Oriole Resources plc (LON:ORR) Executive Director Claire Bay caught up with DirectorsTalk to discuss the latest drilling results at their MB01 North target in Cameroon, revealing promising intersections that support continuity and resource expansion potential.
Q1: Oriole Resources have provided an update on the MB01 North drilling in Cameroon. Could you just run us through the highlights?
A1: This morning’s announcement reported results for a further four holes from the programme from the MB01 North target, which makes six holes reported overall for the programme. Our best reported intersection today was 16.1 metres at 2.49 grams per tonne, which was in hole MBDD027, which lies approximately 100 metres to the north of another standout intersection that we reported earlier in the month. That was 21.7 metres at just over 3 grams per tonne.
So, at this stage, these mineralised zones are interpreted to be directly continuous along strike in a north-northwest direction, which is the optimal orientation that we’re seeing high-grade vein populations at both this target and at the MB01 South target, which is located 700 metres to the south.
We’ve also seen a correlation between hole MBDD028 and previously reported MBDD025, which lie a couple of hundred metres to the north of the two holes I’ve just referenced, which also delivered wide envelopes of mineralisation with narrow, higher grade veins within those envelopes, again hinting at continuity along strike between those holes.
Q2: How significant is the MBDD027 result in terms of confirming scale and depth continuity at MB01 North?
A2: It’s very significant because it’s the first time in the programme that we are having the strike and depth continuity confirmed, and so therefore we can start to assess what the volume of the mineralised system is looking like at the target. In fact, we already have a JORC exploration target range here of between 370,000 ounces and 605,000 ounces, just under a gram per tonne, but that was based on trenching results only.
As was the case at MB01 South, that trenching gave us a pretty good steer on the surface footprint of the mineralisation, but we need the drilling to give us that third dimension to check that footprint that we’re seeing at surface and give us confidence in our resource modelling, therefore converting the exploration target to resources.
The results from MBDD027 and indeed MBDD028 have started to give us that confidence, with the system now confirmed to a vertical depth of 160 metres at least, and the system is open in all directions under depth still.
Q3: Now, based on the drilling so far, do you see MB01 North having the potential to match MB01 South in size over time?
A3: So, the systems at both the north and the southern zones are still open in all directions under depth, so it’s yet to be ascertained exactly what the ultimate size of either of those systems will be and to assess whether they are indeed connected along strike. As I mentioned, they’re 700 metres apart, particularly as this is only the second drilling programme ever completed in this brand new discovery area.
However, what I will say is that the widths and in particular the grades of mineralisation that we’re seeing in the results thus far at MB01 North are giving me confidence that there will be a solid level of conversion from the exploration target to resources when we come to produce the mineral resource estimate.
Q4: With drilling 70% complete, what can investors expect from Oriole Resources in the coming months?
A4: As you say, the programme is approximately 70% complete, and in fact our partner BCM finished drilling the 10th hole overnight. We’ve got five holes left in the programme, one of which is yet to be sited, subject to an ongoing review of the visual geology and the assay results. That means we’re currently well on track for completing the programme later this quarter and reporting results for the remaining nine holes by early Q2.
Once all those results are in, we’ll be in a position to instruct an independent consultant to produce a maiden resource estimate for the MB01 North target. As I mentioned earlier, any ounces published will be in addition to the 870,000 ounces at the MB01 deposit, that was at 1.09 grams per tonne, that resource and again, it’s only 700 metres to the southwest.
Thereafter, we intend to complete step-out drilling at the MB01 South target with again the aim of expanding that resource, which, as I said, is open in all directions still.
So, definitely lots for us to look forward to as we move through the rest of 2026.
