New Discoveries and Remainder of 2010 Drilling Results Continue Trend of Positive Grade and Thickness Intervals for OJVG's Resource Expansion Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/03/11 -- Oromin Explorations Ltd. (TSX: OLE)(OTCBB: OLEPF) -
HIGHLIGHTS
New Drill Results include:
-- 14.30 g/t Gold over 8 metres at Golouma South
-- 6.84 g/t Gold over 9 metres Golouma South
-- 10.43 g/t Gold over 6 metres at Golouma West
-- 6.00 g/t Gold over 28 metres at Golouma West
-- 1.99 g/t Gold over 26 metres at Masato
New Discoveries:
-- The initial 2011 drill hole at Golouma West intersects a new, sub-
parallel, eight metre wide alteration zone of Golouma Style
mineralization hosting visible gold at a 575 metre depth.
-- Drilling is planned at the Saboraya Prospect, the newest OJVG discovery
located midway between the Kerekounda and Kourouloulou gold deposits.
Occurrences of visible gold within OJVG trenching at Saboraya have
become the most active, current artisanal mining site on the OJVG Gold
Project.
Oromin Explorations Ltd. ('Oromin'), on behalf of Oromin Joint Venture Group Limited ('OJVG'), is pleased to provide a further update including the remaining results of its 2010 drilling program at the OJVG Gold Project in eastern Senegal, West Africa. Drilling in the latter part of 2010 focused on resource and reserve expansion with particular emphasis (1) on Golouma Style higher grade gold deposits, and (2) on initial definition drilling of higher grade gold potential beneath the proposed open pit at the Masato deposit.
Chet Idziszek, President and CEO, stated, 'We are very pleased with our continued exploration successes as they confirm that the project's potential is still expanding. For example, last year's feasibility study outlined 1.22 M ounces of indicated resources in the Golouma style deposits, based on drilling to 250 metres. Subsequent drilling to 600 metres has confirmed grade and continuity of the mineralization and we see no indication that this will not continue at depth. If subsequent drilling does confirm additional continuity and similar grade to a depth of say 1,000 metres, we would expect this to have a significant, positive impact on the resource base at Golouma. Similarly, drill results from 2010 at Masato have confirmed continuity of mineralization to depth in multiple zones which we expect will also have a positive impact on the resource base at Masato.'
'We are also very encouraged by continuing to make new discoveries, such as at Saboraya, which will provide drill targets throughout 2011 and, we expect, beyond. The new Saboraya target lies between two established deposits, and may represent a highly prospective continuous zone of mineralization.'
The new drill results, along with those previously reported in Oromin's January 12th, 2011 news release are listed below and detailed with included intervals in Appendix A and B. These drill results further confirm the continuity of mineralization and increasing expansion potential for those higher grade Golouma Style deposits down-dip and below the limits of the resource/reserve block model used for the July 2010 Feasibility Study. The reserves from the Golouma Style Deposits in the July 2010 Feasibility totalled 960,000 ounces (7.4 million tonnes at 4.06 g/t Au) while indicated resources totalled 1.2 million ounces (10.5 million tonnes at 3.59 g/t Au) with an additional inferred resource of 149,000 ounces (1.1 million tonnes at 4.15 g/t Au). See our July 15, September 22 and November 18, 2010 News Releases and our November 9, 2010 Short Form Prospectus for details.
Golouma Style Deposits
New Results Previously Reported (January 12, 2011)
Kerekounda Golouma South
7.51 g/t Au over 2 m in DH-946 8.90 g/t Au over 7 m in DH-929
Golouma South
14.30 g/t Au over 8 m in DH-937 Golouma West
5.30 g/t Au over 10 m in DH-938 9.78 g/t Au over 3 m in DH-919
6.84 g/t Au over 9 m in DH-938 4.36 g/t Au over 16 m in DH-925
3.08 g/t Au over 11 m in DH-942 46.04 g/t Au over 11 m in DH-927
Golouma West 5.54 g/t Au over 8 m in DH-928
5.23 g/t Au over 12 m in DH-907 12.20 g/t Au over 8 m in DH-928
6.13 g/t Au over 12 m in DH-939
15.24 g/t Au over 2 m in DH-941
5.85 g/t Au over 5 m in DH-941
2.99 g/t Au over 11 m in DH-943
3.01 g/t Au over 17 m in DH-944
10.26 g/t Au over 3 m in DH-947
6.00 g/t Au over 28 m in DH-948
At the Masato Deposit, new results from mineralized zones below the proposed open pit continue to confirm and extend the zones of higher grade gold mineralization potentially amenable to underground mining. The Masato Deposit mineralization will be modelled as a combined Open Pit and Underground operation for the planned resource and reserve updates scheduled in Q1 and Q2 of 2011 respectively.
