Orezone Gold Corporation
TSX : ORE

Orezone Gold Corporation

April 02, 2012 16:28 ET

Positive Drill Results From the Northern Half of Bombore Gold Project

P8P9 core holes yield 39m at 1.1 g/t, 36m at 1.2 g/t and 20m at 2.5 g/t

OTTAWA, ONTARIO--(Marketwire - April 2, 2012) - Orezone Gold Corporation (TSX:ORE) is pleased to announce additional positive oxide and sulphide drill results from the recently completed 215,000 m infill and expansion drill program at its 100% owned Bomboré Gold Project in Burkina Faso, West Africa. Results include 146 reverse circulation (RC) holes (8,786 m) and 83 diamond drill (DD) core holes (13,163 m) from the northern portion of the 11 km long Bomboré resource (see Table 3. below). The majority of these core results are from the northern P8P9 area which comprises a significant portion of the 2010 resource. The remaining 35,000 m of results are expected in May and a full NI 43-101 compliant resource update will be released at the end of June.

"These results confirm the more robust nature of the P8P9 area with respect to continuity, widths and grades that occurs to depths of 120 m, the current average depth drilling," said Ron Little, CEO for Orezone. "This further highlights the potential to significantly expand and upgrade the Bomboré resource and improve the grade and preliminary economics of the project announced in June 2011."

Resource Definition Drilling

Orezone has completed 115,423 m of new RC drilling and 101,317 m of new core drilling on Bomboré. Over 92,000 m of RC results and 82,000 of core results have been received, including 100% of the results from the southern portion of the project for which resource modeling is already in progress. Further expansion and exploration drilling will continue during the second quarter in the southern portion of the project with two core rigs and Orezone's own RC rig, with a focus on the Siga South area; those results are expected during the third quarter.

Regional Exploration

Reconnaissance mapping and prospecting is ongoing with auger drilling to commence this month on the new Toéyoko permit and also on Bomboré I permit new oxide targets; those results are expected during the third quarter.

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 9 582 7 % 1.22 1.13
CFU - DD 4 653 17 % 1.17 1.09
Maga - RC 142 8,962 41 % 1.22 1.13
Maga - DD 59 8,872 44 % 1.17 1.09
P8P9 - RC 613 39,400 99 % 1.20 1.03
P8P9 - DD 159 25,781 93 % 1.20 0.99
North - RC 764 48,944 68 % 1.20 1.05
North - DD 222 35,306 67 % 1.20 1.02
P11 - RC 239 12,517 100 % 1.02 0.97
P11- DD 75 10,878 100 % 1.06 0.96
Siga E - RC 182 9,893 100 % 1.05 0.96
Siga E - DD 78 11,354 100 % 1.27 1.06
Siga W - RC 146 7,401 100 % 0.92 0.88
Siga W - DD 74 10,450 100 % 0.90 0.87
Siga S - RC 208 10,517 100 % 2.20 0.97
Siga S - DD 60 9,619 100 % 1.08 1.01
South - RC 775 40,328 100 % 1.45 0.95
South- DD 287 42,301 100 % 1.07 0.97
P17 N - RC 4 201 100 % 0.98 0.98
P17 N - DD 0 0 100 %
P17 - RC 25 1,227 100 % 2.24 1.86
P17 - DD 23 2,879 100 % 1.50 1.38
P16 - RC 29 1,544 100 % 1.36 1.30
P16 - DD 16 1,983 58 % 3.12 1.97
SE - RC 58 2,972 100 % 1.63 1.46
SE - DD 39 4,862 72 % 2.31 1.67
All - RC 1,597 92,244 80 % 1.32 1.03
All - DD 548 82,468 81 % 1.18 1.03
(1) Weighted average grade of individual assays, cut to 5 g/t, that occur both in and outside the 2010 Whittle pit shells

Table 2. Breakdown of Drilling Meterage for this Release

Zone Diamond Drill Reverse Circulation
# of holes meters # of holes meters
CFU 0 0 9 582
Maga 9 1,171 92 5,507
P8P9 74 11,993 45 2,697
P17 0 0 0 0
P16 0 0 0 0
Siga S 0 0 0 0
Siga W 0 0 0 0
Siga E 0 0 0 0
P11 0 0 0 0
TOTAL 83 13,019 146 8,786

