Orezone Gold Corporation (TSX:ORE) is pleased to announce
additional positive results from an ongoing 125,000 m infill and
expansion drill program at its wholly owned Bombore Gold Project in
Burkina Faso, West Africa. The program is designed to upgrade and
expand the resources, especially the softer near surface oxide and
semi-oxidized resources (total oxide resource of 1.76 Moz M&I
and 0.26 Moz Inferred, plus the sulphide resource of 2.37 Moz
M&I and 0.78 Moz Inferred). In parallel the company is
completing a definitive feasibility study ("DFS") for a phase one,
oxide-only CIL plant, and the drill results to date should improve
the economics and life of the project. Deeper drill results also
indicate further upgrading and expansion of the underlying sulphide
(fresh-rock) resource. The Company envisions expanding the CIL
plant from the project cash flows to accommodate the fresh rock
that would result in a larger operation and a longer mine life. The
Company expects to complete an internal resource update on Bombore
in Q1 2013, which will be included in the DFS to be released by Q3
2013.
Highlights
- Results include 179 reverse circulation (RC) holes (12,479 m)
and 42 core (DD) holes (9,424 m). For all results see the following
Table;
- These results are from the northern area of the project where
inferred resources and some new oxide targets have been
drilled;
- The new core holes were drilled over a strike of 2,500 m in
the Maga area and intersected gold mineralization at an average
vertical depth of 126 m;
- The Company has now released a total of 55,000 m of drilling
(683 holes) subsequent to the August 2012 Bombore resource
statement. These results, along with results received through the
end of November 2012, will be included in the next resource update
on which the DFS reserves will be based;
- Work continues on the DFS with various trade-off studies to
finalize the plant site location, the grinding circuit, water
storage system, tailings design, geotechnical drilling and
environmental studies. All of these items are expected to be
completed by Q1 2013 along with the release of the detailed
variability metallurgical results.
"These results further confirm that there is excellent potential
for additional expansion of the oxide and sulphide resources at
Bombore." said Pascal Marquis, SVP Exploration for Orezone. "More
importantly, the additional 55,000 m drilled to date support
further improvement in project economics and validation of our
two-phased approach to mining Bombore which will be reflected in
the upcoming DFS"
Table 1. Cumulative Results Excluded from the August 2012
Resource Reported to Date
----------------------------------------------------------------------------
Total Drilling to Date Grade g/t
----------------------------------------------------------------------------
Zone # of Holes Total m Uncut Cut(1)
----------------------------------------------------------------------------
KT - RC 14 1,036 1.06 1.06
----------------------------------------------------------------------------
CFU - RC 4 293 NSA NSA
----------------------------------------------------------------------------
Maga - RC 181 11,743 1.03 0.95
Maga - DD 45 9,811 1.26 1.16
----------------------------------------------------------------------------
P8P9 - RC 30 1,665 0.92 0.91
P8P9 - DD 25 4,631 1.04 0.99
----------------------------------------------------------------------------
P11 - RC 24 1,308 1.30 1.12
P11- DD 3 496 1.70 1.14
----------------------------------------------------------------------------
Siga E - RC 45 2,294 0.93 0.88
Siga E - DD 15 1,920 1.59 1.03
----------------------------------------------------------------------------
Siga W - RC 45 2,284 1.34 0.99
Siga W - DD 17 2,129 0.94 0.88
----------------------------------------------------------------------------
Siga S - RC 177 8,879 0.94 0.87
Siga S - DD 36 5,424 0.95 0.90
----------------------------------------------------------------------------
P17 N - RC 5 250 1.51 1.26
----------------------------------------------------------------------------
P17 S - DD 3 414 3.09 2.59
----------------------------------------------------------------------------
North - RC 229 14,737 1.01 0.94
North - DD 70 14,442 1.15 1.07
----------------------------------------------------------------------------
South - RC 291 14,765 1.00 0.89
South- DD 71 9,968 1.04 0.92
----------------------------------------------------------------------------
