Oriole Resources plc (LON:ORR) Chief Executive Officer Martin Rosser caught up with DirectorsTalk to discuss the latest drill results from the MB01-N target at their gold project in Cameroon.
Q1: You’ve announced an excellent first set of drill results from MB01-N drilling programme at the Mbe project in Cameroon. Can you just tell us more about those results, the overall ongoing drilling programme, and how it fits with the wider Mbe project?
A1: So, first two holes that we’ve reported today have come back with stonkingly good intercepts, truly excellent, including, as a highlight, just under 22m at 3.13 grams per tonne, and importantly, higher grade interval two of 8.2g per tonne, also 42.5g per tonne, which are exceptionally high. We’re delighted that the new year started with a bang.
The initial geological review that we’ve done shows that the northern target has many similarities with the southern deposit, some 700 metres to the southwest. So, what does that mean?
That means it’s got a mix, as we’ve seen wider in the first two holes of narrow high-grade intervals situated within lower grade envelopes so that gives high potential for, in our opinion, a low strip ratio open pit minable resource.
We’re already cracking on with this programme, which only started in November, so we’ve now completed 46% of it and is due to be finished the whole programme this quarter, the whole programme being 2,950 metres in 13 planned holes.
Q2: How optimistic are you that the current drill programme will add substantially to the overall project resource?
A2: Well, we’ve already reported earlier last year, a significant maiden resource of 875,000 ounces for Mbe South and we’re very optimistic that, given that Mbe South, the mineral resource estimate rather, exceeding the median of JORC exploration target by some 48% exploration target range contained gold. If we have a conversion success outcome, then that would give excellent scope for a significant increase in the overall Mbe project mineral resource estimate.
So, of course, these are the first two holes of the programme so the results that we’ve achieved will be significant.
Q3: What are the next steps with the Mbe project once drilling completes?
A3: As soon as the programme’s finished, we will start work on the maiden mineral resource estimate for the northern target. We will then, after suitable time to assess all the results and consider the next steps with our partner BCM International, look at a step out drilling programme at the southern deposit.
We will also start to look at the necessary test work that we should be doing at this stage to enable us to get a good handle on the characteristics from the processing point of view of the material that we have in at Mbe.
Q4: Okay, now Mbe is obviously just a part of Oriole’s portfolio. So, looking at Oriole Resources more widely, what can we expect to see from your other projects this year?
A4: Well, just staying in the Mbe district, if I may, looking at the other contiguous licences that form part of the Eastern Central Licence package, we want to leverage the significant success that we’ve achieved at Mbe, in terms of our belief that this is a significant regional trend within the central part of Cameroon.
So, we’ll be looking to do surface sampling over selected targets on our 90% owned other licences, and we certainly think that the potential to find another Mbe is excellent. As part of that exercise, we will consider the opportunity to bring in project level funding to expedite the exploration where possible.
Moving on now back north of Mbe to Bibemi, where we have a very advanced project, and we have ongoing technical studies to support the parallel completion of the exploitation licence application that we’ve made, the negotiations for that. I was out there in meetings with government officials, and we’re looking forward to continuing the negotiations in earnest for this first part of the year and believe that we’ll get a mining licence approved in relatively swift fashion if things progress well, as we believe they will do.
Changing country now to Senegal and our Senala Gold project. We’re looking to finalise the joint venture agreement with our partner Managem, and that will enable the commencement of a work programme with a focus on the exciting Faré project.
Q5: Just before we finish, I understand that you’re hosting an online investor webinar next Thursday. Can you tell us more about that and what attendees will have the opportunity to see?
A5: Yes, we’re very focused on investor relations activity for this year, and we want to kickstart it with the opportunity for shareholders and potential shareholders on Thursday the 15th January, starting at 5.30pm to listen to an online presentation. So, I’ll expand on all the things I’ve just been saying, a good overview on where Oriole Resources is and what we’ve got planned for the rest of the year.
We very much hope that we get as much attendance as possible. People can submit in advance questions, which we will look forward to answering prior to the commencement of the presentation, Q&A session, or at the time on the day. So, I’m looking forward to a successful engagement with the investment community.
