AIM-listed gold explorer Oriole Resources’ shares fell 19% to £0.21 following the announcement of gold findings at its Bibemi and Mbe projects in Cameroon.

The share price recovered slightly to £0.23 on February 5, two days after the announcement, but remains below the pre-announcement level of £0.26.

At the Bibemi project, a total of 6,560 metres was drilled across 54 holes at the Bakassi Zone 1 prospect. Significant gold intersections include 2.9 metres at 1.41 grams per tonne (g/t) and 1 metre at 3.78 g/t, reinforcing the extension of the quartz shear vein system. Assay results from four additional holes are still pending.

At the Mbe project, a maiden diamond drilling campaign has completed 1,391 metres across four holes at the MB01-S target, with multiple gold intersections reported. These include a notable 29.75-metre section at 0.82 g/t, including 17.3 metres at 1.09 g/t, and another 26.3 metres at 0.62 g/t, with a 10.9-metre segment at 1.02 g/t gold.

Oriole Resources CEO Martin Rosser called Mbe’s initial drilling results a "discovery hole" with significant gold mineralisation. The company expects further results later this month and aims to upgrade Bibemi’s current 375,000-ounce mineral resource estimate.

“In summary, we are pleased with the results reported and the progress made already at this early stage,” he said in a press release.

Despite the positive results, investor sentiment remained weak.