Oriole Resources PLC (LON:ORR), the AIM quoted gold exploration and development company focused on Central and West Africa, has published the maiden JORC Mineral Resource Estimate (MRE) for the MB01-N deposit at its 50%[1] owned Mbe orogenic gold project in Cameroon. Together with the MRE for the neighbouring MB01-S deposit, which was published in Q4-2025, the total JORC Inferred Resource at Mbe is now 1.23 million oz contained gold (Au).
Highlights
· Independent consultant Forge International Limited (Forge) has produced a pit constrained Inferred MRE for MB01-N of 10.5Mt at a grade of 1.05g/t for 360,000oz contained gold, using a US$3,200/oz gold price and a lower cut-off grade of 0.40g/t Au.
· The MRE extends over a strike length of approximately 723m, a width of up to 125m, a maximum vertical depth of 270m and remains open in all directions.
· Combined with the existing Inferred Resource at MB01-S (870,000oz), located 700m to the southwest of MB01-N, Mbe now has a total Inferred Resource of 1.23 million oz contained Au, with both deposits remaining open in all directions and with further potential satellite targets within the wider licence area.
· A ten hole 2,500m step out diamond drilling programme at MB01-S commenced earlier this month, with the aim of expanding the existing Inferred MRE at that deposit later this year.
· The Company believes there is excellent potential to increase significantly the size of the cumulative Resource across the Project.
Chief Executive Officer of Oriole Resources, Martin Rosser, said: “We are delighted to receive this maiden resource for the northern deposit on our Mbe licence in Cameroon. This together with the maiden MRE at MB01-S, brings our total resource to almost one and a quarter million ounces of gold at Mbe within the North and South area deposits, both of which are still open in all directions and at depth. For any gold exploration project reporting a more than 1 million oz contained gold deposit is a major achievement and Mbe continues to build upon its status as not only Cameroon’s leading gold project, with highly encouraging potential to become a significant open pit gold mine but is also of a size that already bears favourable comparison with other major discoveries in Africa and the rest of the world.
“Work continues unabated with the recently commenced 2,500m step-out diamond drilling programme at the MB01-S deposit going well and with good potential to add more resources as we test the potential extensions of that system. The months ahead are eagerly anticipated for the project.”
Figure 1. Plan view of the total JORC Inferred Resource for Mbe, with pit-constrained MREs for MB01-N and MB01-S, showing the block models and US$3,200/oz pit shells.
Further Details
A maiden JORC MRE for the MB01-N zone has been prepared by Forge and is presented in Table 1. The estimate is based on a combination of drill hole and trench assay data acquired by the Company since 2024. The estimate has delivered a total Resource for MB01-N of 10.5Mt at a grade of 1.05g/t for 360,000oz contained Au, based on a 0.40g/t Au lower cut-off grade and within a US$3,200/oz gold price open pit shell.
Table 1. JORC MRE for MB01-N
| JORC Classification | Oxidation Level | Gross | Net Attributable (50%) | ||||
| Tonnage (t) | Grade (g/t) | Total Contained Gold (oz) | Tonnage (t) | Grade (g/t) | Total Contained Gold (oz) | ||
| Inferred | Oxide | 800,000 | 0.75 | 20,000 | 400,000 | 0.75 | 10,000 |
| Fresh | 9,700,000 | 1.07 | 340,000 | 4,850,000 | 1.07 | 170,000 | |
| Total | 10,500,000 | 1.05 | 360,000 | 5,250,000 | 1.05 | 180,000 | |
Notes:
· Effective date of the Mineral Resource is 20 March 2026, being the date the Oriole data room was shared with Forge.
· The Resource has been estimated by Robert Davies, EurGeol, CGeol, a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr. Davies is a Director of Forge International and has sufficient experience relevant to the style of mineralisation, type of deposit, and activity undertaken to qualify as a Competent Person. Mr. Davies consents to the inclusion of this information in the form and context in which it appears.
· The Operator of the Mbe Project is Oriole Resources.
· The Mineral Resource Estimate is based on total of 5,197 samples, collected from 4,453m of trenching and 2,983m of diamond drilling from 15 holes, with gold grades estimated using Inverse Distance Weighting within hard-boundary mineralisation wireframes, based on length-weighted composited assay data.
· The Mineral Resource extends over a strike length of approximately 723m, up to 125m width and to a maximum depth of 270m. To define the blocks with reasonable prospects of eventual economic extraction (RPEE) as required under the JORC Code (2012 Edition), the estimate has been constrained within a Lerchs-Grossman optimised pit shell generated in Datamine NPVS, using a gold price of US$3,200/oz and the application of reasonable mining parameters.
