Orezone Gold Corporation (TSX:ORE) is pleased to announce
additional positive results from an ongoing infill and expansion
drill program at its wholly owned Bombore Gold Project in Burkina
Faso, West Africa. An additional 75,000 m of results have now been
released since the August 2012 resource estimation. The 100,000 m
drill program continues to demonstrate the potential to upgrade and
expand the resources, especially the softer near surface oxide
resources. The current resource is constrained within optimized
open pit shells that span 11 km and includes 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 oxide portion of the resource occurs in the
top 50 m and includes 1.76 Moz M&I and 0.26 Moz Inferred
resources. The Company has recently commissioned an
interim/internal resource update using 63,500 m (771 holes) of the
current program that will bring the total database to over 400,000
m (5,034 holes). The update is expected to be completed in Q1 2013
and will be the basis for the reserves of the full Feasibility
Study ("FS") to be released during the second half of 2013.
"The additional drilling completed since the release of the 2012
Resource has been successful in infilling and expanding the known
resources. This is expected to have a positive impact on the
Bombore gold resource in terms of both size and the project
economics," said Pascal Marquis, SVP Exploration for Orezone.
Results for this release include 9,509 m of reverse circulation
(RC) drilling (170 holes) and 9,756 m of core (DD) drilling (73
holes) and are mostly from the northern area of the deposit. The
drilling in this location was designed to upgrade the largely
inferred resources and test some new oxide targets. Some of the
holes were also part of a geotechnical drill program that was
necessary to finalize the plant, tailings and infrastructure sites
as part of the FS.
Feasibility Study Update:
Work continues on the FS with various trade-off studies to
finalize the plant site location, optimal grinding circuit, water
storage system, tailings design, geotechnical and environmental
studies. All geotechnical drilling and work on the ground was
completed prior to year end with the results and reports pending.
The Q1 resource update will include pit slopes derived from the
geotechnical drilling and studies. Although results from the 2012
detailed variability metallurgical tests should be released during
Q1 2013, the Company continues to study both the soft and hard rock
ores to further optimize the design of the grinding circuit so that
the CIL plant can be built in two phases. Preliminary results to
date are positive and indicate that up to 60% of the near surface
saprolite oxide resources (approximately 65% of the total oxide
resource) does not require grinding and could report directly to
the CIL leaching circuit. This would allow for a small grinding
circuit (ball mill) with lower power consumption. The Company's
objective is to improve project returns by reducing both the
initial capital expenditures and operating costs through the
processing of only the softer surface ores for at least the first 5
to 6 years, with subsequent expansion of the grinding and leaching
circuit funded from cash flows generated from the operation.
Results of the ongoing trade-off studies will be released as they
are completed.
Table 1. Cumulative Results Excluded from the August 2012
Resource Reported to Date
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Total Drilling to Date Grade g/t
----------------------------------------------------------------------------
Zone # of Holes Total m Uncut Cut(1)
----------------------------------------------------------------------------
KT - RC 23 1,172 1.28 1.23
----------------------------------------------------------------------------
CFU - RC 17 1,455 0.82 0.82
CFU - DD 16 2,517 2.69 1.08
----------------------------------------------------------------------------
Maga - RC 268 17,885 1.08 0.95
Maga - DD 60 12,874 1.36 1.10
----------------------------------------------------------------------------
P8P9 - RC 30 1,665 0.91 0.90
P8P9 - DD 43 8,320 1.01 0.98
----------------------------------------------------------------------------
P11 - RC 24 1,308 1.42 1.12
P11- DD 3 496 1.69 1.15
----------------------------------------------------------------------------
Siga E - RC 55 2,828 1.06 0.90
Siga E - DD 15 1,920 1.37 1.03
----------------------------------------------------------------------------
Siga W - RC 35 1,750 1.17 0.96
Siga W - DD 17 2,127 0.93 0.88
----------------------------------------------------------------------------
Siga S - RC 177 8,877 0.95 0.87
Siga S - DD 36 5,423 0.95 0.90
----------------------------------------------------------------------------
P16 - RC 12 607 1.03 1.03
P16 - DD 1 184 .91 .91
----------------------------------------------------------------------------
P17 N - RC 5 250 1.50 1.26
----------------------------------------------------------------------------
P17 S - DD 3 414 3.09 2.59
----------------------------------------------------------------------------
North - RC 338 22,177 1.07 0.96
North - DD 119 23,711 1.28 1.03
----------------------------------------------------------------------------
South - RC 291 14,763 1.01 0.90
South- DD 71 9,966 1.02 0.92
----------------------------------------------------------------------------
SE - RC 17 857 1.23 1.13
SE - DD 4 598 1.98 1.74
----------------------------------------------------------------------------
All - RC 646 37,797 1.05 0.94
----------------------------------------------------------------------------
All - DD 194 34,274 1.19 1.00
----------------------------------------------------------------------------
(1) Weighted average grade of individual assays, cut to 5 g/t. NSA: No
Significant Assay.
