Oriole Resources PLC (LSE:ORR) has released initial assay results from its first-ever diamond drilling campaign at the MB01-N target within its 90%-owned Mbe gold project in Cameroon. The 2,950-metre programme has delivered encouraging early results, with the first two drill holes intersecting multiple zones of near-surface gold mineralisation, including 21.7 metres grading 3.13 g/t gold and a standout interval of 1 metre at 42.5 g/t gold.
The company said MB01-N shares strong geological characteristics with the nearby MB01-S deposit, where it has already outlined a JORC Inferred Resource of 870,000 ounces. MB01-N itself hosts a sizeable JORC Exploration Target estimated at between 370,000 and 605,000 ounces. Oriole believes the early high-grade intersections support the potential to upgrade this target into a formal mineral resource.
Drilling at MB01-N is fully funded and now close to 50% complete, with completion expected in the first quarter of 2026. Successful conversion of the exploration target into a defined resource could materially increase the overall scale of the Mbe project, ahead of partner BCM International earning a 50% interest in the licence upon completion of the programme.
From an investment standpoint, Oriole’s outlook continues to be weighed down by the absence of revenue and ongoing cash burn, despite the support of a low-debt balance sheet. Share price technicals are moderately positive, but valuation remains constrained by negative earnings and the lack of dividend support.
More about Oriole Resources PLC
Oriole Resources PLC is an AIM-quoted gold exploration company focused on early-stage projects in West and Central Africa. Its primary area of activity is Cameroon, where it is advancing district-scale orogenic gold opportunities, including the Mbe gold project, through systematic exploration and drilling.
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