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)
P8P9 2000 BBD0588 85.00 92.00 7.00 1.46 1.46
P8P9 1950 BBD0543 38.50 46.00 7.50 2.47 2.47
P8P9 1950 BBD0543 72.00 85.00 13.00 5.12 1.12
P8P9 1950 BBD0543 104.00 143.00 39.00 1.12 1.12
P8P9 1950 BBD0544 78.00 82.00 4.00 5.21 2.53 Pending
P8P9 1950 BBD0544 159.00 166.00 7.00 1.61 1.61 Pending
P8P9 1950 BBD0544 187.00 214.00 27.00 0.98 0.98 Pending
P8P9 1950 BBD0545 121.00 129.00 8.00 4.30 1.95 Pending
P8P9 1900 BBD0609 118.00 123.00 5.00 2.73 2.22
P8P9 1900 BBD0611 129.00 165.00 36.00 1.21 1.21
P8P9 1900 BBD0612 78.00 99.00 21.00 1.66 1.50 Pending
P8P9 1900 BBD0615 127.00 136.00 9.00 1.87 1.87 Pending
P8P9 1850 BBD0500 53.00 65.00 12.00 1.09 1.02
P8P9 1850 BBD0701 149.00 164.00 15.00 1.30 1.30
P8P9 1800 BBD0537 100.00 108.00 8.00 1.27 1.27
P8P9 1800 BBD0537 113.00 123.00 10.00 1.42 1.42
P8P9 1800 BBD0538 35.50 48.50 13.00 1.42 1.42
P8P9 1800 BBD0538 141.00 159.00 18.00 0.88 0.88
P8P9 1800 BBD0539 0.00 6.00 6.00 3.23 3.02
P8P9 1750 BBD0582 85.00 101.00 16.00 0.79 0.79
P8P9 1750 BBD0656 72.00 94.00 22.00 1.23 1.23
P8P9 1750 BBD0656 97.00 103.00 6.00 2.12 2.12
P8P9 1750 BBD0657 37.00 56.00 19.00 2.55 2.09
P8P9 1750 BBD0658 129.00 145.00 16.00 1.04 0.97
P8P9 1700 BBD0581 50.00 67.00 17.00 1.91 1.83
P8P9 1700 BBD0584 101.00 115.00 14.00 2.03 1.94
P8P9 1700 BBD0584 134.00 143.00 9.00 1.84 1.29
P8P9 1700 BBD0584 161.00 175.00 14.00 1.05 0.87
P8P9 1700 BBD0585 147.00 160.00 13.00 1.14 1.14
P8P9 1700 BBD0607 118.00 132.00 14.00 0.82 0.82 Pending
P8P9 1650 BBD0530 26.00 34.00 8.00 1.54 1.54
P8P9 1650 BBD0533 3.00 16.00 13.00 1.26 1.06
P8P9 1650 BBD0533 55.00 70.00 15.00 0.75 0.75
P8P9 1650 BBD0533 92.00 98.00 6.00 1.69 1.69
P8P9 1650 BBD0534 85.50 91.50 6.00 3.09 3.09
P8P9 1650 BBD0534 211.00 220.00 9.00 1.40 1.40
P8P9 1600 BBD0498 28.50 31.50 3.00 4.17 4.17
P8P9 1600 BBD0605 74.00 104.00 30.00 0.85 0.85 Pending
P8P9 1600 BBD0606 89.00 114.00 25.00 0.99 0.98 Pending
P8P9 1600 BBD0606 138.00 157.00 19.00 0.90 0.90 Pending
P8P9 1600 BBD0606 161.00 177.00 16.00 0.78 0.78 Pending
P8P9 1550 BBD0494 111.00 117.00 6.00 2.11 2.11 Pending
P8P9 1550 BBD0495 100.00 111.00 11.00 1.05 1.05
P8P9 1500 BBD0574 47.00 63.00 16.00 2.02 1.53
P8P9 1500 BBD0575 76.00 89.00 13.00 0.93 0.93
P8P9 1500 BBD0577 79.00 100.00 21.00 0.95 0.95
P8P9 1450 BBD0489 50.00 64.00 14.00 1.09 0.99
P8P9 1450 BBD0490 16.50 22.50 6.00 2.50 2.37
P8P9 1450 BBD0491 116.00 138.00 22.00 8.16 0.93 Pending
P8P9 1400 BBD0400 64.50 77.50 13.00 1.22 1.22
P8P9 1400 BBD0651 75.00 88.50 13.50 1.24 1.24
P8P9 1400 BBD0652 100.50 117.00 16.50 1.51 1.51
P8P9 1400 BBD0652 196.00 205.00 9.00 1.31 1.31
P8P9 1350 BBD0522 170.00 177.00 7.00 1.64 1.50
P8P9 1350 BBD0522 207.00 229.00 22.00 1.28 1.28
P8P9 1350 BBD0522 232.00 252.00 20.00 2.93 2.53
P8P9 1350 BBD0522 295.00 306.00 11.00 0.94 0.94
P8P9 1350 BBD0525 218.00 231.00 13.00 2.48 2.30
P8P9 1350 BBD0526 59.50 71.00 11.50 1.31 1.31
P8P9 1350 BBD0528 153.00 160.00 7.00 23.63 2.85
P8P9 1300 BBD0569 7.50 25.00 17.50 1.48 1.48
P8P9 1300 BBD0570 77.00 86.00 9.00 7.21 1.15
P8P9 1300 BBD0571 143.00 151.00 8.00 2.01 2.01
P8P9 1250 BBD0483 167.00 173.00 6.00 2.25 2.25
P8P9 1250 BBD0483 176.00 202.00 26.00 2.18 1.48
P8P9 1250 BBD0483 219.00 248.00 29.00 1.05 1.05
P8P9 1250 BBD0483 260.00 293.00 33.00 0.75 0.75
P8P9 1200 BBD0563 115.00 129.00 14.00 1.16 1.16
P8P9 1150 BBD0393 12.50 30.50 18.00 1.02 1.02
