Orezone Reports Continued Positive Results at Bombore Gold Project
10.01.2012 | Marketwire
Infill and expansion drilling program increased by 45,000 metersOTTAWA, ONTARIO -- (Marketwire - Jan. 10, 2012) - Orezone Gold Corporation (TSX: ORE) is pleased to announce further positive oxide and sulphide 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 264 reverse circulation (RC) holes (16,508 m) and 105 diamond drill (DD) holes (14,423 m) from the southern and northern portions of the 11 km long Bomboré resource, with most of the results from the P11 and P8P9 areas. The results from the near surface oxide zone, both within and outside the pit shells that constrain the 2010 resource, continue to be positive and indicate that a significant expansion and upgrade of the oxide resources should be expected. As a result of new mineralization outside of the previous pit shells, the original 170,000 m drill program has been expanded to 215,000 m with the addition of 30,000 m of RC and 15,000 m of core drilling. Drilling is expected to be completed this quarter with a full NI 43-101 compliant resource update scheduled for release at the end of the second quarter. Further expansion drilling will continue through the balance of 2012.
Resource Definition Drilling
Orezone had completed by year end, in excess of 81,000 m of new RC drilling on Bomboré and had received the assay results for 76,885 m, including 100% of the results from the southern portion of the project for which resource modeling is in progress. In addition, over 72,000 m of core drilling was completed with 56,288 m of assay results received, including 96% of the results from the southern portion of the project but where 17% of leach residue assays are still pending. The overall assay backlog is currently standing at 22,000 samples, or about one month. Orezone has completed construction of an on-site sample prep-lab facility that should be fully commissioned during the first quarter and will facilitate a faster turn-around time for future assay results.
Drilling has resumed after the Christmas break with five core rigs, a contract RC rig and Orezone's own RC rig that was successfully commissioned in December. Orezone expects to complete an additional 25,000 m of core and 35,000 m of RC drilling during the first quarter that will be included in this year's resource update and Definitive Feasibility Study. New drill results will continue to be released regularly through the completion of the program.
Regional Exploration
Historical regional soil sampling indicates that there is potential for the Bomboré mineralization to extend southwest onto the new Toéyoko permit. A 1,900 line-km high resolution airborne geophysical survey was completed in November over the Toéyoko permit. Orezone received the magnetometry and radiometric data at the end of December and is currently merging the Toéyoko and Bomboré geophysical datasets (both at 50 m line spacing) and high-resolution photo-satellite base maps. Reconnaissance mapping and prospecting is planned during the first quarter with auger drilling to follow in the second quarter.
Feasibility Study
Detailed metallurgical work continues on 76 representative Bomboré mineralized samples to confirm the potential of building a CIL operation in two phases. Phase 1, an oxide plant, is envisioned to produce more than 150,000 oz/year with +90% recoveries, lower capital costs, lower mining and process costs and lower strip ratios than the CIL scenario outlined in the June 2011 Preliminary Economic Study. A Phase 2 plant expansion, funded from project cash flows, could increase production and mine life by processing the sulphide ores. Preliminary metallurgical results for the oxide material are expected during the first quarter. A Definitive Feasibility Study is expected by the end of the year.
Table 1. Cumulative Current Program Results Reported to Date
