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.

Oriole Resources PLC

('Oriole Resources' or the 'Company')

Mbe drilling delivers over 40 further gold intersections

- including 3.00m at 2.88g/t gold and 4.60m at 1.63g/t gold

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 (the 'Project') in Cameroon, including further positive drill results.

Highlights

·    Results from drill holes MBDD010 and MBDD011 have increased the total number of mineralised gold ('Au') intersections from the maiden ('Phase 1') drilling programme to 179 (using a 0.20 g/t Au lower cut-off grade; see Figure 1 and Table 1 below), including:

MBDD010

o  8.90m at 0.47g/t Au from 10.00m, including 1.20m at 1.05g/t Au

o  3.10m at 0.80g/t Au from 74.10m, including 1.10m at 1.85g/t Au

o  5.00m at 1.86g/t Au from 80.40m, including 3.00m at 2.88g/t Au

o  13.10m at 0.62g/t Au from 117.20m, including 1.00m at 1.02g/t Au and 2.00m at 1.86g/t Au

o  8.40m at 0.61g/t Au from 154.50m, including 3.10m at 1.02g/t Au and 1.00m at 1.32g/t Au

o  4.00m at 0.52 g/t Au from 167.30m, including 1.00m at 1.06g/t Au

o  2.00m at 1.19g/t Au from 177.40m

MBDD011

o  17.30m at 0.39g/t Au from 3.60m, including 1.00m at 1.06g/t Au

o  5.10m at 0.76g/t Au from 50.00m, including 3.10m at 1.13g/t Au

o  1.00m at 1.42g/t Au from 68.40m

o  11.50m at 0.53g/t Au from 92.80m, including 2.10m at 1.27g/t Au and 1.10m at 1.32g/t Au

o  4.40m at 0.64g/t Au from 110.50m, including 1.10m at 1.18g/t Au

o  1.00m at 2.53g/t Au from 118.00m

o  4.30m at 1.63g/t Au from 124.90m

o  1.10m at 2.03g/t Au from 136.80m

o  1.10m at 0.98g/t Au from 141.20m

o  5.00m at 1.50g/t Au from 196.10m, including 2.00m at 2.80g/t Au

·    Holes MBDD010 and MBDD011 were drilled on an infill fence line (N872582) located between previously drilled fence lines N872482 (100m to the south) and N872682 (100m to the north).  

·    Mineralisation has been reported from near-surface and these results confirm the along-strike continuity of mineralisation between all three fence lines, therefore over a strike length of at least 200m. Mineralisation has previously been confirmed to a vertical depth of as least 290m and the system remains open in all directions and at depth.

·    The fully funded Phase 1 drilling programme at the MB01-S target is almost 70% complete, with 4,527.20m drilled to date with 15 holes (MBDD001-015) completed and a sixteenth hole (MBDD016) in progress.

·    Results for holes MBDD012 and MBDD013 are expected in late Q2/early Q3 2025, with samples from both holes already on their way to Bureau Veritas in Côte d'Ivoire for fire assay analysis.  

·    The drilling programme is currently scheduled for completion in Q3 2025, and the Company anticipates publishing an independent consultant's maiden, pit-contained MRE in Q4-2025.

·    Ahead of this, the Company plans for an independent consultant to produce a JORC Exploration Target estimation in Q3 2025, to provide earlier guidance on the resource potential of the Project.  Work on this is expected to commence later this month.  The Company believes that the Project could be mined by open pit mining methods.

Commenting, Chief Executive Officer of Oriole Resources, Martin Rosser, said: "We are pleased to report further encouraging mineralised intersection results from Mbe. They continue to show along-strike continuity of mineralisation, which remains open in all directions and at depth, and which has been confirmed to at least 290m from surface. The eagerly anticipated Mbe JORC Exploration Target estimate is currently on schedule for reporting in Q3 2025."

Figure 1. Interpretative cross section for fence line N872582 at MB01-S, with selected mineralised intervals from holes MBDD010 and MBDD011; a full interpretation for this line is pending results for holes MBDD012 and MBDD013.  The fence line is located approximately 15m to the south of trench MBT0015, the results for which are shown in red along the surface trace.

