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(Sharecast News) - Oriole Resources said on Friday that it has completed a maiden 3,000-metre diamond drilling programme at the MB01-N target on its Mbe gold project in Cameroon, with partner BCM International now earning a 50% beneficial interest in the asset.
The AIM-traded explorer drilled 3,000.4 metres across 15 holes at MB01-N, with 17.6 metres abandoned and redrilled, resulting in 2,982.8 metres sampled.
It said the programme was designed to convert the existing JORC exploration target into a maiden JORC resource and followed the company's previously-reported 870,000-ounce contained gold JORC inferred mineral resource at the nearby MB01-S deposit.
Under the completion agreement announced in November, BCM International had now earned a 50% beneficial interest in the Mbe project.
Administrative work to formalise that interest, including drafting a joint venture agreement, was underway.
MB01-N, located 700 metres northeast of MB01-S, hosts a JORC exploration target of 15 million to 20 million tonnes at 0.77 to 0.94 grams of gold per tonne, equating to 370,000 to 605,000 ounces of contained gold.
The company said the programme was structured to maximise the conversion of that target into a JORC-compliant resource.
Notable results from the first nine holes, using a 0.2 grams of gold per tonne cut-off, included 21.7 metres at 3.13 grams per tonne including 7.2 metres at 8.19 grams per tonne in hole MBDD026; 16.1 metres at 2.49 grams per tonne and 14.8 metres at 0.73 grams per tonne in MBDD027; 16.2 metres at 0.77 grams per tonne including 10.1 metres at 1.08 grams per tonne in MBDD025; and seven metres at 1.02 grams per tonne in MBDD031.
Assay results for six further holes were expected later in the first quarter.
On receipt of the remaining results, the company's consultant would prepare a maiden JORC mineral resource estimate for MB01-N, which would add to the existing 870,000-ounce resource at MB01-S.
"We are delighted that the maiden drilling programme at the MB01-N target has been completed," said chief executive Martin Rosser.
"The drilling crew and support personnel have worked tirelessly to achieve this on time and with excellent core recovery, and we thank them for their efforts.
"We look forward to reporting the remaining drill holes results and the consultant's maiden MRE report."
A fully funded step-out drilling programme was scheduled to start at MB01-S in the second quarter of the year.
At 1247 GMT, shares in Oriole Resources were up 4.62% at 0.34p.
Reporting by Josh White for Sharecast.com.