Oriole Resources Announces Further Gold Mineralization at Mbe Project in Cameroon
Why we think this is good
The RNS provides a positive update on the ongoing exploration program at Oriole Resources' Mbe project in Cameroon, with the latest drilling results continuing to demonstrate wide zones of bulk-tonnage gold mineralization. The company has a clear timeline for the project's development, with plans to publish a maiden mineral resource estimate in H2-2025. Additionally, the strategic partnership with BCM International, which is earning an interest in the project, is a positive development. Overall, the news is a good update on the company's exploration progress, but does not meet the criteria for a 'very good' sentiment score as there are no profit upgrades or trading significantly ahead of expectations.
Key Points
- Maiden drilling program at Mbe project approximately 44% complete
- Latest drilling results return more than 30 gold mineralized intersections
- Potential for large-scale open pit mining based on the mineralization identified
- Company plans to publish maiden mineral resource estimate in H2-2025
- BCM International earning up to 50% interest in Mbe and Bibemi projects
Summary
Oriole Resources PLC (AIM: ORR), the gold exploration company focused on West and Central Africa, has provided an update on its 90% owned Mbe orogenic gold project in Cameroon. The latest drilling results have returned more than 30 gold mineralized intersections, including 23.10m at 0.71g/t Au and 13.80m at 0.61g/t Au. The company believes the system could be amenable to large-scale open pit mining. The maiden drilling program is approximately 44% complete, with plans to publish a maiden mineral resource estimate in H2-2025. Additionally, BCM International is earning up to a 50% interest in the Mbe and Bibemi projects by spending up to US$8 million on exploration.