Current Program Results Reported to Date Average Grade
Zone Holes meters % Complete Uncut (g/t) Cut(1)
(g/t)
CFU - RC 0 0 0%
CFU - DD 4 653 18% 1.072 1.072
Maga - RC 50 3,455 15% 1.367 1.329
Maga - DD 50 7,702 40% 1.186 1.109
P8P9 - RC 471 29,830 79% 1.242 1.035
P8P9 - DD 22 3,315 13% 0.860 0.831
North - RC 521 33,285 46% 1.263 1.085
North - DD 76 11,669 24% 1.105 1.042
P11 - RC 245 12,817 100% 1.020 0.975
P11- DD 71 10,275 93% 1.027 0.947
Siga E - RC 182 9,893 100% 1.050 0.959
Siga E - DD 74 10,554 93% 1.277 1.056
Siga W - RC 146 7,401 100% 0.923 0.883
Siga W - DD 74 10,450 100% 0.923 0.881
Siga S - RC 208 10,517 100% 2.208 0.975
Siga S - DD 60 9,619 100% 1.075 1.005
South - RC 781 40,628 100% 1.455 0.949
South- DD 279 40,898 96% 1.067 0.971
P17 - RC 29 1,428 100% 2.076 1.741
P17 - DD 18 2,264 79% 1.475 1.334
P16 - RC 29 1,544 100% 1.366 1.303
P16 - DD 12 1,458 73% 2.672 1.990
SE - RC 58 2,972 100% 1.630 1.466
SE - DD 30 3,721 77% 2.022 1.634
All - RC 1,360 76,885 66% 1.370 1.041
All - DD 385 56,288 58% 1.118 1.015
(1) Weighted average grade of individual assays cut to 5 g/t that occur both in and outside the 2010 Whittle pit shells
Note: SE is a new zone category that includes P16 and P17 which are no longer included in the South zone category
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 22 3,315 187 12,336
P17 11 1,169 11 540
P16 5 457 5 248
Siga S 0 0 0 0
Siga W 11 1,179 15 755
Siga E 7 1,139 13 730
P11 49 7,165 33 1,899
TOTAL 105 14,423 264 16,508
Table 3. Highlights of Diamond Drill Hole Results for this Release
(Includes holes previously reported for which the final total assay results are now available)
From To Length Uncut Grade(2) Cut Grade(3) Total
Zone Section Hole # (m) (m) (m) (g/t) (g/t) Assay(4)
P11 50050 BBD0383 41.00 46.00 5.00 5.51 2.66 Pending
P11 50050 BBD0383 86.00 100.00 14.00 1.51 1.51 Pending
P11 49350 BBD0504 63.00 66.50 3.50 10.23 5.00 Pending
P11 48850 BBD0339 19.00 28.00 9.00 2.71 1.68
P11 48450 BBD0374 11.00 15.00 4.00 2.84 2.84
P11 48350 BBD0370 53.50 59.50 6.00 1.74 1.68
P11 48300 BBD0333 45.50 51.50 6.00 1.76 1.76
P11 48300 BBD0368 54.00 58.00 4.00 2.69 2.64
P16 44225 BBD0447 75.00 90.00 15.00 3.34 2.45 Pending
P16 44225 BBD0447 93.00 100.00 7.00 2.14 2.14 Pending
P16 44225 BBD0447 123.00 136.00 13.00 1.07 1.07 Pending
P16 44100 BBD0443 36.50 53.00 16.50 6.12 3.35 Pending
P17 44150 BBD0428 13.00 38.00 25.00 1.66 1.49 Pending
P17 44150 BBD0428 60.00 67.00 7.00 1.79 1.79 Pending
P17 44125 BBD0426 31.00 48.00 17.00 1.65 1.52
P8P9 1350 BBD0524 44.00 56.00 12.00 1.23 1.20 Pending
P8P9 1200 BBD0563 116.00 127.00 11.00 1.03 1.03 Pending
P8P9 1200 BBD0566 4.50 17.00 12.50 0.84 0.84 Pending
P8P9 1050 BBD0388 176.00 188.00 12.00 1.24 1.08 Pending
P8P9 1000 BBD0558 42.00 66.00 24.00 0.60 0.60 Pending
P8P9 450 BBD0506 58.50 64.00 5.50 4.49 3.19 Pending
Siga E 12950 BBD0420 82.00 88.00 6.00 5.35 2.64
Siga E 12800 BBD0417 123.00 136.00 13.00 1.18 1.18
Siga E 12450 BBD0362 83.00 104.00 21.00 0.71 0.71
Siga E 12150 BBD0450 208.00 214.00 6.00 3.29 2.33 Pending
Siga W 12900 BBD0283 39.00 49.00 10.00 1.19 1.08
Siga W 12900 BBD0283 53.00 57.00 4.00 3.53 3.35
Siga W 12600 BBD0323 42.00 53.00 11.00 1.32 1.32
Siga W 12050 BBD0462 20.50 39.00 18.50 0.70 0.70
Siga W 12050 BBD0462 43.00 71.00 28.00 0.94 0.94
Siga W 11950 BBD0315 36.00 41.00 5.00 2.45 2.45
Siga W 11950 BBD0461 26.00 48.50 22.50 0.87 0.87
Siga W 11650 BBD0456 53.00 69.00 16.00 0.97 0.97
Siga W 11650 BBD0456 87.00 101.00 14.00 0.75 0.75
Siga W 11600 BBD0453 24.00 33.00 9.00 1.13 1.13
Siga W 11600 BBD0454 9.00 28.50 19.50 0.93 0.93
Siga W 11600 BBD0454 78.00 95.00 17.00 1.00 1.00
Siga W 11600 BBD0454 98.00 109.00 11.00 1.11 1.11
Siga W 11550 BBD0452 79.00 85.00 6.00 3.24 2.40
Siga W 11550 BBD0452 136.00 156.00 20.00 0.90 0.90
(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 leach residue fire assay results are pending
Table 4. Highlights of Reverse Circulation Results for this Release
