Oriole Resources shares surged on Tuesday after reporting exceptional gold grades from its Mbe project in Cameroon, with drill results showing ‘bonanza-grade’ intersections that significantly extend the known mineralised system.
This was the type of announcement junior mining investors dream of.
The latest drilling results from holes MBDD018 to MBDD020 delivered standout grades, including 1.00m at 119.10g/t gold within a broader 6.15m intersection averaging 19.67g/t gold from hole MBDD019. MBDD018 returned 3.00m at 17.66g/t gold, including a 2.00m section grading 26.31g/t gold.
The results bring the total gold-bearing intersections across the Phase 1 programme to 285, representing a discovery rate of more than one intersection every 21 metres drilled.
Oriole Resources shares soared over 70% in early trade on Tuesday.
Surface sampling has also yielded encouraging results. Five rock chip samples from artisanal pits approximately 150 metres outside the defined exploration target returned grades up to 13.10g/t gold, demonstrating the potential for further system extensions.
“The latest drilling results for Mbe are significant for several reasons,” explained Chief Executive Officer of Oriole Resources, Martin Rosser.
“Firstly, they confirm the potential for very high grades within the deposit, consistent with what we have already confirmed at surface.
“Secondly, they extend the known gold system boundaries, which has the potential to enhance the size of the recently published Mbe Exploration Target and the maiden MRE for MB01-S, which is earmarked for Q4-2025. Finally, with the system remaining open in all directions, the potential scale of Mbe is currently uncapped and is therefore hugely exciting.”
The company expects to publish its maiden pit-constrained Mineral Resource Estimate for the MB01-S target in Q4-2025, following completion of the Phase 1 drilling programme, which is already 90% complete.