Oriole Resources (LSE:ORR) has published a maiden JORC Inferred Mineral Resource Estimate (MRE) for the MB01‑N zone at its Mbe project that lifts the combined MB01 inferred inventory to 1.23 million ounces of gold on a 50% net attributable basis.
The MB01‑N MRE adds 360,000oz (10.5Mt at 1.05g/t) to the previously reported MB01‑S 870,000oz, and both deposits are reported as open in all directions.
A fully funded 2,500m, ten‑hole step‑out diamond drilling programme at MB01‑S began earlier this month with the stated aim of expanding the existing inferred MRE and integrating new results into the global Mbe resource later this year.
Oriole also said drafting of a joint‑venture partnership agreement to formalise BCM’s 50% beneficial interest is in progress.
"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." — Martin Rosser, Chief Executive Officer of Oriole Resources.
The next explicit operational milestone is completion of the MB01‑S step‑out programme and integration of results into the MB01‑S MRE later this year.
