26th Aug 2025 11:04
(Alliance News) - Oriole Resources PLC's shares price more than doubled on Tuesday as it reported "further significant results" from the maiden drilling programme at its 90%-owned Mbe orogenic gold project in Cameroon.
Shares in Oriole Resources more than doubled to 0.48 pence each from 0.20p at the close on Friday.
The West and Central Africa-focused gold exploration company said results from holes MBDD018 to MBDD020 have returned 31 mineralised gold intersections at the MB01-S target, using a 0.20 grammes per tonne lower cut-off grade.
Oriole said this takes the total number of gold bearing intersections over the programme to date to 285, which is a discovery rate of more than one intersection every 21 metres.
The company said the new results have underpinned and extended the current exploration target, as multiple zones of high-grade mineralised material were identified outside the existing mineralisation model.
The sub-surface system remains open in all directions and at depth, Oriole said.
The firm noted that five rock chip samples, which were located 150 metres outside of the defined exploration target, returned grades of up to 13.10 grammes per tonne.
This highlights "the presence of mineralisation beyond the current drilling area and demonstrating potential for further system extensions," Oriole Resources added.
The company said the maiden, pit-constrained mineral resource estimate is expected in the fourth quarter of 2025, following completion of the phase one drilling programme which is already 90% complete.
"The latest drilling results for Mbe are significant for several reasons. Firstly, they confirm the potential for very high grades within the deposit, consistent with what we have already confirmed at surface. Secondly, they extend the known gold system boundaries... Finally, with the system remaining open in all directions, the potential scale of Mbe is currently uncapped and is therefore hugely exciting," said Chief Executive Officer Martin Rosser.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Oriole Resources