Oriole Resources PLC announced an update for its 82.2%-owned Bibemi orogenic gold project in Cameroon, where BCM International Limited ('BCM') is currently funding up to USD 4 million in exploration expenditure in return for up to a 50% interest in the Project. The fully funded Phase 5 drilling programme of 7,060 metres ('m') in 62 holes is ongoing at the Bakassi Zone 1 prospect ('Bakassi Zone 1' or 'BZ1'). To date, a total of 10 vertical holes have been completed for approximately 1,244m at the main BZ1 Mineral Resource Estimate ('MRE') area ('BZ1-MRE').

At the Bibemi orogenic gold projects (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 kilometres ('km') long mineralised hydrothermal system at surface. Since First Quarter-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 the drilling to date has been focussed on a circa 1km section at the southern end of Bakassi Zone 1 and has delivered best intersections of 14.80m grading 4.27 grammes per tonne ('g/t') gold ('Au') and 7.70m grading 2.7 4g/t Au (hole BBDD050), 6.50m grading 3.92 g/t Au (hole BB DD034), 5.20m grading 1.97 g/t Au (holeBBDD031), and 9.20m grading 1.31 g/t Au (hole ABDD042).

In January 2024, the Company reported an updated MRE for the Bakassi Zone 1 of 5.1 million tonnes grading 2.30 g/t Au for approximately 375,000 troy ounces ('oz') Au in the JORC Inferred Resources category, based on a 0.45 g/t Au cut-off grade and within a USD 2,000/oz gold price pit shell. A fully funded Phase 5 drilling programme commenced at Bakassi Zone 1 last month for a planned 7,060m in 62 holes. The Company reports that a total of 10 vertical holes (BBDD055 to BBDD064) have been completed for 1,244.20m at the main BZ 1-MRE area.

The holes have intersected multiple shallow-dipping (<45@ from horizontal) and steeply dipping quartz and quartz-tour maline veins (up to 2.40m wide) that the Company anticipates will deliver additional near-surface mineralisation within the existing pit limits. Drill plans for Bakassi Zone 1 showing completed and planned drilling at the prospect as an overview (left) and at BZ1-MRE only (right). Samples are being prepared in-country and initial results from the programme are anticipated in third quarter-2024.

A further 23 inclined and four vertical holes have been planned at BZ1-M RE, 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. It marks the start of an iterative negotiation period to define and formalise a Mining Convention for the Project. Various inputs to the Mining Convention will change as a result of the Company's ongoing exploration and development programmes, including the current Phase 5 drilling programme, aimed at expanding and upgrading the existing MRE, mineralogical and metallurgical test work on representative mineralised material, and other technical studies relating to mine design.

The objective of the latter test work is to determine the mineralogical constituents of the sample and the metallurgical response when subjected to leaching. The objective of the latter testing work is to determine the mineralised constituents of the metallurgical response when subject to leaching.