Siga E 12600 BBD0267 83.00 93.50 10.50 1.36 1.36
Siga E 12600 BBD0267 99.50 105.50 6.00 2.70 1.92
Siga E 12550 BBD0409 50.00 63.00 13.00 1.17 0.94
Siga E 12500 BBD0405 117.50 125.00 7.50 2.61 1.41
Siga E 12500 BBD0405 185.00 200.00 15.00 0.81 0.81
Siga E 12200 BBD0449 79.00 88.00 9.00 1.41 1.41
Siga E 12050 BBD0602 0.00 7.00 7.00 2.35 2.35
Siga S 11050 BBD0227 117.50 126.50 9.00 1.15 1.15
Siga S 10900 BBD0221 119.00 123.50 4.50 2.56 2.25
Siga S 10500 BBD0170 85.00 109.50 24.50 0.83 0.83
Siga S 10500 BBD0170 117.00 129.00 12.00 2.69 2.06
SIGA W 11800 BBD0311 129.00 143.50 14.50 0.79 0.79
SIGA W 11650 BBD0305 36.00 50.00 14.00 0.86 0.86
P16 44200 BBD0448 22.50 39.00 16.50 9.13 3.78
P16 44200 BBD0448 53.00 58.00 5.00 16.50 4.17
P16 44200 BBD0448 80.00 85.00 5.00 5.01 2.26
P16 44200 BBD0448 102.50 118.00 15.50 2.21 1.72
(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)
Maga 3800 BBC2753 20.00 28.00 8.00 2.15 2.06
Maga 3400 BBC2976 17.00 28.00 11.00 1.11 1.11 Pending
Maga 3350 BBC2886 23.00 30.00 7.00 6.24 1.56 Pending
Maga 3100 BBC2947 13.00 36.00 23.00 0.59 0.59 Pending
Maga 3100 BBC2948 0.00 19.00 19.00 0.75 0.75 Pending
Maga 2950 BBC2839 22.00 38.00 16.00 0.68 0.68 Pending
Maga 2950 BBC2844 41.00 56.00 15.00 0.71 0.71 Pending
Maga 2950 BBC2845 38.00 51.00 13.00 3.57 0.90 Pending
Maga 2750 BBC2929 41.00 46.00 5.00 3.14 2.22 Pending
P8P9 2300 BBC2901 10.00 16.00 6.00 1.86 1.86
P8P9 2300 BBC2904 17.00 28.00 11.00 1.01 1.01
P8P9 2100 BBC2690 23.00 36.00 13.00 0.95 0.88
P8P9 2050 BBC2684 21.00 27.00 6.00 2.10 2.10
P8P9 2000 BBC2656 35.00 50.00 15.00 1.27 1.14
P8P9 1950 BBC2653 16.00 24.00 8.00 1.48 1.48
P8P9 1950 BBC2654 26.00 35.00 9.00 1.58 1.58
P8P9 1850 BBC2673 30.00 34.00 4.00 2.87 2.87
P8P9 1850 BBC2674 31.00 42.00 11.00 1.46 1.46
P8P9 1800 BBC2668 59.00 68.00 9.00 1.46 1.41
P8P9 1750 BBC2667 48.00 62.00 14.00 1.41 1.34
P8P9 1750 BBC2713 22.00 34.00 12.00 4.53 2.82
P8P9 1750 BBC2729 46.00 59.00 13.00 1.19 1.19
P8P9 1500 BBC2727 44.00 54.00 10.00 2.13 1.73
P8P9 1150 BBC2724 36.00 43.00 7.00 2.23 1.75
P8P9 1150 BBC2724 51.00 69.00 18.00 1.77 1.73
P8P9 1150 BBC2725 11.00 23.00 12.00 1.31 1.17
P8P9 1000 BBC2718 40.00 52.00 12.00 1.02 1.02
(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 approximately 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 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. The 2010 Resource is 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 has completed a 215,000 m drill program to extend the average depth of drilling to 120 meters. The program results are expected to significantly expand resources and support the completion of a Definitive Feasibility Study in 2012. Orezone's goal is to develop Bomboré into a world-class deposit 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, ; capital and operating cost estimates; gold production for the project; completion of a Definitive Feasibility Study in 2012; completion of a resource update in Q2 2012; commencement of production at the Bomboré Project.

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, 2011 and other continuous disclosure documents filed by Orezone since January 1, 2012 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
    Toll Free: (888) 673-0663
    rlittle@orezone.com

    Orezone Gold Corporation
    Pascal Marquis
    SVP Exploration
    (613) 241-3699
    Toll Free: (888) 673-0663
    pmarquis@orezone.com