ORR Oriole Resources Plc

Oriole Resources PLC 

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

Assaying Method Review for the Mbe Gold Project 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 for a planned 6,590 metres ('m') in 24 holes, 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 approximately 38% complete for a total of 2,543m drilled, with seven holes completed (MBDD001-07) and an eighth hole (MBDD008) in progress.

·    The first four holes (MBDD001 to MBDD004) were drilled as scissor hole pairs to help with the interpretation of the structural controls on mineralisation.  All samples were also analysed for gold ('Au') using both photon and fire assaying methods as part of a rigorous study to determine the best method for all future holes based on technical, cost and timeliness aspects.

·    The outcome of that study is that Oriole will use a standard fire assay method at Bureau Veritas in Côte d'Ivoire in future because:

o  the results for the two methods were statistically comparable, with any differences considered to be minor and related to natural variation;

o  there is a significant cost saving when using fire assay compared to photon assay due to the ability to send much smaller sample sizes for fire assay (60g per sample for fire assay compared to 500g for photon assay, equating to a saving of US$10 per sample);

o  there were significant delays experienced at Ghana customs which negated the potential for improved turnaround times for the photon assay method; and

o  analysing drill core by fire assay will provide greater continuity since the preceding 7,055m trenching programme, the results of which can be used in the estimation of a maiden resource later this year, also used fire assay.

·    To date, the Company has only reported the photon assay results.  However, for technical and reporting consistency, the fire assay results for holes MBDD001 to MBDD004 are herein presented.

·    The results have delivered more than 60 gold mineralised intervals, the most significant of which include:

o  29.75m at 0.88g/t Au, including 17.30m at 1.35g/t Au and 26.30m at 0.65g/t Au, including 10.90m at 1.08g/t Au (MBDD002).

o  8.00m at 1.00g/t Au, and 4.24m at 8.12g/t Au, including 1.72m at 19.08g/t Au (MBDD003).

·    Generally, mineralised intersections remain unchanged across the datasets for both assaying methods, but some 'including' interval lengths have changed.

·    Holes MBDD005-007 are currently being prepared, with samples for MBDD005 already on their way to Bureau Veritas for fire assay analysis.  Results for all three drill holes are expected to be reported in Q2 2025.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The outcome of the study into the best assaying method to use at our Mbe project shows a clear-cut preference, based on positive technical, cost and reporting timeliness benefits, for fire assaying at Bureau Veritas in Côte d'Ivoire.  In the meantime, maiden drilling of the MB01-S target is progressing well, with over 2,500m now completed and with the next results expected in Q2 2025."

Figure 1. Plan for Phase 1 drilling at MB01-S with a selection of best results to date from fire assay analysis.

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 of 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. 

After highly encouraging results from infill soil sampling, rock-chip sampling, and trench sampling, a fully funded maiden drilling programme commenced at the MB01-S target for a planned 6,590m in 24 holes.  To date, a total of 2,543m has been drilled, with seven holes (MBDD001-07) completed and an eighth (MBDD008) underway.  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˚), to assess the optimal orientation for intersecting the gold mineralisation, and to guide the rest of the drill programme.  Following this review, drilling towards 270˚ was deemed to be the best orientation.  The scissored pairs of drill holes have also helped improve knowledge of the structural geological controls on the mineralisation.

The Company has completed an orientation study on assay methodologies, with all samples from MBDD001 to MBDD004 being analysed for gold by both photon assay and fire assay techniques.  Both methods are acceptable under the Australasian Joint Ore Reserve Committee ('JORC') 2012 code and a review of the QAQC samples has confirmed that reported data for both methods fell within acceptable limits of error.  

Whilst the photon assay method was initially trialled with the expected benefit of faster results turnaround times, the Company has decided to complete the MB01-S drilling programme using a standard fire assay method.  This decision largely relates to the significant cost impact related to sending larger sample sizes required for photon assay (500g rather than 60g per sample, equating to a US$10 increase per sample), which might have been acceptable had the turnaround time been improved.  However, the recent delays experienced at Ghana customs have resulted in no overall improvement in the speed of processing.  Analysing drill core by fire assay will also provide greater continuity since the preceding 7,055m trenching programme, the results of which can be used in the estimation of a maiden resource later this year, also used fire assay.

To date, the Company has only reported photon assay results for the first four holes (MBDD001 to MBDD004) and so the Company today reports the fire assay results for MBDD001 to MBDD004.  The results have delivered more than 60 gold mineralised intersections, the most significant of which were returned from holes MBDD002 and MBDD003 (Table 1).

Table 1. Calculated intersections from Phase 1 holes MBDD001 to MBDD004, using a 0.20g/t Au lower cut-off grade.  Results greater than 1.00g/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.

Results for the two methods are statistically comparable and any difference in grades between individual reported intervals are considered to be minor and related to natural variation.  When the two datasets are shown on a bivariate plot, they show a clear strong positive correlation. There is therefore no evidence of systematic under or over-reporting of gold by either method. 

Figure 2. Bivariate plot for gold photon against fire assay results data from MBDD001 to MBDD004

Absolute grade variations are relatively small and some 'including' interval lengths have changed, but the overall reported intersection lengths remain unchanged between both assay method datasets.  Notably, the widest reported photon assay interval of 29.75m at 0.82g/t Au including 17.30m at 1.09g/t Au, has been upgraded slightly to 29.75m at 0.88g/t Au including 17.30m at 1.35g/t Au.  A more fulsome comparison of intersections from the two methods in shown in Table 2.

Table 2. Selected best intersections from MBDD001 to MBDD004 using a 0.20g/t Au lower cut-off grade.  Results greater than 1 g/t Au are in bold.

* = photon assay intersection was below 1 g/t Au therefore not previously reported as an including intersection, ** = photon assay including intersection was wider with a 'from' depth of 133.50m

Holes MBDD005-007 are currently being prepared, with samples for MBDD005 already on their way to Bureau Veritas in Côte d'Ivoire for fire analysis.  Results for all three drill holes are expected to be reported in Q2 2025.

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, 

or contact:

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.