Orezone
Gold Corporation (TSX:ORE
- News) is pleased to
announce additional positive results from its 100% owned Bombore
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 Bombore 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 of the
deposit previously drilled, along the mineralized trend and below the current
resource model," said Pascal Marquis, V.P. Exploration for Orezone.
Bombore 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. Bombore 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 Bombore
expansion core drilling
----------------------------------------------------------------------------
Vertical
Prospect Hole-ID
Section From To Length Au 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 Bombore
infill RC drilling(1)
----------------------------------------------------------------------------
Vertical
Prospect Hole-ID
Section From To Length Au 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
----------------------------------------------------------------------------
(1) Preliminary widths and grades as most leach residue assays are
pending.
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 LeachWell(TM)
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 LeachWell(TM). 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 Bombore Resource Report that describes
the Bombore 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 Bombore,
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.
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.
Contact:
Ron Little
Orezone Gold Corporation
CEO
613-241-3699 or Toll Free: 888-673-0663
rlittle@orezone.com
Pascal Marquis
Orezone Gold Corporation
V.P. Exploration
613-241-3699 or Toll Free: 888-673-0663
pmarquis@orezone.com
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