Maiden JORC Mineral Resource Estimate for MB01 South of 870,000oz at 1.09g/t Au
Oriole Resources PLC has reported a maiden JORC-compliant Mineral Resource Estimate (MRE) for the MB01-S zone at its Mbe gold project, confirming a substantial new gold resource in Cameroon.
The pit-constrained Inferred MRE totals 24.8 million tonnes at an average grade of 1.09 g/t gold, containing approximately 870,000 ounces of gold. The estimate is based on a US$3,200/oz gold price and a cut-off grade of 0.40 g/t Au.
The defined resource extends over 900 metres in strike, up to 700 metres in width, and to a maximum depth of 340 metres, demonstrating significant scale and continuity of mineralisation.
In addition, the company reaffirmed its JORC Exploration Target for the nearby MB01-N zone, located 700 metres northeast of MB01-S, at 15Mt to 20Mt grading 0.77 g/t to 0.94 g/t, representing a potential 370,000 to 605,000 ounces of contained gold.
Oriole noted that both the MB01-S MRE and MB01-N Exploration Target remain open in all directions and at depth, highlighting the strong potential for further resource expansion through ongoing drilling and exploration.
Chief Executive Officer of Oriole Resources, Martin Rosser, said: “The MRE is an outstanding result that has substantially exceeded the upper range of the earlier JORC Exploration Target. In less than a year since the maiden drilling programme started, and after only 24 drill holes, MB01-S has gone from being a highly prospective target to one with a maiden MRE of almost 900,000oz of contained gold and it is still open in all directions. Moreover, we have its northern neighbour, MB01-N, drill ready and having a significant JORC Exploration Target that should deliver further Resource ounces.
“The next steps are being actively considered and will be finalised with our partner BCM International. Whilst our focus is on fully delineating the magnitude of the gold resources at Mbe, we will start to consider the potential for those resources to support a significant open pit gold mine. What we can emphatically say is that the Mbe discovery has amply demonstrated the potential for Cameroon to host significant size gold deposits. Oriole is in a tremendous position with its major exploration land holding to build on the results to date at Mbe and in the wider Eastern CLP licences. We have much to look forward to in the months ahead.”
