Bibemi Phase 5 Drilling Update

Initial results include near-surface gold bearing intersections of 4.10m at 7.99g/t Au and 2.70m at 14.67g/t Au

Oriole Resources PLC (AIM: ORR), the AIM-quoted gold exploration company focussed on West and Central Africa, is pleased to announce an update for its 82.2% owned Bibemi orogenic gold project ('Bibemi' or the 'Project') in Cameroon, where the Company announced an updated Mineral Resource Estimate ('MRE') of 375,000 ounces ('oz') grading 2.30 grammes per tonne ('g/t') gold ('Au') in January of this year. BCM International Limited ('BCM') is currently funding up to US$4 million in exploration expenditure in return for up to a 50% interest in the Project.

Highlights

• To date, a total of 2,814.10 metres ('m') has been drilled in 22 holes in the ongoing Phase 5 diamond drilling programme of 7,060m in 62 holes at the Bakassi Zone 1 prospect ('Bakassi Zone 1' or 'BZ1').
• Results from selective sampling of the first 10 vertical holes (BBDD055 - BBDD064) at the BZ1 MRE target ('BZ1-MRE') have delivered multiple intersections as follows:

• Several high-grade intersections are within 50m of surface and the footprint of the existing MRE open pit outline but outside of the current MRE wireframes, providing scope for additional near-surface resources.
• A further 15 holes are planned at BZ1-MRE, focussed on expanding and upgrading the existing JORC Inferred MRE.
• 25 holes are also planned at two along-strike target areas, BZ1-NE and BZ1-SW, where exploration to date has generated coincident geochemical and geophysical targets.
• Completion of the programme is anticipated in Q4 2024.

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The first tranche of results from the Phase 5 drilling programme have delivered up to 4.10m at 7.99g/t Au close to surface. This supports our belief that there exists the potential to increase the Mineral Resource Estimate tonnes and contained ounces of gold nearer to surface and within the current open pit design. We look forward to reporting the next tranche in due course."

Figure 1. Best intersections (using a 0.20g/t Au lower cut off) from vertical holes BBDD055 to BBDD064, representing infill and extensional drilling within the BZ1-MRE footprint. Additional holes drilled to date mainly fall within the current pit outline.

At the Bibemi orogenic gold project (177 square kilometres ('km2') in area) in the North region of Cameroon, the Company's exploration to date has identified shear-hosted gold mineralisation at four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - within a circa 12 kilometre ('km') long mineralised hydrothermal system at surface. Since Q1 2021, the Company has completed four phases of diamond drilling at the Project for a total of 6,685.40m in 54 holes, with gold mineralisation hosted in both steeply dipping and flatter lying quartz and quartz-tourmaline veins.

The majority of that drilling was focussed on a circa 1km section at the southern end of Bakassi Zone 1 and delivered best intersections of 14.80m at 4.27g/t Au and 7.70m at 2.74g/t Au (hole BBDD050), 6.50m at 3.92g/t Au (hole BBDD034), 5.20m at 1.97g/t Au (hole BBDD031), and 9.20m at 1.31 g/t Au (hole BBDD042) (announcements dated 20 December 2021, 9 February 2022 and 15 September 2022). In January 2024, the Company reported an updated MRE for the Bakassi Zone 1 of 5.1 million tonnes grading 2.30g/t Au for approximately 375,000 oz Au contained in the JORC Inferred Resources category, based on a 0.45g/t Au lower cut-off grade and within a US$2,000/oz gold price pit shell (announcement dated 15 January 2024).

In June 2024, a fully funded Phase 5 diamond drilling programme commenced at Bakassi Zone 1 for a planned 7,060m in 62 holes. The Company today reports that a total of 22 holes (11 vertical holes, BBDD055 to BBDD065, and 10 inclined holes, BBDD066 to BBDD075 and BBDD051A) have been completed for a total of 2,814.10m at the main BZ1-MRE area. BBDD051A is a re-drill of Phase 4 hole BBDD051, which was previously abandoned at 11m downhole depth due to a technical issue.

As previously reported, multiple shallow-dipping (<45˚ from horizontal) and steeply dipping quartz and quartz-tourmaline veins up to 2.40m wide were intersected in the first 10 holes (BBDD055 to BBDD064; announcement dated 16 July 2024).

Results for these holes have been received and are presented in Table 1 below. Core recovery averages more than 98%.

Table 1. Significant intersections from BBDD055 to BBDD064 from Phase 5 drilling at BZ1-MRE (using a 0.20 g/t Au cut-off grade).

* Intervals greater than 1m, calculated using a 0.20g/t Au cut-off and no more than 25% internal dilution. True widths are variable due to difference in vein orientation but are typically 60% of the reported downhole interval.

**No samples were taken either side of this interval. However, following review of the core, the zone is considered to be fully-tested.

Selective sampling of the first 10 holes in the programme (all drilled vertically) returned gold-bearing intersections in nine holes, with circa 31% of the intersections between surface and 50m vertical depth, including 4.10m at 7.99g/t Au and 2.70m at 14.67g/t Au from BBDD059 and BBDD058 respectively. The selective sampling targeted veins and their alteration haloes; sampling outside of these intervals will be completed if required.

The highest-grading intervals relate to laminated and brecciated quartz-tourmaline veins. The veins are mainly quartz with minor carbonate, and with tourmaline and chlorite stringers that are associated with sulphide (pyrite and minor chalcopyrite) mineralisation.

Figure 2. Drill hole BBDD059: core photo over interval grading 7.99g/t Au over 4.10m, with quartz-tourmaline veining and alteration halo (including disseminated sulphides) in the tonalite wall rock.

Figure 3: Drill hole BBDD058: core photo over interval grading 14.27g/t Au over 2.70m, with 2.40m wide quartz-tourmaline vein within tonalite host rock. Pyrite mineralisation throughout and with strong local brecciation.

A further 15 holes have been planned at BZ1-MRE, focused on infill and extensional drilling to expand and upgrade the existing MRE, and 25 holes are also planned at two along-strike target areas, BZ1-NE and BZ1-SW, where exploration to date has confirmed coincident geochemical and geophysical targets (Figure 3; announcement dated 25 March 2024).

Figure 4. Drill plan for Bakassi Zone 1, highlighting results received, results pending and holes yet to be drilled within the Phase 5 programme.

The drilling programme is ongoing and further results are anticipated in Q4 2024.