conducting the fully funded maiden drilling programme in partnership with BCM International. The latter has acquired an initial 10% interest and is earning up to a further 40% by spending up to $4m on exploration.

Rosser said the company looks forward to more results as drilling progresses, reinforcing the project's potential to host significant gold mineralisation.