Oriole Resources (LSE:ORR) has reported additional encouraging gold intercepts from its maiden 2,950-metre diamond drilling programme at the MB01-N prospect within the Mbe project in Cameroon. Highlights include an interval of 16.10 metres grading 2.49 g/t gold from drill hole MBDD027, which also intersected the deepest mineralisation recorded at the target so far. The results confirm continuity of the mineralised structure along strike and to a vertical depth of at least 160 metres.
Operational and financial highlights
The drilling campaign is fully funded and now approximately 70% complete, with more than 2,000 metres drilled to date. Oriole expects to complete the programme later in the first quarter of 2026, after which it plans to commission a maiden JORC-compliant Resource estimate for MB01-N. A defined resource at this target would sit alongside the existing MB01-S resource and could materially enhance the overall scale of the Mbe project, potentially increasing its appeal to both investors and potential industry partners.
From an investment perspective, the outlook continues to be weighed down by the absence of revenue and ongoing cash burn, despite the company maintaining a relatively strong, low-debt balance sheet. Technical indicators are moderately supportive, but valuation remains constrained by negative earnings and the lack of dividend yield.
More about Oriole Resources
Oriole Resources PLC is an AIM-quoted gold exploration company focused on West and Central Africa. Its core strategy is centred on the discovery and delineation of gold resources, with its flagship asset being the Mbe gold project in Cameroon, where it holds a 90% interest. The project already hosts the MB01-S deposit, which carries a JORC Inferred Resource of 870,000 ounces of gold, providing a solid foundation for further growth through ongoing exploration success.
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