Oriole finalizes Senala JV and reports encouraging Mbe drilling
Oriole Resources PLC shares rose after the gold explorer completed a joint venture agreement over its Senala project in Senegal and reported further encouraging drilling results from its Mbe project in Cameroon.
At Senala, Oriole signed a joint venture agreement with Managem subsidiary AGEM, replacing an earlier earn-in deal under which AGEM spent US$5.8 million on exploration to secure an approximate 59% interest in the project.
The agreement paves the way for a US$2 million exploration programme, due to begin in August, including 3,000 metres of diamond drilling at the Faré prospect and 10,000 metres of auger drilling at nearby targets.
Chief executive Martin Rosser said completion of the agreement was “a major milestone” that would allow the next phase of exploration to begin.
Separately, Oriole reported final assay results from step-out drilling at its 50%-owned Mbe project in Cameroon, including an intersection of 16.4 metres grading 1.65 grams of gold per tonne.
The company said the programme had extended mineralisation in several directions and was expected to increase the current 870,000-ounce resource at the MB01-S deposit, with an updated resource estimate due later in the third quarter of 2026.