Masato Deposits (Underground)
New Results Previously Reported (January 12, 2011)
1.99 g/t Au over 26 m in DH-936 2.09 g/t Au over 11 m in DH-916
16.39 g/t Au over 1 m in DH-945 4.38 g/t Au over 7 m in DH-918
3.00 g/t Au over 6 m in DH-946 2.09 g/t Au over 21 m in DH-918
3.90 g/t Au over 16 m in DH-921
3.95 g/t Au over 15 m in DH-922
9.52 g/t Au over 6 m in DH-926
2.87 g/t Au over 9 m in DH-930
2011 Exploration Program and New Discoveries
The 2011 exploration program is well underway at the OJVG Gold Project with five drills currently operating, including two core drills on combined geotechnical and exploration drilling, two other core drills on depth extension exploration drilling, and one reverse circulation drill testing a number of new exploration targets. The initial 2011 drill hole, DH-950, at the Golouma West deposit intersected an eight metre wide altered and mineralized zone hosting visible gold that appears to be a new zone lying sub-parallel to the mineralized zones intersected in DH-928 (5.54 g/t gold over 8 metres starting at 558 metres and 12.20 g/t gold over 8 metres starting at 590 metres).
Three of the new exploration drilling targets being readied for drilling, Kourouloulou South, Makana and Saboraya, are either former or current artisanal mining locations. Of these, the Saboraya Prospect, which is located midway between the Kerekounda and Kourouloulou gold deposits, is presently the most active artisanal mining location on the OJVG concession where local miners began excavations in the area of visible gold occurrences in OJVG trenches.
Doug Turnbull, P. Geo., is a qualified person for the purposes of National Instrument 43-101, and has verified the data disclosed in this news release. William Bond, P. Geo., is also a qualified person for the purposes of National Instrument 43-101, and has supervised geologic field procedures. TSL Laboratories in Saskatoon carried out all assaying under industry-standard QA/QC procedures.
To find out more about Oromin Explorations Ltd., visit www.oromin.com.
On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD.
Chet Idziszek, President
Cautionary Statement
This document contains 'forward-looking statements' within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and our other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, estimates of exploration investment and the scope of exploration programs. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with public markets, mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks. Readers are advised not to place undue reliance on forward-looking statements.
Appendix A
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Golouma Style Deposits
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Drill Grid Azimuth/ From - To Interval Gold Grade
Deposit Hole Co-Ordinate Dip (m) (m) (g/t)
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GOLOUMA DH-937 53096N/14907E 114/-65 278-286 8 14.30
SOUTH incl.281-286 5 21.75
incl.282-283 1 42.51
300-303 3 3.13
------------------------------------------------------------------
DH-938 53113N/14929E 114/-64 259-269 10 5.30
incl.264-268 4 8.32
297-304 7 2.12
313-322 9 6.84
------------------------------------------------------------------
DH-942 53072N/14927E 110/-60 147-148 1 12.31
291-302 11 3.08
incl.292-295 3 6.13
------------------------------------------------------------------
DH-929(i) 53129N/14953E 114/-65 240-247 7 8.90
incl.245-246 1 29.70
254-256 2 6.11
----------------------------------------------------------------------------
GOLOUMA DH-907 53818N/14182E 150/-60 428-440 12 5.23
WEST incl.435-439 4 8.58
474-487 13 2.47
------------------------------------------------------------------
DH-939 53472N/14270E 359/-66 424-436 12 6.13
incl.424-430 6 10.43
incl.428-430 2 14.90
450-451 1 8.50
------------------------------------------------------------------
DH-941 53267N/14678E 013/-71 356-358 2 15.24
incl.356-357 1 28.88
365-370 5 5.85
------------------------------------------------------------------
DH-943 53687N/14280E 104/-75 186-193 7 3.31
198-209 11 2.99
incl.200-203 3 6.25
incl.202-203 1 12.43
------------------------------------------------------------------
DH-944 53494N/14275E 359/-65 384-401 17 3.01
incl.387-389 2 6.51
and 398-401 3 7.13
