RE: Excellent Gold Intersection at Mbe12 May 2025 08:07
The latest RNS from Oriole Resources on 12 May 2025 is, in short, a game-changing development in the Mbe discovery story.
Here’s a breakdown of why these results are so significant:
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1. Headline Drill Intercepts – Best Yet
Hole MBDD008:
86.5m at 1.36 g/t Au from just 22m, including:
39.4m at 2.00 g/t Au
6.0m at 2.24 g/t
3.0m at 2.32 g/t
8.5m at 2.25 g/t (including 1.0m at 17.0 g/t)
This is a standout result — not only for Oriole, but for any maiden drilling campaign in Africa.
Key point: This isn’t narrow high-grade. It’s wide, continuous, and near-surface — perfect for open-pit mining.
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2. Discovery Rate: 1 Gold Hit Every 21m
125 mineralised intersections from just 8 holes
3,912m drilled = 1 gold intercept every 21m
This level of hit rate is exceptionally high and validates the structural and geochemical models
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3. Deposit Geometry Is Emerging
Fence line N872482 now shows mineralisation over a 350m corridor width and 250m vertical depth
The mineralisation is open at depth and along strike
The team is now infilling the 100m gaps between fences — a sign they are heading toward resource definition scale
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4. Bulk-Tonnage System Confirmed
With consistent 0.5–1.5 g/t Au zones and localised high-grade veins (up to 17 g/t), this project is ticking all the boxes:
Open-pit mineable geometry
Strong grades for bulk mining
Simple host rock (QFP + gneiss) and sulphide-quartz vein systems
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5. Forward Catalysts Lined Up
MRE due Q4 2025
JORC Exploration Target in Q3 to provide early guidance on potential scale
Metallurgy tests underway (early bottle rolls already show good recovery)
Only 60% of the drill programme is complete — further upside likely with MBDD009-012 results pending
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6. Valuation Implications
Given these results, the potential maiden resource could realistically exceed 500,000 oz — and possibly push toward 750,000 oz if strike and depth continue to grow.
At current gold prices (~$2,800/oz), and typical in-ground valuation of $25–40/oz:
Mbe alone could support a £15M–£25M valuation
Oriole’s current market cap is still only ~£8M
That suggests a 2x–4x upside from just this asset
Add Bibemi, Senala, Wapouzé, and Muratdere, and you're easily in the £30M–£40M SOTP valuation range.
That implies a fair value share price of 0.6p–0.95p — compared to today’s ~0.18p.
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Conclusion: Best Result to Date
MBDD008 has delivered the kind of intercept that defines new gold deposits.
It significantly de-risks the project, builds confidence in the upcoming MRE, and strengthens the likelihood of attracting:
Strategic partners
Institutional interest
Or even eventual acquisition interest from a mid-tier gold producer
This is no longer speculative early-stage drilling. Oriole is now in the realm of a potential commercial discovery, with
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