Oriole Resources PLC (LSE:ORR) has announced its first JORC-compliant Inferred Mineral Resource Estimate for the MB01-N deposit at the Mbe gold project in Cameroon, lifting the project’s total resource base above one million ounces.
The newly defined MB01-N resource is estimated at 10.5 million tonnes grading 1.05 grams per tonne, equating to approximately 360,000 ounces of contained gold within a US$3,200 per ounce pit shell. When combined with the previously reported MB01-S deposit, which hosts 870,000 ounces, the total Inferred resource at Mbe now stands at 1.23 million ounces. Both deposits remain open in all directions, with further upside supported by additional satellite targets across the licence area.
To build on this momentum, the company has initiated a 10-hole, 2,500-metre step-out diamond drilling campaign at MB01-S, aimed at expanding the existing resource later this year. Management believes there is strong potential to materially grow the overall resource base, noting that surpassing the one-million-ounce mark strengthens Mbe’s position as a leading gold project in Cameroon and allows for comparison with other large-scale open-pit discoveries across Africa. However, further exploration work, alongside technical and environmental studies, will be required before any progression toward reserves or development.
From a financial standpoint, the outlook remains constrained by the absence of revenue and continued cash outflows, despite maintaining a relatively low-debt balance sheet. Technical indicators offer some support, but valuation remains limited due to negative earnings and the lack of dividend prospects.
More about Oriole Resources PLC
Oriole Resources PLC is an AIM-listed exploration and development company focused on gold projects in Central and West Africa. Its flagship asset is the Mbe orogenic gold project in Cameroon, where it holds a 50% interest through its local subsidiary, working in partnership with BCM International. The company is targeting the development of open-pit gold resources across multiple deposits within the licence area.
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