Oriole Resources (AIM:ORR), the AIM-quoted exploration company focused on Central and West Africa, has completed a maiden drilling programme at its 85%-owned Wapouzé limestone project in north-eastern Cameroon.
The programme drilled 1,053.80m across 21 holes, testing outcrops over a cumulative strike length of 1.2km to vertical depths of up to 47.50m.
Marble units, the high-grade carbonate material sought for Cameroon's cement industry, were intersected in every hole, with intersected widths of up to 85m. Field-based X-ray fluorescence testing indicates the marble is good quality, with more than 50% calcium oxide and low magnesium and silica content, though laboratory analysis is still pending with results expected next month.
Chief executive Martin Rosser said the drilling had "gone extremely well", adding that a maiden mineral resource estimate "will considerably enhance our efforts to bring in a cement industry partner and potentially to achieve royalty-based income".
Oriole said it is also awaiting completion of a ground-based resistivity survey by local partner BEIG3, which will feed into the resource estimate alongside the drilling and historical surface data.
The company is targeting royalty-based income from a commercial-scale quarrying operation at Wapouzé, revenue it says could help fund its gold exploration elsewhere in Cameroon, including at its flagship Mbe project.
A maiden mineral resource estimate or JORC Exploration Target for Wapouzé is anticipated in late Q3-2026.
News Intelligence what this means for the company
Oriole completed its first drilling programme at Wapouzé, a limestone project in Cameroon where it holds an 85% stake, intersecting marble in all 21 holes with widths up to 85m and field-based chemistry suggesting good quality (>50% calcium oxide, low magnesium and silica). A maiden resource estimate is due late Q3 2026, positioning the company to attract a cement-industry partner and generate royalty income to fund its gold exploration—notably at the flagship Mbe project, which hosts 870,000 ounces of JORC-contained gold within a 1.23 million ounce resource base.
The drilling validates Wapouzé's marble potential and moves it toward a commercial partnership, but the investment case remains anchored to gold: Oriole is using limestone royalties as a funding mechanism for its core Mbe and Bibemi gold assets. Execution risk on the resource estimate and partner acquisition remains material before any revenue materializes.
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