Further Details

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 in the Adamawa Region of central Cameroon.  Since 2022, the Company's systematic exploration programmes have identified a 3km long, NE trending prospect, named MB01, 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 shear structures) 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 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 commenced at the MB01-S target in late November 2024 for a planned 6,590m in 24 holes.  BCM International 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 total of 4,527.20m has been drilled to date, with 15 holes (MBDD001-015) completed and a sixteenth hole (MBDD016) in progress.  The Company today reports results for the tenth and eleventh holes of the programme (MBDD010 and MBDD011), both drilled towards the west (270˚).  These two holes are located on infill fence line N872582, which is ~100m north of fence line N872482 (holes MBDD001, MBDD002, and MBDD007-009), and ~100m south of fence line N872682 (holes MBDD003-006).  Results have delivered 43 further gold mineralised intersections (Table 1, Figure 2), such as: 13.10m at 0.62g/t Au, 8.40m at 0.61g/t Au, 5.00m at 1.86g/t Au, including 3.00m at 2.88g/t Au (MBDD010), 17.30m at 0.39g/t Au, 11.50m at 0.53g/t Au, 4.30m at 1.63g/t Au and 5.00m at 1.50g/t Au (MBDD011).  A review of the QAQC samples has confirmed that the data falls within acceptable limits of error.

The total number of gold-bearing intersections from the first eleven holes in the programme, MBDD001-011 for 3,367.30m drilled, stands at 180, equating to a discovery rate of one intersection per 19m.  Other significant intersections from the programme to date include: 86.50m at 1.36g/t Au, including 39.40m at 2.00g/t Au, 6.00m at 2.24g/t Au, and 3.00m at 2.32g/t Au, and 8.50m at 2.25g/t Au, including 1.00m at 17.00g/t Au (MBDD008); 2.00m at 25.77g/t Au, including 1.00m at 51.30g/t Au (MBDD009); 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 from MBDD002; 24.20m at 0.45g/t Au, including 3.00m at 1.27g/t Au (MBDD007); 8.00m at 1.00g/t Au and 4.24m at 8.12g/t, Au, including 1.72m at 19.08g/t Au (MBDD003); 23.10m at 0.71g/t Au, including 7.20m at 1.02g/t Au and 2.00m at 2.48g/t Au, and 5.60m at 1.03g/t Au from 7.50m (MBDD005); and 13.80m at 0.61g/t Au, including 3.40m at 1.17g/t Au and 2.10m at 1.06g/t Au (MBDD006) (Announcements dated 24 March 2025, 15 April 2025, 12 May 2025 and 19 May 2025; see Figure 2). 

Figure 2. Plan for Phase 1 drilling at MB01-S with a selection of best results to date from MBDD001 to MBDD011. Green dots denote holes drilled towards 090 degrees (Grid North) and blue dots are those drilled towards 270 degrees.

Table 1. Calculated intersections from Phase 1 holes MBDD010 and MBDD011, using a 0.20g/t Au lower cut-off grade.  Results greater than 1.00g/t Au are in bold.

* Intersections 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.

The mineralisation in MBDD010 and MBDD011 correlates well with previously reported results, and the style of mineralisation is consistent with the rest of the Mbe deposit, mainly steeply NE-dipping higher-gold grading smoky quartz veins hosted by a quartz feldspar porphyry (QFP) unit, and broader, but lower gold-grading zones associated with the intersection of the NE-dipping (NW trending) and E-dipping structures (approximately N-S trending).  

Figure 3. Smoky quartz and sulphide veins and veinlets hosted by a QFP intrusion in MBDD010, which graded 3.00m at 2.88g/t Au.  This sits within a wider intersection of 5.00m at 1.86g/t Au from 80.40m.

These results, which are reported from near-surface, have confirmed the along-strike (north-south) continuity of mineralisation between the two drill fence lines as per holes previously drilled and reported (MBDD001-009), indicating that the system has a confirmed strike length of over 200m as well as widths of over 400m on N872482 and over 350m on N872682.  These results continue to confirm narrower zones of higher gold grade within and proximal to wider, lower-grade envelopes. To date, mineralisation has been confirmed to a vertical depth of at least 290m, and the system remains open in all directions and at depth.

Results for holes MBDD012 and MBDD013 are expected in late Q2/early Q3 2025, with samples for both holes already on their way to Bureau Veritas laboratory in Côte d'Ivoire for fire assay analysis.  

This drilling programme is currently scheduled for completion in Q3 2025, and the Company anticipates publishing an independent consultant's maiden, pit-contained MRE in Q4 2025, which will be estimated in accordance with the JORC code.  Ahead of this, the Company plans for an independent consultant to undertake a JORC Exploration Target estimation in Q3-2025, and work on this is expected to commence later this month.

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.

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Glossary and Abbreviations

Notes to Editors

Oriole Resources PLC is an AIM-quoted 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 460,000oz contained gold at 2.06g/t Au in the JORC Indicated and Inferred categories 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 completed a six-year earn-in to acquire an approximate 59% beneficial interest in the Senala Exploration Licence by spending US$5.8 million.  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.

For further information please visit www.orioleresources.com,  @OrioleResources on X