3rd Feb 2025 11:30
(Alliance News) - Oriole Resources PLC on Monday announced drilling updates from its 90% owned Bibemi and Mbe gold projects in Cameroon.
Shares in the company were down 19% at 0.21 pence each in London late Monday morning.
The West and Central Africa-focused gold exploration company said 6,560 metres has been drilled in total in 54 holes for the phase 5 drilling programme at the Bibemi project's Bakassi Zone 1 prospect.
Oriole said results for seven holes from the BZ1-SW target have returned additional intersections of 2.90 metres at 1.41 grammes of gold per tonne, and 1.00 metres at 3.78 grammes, "supporting the interpretation that the quartz shear vein system at BZ1-MRE extends to the southwest".
Previously in January, for the first BZ1-SW hole BBDD095, Oriole reported an intersection of 1.20 metres at 13.60 grammes per tonne.
"Indeed, gold-bearing quartz veins have been encountered in several drilling fence lines at BZ1-SW, extending north-northeast over a strike length of over 400m," the company said.
Another four holes are complete at the BZ1-MRE zone and drilling continues at a fifth, Oriole said, with assay results pending.
Oriole expects "this quarter" to complete the phase 5 programme at Bakassi Zone 1.
Meanwhile at the Mbe project, one of five licences in Oriole's central licence package, the maiden drilling programme "is currently underway at the MB01-S target for a planned 6,590 metres" in 24 holes.
The company said that so far, it has completed 1,391 metres of drilling in the first four holes. Results from "the first of two scissor hole pairs at MB01-S" delivered "multiple" mineralised gold intersections.
In MBDD001 these ranged from 1.82 grammes per tone of gold from 310.25 metres, to 3.57 grammes from 108.00 metres. In MBDD002, they ranged from 26.30 metres at 0.62 grammes per tonne from 133.50 metres to one metre at 1.47 grammes from 15.90 metres.
Oriole expects results from the second pair of holes "later this month".
"Whilst MBDD001 intersected some of these NNW-trending structures, it did so 'down-dip' and it is believed that this hole drilled beneath the mineralised target area. Nevertheless, a number of gold mineralised intervals were intersected," Oriole noted.
By Emma Curzon, Alliance News reporter
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