SE - RC 6 250 1.51 1.26
SE - DD 3 414 3.09 2.59
----------------------------------------------------------------------------
All - RC 525 29,752 1.01 0.92
----------------------------------------------------------------------------
All - DD 144 24,824 1.11 1.01
----------------------------------------------------------------------------
Table 2. Breakdown of Drilling Meterage for this Release
----------------------------------------------------------------------
Zone Core Drilling RC Drilling
---------------------------------------------
# of holes Total m # of holes Total m
----------------------------------------------------------------------
KT 0 0 14 1,036
Maga 42 9,424 161 11,150
CFU 0 0 4 293
TOTAL 42 9,424 179 12,479
----------------------------------------------------------------------
Table 3. Highlights of Diamond Drill Hole Results for this
Release
---------------------------------------------------------------------------
Uncut Cut
From To Length Grade(2) Grade(3) Total
Zone Section Hole # (m) (m) (m) (g/t) (g/t) Assay(4)
---------------------------------------------------------------------------
Maga 4500 BBD0841 192.00 202.00 10.00 1.40 1.40
---------------------------------------------------------------------------
Maga 4450 BBD0866 202.00 230.00 28.00 1.14 1.14
---------------------------------------------------------------------------
Maga 4400 BBD0842 207.00 228.00 21.00 0.90 0.90
---------------------------------------------------------------------------
Maga 4400 BBD0842 235.00 277.00 42.00 1.10 1.10
---------------------------------------------------------------------------
Maga 4350 BBD0843 170.00 181.00 11.00 1.26 1.26
---------------------------------------------------------------------------
Maga 4350 BBD0843 188.00 198.00 10.00 1.62 1.62
---------------------------------------------------------------------------
Maga 4350 BBD0843 212.00 226.00 14.00 1.14 1.14
---------------------------------------------------------------------------
Maga 4300 BBD0867 204.00 217.00 13.00 0.85 0.85 Pending
---------------------------------------------------------------------------
Maga 4100 BBD0868 87.00 95.00 8.00 1.63 1.63
---------------------------------------------------------------------------
Maga 4000 BBD0869 239.00 256.00 17.00 1.84 1.49
---------------------------------------------------------------------------
Maga 3950 BBD0846 282.00 294.00 12.00 1.44 1.44
---------------------------------------------------------------------------
Maga 3900 BBD0872 224.00 242.00 18.00 1.60 1.60
---------------------------------------------------------------------------
Maga 3850 BBD0873 237.00 248.00 11.00 1.00 1.00
---------------------------------------------------------------------------
Maga 3800 BBD0847 147.00 152.00 5.00 2.68 1.48 Pending
---------------------------------------------------------------------------
Maga 3700 BBD0904 174.00 187.00 13.00 1.56 1.56 Pending
---------------------------------------------------------------------------
Maga 3650 BBD0849 84.00 95.00 11.00 1.24 1.24
---------------------------------------------------------------------------
Maga 3650 BBD0849 158.00 167.00 9.00 1.80 1.80
---------------------------------------------------------------------------
Maga 3600 BBD0911 75.00 81.00 6.00 2.46 2.32
---------------------------------------------------------------------------
Maga 3600 BBD0911 108.00 112.00 4.00 3.38 3.15
---------------------------------------------------------------------------
Maga 3600 BBD0911 153.00 160.00 7.00 6.04 3.21
---------------------------------------------------------------------------
Maga 3600 BBD0912 150.00 160.00 10.00 3.24 1.74
---------------------------------------------------------------------------
Maga 3550 BBD0879 215.00 223.00 8.00 2.41 2.19 Pending
---------------------------------------------------------------------------
Maga 3550 BBD0903 83.00 94.00 11.00 1.12 1.04
---------------------------------------------------------------------------
Maga 3550 BBD0903 112.00 120.00 8.00 5.06 2.70
---------------------------------------------------------------------------
Maga 3450 BBD0878 65.00 75.00 10.00 2.09 1.92 Pending
---------------------------------------------------------------------------
Maga 3400 BBD0885 269.00 275.00 6.00 1.72 1.72 Pending
---------------------------------------------------------------------------
