|
OTTAWA, ONTARIO--(Marketwire - June 16,
2010) - Orezone Gold Corporation (TSX:ORE) is pleased to announce
positive results from an additional 152 holes (for a total of 318 holes
to date) of infill and resource expansion drilling at its Bombore Gold
Project in Burkina Faso, West Africa. The goal of the 42,500 m RC
infill and expansion drilling program is to upgrade and expand the
current near surface oxide resources in Q3 to provide the foundation
for a preliminary economic assessment to be released in Q4. A
preliminary comparison of the new infill results to the older
geological model indicates that the depth of oxidation is about 15%
greater than expected within the Maga deposit area and about 10%
greater within the P8/P9 deposit area. Similarly, the average width and
grade of the mineralization is broadly in line with the model. Infill
drilling has clearly defined improved continuity in discrete higher
grade zones within the larger lower grade envelope.
The Bombore project consists of several deposits along a 9km trend with
an additional 2.5km of possible extension recently identified and drill
tested. Results in this release include the final infill holes in the
CFU deposit and about two thirds of the holes drilled at P8/P9 deposit.
The 42,500 m drill program was completed on April 30th and about 60% of
the samples have been analyzed to date. Results are expected to
continue into July.
"Results to date indicate the potential for significant
extensions, an increase in resource tonnage along with improved continuity
from section to section in the higher grade areas," said Pascal
Marquis, V.P. Exploration for Orezone. All of these attributes will
contribute to improving the project economics in the preliminary
assessment. A complete table of results can be found on the Orezone
website. Please note that a complete statistical analysis of the
results has not yet been completed.
Table 1 Highlights from recent Bombore Infill and Expansion RC Drilling
PROSPECT SECTION HOLE FROM TO LENGTH AU g/t Comment CFU 2650 BBC0804 10.00 27.00 17.00 1.07 Infill Resource CFU 2450 BBC0808 56.00 62.00 6.00 5.40 expansion P8P9 2150 BBC0824 6.00 15.00 9.00 1.61 Infill P8P9 2150 BBC0824 52.00 68.00 16.00 0.71 Infill P8P9 1800 BBC0837 22.00 33.00 11.00 0.99 Infill P8P9 1750 BBC0844 39.00 50.00 11.00 6.09 Infill P8P9 1450 BBC0854 39.00 48.00 9.00 4.38 Infill P8P9 1325 BBC0860 82.00 94.00 12.00 1.69 Infill P8P9 1225 BBC0864 80.00 91.00 11.00 1.22 Infill P8P9 1175 BBC0867 53.00 66.00 13.00 1.35 Infill P8P9 875 BBC0877 21.00 39.00 18.00 0.76 Infill P8P9 875 BBC0878 0.00 10.00 10.00 3.49 Infill P8P9 2000 BBC0892 17.00 38.00 21.00 1.18 Infill P8P9 1950 BBC0895 2.00 35.00 33.00 0.72 Infill Resource P8P9 1600 BBC0902 7.00 12.00 5.00 4.73 expansion P8P9 1250 BBC0924 15.00 41.00 26.00 1.24 Infill P8P9 1450 BBC0931 54.00 63.00 9.00 1.20 Infill P8P9 1650 BBC0939 1.00 20.00 19.00 1.02 Infill P8P9 1750 BBC0945 50.00 66.00 16.00 1.34 Infill P8P9 1850 BBC0948 0.00 17.00 17.00 1.40 Infill P8P9 1975 BBC0974 59.00 75.00 16.00 0.92 Infill
The
RC drilling samples were divided by Orezone employees using Rotary
Sample Dividers (RSDs). A 2kg split was prepared by Abilab Burkina
s.a.r.l. (a subsidiary of ALS-Chemex) and SGS Burkina Faso s.a.r.l.,
and then split by Orezone to 1kg using RSDs. A 1kg aliquot was analyzed
for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by
bottle-roll cyanidation using a LeachWell(TM) catalyst. Orezone employs
a rigorous Quality Control Program (QCP) including a minimum of 15%
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.
The Bombore Project is located 85km east of the capital city of
Ouagadougou along a major national highway. The deposit has a total
Indicated resource of 0.93Moz (contained in 49.4Mt at a grade of
0.59g/t) and an Inferred resource of 1.78Moz (contained within 91.8Mt
at a grade of 0.61g/t). The grade of the resource is based on
approximately 65,000 assay results, including about 44,000 assays from
bottle-roll cyanidation extraction (not a complete extraction),
therefore understating the in-situ grade of the resource. Approximately
one half of the current resource is oxidized and occurs essentially within
50 m from surface. The above mentioned drill programs are designed to
upgrade and expand the oxidized resource in order to complete a
preliminary assessment for a heap leach operation. Detailed
metallurgical results to date indicate average heap leach recoveries of
80%, with an average consumption of 0.25kg/t of cyanide and 6kg/t of
cement. The topography, drainage and rainfall are suitable to construct
a large water reservoir without negatively impacting downstream users.
The project footprint is in an area of low population density and an
international power grid is expected to be constructed in the near
future. These infrastructure advantages will translate into reduced
project development and operating costs.
Orezone is a gold exploration and development company with more than 15
years experience in West Africa, one of the world's fastest growing
gold producing regions. Orezone delineated, permitted, and developed
Burkina Faso's largest gold deposit (Essakane) before it was bought by
IAMGOLD in a transaction worth approximately $350M. Orezone continues
to focus on developing the rest of its pipeline of advanced gold
projects including Bombore, one of the largest undeveloped gold
deposits in Burkina Faso. 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.
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.
|