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')

Further Gold Results and Commencement of Exploration Target Estimation at Mbe

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 and commencement of a JORC Exploration Target study for the MB01 prospect.

Highlights

·    Results from drill hole MBDD013 have delivered further mineralised gold ('Au') intersections from the maiden ('Phase 1') drilling programme (using a 0.20g/t Au lower cut-off grade; see Figures 1 & 2 and Table 1 below), including:

o  2.00m at 3.21g/t Au from 149.00m, including 1.00m at 6.03g/t Au

o  6.35m at 0.52g/t Au from 3.80m, including 2.00m at 1.03g/t Au

o  1.00m at 3.24g/t Au from 128.10m

·    Hole MBDD013 was drilled at the western limit of fence line N872582, which also has delivered several wide zones of gold mineralisation including 21.30 m at 1.61g/t Au from 2.40m in hole MBDD012.

·    The fully funded Phase 1 drilling programme at the MB01-S target is over 70% complete, with 4,918.90m drilled to date, and with 16 holes (MBDD001 - MBDD016) completed and a seventeenth hole (MBDD017) in progress.  Results for holes MBDD014 to MBDD017 are anticipated in Q3 2025.

·    Results reported to date have confirmed sub-surface mineralisation over a strike length of at least 200m, a width of up to 400m and to a vertical depth of at least 290m.  The system remains open in all directions and at depth.

·    Results for holes MBDD001 to MBDD013, as well as results from the 2024 trenching programmes, will now be used to produce a JORC Exploration Target estimation for the MB01 prospect.  The results of that work are expected to be published in early Q3 2025 and will provide early guidance on the resource potential of the Project. 

·    The drilling programme is currently scheduled for completion in Q3 2025, and the Company anticipates publishing an independent consultant's maiden, pit-constrained MRE in Q4-2025.  The Company believes that the Project could be mined by open pit mining methods.

Commenting, Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The Mbe maiden drilling programme continues to make good progress.  Importantly, now that we have the results for holes MBDD001 to MBDD013, and along with the 2024 trenching programmes' data, our independent consultant can produce a JORC Exploration Target estimation for the MB01 prospect.  We anticipate that the estimate will be published in early Q3 2025 and will provide valued early guidance on the resource potential of the Project."

Figure 1. Interpretative cross section for fence line N872582 at MB01-S, with selected mineralised intervals from holes MBDD010 to MBDD012 (blue) and new results from MBDD013 (green).  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.  It is also noted that artisanal excavations in this trench led to significant gaps in sampling as follows: 94-164m, 169-172m and 174-179m.

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 4,918.90m has been drilled to date, with 16 holes (MBDD001 - MBDD016) completed and a seventeenth hole (MBDD017) in progress.  The Company today reports results for the thirteenth hole of the programme (MBDD013), drilled towards the west (270˚).  This hole is located to the west of previously reported holes (MBDD010 - MBDD012) on infill fence line N872582 that is ~100m north of fence line N872482 (holes MBDD001, MBDD002, and MBDD007 - MBDD009), and ~100m south of fence line N872682 (holes MBDD003 - MBDD006).

Results have delivered 12 further gold mineralised intersections (Table 1, Figure 2) such as: 2.00m at 3.21g/t Au, including 1.00m at 6.03g/t Au, 6.35m at 0.52g/t Au, including 2.00m at 1.03g/t Au, and 1.00m at 3.24g/t Au.  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 thirteen holes in the programme (MBDD001 - MBDD013), stands at 208 in 3,822.80m drilling, equating to a discovery rate of approximately one intersection per 18m.

Table 1. Calculated intersections from Phase 1 drill hole MBDD013 at Mbe, 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 5.00m consecutive internal dilution or 35% total internal dilution.  True widths are not currently known.

Figure 2. Plan for Phase 1 drilling at MB01-S with a selection of best results to date from MBDD001 to MBDD013. Green dots denote holes drilled towards 090 degrees (Grid North) and blue dots are those drilled towards 270 degrees.

The mineralisation in MBDD013 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 (such as the 2.00m at 3.21g/t Au), 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) such as 6.35m at 0.52g/t Au.  The majority of gold mineralised intervals have been reported within 100m vertical depth from surface.

These results, together with those previously reported from holes MBDD001 - MBDD012, have provided evidence of the along-strike (north-south) continuity of mineralisation between the three drill fence lines drilled to date.  The sub-surface continuity of mineralisation is therefore identified over a strike length of over 200m, with a width of up to 400m, and a vertical depth of at least 290m.  The system remains open in all directions and at depth.  Further information including a full list of significant intersections (≥0.20g/t Au) can be found in the JORC Table 1 disclosure on the following page of the Company's website: https://orioleresources.com/projects/mbe/. 

Drilling results to date, together with results from the 2024 trenching programmes, will now be used produce a JORC Exploration Target, to provide earlier guidance on the resource potential of the Project.  This work, being completed by independent consultant Forge International, is expected to be published in early Q3-2025.

The remainder of the Phase 1 programme is scheduled for completion in Q3 2025, following which the Company anticipates publishing an independent consultant's maiden, pit-constrained MRE in Q4 2025, which will be estimated in accordance with the JORC code and will be defined from the full maiden drilling programme dataset.

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.  The Company has reported a Resource of 155,000oz contained gold at 1.26g/t Au in the JORC Inferred category for the Faré South prospect, and an additional, complimentary Exploration target range of 17 to 24 million tonnes at a grade of 0.69 to 0.84g/t Au for 380,000oz to 650,000oz contained gold for all prospects at Senala.  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