Orezone Gold Corp.

Published : March 24th, 2011

Positive Drill Results at Bombore Continue to Confirm Model

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Positive Drill Results at Bombor� Continue to Confirm Model

Drilling program expanded from 120,000 to 170,000 meters

 

March 23, 2011- Orezone Gold Corporation ( ORE:TSX ) is pleased to announce additional positive results from its 100% owned Bombor� Gold Project in Burkina Faso, West Africa.The latest results include 22 additional diamond drill holes (3,151 m) that average 1.67 g/t in the sulphide zone at an average vertical depth of 84 m. These results follow the first 18 diamond drill holes announced on January 6, 2011 that averaged 1.18 g/t at an average drill depth of 89 m. In addition, the first 48 reverse circulation (RC) holes (3,361 m) from the infill drilling program returned an average grade of 1.36 g/t, with the leach residue assays (tail assays) still pending for 42 of the 48 holes.All reported holes are from the Maga Zone located in the northern 1.5 km of the 11 km Bombor� resource model, and indicate a bias towards higher average grade and narrower widths when compared to the current resource model, based on a lower cut-off of 0.5 g/t.

 

"The initial results from the Maga Zone are very encouraging, and indicate continuity below the portion ofthe deposit previously drilled, along the mineralized trend and below the current resource model," said Pascal Marquis, V.P. Exploration for Orezone.

 

Bombor� is the largest undeveloped gold deposit in Burkina Faso with 1.6 Moz Indicated and 1.9 Moz of Inferred resources constrained within Whittle pit shells. Over 80% of the resources occur above a depth of 80 m with an average depth of drilling of only 60 m.The geological model indicates that a substantial increase in the resources could be achieved by drilling deeper.Today's results are part of a $24 million, 170,000 m drilling campaign designed to expand and upgrade the resources by as much as 60% by increasing the average depth of drilling from 60 to 120 m. Bombor� has exceptional infrastructure for this part of Africa as it is located just 85 km from the capital city, adjacent to a paved highway, access to local power and available water. A Preliminary Economic Assessment is expected in Q2 2011, a Prefeasibility Study by year-end and a Full Feasibility Study for a large tonnage open pit Carbon in Leach ("CIL") operation by Q2, 2012.

 

Orezone has now completed 8,700 m of 35,000 m (25%) of the core drilling and 7,000 m of the 40,000 m (17%) of RC drilling it intends to complete by July 2011, a planned cut-off date for the data to be used in the next resource update due in October, 2011. One additional core rig was mobilized this week, and three more will be progressively mobilized in April, May and June, for a total of six rigs.

 

 

 

 

 

 

 

Table 1 Highlights from recent Bombor� expansion core drilling

 

Prospect

Hole-ID

Section

From

To

Length

Au

Vertical

Depth

Location with

(m)

(m)

(m)

(g/t)

(m)

respect to model

MH1

BBD0115

3900

86.0

129.0

43.0

1.06

81

Inside

MH1

BBD0116

3900

36.0

45.0

9.0

1.95

32

Inside

MH1

BBD0116

3900

58.0

69.0

11.0

1.01

48

Inside

Maga HW

BBD0121

3850

3.0

17.0

14.0

0.75

11

Outside

Maga Main

BBD0121

3850

118.0

124.0

6.0

2.30

95

Inside

MH1

BBD0122

3850

83.0

92.0

9.0

1.17

70

Inside

MH1

BBD0122

3850

107.0

121.0

14.0

0.89

96

Inside

MH1

BBD0123

3800

50.0

62.0

12.0

0.85

48

Inside

MH1

BBD0124

3800

26.0

40.0

14.0

1.38

30

Inside

MH1

BBD0126

3750

0.0

10.5

10.5

1.43

7

Inside

MH1

BBD0127

3700

123.5

132.5

9.0

1.64

104

Inside

MH2

BBD0117

3675

125.0

137.0

12.0

2.29

99

Edge

MH1

BBD0130

3650

71.0

74.0

3.0

5.30

58

Inside

MH3

BBD0118

3575

118.0

128.0

10.0

4.66

97

Below

MH3

BBD0118

3575

149.0

154.0

5.0

4.70

120

Outside

MH2

BBD0120

3575

24.0

29.0

5.0

3.60

23

Inside

MH2

BBD0120

3575

45.0

48.0

3.0

5.28

39

Inside

MH3

BBD0133

3475

97.5

111.0

13.5

3.47

92

Inside

MH3

BBD0136

3300

66.0

76.0

10.0

2.74

57

Below

 

