Positive Results Continue at Orezone's Bombore Gold Project
17.10.2011 | Marketwire
Oxide drill results to date, using cut grades, are 42% higherOTTAWA, ONTARIO -- (Marketwire - Oct. 17, 2011) - Orezone Gold Corporation (TSX: ORE) is pleased to announce additional positive drill results from an ongoing 170,000 m infill and expansion drill program at its 100% owned Bomboré Gold Project in Burkina Faso, West Africa. Results include 202 reverse circulation (RC) holes (12,205 m) and 69 diamond drill (DD) holes (9,893 m) from the northern and southern portions of the 11 km long Bomboré resource (see map). The objectives of the program are to expand and upgrade sulphide resources with core drilling at depth, as well as to upgrade and expand near-surface oxide resources with RC drilling. With 71% of the drilling completed to date and 50% of the assays reported, the results continue to indicate success in achieving both objectives with a significant increase in resources and improved project economics expected.
Results have cumulatively indicated higher grades (+42% in the oxide, +37% in the sulphide) and narrower widths (71% in the oxide, 67% in the sulphide) compared to the October 2010 NI 43-101 compliant resource model ("the 2010 model"). With six drill rigs in operation (5DD, 1RC) the program is on track to complete 80,000 m of DD and 90,000 m of RC drilling by year end. Analytical results will continue through Q1 of 2012 with a full resource update planned for release in Q2.
Open-ended mineralization (both shallow oxide and deeper sulphide extensions) has been discovered outside of the 2010 resource model and will warrant further drilling in 2012. In addition, several auger drilling anomalies warrant RC drilling in four main areas: the gap between Maga-CFU-KT; the gap between Siga West and P8P9; the possible extension of Maga SW along the western margin of P8P9, and; the (newly defined) P13 target in the SW corner of the Bomboré permit (see map). The P13 anomaly may extend onto Orezone's adjacent Toeyoko permit where an airborne survey is scheduled to be completed before year-end with follow-up reconnaissance work and auger drilling scheduled for early 2012.
"Results from the assays reported on the first 50% of the drill program have been very positive and continue to increase our confidence that Bomboré will evolve into a world-class deposit," said Ron Little, CEO for Orezone. "While we expect a significant increase in both classification and size of the Bomboré resource at the conclusion of this drill program, the results continue to underscore the potential to further expand resources at depth and along strike with continued drilling."
Today's drill results and conclusions are preliminary and may be further improved as approximately 35% of the leach residue fire assays are still missing from the Siga, P11 and P8P9 areas. The leach residue fire assays typically increase the mineralized width above a lower cut-off of 0.5 g/t by about 18% for a similar bulk grade. Table 1 summarizes the above and provides a comparison of the overall results to date with the 2010 resource model, while Table 2 provides a breakdown of the meters reported in this release.
"The drilling in the southern half of the project is almost complete and has successfully demonstrated improved continuity and grades with gold mineralization down to 200 m and remaining open at depth," said Pascal Marquis, SVP Exploration for Orezone. "The last 50,000 m of the 2011 drill program will occur in the northern half of the deposit where grades and continuity were more robust than the southern half in the 2010 resource model. The initial RC results reported in this release from the northern half (P8P9) continue to confirm this trend."
The environmental impact study, along with metallurgical and optimization studies, continue to proceed on schedule. A detailed socio-economic field inventory was completed in September and an interim report is expected in Q4. Approximately one tonne (76 samples) representative of the various oxide and sulphide mineralized zones will be processed by McClelland Laboratories Inc. in Nevada, USA, for detailed ore variability testing, including cyanidation tests, carbon and sulfur speciation, ICP scan, whole rock analysis and granulometry and particle size distribution analysis. Results will become progressively available over the next six months and will be integrated into the next round of Whittle resource modeling. The new phase 1 mine-site camp, office and access roads were completed and are fully functional. To improve the turn-around time for results, the construction of a sample preparation facility at site has commenced with the capacity to process 18,000 samples per month. The facility will be managed by a certified international laboratory, and is expected to be commissioned in Q1 2012. The company continues to improve the efficiency of the exploration programs and ultimately the development of the project.
