Orezone Gold Corporation
TSX : ORE

Orezone Gold Corporation

March 23, 2011 09:00 ET

Orezone Gold Corporation: Positive Drill Results at Bombore Continue to Confirm Model

Drilling program expanded from 120,000 to 170,000 meters

OTTAWA, ONTARIO--(Marketwire - March 23, 2011) - Orezone Gold Corporation (TSX:ORE) is pleased to announce additional positive results from its 100% owned Bomboré 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 Bomboré 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.

Bomboré 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. Bomboré 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 Bomboré expansion core drilling

Prospect Hole-ID Section From To Length Au Vertical
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 Bomboré infill RC drilling(1)

Prospect Hole-ID Section From To Length Au Vertical
 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 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. 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 Bomboré Resource Report that describes the Bomboré 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 Bomboré, 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 Information

  • Orezone Gold Corporation
    Ron Little
    CEO
    613-241-3699 or Toll Free: 888-673-0663
    rlittle@orezone.com
    or
    Orezone Gold Corporation
    Pascal Marquis
    V.P. Exploration
    613-241-3699 or Toll Free: 888-673-0663
    pmarquis@orezone.com