Table 2 Highlights from recent Bombor� infill RC drilling[1][1]

 

Prospect

Hole-ID

Section

From

To

Length

Au

Vertical

Depth

Location with

(m)

(m)

(m)

(g/t)

(m)

respect to model

Maga Main

BBC1263

4525

1.0

9.0

8.0

1.41

5

Edge

Maga Main

BBC1264

4500

20.0

29.0

9.0

1.41

26

Inside

Maga Main

BBC1264

4500

32.0

42.0

10.0

2.79

30

Inside

Maga Main

BBC1265

4500

0.0

9.0

9.0

2.42

4

Inside

Maga Main

BBC1265

4500

31.0

43.0

12.0

2.05

30

Edge

Maga Main

BBC1266

4500

0.0

10.0

10.0

1.30

6

Outside

Maga Main

BBC1267

4450

4.0

14.0

10.0

1.35

8

Inside

Maga Main

BBC1268

4425

0.0

8.0

8.0

1.27

4

Inside

Maga Main

BBC1268

4425

17.0

31.0

14.0

1.20

17

Below

Maga Main

BBC1269

4400

6.0

37.0

31.0

1.73

16

Inside

Maga Main

BBC1270

4400

0.0

9.0

9.0

1.37

6

Inside

Maga Main

BBC1271

4325

38.0

78.0

40.0

1.07

46

Inside

Maga Main

BBC1272

4325

5.0

36.0

31.0

1.13

19

Inside

Maga Main

BBC1280

4175

12.0

33.0

21.0

1.28

18

Inside

Maga Main

BBC1282

4125

58.0

72.0

14.0

1.43

46

Inside

Maga Main

BBC1283

4125

32.0

49.0

17.0

1.21

30

Inside

Maga Main

BBC1285

4100

48.0

55.0

7.0

1.69

34

Inside

Maga Main

BBC1286

4100

3.0

34.0

31.0

1.33

23

Inside

Maga Main

BBC1287

4050

48.0

62.0

14.0

1.99

34

Inside

MH1

BBC1288

4050

0.0

15.0

15.0

1.50

8

Inside

Maga Main

BBC1289

4025

66.0

76.0

10.0

1.41

56

Inside

MH1

BBC1290

4025

33.0

48.0

15.0

1.51

32

Inside

MH1

BBC1291

4000

20.0

28.0

8.0

1.83

19

Inside

MH1

BBC1293

3950

24.0

45.0

21.0

2.09

28

Inside

MH1

BBC1294

3950

1.0

9.0

8.0

1.95

5

Inside

MH1

BBC1294

3950

28.0

38.0

10.0

1.11

25

Inside

MH1

BBC1295

3925

11.0

21.0

10.0

1.70

13

Inside

MH1

BBC1298

3900

19.0

44.0

25.0

1.01

25

Inside

MH1

BBC1299

3900

0.0

3.0

3.0

4.16

2

Inside

MH1

BBC1300

3875

13.0

27.0

14.0

1.31

16

Inside

MH1

BBC1302

3850

0.0

22.0

22.0

1.57

11

Inside

MH1

BBC1304

3750

17.0

25.0

8.0

1.31

16

Inside

MH1

BBC1305

3650

14.0

19.0

5.0

2.49

14

Inside

 

The mineralized intervals are based on a lower cut-off grade of 0.5 g/t, a minimal width of 3 m and less than two consecutive meters of dilution being included. The true width of the mineralization is equal to about 85% of the drill length intervals. The half-core samples were collected by Orezone employees using a diamond saw. The core samples from the weathered (oxide) zone were prepared in Ouagadougou by Abilab Burkina s.a.r.l. and SGS Burkina Faso s.a.r.l.. Orezone then split the sample to 1kg using Rotary Sample Dividers (RSD) and a 1 kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l. in Ouagadougou, by bottle-roll cyanidation using a LeachWellTM catalyst. The samples from the fresh or sulphide zone were prepared by BIGS and then split by Orezone to 100 g using the RSD with a 50 g aliquot analyzed by fire assay at Abilab.

 

The RC drilling samples were divided by Orezone using the RSD. A 2 kg split was prepared by Abilab and SGS, then split by Orezone to 1 kg using the RSD. A 1 kg aliquot was analyzed for leachable gold at BIGS, by bottle-roll cyanidation using LeachWellTM. The leach residues from all samples with a leach grade in excess of 0.2 g/t were prepared by BIGS and then split by Orezone to 100 g using the RSD. A 50 g aliquot was analyzed by fire assay at Abilab.