Table 1: Comparison of Current Program with the 2010 Resource Model
Current Program Results Reported to Date Average Grade Comparison with 2010 Resource Model
Zone Holes meters % Complete Uncut
(g/t) Cut(1)
(g/t) Cut Grade
(g/t) Width
(m)
Maga - RC 50 3,455 17 % 1.37 1.33 117 % 74 %
Maga - DD 50 7,702 38 % 1.19 1.11 130 % 59 %
CFU - RC 0 0 0 %
CFU - DD 4 653 24 % 1.05 1.05
P8P9 - RC 208 12,567 52 % 1.39 1.10 152 % 73 %
P8P9 - DD 0 0 0 %
P17 - RC 18 888 100 % 2.09 1.71 188 % 43 %
P17 - DD 7 1,095 100 % 2.05 1.73 129 % 102 %
P16 - RC 20 1,096 100 % 1.44 1.35 234 % 95 %
P16 - DD 7 1,001 100 % 2.51 1.80 252 % 87 %
P11 - RC 178 9,077 79 % 0.93 0.92 238 % 144 %
P11- DD 5 644 7 % 1.08 1.08 215 % 157 %
Siga S - RC 208 10,517 100 % 2.21 0.98 134 % 123 %
Siga S - DD 60 9,619 100 % 1.15 1.00 132 % 74 %
Siga W - RC 117 5,901 90 % 0.90 0.88 154 % 54 %
Siga W - DD 32 5,276 52 % 0.92 0.90 130 % 59 %
Siga E - RC 155 8,358 84 % 1.06 0.98 125 % 55 %
Siga E - DD 48 6,629 63 % 1.16 1.08 154 % 65 %
All - RC 954 51,859 61 % 1.46 1.05 142 % 71 %
All - DD 213 32,618 38 % 1.16 1.04 137 % 67 %
(1) Weighted average grade of individual assays cut to 5 g/t
Table 2: Breakdown of Drilling Meterage for this Release
Zone Diamond Drill Reverse Circulation
# of holes meters # of holes meters
CFU 0 0 0 0
Maga 0 0 0 0
P8P9 0 0 142 9,190
P17 0 0 0 0
P16 0 0 0 0
Siga S 1 85 0 0
Siga W 24 3,756 0 0
Siga E 39 5,408 14 709
P11 5 644 46 2,306
TOTAL 69 9,893 202 12,205
Table 3: Highlights of Diamond Drill Hole Results for this Release
From To Length Uncut Grade(2) Cut
Grade(3) Total
Zone Section Hole # (m) (m) (m) (g/t) (g/t) Assay(4)
Siga W 12200 BBD0271 111.00 120.00 9.00 1.28 1.28 Pending
Siga W 11950 BBD0315 36.00 41.00 5.00 2.45 2.45 Pending
Siga W 11750 BBD0309 84.50 93.50 9.00 1.49 1.49
Siga W 11750 BBD0309 108.50 123.50 15.00 1.00 1.00
Siga W 11700 BBD0308 153.00 171.00 18.00 0.95 0.95
Siga W 11650 BBD0305 36.00 50.00 14.00 0.87 0.87
Siga W 11550 BBD0200 149.00 156.50 7.50 1.56 1.56
Siga W 11550 BBD0200 194.00 213.50 19.50 0.74 0.74
Siga W 11350 BBD0199 41.00 63.00 22.00 0.89 0.89
Siga S 11250 BBD0302 15.00 24.00 9.00 1.29 1.29
Siga S 11250 BBD0302 56.00 68.00 12.00 1.22 1.22
Siga S 11250 BBD0302 90.50 108.50 18.00 0.67 0.67
Siga S 11200 BBD0198 81.50 90.50 9.00 6.53 1.97
Siga S 11200 BBD0198 99.50 107.00 7.50 1.42 1.42
Siga S 11150 BBD0197 72.50 92.00 19.50 1.19 1.10
Siga S 11050 BBD0228 165.00 175.50 10.50 1.14 1.14
Siga S 10850 BBD0196 104.00 116.00 12.00 1.01 1.01
Siga S 10800 BBD0192 89.00 110.00 21.00 1.35 1.35
Siga S 10600 BBD0178 155.00 191.50 36.50 0.85 0.85
Siga E 12600 BBD0267 83.00 93.50 10.50 1.19 1.19 Pending
Siga E 12600 BBD0267 99.50 105.50 6.00 2.46 1.82 Pending
Siga E 12550 BBD0407 44.00 54.50 10.50 1.17 1.17 Pending
Siga E 12550 BBD0407 72.50 78.50 6.00 1.68 1.68 Pending
Siga E 12400 BBD0403 37.50 45.50 8.00 1.88 1.79 Pending
Siga E 12350 BBD0401 24.00 28.00 4.00 4.40 4.24 Pending
Siga E 12200 BBD0245 0.00 9.50 9.50 1.99 1.83 Pending
Siga E 12200 BBD0246 29.50 38.50 9.00 1.81 1.81 Pending
Siga E 12200 BBD0246 43.50 63.00 19.50 4.52 2.30 Pending
Siga E 12150 BBD0244 122.00 140.00 18.00 0.70 0.70
Siga E 12100 BBD0241 69.00 73.50 4.50 3.86 3.67
Siga E 12050 BBD0238 47.00 63.50 16.50 0.84 0.84
Siga E 11950 BBD0235 219.00 226.50 7.50 1.36 1.36
Siga E 11450 BBD0252 24.00 43.00 19.00 0.87 0.87
Siga E 11400 BBD0264 3.00 14.00 11.00 1.21 1.21
Siga E 11400 BBD0264 146.00 157.00 11.00 1.75 1.75
(2) Weighted average grade of uncut individual assays
(3) Weighted average grade of individual assays cut to 5 g/t
(4) Composite width and grade are preliminary where fire assay residue results are pending
The dip of the Siga mineralization is approximately 55 degrees, resulting in true widths that are >90% of the core length.
