Oriole Resources PLC (LSE:ORR) has released additional positive assay results from its maiden 2,950-metre diamond drilling campaign at the MB01-N target within the Mbe gold project in Cameroon. The latest three holes all returned gold intersections, enlarging the known mineralised envelope to at least 300 metres wide, 550 metres long and 185 metres deep. The system remains open along strike and at depth, highlighting scope for further expansion.
The fully funded programme is now approximately 90% complete, with drilling expected to conclude in early Q2 2026. Upon completion, the company intends to publish a maiden JORC-compliant resource for MB01-N. The new results add momentum to the broader Mbe project, which already hosts an existing 870,000-ounce JORC Resource at the nearby MB01-S deposit. Management believes the continued expansion at MB01-N enhances the project’s overall scale and supports plans for follow-up drilling, while underpinning partner BCM International’s pathway to earn up to a 50% interest in the project.
From a financial standpoint, the company’s outlook remains constrained by the absence of revenue and ongoing cash burn, although it maintains a relatively low-debt balance sheet. Technical indicators provide moderate support, but valuation metrics are limited by negative earnings and the lack of dividend income.
More about Oriole Resources PLC
Oriole Resources PLC is an AIM-listed gold exploration company with a focus on Central and West Africa. Its principal asset is the Mbe gold project in Cameroon, in which it holds a 90% interest. The company’s strategy centres on advancing multiple targets toward JORC-compliant resources to strengthen and expand its regional gold portfolio.
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