------------------------------------------------------------------
DH-947 53312N/14602E 015/-75 408-411 3 10.26
incl.410-411 1 19.08
418-419 1 11.45
------------------------------------------------------------------
DH-948 53552N/14334E 014/-71 201-206 5 2.34
213-241 28 6.00
incl.219-228 9 10.25
and 234-241 7 7.36
----------------------------------------------------------------------------
DH-919(i) 53307N/14654E 015/-80 383-386 3 9.78
incl.384-385 1 22.70
394-400 6 3.40
------------------------------------------------------------------
DH-925(i) 53280N/14625E 015/-70 386-402 16 4.36
incl.386-392 6 8.14
------------------------------------------------------------------
DH-927(i) 53279N/14625E 015/-75 396-407 11 46.04
incl.396-399 3 161.31
incl.398-399 1 434.60
------------------------------------------------------------------
DH-928(i) 53819N/14379E 215/-65 204-210 6 2.43
incl.204-205 1 7.82
558-566 8 5.54
incl.561-564 4 7.78
590-598 8 12.20
incl.593-596 3 26.91
------------------------------------------------------------------
DH-932(i) 53290N/14614E 015/-75 412-425 13 8.79
incl.412-417 5 16.78
incl.414-415 1 45.76
------------------------------------------------------------------
DH-934(i) 53803N/14333E 208/-76 224-229 5 6.72
------------------------------------------------------------------
DH-935(i) 53290N/14314E 015/-80 429-438 9 5.90
incl.429-434 5 9.10
incl.433-434 1 24.14
------------------------------------------------------------------
RC-817(i) 53682N/14298E 099/-67 155-171 16 6.52
incl.157-166 9 9.87
incl.157-159 2 15.79
and 163-165 2 15.46
----------------------------------------------------------------------------
KEREKOUNDA DH-946 54441N/15341E 057/-65 309-315 6 3.00
incl.313-315 2 7.51
------------------------------------------------------------------
DH-903(i) 54445N/15344E 055/-71 326-333 7 6.90
342-344 2 7.17
------------------------------------------------------------------
DH-908(i) 54416N/15349E 055/-71 328-330 2 21.20
incl.328-329 1 41.36
------------------------------------------------------------------
DH-896(i) 54484N/15298E 055/-78 124-125 1 13.75
363-377 14 4.13
incl.363-369 6 8.26
------------------------------------------------------------------
DH-900(i) 54461N/15311E 055/-71 334-348 14 10.05
incl.337-341 4 29.85
incl.339-340 1 67.76
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(i)Previously reported.
Mineralized intervals are based on 1-metre samples utilizing 1.0 g/t gold
cut-off levels with a maximum internal dilution of 2 metres. The attitude
of mineralized intervals varies and reported mineralized intersections may
not represent true widths.
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Appendix B
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Masato Deposit Results
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Drill Grid Azimuth/ From - To Interval Gold Grade
Deposit Hole Co-Ordinate Dip (m) (m) (g/t)
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MASATO DH-936 60476N/14786E 095/-70 192-218 26 1.99
incl.204-206 2 7.63
and 213-217 4 3.63
DH-940 60052N/14570E 110/-70 242-246 4 2.25
269-272 3 1.93
DH-945 59994N/14632E 114/-65 135-136 1 16.39
DH-916(i) 59618N/14428E 115/-67 161-172 11 2.09
incl.168-171 3 4.02
235-244 9 1.73
incl.241-244 3 3.40
DH-918(i) 59581N/14447E 115/-67 191-198 7 4.38
206-228 22 2.01
incl.206-214 8 3.30
DH-921(i) 59613N/14451E 118/-67 204-220 16 3.90
incl.206-212 6 6.41
incl.206-208 2 12.69
DH-922(i) 59593N/14425E 115/-67 170-177 7 2.70
incl.171-173 2 6.19
227-242 15 3.95
incl.227-236 9 6.23
incl.227-228 1 30.28
DH-926(i) 59568N/14513E 115/-67 50-52 2 4.00
66-72 6 9.52
99-109 10 1.73
incl.99-101 2 4.79
DH-930(i) 59562N/14530E 115/-67 55-64 9 2.87
incl.55-59 4 5.63
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(i)Previously reported.
Mineralized intervals are based on 1-metre samples utilizing 0.5 and 1.0
g/t gold cut-off levels with a maximum internal dilution of 4 metres. The
attitude of mineralized intervals varies and reported mineralized
intersections may not represent true widths.
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Contacts:
Oromin Explorations Ltd.
David Scott
Investor Relations
(604) 331-8772 or Toll-free (877) 529-8475
(604) 331-8773 (FAX)
dscott@mine-tech.com
www.oromin.com