· The Mineral Resource has been reported above a cut-off grade of 0.40 g/t Au and filtered by the pit shell constraint.
· The Resource Estimate is shown on a gross (100%) basis. After the on-going restructuring process (see announcement dated 17 October 2024) is completed, Oriole will increase its holding from 40% to a 50% net attributable beneficial interest through the licence holding company, Oriole Cameroon SARL The remaining 50% interest is held by BCM International Limited following its recent earn-in (see announcement dated 20 February 2026).
· All figures are rounded to reflect the relative accuracy of the estimate. Differences may occur due to rounding.
· Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. Further exploration, sampling, and economic studies are required before any potential conversion to Ore Reserves can be considered.
· A site visit to the Mbe Project was completed by Mitko Ligovski, a Competent Person representing Forge International, who verified the geological and sampling data used in this estimate. No environmental or social impact studies have yet been undertaken at the site.
The MRE replaces the July 2025 Exploration Target for MB01-N, which was exclusively underpinned by trenching data. The maiden drilling programme (~3,000m in 15 holes) has resulted in a reasonable portion of the Exploration Target being converted to a Resource, with the contained gold being broadly in line with the lower end of the Exploration Target range for overall ounces, albeit exceeding the upper grade estimate. The MRE remains open in all directions.
Figure 2. Plan view of the pit constrained MRE model for MB01-N, showing the block model and US$3,200/oz pit shells. The black line denotes cross section line presented in Figure 3 below; note that is it orientated slightly oblique to the east-west orientated drill fence lines.
Figure 3. Cross section approximately along drill fence line N8743992 at MB01-N (viewing approximately north) showing the assay results from both trenching and drilling, the US$3,200/oz pit shell, and mineralised wireframe model.
The grade-tonnage sensitivity analysis in Table 2 demonstrates that the deposit is not particularly sensitive to cut-off grade.
Table 2. Grade tonnage sensitivity for MB01-N zone MRE
| Cut-off Grade (Au g/t) | Tonnes (t) | Grade (g/t Au) | Contained Metal (Au troy oz) |
| 0.1 | 26,000,000 | 0.51 | 430,000 |
| 0.2 | 11,000,000 | 1.02 | 360,000 |
| 0.3 | 10,700,000 | 1.04 | 360,000 |
| 0.4 | 10,600,000 | 1.05 | 360,000 |
| 0.5 | 10,100,000 | 1.07 | 350,000 |
| 0.6 | 9,100,000 | 1.13 | 330,000 |
| 0.7 | 7,100,000 | 1.27 | 290,000 |
Note:
· All figures are rounded to reflect the relative accuracy of the estimate. Differences may occur due to rounding.
· The grade-tonnage sensitivity information is presented for illustrative purposes only and does not constitute a separate Mineral Resource estimate.
The MRE for MB01-N is in addition to the 870,000oz contained Inferred MRE published for the MB01-S deposit in Q4-2025, which is restated below and takes into account Oriole’s revised net attributable interest following BCM’s recent earn-in to a 50% interest in the Project. For full disclosure notes related to the MB01-S MRE, please refer to the Company’s original announcement dated 21 October 2025.
Table 3. JORC MRE for MB01-S
| JORC Classification | Oxidation Level | Gross | Net Attributable (50%) | ||||
| Tonnage (t) | Grade (g/t) | Total Contained Gold (oz) | Tonnage (t) | Grade (g/t) | Total Contained Gold (oz) | ||
| Inferred | Oxide | 2,400,000 | 0.91 | 70,000 | 1,200,000 | 0.91 | 45,000 |
| Fresh | 22,400,000 | 1.10 | 800,000 | 11,200,000 | 1.10 | 400,000 | |
| Total | 24,800,000 | 1.09 | 870,000 | 12,400,000 | 1.09 | 435,000 | |
The MRE at MB01-S remains open in all directions and a 10-hole 2,500m step out diamond drilling programme is currently underway to test the potential extensions of the system to the south, west, northwest and northeast. Once the programme is completed, the results will be integrated into the existing MRE for MB01-S and should add further ounces to the global resource base at Mbe later this year.
Further information can be found in the Mbe JORC Table 1 disclosure on the following page of the Company’s website: https://orioleresources.com/projects/mbe/
In addition, work is still underway to formalise BCM’s 50% beneficial interest in Mbe, with the drafting of a joint venture partnership agreement in progress.