Table 4: Highlights of Reverse Circulation Results for this Release
From To Length Uncut
Grade(5) Cut
Grade(6) Total
Zone Section Hole (m) (m) (m) (g/t) (g/t) Assay(7)
Siga W 12450 BBC1572 35.00 45.00 10.00 1.22 1.22
Siga S 11250 BBC1789 25.00 41.00 16.00 1.01 1.01
P8P9 1900 BBC2217 21.00 24.00 3.00 4.94 3.71 Pending
P8P9 1900 BBC2218 7.00 40.00 33.00 1.30 1.30 Pending
P8P9 1900 BBC2221 1.00 29.00 28.00 2.05 2.03 Pending
P8P9 1900 BBC2221 48.00 66.00 18.00 5.56 1.84 Pending
P8P9 1650 BBC2182 56.00 66.00 10.00 1.21 1.21 Pending
P8P9 1600 BBC2171 5.00 9.00 4.00 3.77 3.17 Pending
P8P9 1550 BBC2175 4.00 21.00 17.00 1.40 1.23 Pending
P8P9 1550 BBC2175 28.00 43.00 15.00 2.21 1.37 Pending
P8P9 1550 BBC2177 49.00 66.00 17.00 1.01 0.95 Pending
P8P9 1500 BBC2165 7.00 24.00 17.00 0.61 0.61 Pending
P8P9 1500 BBC2166 19.00 32.00 13.00 0.88 0.88 Pending
P8P9 1450 BBC2153 57.00 82.00 25.00 1.96 1.73 Pending
P8P9 1450 BBC2154 39.00 57.00 18.00 0.88 0.88 Pending
P8P9 1450 BBC2154 60.00 64.00 4.00 2.66 2.66 Pending
P8P9 1400 BBC2127 40.00 46.00 6.00 8.40 1.95 Pending
P8P9 1400 BBC2128 10.00 18.00 8.00 4.26 2.05 Pending
P8P9 1400 BBC2148 47.00 55.00 8.00 1.33 1.33 Pending
P8P9 1350 BBC2123 68.00 76.00 8.00 1.39 1.37 Pending
P8P9 1350 BBC2124 23.00 28.00 5.00 6.17 3.00 Pending
P8P9 1350 BBC2140 70.00 81.00 11.00 0.99 0.99 Pending
P8P9 1350 BBC2142 18.00 29.00 11.00 1.08 1.08 Pending
P8P9 1350 BBC2143 29.00 43.00 14.00 1.07 1.07 Pending
P8P9 1350 BBC2143 50.00 61.00 11.00 1.03 1.03 Pending
P8P9 1300 BBC2116 34.00 40.00 6.00 5.64 3.96 Pending
P8P9 1300 BBC2118 6.00 14.00 8.00 1.56 1.48 Pending
P8P9 1300 BBC2137 8.00 16.00 8.00 1.42 1.42 Pending
P8P9 1300 BBC2137 33.00 45.00 12.00 1.26 1.26 Pending
P8P9 1300 BBC2139 12.00 24.00 12.00 1.05 1.05 Pending
P8P9 1250 BBC2111 40.00 49.00 9.00 1.78 1.73 Pending
P8P9 1250 BBC2112 14.00 25.00 11.00 2.61 1.63 Pending
P8P9 1250 BBC2135 42.00 52.00 10.00 1.81 1.81 Pending
P8P9 1200 BBC2106 32.00 42.00 10.00 1.97 1.81 Pending
P8P9 1200 BBC2107 9.00 16.00 7.00 2.02 1.65 Pending
P8P9 1200 BBC2130 7.00 31.00 24.00 1.81 1.73 Pending
P8P9 1200 BBC2130 34.00 43.00 9.00 2.56 1.28 Pending
P8P9 1200 BBC2134 14.00 17.00 3.00 4.00 3.37 Pending
P8P9 1150 BBC2092 62.00 69.00 7.00 4.85 3.27 Pending
P8P9 1150 BBC2093 38.00 49.00 11.00 4.02 2.07 Pending
P8P9 1150 BBC2133 8.00 17.00 7.00 3.88 2.30 Pending
P8P9 1100 BBC2085 0.00 7.00 7.00 1.53 1.53 Pending
P8P9 1100 BBC2086 16.00 26.00 10.00 2.01 1.29 Pending
P8P9 1050 BBC2078 29.00 40.00 11.00 0.93 0.93 Pending
P8P9 1000 BBC2076 18.00 32.00 14.00 0.78 0.78 Pending
P8P9 900 BBC1934 33.00 40.00 7.00 2.06 1.77
P8P9 850 BBC2053 9.00 40.00 31.00 1.16 1.03 Pending
P8P9 850 BBC2054 0.00 16.00 16.00 0.72 0.72 Pending
P8P9 750 BBC2037 2.00 13.00 11.00 2.01 1.23
P8P9 750 BBC2037 24.00 41.00 17.00 0.89 0.89
P8P9 750 BBC2038 8.00 15.00 7.00 2.13 1.81
P8P9 200 BBC2011 15.00 24.00 9.00 1.30 1.30 Pending
P11 50050 BBC1875 5.00 25.00 20.00 0.83 0.83
P11 50000 BBC1998 19.00 23.00 4.00 3.38 3.06 Pending
P11 50000 BBC1998 26.00 41.00 15.00 1.50 1.29 Pending
P11 48950 BBC1836 40.00 48.00 8.00 1.33 1.33
P11 48900 BBC1831 6.00 15.00 9.00 1.98 1.84
P11 48200 BBC1862 6.00 29.00 23.00 1.34 1.34
(5) Weighted average grade of uncut individual assays
(6) Weighted average grade of individual assays cut to 5 g/t