Table 4. Highlights of Reverse Circulation Results for this
Release
----------------------------------------------------------------------------
Uncut Cut
From To Length Grade(5) Grade(6) Total
Zone Section Hole (m) (m) (m) (g/t) (g/t) Assay(7)
----------------------------------------------------------------------------
KT 6550 BBC3618 36.00 42.00 6.00 1.97 1.97
----------------------------------------------------------------------------
Maga 4900 BBC3645 45.00 58.00 13.00 1.19 1.19
----------------------------------------------------------------------------
Maga 4800 BBC3690 53.00 64.00 11.00 2.19 2.07
----------------------------------------------------------------------------
Maga 4700 BBC3650 10.00 16.00 6.00 1.91 1.25
----------------------------------------------------------------------------
Maga 4700 BBC3653 21.00 34.00 13.00 1.05 1.05
----------------------------------------------------------------------------
Maga 4675 BBC3694 13.00 21.00 8.00 1.27 1.27
----------------------------------------------------------------------------
Maga 4650 BBC3655 26.00 38.00 12.00 2.20 1.40
----------------------------------------------------------------------------
Maga 4450 BBC3699 41.00 65.00 24.00 1.08 1.08
----------------------------------------------------------------------------
Maga 4350 BBC3657 39.00 47.00 8.00 1.34 1.34
----------------------------------------------------------------------------
Maga 4300 BBC3713 29.00 36.00 7.00 2.56 1.49
----------------------------------------------------------------------------
Maga 4200 BBC3710 22.00 30.00 8.00 1.94 1.59
----------------------------------------------------------------------------
Maga 4150 BBC3717 5.00 20.00 15.00 0.71 0.71 Pending
----------------------------------------------------------------------------
Maga 4050 BBC3723 8.00 13.00 5.00 2.04 2.04 Pending
----------------------------------------------------------------------------
Maga 3950 BBC3674 54.00 64.00 10.00 1.63 1.63 Pending
----------------------------------------------------------------------------
Maga 3750 BBC3685 5.00 8.00 3.00 9.56 3.65
----------------------------------------------------------------------------
Maga 3650 BBC3743 45.00 51.00 6.00 3.74 2.41 Pending
----------------------------------------------------------------------------
Maga 3050 BBC3771 33.00 42.00 9.00 1.20 1.20 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 KT, Maga, P16, P17 and P8P9 areas, and 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 were prepared by SGS Burkina Faso
s.a.r.l. at the Bombore site facility 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(TM)
catalyst.
The RC drilling samples were divided by Orezone employees using
Rotary Sample Dividers (RSDs). A 2 kg split was prepared by SGS
Burkina Faso s.a.r.l. at the Bombore site facility 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(TM) 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 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 Bombore
Resource Report that describes the Bombore 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 +12 M oz and recent mine development experience in Burkina Faso,
West Africa. The company owns a 100% interest in Bombore, the
largest undeveloped gold deposit in the country that is situated 85
km east of the capital city, adjacent to an international highway.
Mineral resources are constrained within optimized open pit shells
that span 11 km, and include 4.13 Moz of measured and indicated
(125 Mt @ 1.03 g/t) and 1.03 Moz of inferred resources (35 Mt @
1.00 g/t) with an average depth of drilling to only 120 meters. The
Company is working to further expand the resources at Bombore while
it completes a DFS for an oxide-only CIL plant by Q3 2013 and
becomes a mid-tier gold 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 DFS in
Q3 2013; completion of an internal resource update in Q1 2013;
commencement of production at the Bombore Project in 2015.
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.
(1) Weighted average grade of individual assays, cut to 5 g/t.
NSA: No Significant Assay.
(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.
(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
Contacts: Ron Little, CEO (613) 241-3699 Toll Free: (888)
673-0663rlittle@orezone.com Pascal Marquis, SVP Exploration (613)
241-3699 Toll Free: (888) 673-0663pmarquis@orezone.com
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