 

Orezone employs a rigorous Quality Control Program (QCP) including a minimum of 10% standards, blanks and duplicates. This program was executed under the supervision of Dr. Pascal Marquis, V.P. Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and approved the technical information in this release.A complete table of results and the NI-43-101 Bombor� Resource Report that describes the Bombor� resource model can be found at www.orezone.com.

 

Orezone is a gold exploration and development company with significant gold resources in Burkina Faso and more than 15 years of operating experience in West Africa, one of the world's fastest growing gold producing regions.  Orezone is focused on developing Bombor�, the second largest gold deposit in the country, and its pipeline of advanced gold projects.   Orezone's mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.

 

For further information please contact Orezone at (613) 241-3699 or Toll Free: (888) 673-0663  

Ron Little, CEO, rlittle@orezone.com����������������� Pascal Marquis, V.P. Exploration, pmarquis@orezone.com

FORWARD LOOKING STATEMENTS AND FORWARD LOOKING INFORMATION: This news release contains certain "forward looking statements" within the meaning of applicable Canadian securities laws. Forward looking statements and forward looking information are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. 

FORWARD LOOKING STATEMENTS are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward looking statements.

Readers are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately.  Readers should refer to the annual information form of Orezone for the year ended December 31, 2009 and other continuous disclosure documents filed by Orezone since January 1, 2010 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.

 

 

 

 

 



[1][1] Preliminary widths and grades as most leach residue assays are pending.

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Orezone Gold is a gold exploration company based in Canada.

Its main exploration properties are ZELINE 1 & ZELINE 4 and KOSSA in Niger and SEGA, BONDI and BOMBORE in Burkina Faso.

Orezone Gold is listed in Canada. Its market capitalisation is CA$ 161.9 millions as of today (US$ 129.5 millions, € 113.4 millions).

Its stock quote reached its highest recent level on April 08, 2011 at CA$ 5.26, and its lowest recent point on November 27, 2015 at CA$ 0.22.

Orezone Gold has 117 350 000 shares outstanding.

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Annual reports of Orezone Gold Corp.
2009 Annual Report
2008 Annual Report
Annual report 2006
Financings of Orezone Gold Corp.
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Financials of Orezone Gold Corp.
11/15/2008 Third Quarter Update
Project news of Orezone Gold Corp.
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1/10/2012(Bombore)Reports Continued Positive Results at Bombore Gold Project
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8/18/2011Orezone Confirms Heap Leach Potential of Sulphide Resources ...
8/18/2011(Sega)Confirms Heap Leach Potential of Sulphide Resources at Sega
8/8/2011Orezone Expands Bombor\303\251 Gold Project ...
8/8/2011(Bombore)Expands Bombore Gold Project Area 60% With New Permit
7/26/2011(Bombore)Reports Higher Gold Grades and Improved Continuity at Bombor...
6/21/2011(Bombore)Bombor=E9 Gold Project Has PositivePreliminary Economic Asse...
6/20/2011Orezone Bombor\303\251 Gold Project ...
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3/24/2011(Bombore)Positive Drill Results at Bombore Continue to Confirm Model
3/23/2011(Bombore)Positive Drill Results at Bombore Continue to Confirm Model
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7/6/2010(Bombore)Fourth Round of Positive Drill Results at Bombore
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12/8/2009(Bombore)Improves on Final Bombore Metallurgical Results
10/14/2009(Bombore)Confirms Bombore Gold Deposit is Amenable to Heap Leaching
7/29/2009(Bombore)Completes Drilling Below Surface Resources at Bombore
6/24/2009(Bombore)Orezone Confirms Mineralization at Bombore Below Surface Res...
11/10/2008(Bombore)Almost Triples Gold Resource at Bombore Project
6/30/2008(Essakane)2008 Technical report
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12/4/2015Orezone Approved to Move from TSX to TSX-V
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9/16/2015Orezone Provides Update on Bombore Permitting and Bondi Proj...
7/21/2015Orezone Closes C$6.5M Investment
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11/24/2014Bombore Gold Project Feasibility Study Update
11/10/2014Orezone update on Operations in Burkina Faso
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11/3/2014Orezone update on Bomboré and Burkina Faso
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6/4/2014Positive Metallurgical Test Results at Bombore
5/23/2014Orezone Gold Corporation: Results of Annual General Meeting
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9/29/2005An emerging producer in Burkina Faso, West Africa
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