Oriole Resources PLC reported an updated Inferred JORC-compliant Mineral Resource Estimate of 375,000 Troy ounces ('oz') grading 2.30 grammes per tonne ('g/t') gold ('Au') for Bakassi Zone 1, one of four prospects at its 82.2%-owned Bibemi orogenic gold project ('Bibemi' or the 'Project') in Cameroon. At the Bibemi orogenic gold project in northern Cameroon (177km2 in area), 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 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.

The majority of the drilling has been focussed on a circa 1 km section at the southern end of Bakassi Zone 1 and has delivered best intersections of 14.80m grading 4.27 g/t Au and 7.70m grading 2.74 g/t Au (hole BBDD050), 6.50m grading 3.92 g/t Au (hole BBDD034), 5.20m grading 1.97 g/t Au (hole BBDD031), and 9.20m grading 1.31 g/t Au (hole BBDD042) (announcements dated 20 December 2021, 9 February 2022 and 15 September 2022). The shear corridor at Bakassi Zone 1 has been confirmed up to 150m wide and contains a package of steeply-dipping quartz-tourmaline veins as well as extensional, sub-horizontal quartz veins. Both vein sets appear to be mineralised.

In December 2022, the Company reported a maiden JORC Mineral Resource Estimate for Bakassi Zone 1 of 4.3 million tonnes grading 2.19 g/t Au for approximately 305,000 oz Au in the JORC Inferred Resources category. This estimate was defined within a US$1,800/oz gold price pit shell. The Company reported that independent consultant Forge, together with its associate Axe Valley Mining Consultants Ltd, has produced an updated MRE for Bakassi Zone 1, as part of ongoing technical studies to support the application for an exploitation licence later this year.

The MRE for Bakassi Zone 1 now stands at 5.1 million tonnes grading 2.30g/t Au for approximately 375,000 oz Au in the JORC Inferred Resources category, based on a 0.45 g/t Au cut off and withina USD 2,000/oz gold price pit shell. The approximate 23% increase in the resource inventory largely reflects the robust improvement in the mid- to long-term gold price forecasts.