(7) Composite width and grade are preliminary where fire assay residue results 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 up to a maximum of two consecutive meters of dilution being included. The true width of the mineralization is equal to about 85% of the drill length intervals in Maga, P16 and P17 areas, and to 95% of the drill length intervals in the Siga area. The half-core samples were collected by Orezone employees using a diamond saw. The core samples from the weathered (oxide) zone were 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 1 kg using Rotary Sample Dividers (RSDs). 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™ catalyst. The samples from the fresh or sulphide zone were prepared by BIGS Global Burkina s.a.r.l,SGS Burkina Faso s.a.r.l. and Abilab Burkina s.a.r.l. in Ouagadougou and then split by Orezone to 1 kg using Rotary Sample Dividers (RSDs). 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™ catalyst. Orezone decided to switch to bottle-roll cyanidation using a LeachWell™ catalyst for the sulphide core samples to improve turn-around and precision when compared to the fire assay analyses that were used during the first part of the current program.
The RC drilling samples were divided by Orezone employees using Rotary Sample Dividers (RSDs). A 2 kg 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 1 kg using RSDs. 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™ catalyst. The leach residues from all samples with a leach grade in excess of 0.2 g/t were prepared by BIGS Global Burkina s.a.r.l. and then split by Orezone to 50 g using Rotary Sample Dividers (RSDs). A 50 g aliquot was analyzed by fire assay at Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex) or at SGS Burkina Faso s.a.r.l.
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 Pascal Marquis, SVP 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 Bomboré Resource Report that describes the Bomboré resource model can be found at
www.orezone.com.
About Orezone Gold Corporation
Orezone is a Canadian company with a gold discovery track record of +10 M oz and recent mine development experience in Burkina Faso, West Africa. Bomboré, the Company's 100% owned flagship project, is one of the largest gold deposits in the country and is situated 85 km east of the capital city, adjacent to an international highway. Resources are constrained within optimized open pit shells that span 11 km, and include 1.6 Moz indicated and 1.9 Moz inferred resources with an average drill depth of only 60 meters. The Company is currently completing a $24 M, 170,000 meter drill program to significantly expand resources and support the completion of feasibility studies in 2012. Orezone's goal is to develop Bomboré into a world-class deposit by 2012 and become a mid-tier producer by 2015.
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 in this release include statements regarding, among others, the completion of a 170,000m drill program; capital and operating cost estimates; gold production for the project; completion of a feasibility study in 2012; completion of a resource update in early 2012; commencement of production at the Bomboré Project; and completion of metallurgical testing and social impact studies.
FORWARD-LOOKING STATEMENTS are based on certain assumptions, 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, the ability of contracted parties (including laboratories and drill companies to provide services as contracted); 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. Comparisons between any resource model or estimates with the subsequent drill results are preliminary in nature and should not be relied upon as potential qualified changes to any future resource updates or estimates.
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, 2010 and other continuous disclosure documents filed by Orezone since January 1, 2011 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.
Contact Information
Orezone
Ron Little, CEO
(613) 241 3699 or Toll Free: (888) 673 0663
rlittle@orezone.com
Orezone
Pascal Marquis, SVP Exploration
(613) 241 3699 or Toll Free: (888) 673 0663
pmarquis@orezone.com
www.orezone.com