Oriole Resources PLC (AIM:ORR, FRA:S1Y) shares climbed 12.3%, changing hands at 0.34p, after it told investors that step-out drilling at its Mbe South gold deposit in Cameroon has been completed, setting up a resource update for early in the third quarter.
The AIM-listed explorer said the Phase 3 diamond drilling programme at MB01-S totalled 2,476.80 metres across 10 holes and was designed to expand the existing 870,000-ounce JORC inferred mineral resource at the deposit.
Latest results from holes MBDD043 and MBDD044 returned 23 mineralised gold intersections, led by 27.20 metres at 1.69 grams per tonne gold from 96.00 metres in MBDD044. That included 6.00 metres at 5.81 g/t gold, plus one-metre intervals at 2.19 g/t and 2.09 g/t. MBDD043 returned 27.60 metres at 0.58 g/t gold from 53.30 metres, including 1.10 metres at 4.08 g/t and 2.80 metres at 1.20 g/t.
Chief executive Martin Rosser said the latest two holes delivered results “over significant widths”, adding that MBDD044 produced a “pleasing best intersection” of 27.20 metres at 1.69 g/t gold.
Oriole said MBDD044 appears to represent an along-strike extension of a previously reported 29.80-metre intersection at 0.79 g/t gold in hole MBDD024, located 180 metres to the south-southeast.
The total inferred resource at Mbe currently stands at 1.23 million ounces of contained gold across MB01-S and MB01-N. Results for the remaining five Phase 3 holes are expected later this month, before an updated JORC resource estimate for MB01-S in early Q3 2026.