(Includes holes previously reported for which the final total assay results are now available)
From To Length Uncut Grade(5) Cut Grade(6) Total
Zone Section Hole (m) (m) (m) (g/t) (g/t) Assay(7)
P11 49750 BBC2504 0.00 5.00 5.00 2.08 2.08
P11 48300 BBC2426 4.00 15.00 11.00 0.96 0.96
P11 48300 BBC2426 40.00 47.00 7.00 2.05 1.52
P16 44150 BBC2405 9.00 22.00 13.00 1.48 1.48
P16 44150 BBC2406 3.00 11.00 8.00 2.94 2.76
P16 44150 BBC2406 18.00 34.00 16.00 1.37 1.37
P16 44125 BBC2418 33.00 49.00 16.00 1.47 1.39
P16 44075 BBC2407 34.00 48.00 14.00 1.37 1.37
P16 44075 BBC2420 23.00 45.00 22.00 0.84 0.84
P17 44325 BBC2416 29.00 39.00 10.00 2.68 2.20
P17 44275 BBC2411 2.00 27.00 25.00 2.91 2.38
P17 44225 BBC2410 36.00 39.00 3.00 4.96 3.53
P8P9 2150 BBC2276 8.00 15.00 7.00 2.69 2.59
P8P9 2100 BBC2249 45.00 49.00 4.00 3.95 3.30
P8P9 2100 BBC2250 20.00 28.00 8.00 1.45 1.36
P8P9 2100 BBC2251 32.00 45.00 13.00 2.16 1.70
P8P9 2100 BBC2273 18.00 32.00 14.00 0.91 0.91
P8P9 2050 BBC2246 0.00 9.00 9.00 4.97 2.51
P8P9 2050 BBC2267 3.00 28.00 25.00 0.81 0.81
P8P9 2000 BBC2236 51.00 60.00 9.00 4.12 1.31
P8P9 2000 BBC2242 32.00 44.00 12.00 3.18 1.22
P8P9 2000 BBC2266 10.00 17.00 7.00 1.56 1.55
P8P9 1950 BBC2230 34.00 40.00 6.00 3.80 2.86
P8P9 1950 BBC2244 7.00 21.00 14.00 1.11 1.11
P8P9 1950 BBC2244 40.00 52.00 12.00 0.94 0.94
P8P9 1850 BBC2213 36.00 47.00 11.00 1.20 1.20
P8P9 1850 BBC2214 20.00 35.00 15.00 1.75 1.59
P8P9 1850 BBC2293 6.00 19.00 13.00 1.22 1.22
P8P9 1850 BBC2296 21.00 33.00 12.00 1.16 1.16
P8P9 1800 BBC2207 23.00 32.00 9.00 4.30 2.04
P8P9 1750 BBC2198 26.00 34.00 8.00 1.49 1.27
P8P9 1750 BBC2430 27.00 36.00 9.00 1.57 1.57
P8P9 1700 BBC2190 21.00 33.00 12.00 2.37 2.12
P8P9 1700 BBC2191 0.00 8.00 8.00 1.72 1.72
P8P9 1700 BBC2191 14.00 24.00 10.00 1.09 1.09
P8P9 1700 BBC2193 14.00 31.00 17.00 1.21 1.21
P8P9 1700 BBC2433 49.00 54.00 5.00 2.66 2.55
P8P9 1650 BBC2439 27.00 44.00 17.00 1.06 1.06
P8P9 1600 BBC2443 0.00 3.00 3.00 4.63 3.62
P8P9 1600 BBC2447 21.00 26.00 5.00 5.30 2.47
P8P9 1550 BBC2445 81.00 97.00 16.00 0.80 0.80
P8P9 1500 BBC2448 80.00 93.00 13.00 0.86 0.86
P8P9 1500 BBC2584 51.00 59.00 8.00 5.26 2.60 Pending
P8P9 1450 BBC2153 57.00 82.00 25.00 2.24 1.93
P8P9 1350 BBC2457 1.00 14.00 13.00 1.15 1.15
P8P9 1200 BBC2471 0.00 17.00 17.00 0.87 0.87
P8P9 1175 BBC2570 17.00 27.00 10.00 1.47 1.47
P8P9 1175 BBC2571 18.00 39.00 21.00 0.62 0.62
P8P9 1125 BBC2563 52.00 64.00 12.00 1.15 1.15 Pending
P8P9 1100 BBC2627 37.00 45.00 8.00 2.14 1.90 Pending
P8P9 1075 BBC2553 25.00 43.00 18.00 0.76 0.76 Pending
P8P9 1050 BBC2559 10.00 18.00 8.00 1.55 1.55 Pending
P8P9 1050 BBC2560 0.00 14.00 14.00 1.33 1.33 Pending
P8P9 1025 BBC2538 24.00 43.00 19.00 0.88 0.88
P8P9 900 BBC2550 20.00 24.00 4.00 2.53 2.53 Pending
P8P9 150 BBC2500 14.00 26.00 12.00 1.94 1.61
Siga W 13250 BBC2364 1.00 15.00 14.00 0.79 0.79
Siga W 12200 BBC2336 22.00 26.00 4.00 8.25 2.79
(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 leach residue fire assay 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, P17 and P8P9 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), BIGS Global Burkina s.a.r.l 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.
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), BIGS Global Burkina s.a.r.l 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 a 30 g aliquot 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 can be found under the Reports section at the bottom of the Bomboré Project page; www.orezone.com/projects/bombore.
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 215,000 m 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 the end of 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 215,000 m drill program; capital and operating cost estimates; gold production for the project; completion of a definitive feasibility study in Q4 2012; completion of a resource update in Q2 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