LONDON (ShareCast) - (Sharecast News) - Oriole Resources reported further positive drilling results from its maiden campaign at the Mbe gold project in Cameroon on Tuesday, and confirmed the start of a JORC-compliant Exploration Target estimation for the MB01 prospect.
The AIM-traded company said the developments marked a significant step forward in assessing the project's resource potential.

It said the latest assay results from hole MBDD013 included two metres at 3.21 grams of gold per tonne from 149 metres, including one metre at 6.03 grams per tonne, as well as 6.35 metres at 0.52 grams per tonne from near surface and one metre at 3.24 grams per tonne from 128.10 metres.

The hole was drilled at the western end of a mineralised fence line where previous results, such as 21.3 metres at 1.61 grams per tonne from hole MBDD012, had already demonstrated broad zones of gold mineralisation.

To date, over 70% of the fully funded phase one drill programme has been completed, with 4,918.90 metres drilled across 16 holes, and a 17th hole in progress.

Results from holes MBDD014 to MBDD017 were expected in the third quarter of the year.

The drill campaign had confirmed sub-surface gold mineralisation over a strike length of at least 200 metres, a width of up to 400 metres, and to a vertical depth of at least 290 metres.

Oriole noted that the system remained open in all directions and at depth, providing scope for further resource expansion.

The results from the first 13 holes, alongside data from 2024 trenching programmes, would now be used to support an independent JORC exploration target estimate for the MB01 prospect, due early in the third quarter.

Oriole anticipated publishing a maiden pit-constrained mineral resource estimate for the wider project in the fourth quarter.

"The Mbe maiden drilling programme continues to make good progress," said chief executive Martin Rosser.

"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 early in the third quarter of 2025 and will provide valued early guidance on the resource potential of the project."

At 1250 BST, shares in Oriole Resources were down 5.22% at 0.22p.

Reporting by Josh White for Sharecast.com.

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