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 16 822
Maga 15 3,010 93 6,618
CFU 16 2,517 4 293
P8P9 18 3,689
P16 1 184 12 607
Geotechnical program 23 356 49 1,462
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TOTAL 73 9,756 170 9,509
----------------------------------------------------------------------------
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)
----------------------------------------------------------------------------
CFU 3500 BBD0921 52.00 63.00 11.00 9.92 1.34
----------------------------------------------------------------------------
CFU 3500 BBD0921 66.50 78.50 12.00 15.40 1.23
----------------------------------------------------------------------------
CFU 2950 BBD0927 212.00 221.00 9.00 1.77 1.77
----------------------------------------------------------------------------
CFU 2650 BBD0897 7.00 11.50 4.50 2.90 2.74
----------------------------------------------------------------------------
CFU 2550 BBD0898 28.00 50.00 20.50 2.71 1.46
----------------------------------------------------------------------------
CFU 2400 BBD0930 39.50 50.00 10.50 1.64 1.46
----------------------------------------------------------------------------
Maga 4900 BBD0888 110.00 113.00 3.00 15.14 3.64
----------------------------------------------------------------------------
Maga 4800 BBD0889 83.50 90.50 7.00 21.14 2.94
----------------------------------------------------------------------------
Maga 3700 BBD0904 174.00 187.00 13.00 1.58 1.58
----------------------------------------------------------------------------
Maga 3550 BBD0879 215.00 224.00 9.00 2.64 2.39
----------------------------------------------------------------------------
Maga 3450 BBD0878 65.00 76.00 11.00 2.61 2.19
----------------------------------------------------------------------------
Maga 3450 BBD0878 80.00 84.00 4.00 2.74 2.74
----------------------------------------------------------------------------
Maga 3450 BBD0887 235.00 239.00 4.00 3.31 2.66
----------------------------------------------------------------------------
Maga 3400 BBD0885 269.00 275.00 6.00 2.10 2.10
----------------------------------------------------------------------------
Maga 2900 BBD0916 83.00 93.50 10.50 1.28 1.28
----------------------------------------------------------------------------
Maga 2800 BBD0894 129.00 137.00 8.00 1.66 1.66
----------------------------------------------------------------------------
P16 44200 BBD0971 85.00 95.00 10.00 1.26 1.26 Pending
----------------------------------------------------------------------------
P8P9 2100 BBD0933 111.00 120.00 9.00 3.91 2.81
----------------------------------------------------------------------------
P8P9 1950 BBD0935 38.50 44.50 6.00 2.95 2.60
----------------------------------------------------------------------------
P8P9 1950 BBD0935 71.50 82.00 10.50 1.67 1.66
----------------------------------------------------------------------------
P8P9 1750 BBD0949 15.00 25.00 10.00 2.40 2.25 Pending
----------------------------------------------------------------------------
(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
----------------------------------------------------------------------------
Uncut Cut
From To Length Grade(5) Grade(6) Total
Zone Section Hole # (m) (m) (m) (g/t) (g/t) Assay(7)
----------------------------------------------------------------------------
KT 6750 BBC3839 8.00 12.00 4.00 3.71 3.10
----------------------------------------------------------------------------
KT 6350 BBC3846 12.00 21.00 9.00 1.76 1.73
----------------------------------------------------------------------------
KT 6300 BBC3847 42.00 50.00 8.00 2.44 2.27
----------------------------------------------------------------------------
Maga 4950 BBC3857 6.00 13.00 7.00 1.55 1.55
----------------------------------------------------------------------------
Maga 4950 BBC3876 26.00 37.00 11.00 3.01 1.82
----------------------------------------------------------------------------
Maga 4850 BBC3859 47.00 56.00 9.00 4.86 2.02
----------------------------------------------------------------------------
Maga 4850 BBC3862 18.00 32.00 14.00 1.69 1.69
----------------------------------------------------------------------------
Maga 4850 BBC3878 28.00 39.00 11.00 1.59 1.59
----------------------------------------------------------------------------
Maga 4800 BBC3690 53.00 64.00 11.00 2.05 2.05
----------------------------------------------------------------------------
Maga 4800 BBC3880 22.00 29.00 7.00 3.16 2.04
----------------------------------------------------------------------------
Maga 4750 BBC3868 21.00 28.00 7.00 1.47 1.47
----------------------------------------------------------------------------
Maga 4200 BBC3824 19.00 25.00 6.00 8.96 2.20
----------------------------------------------------------------------------
Maga 4150 BBC3717 5.00 20.00 15.00 0.78 0.78
----------------------------------------------------------------------------
Maga 4100 BBC3829 50.00 64.00 14.00 1.36 1.36
----------------------------------------------------------------------------
Maga 4050 BBC3723 8.00 13.00 5.00 2.14 2.14
----------------------------------------------------------------------------
Maga 3950 BBC3738 13.00 21.00 8.00 1.33 1.33
----------------------------------------------------------------------------
Maga 3650 BBC3743 45.00 51.00 6.00 3.65 2.44
----------------------------------------------------------------------------
Maga 3050 BBC3771 33.00 42.00 9.00 1.26 1.26
----------------------------------------------------------------------------
(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 KT, CFU, 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 Moz and recent mine development experience in Burkina Faso,
West Africa. The company owns a 100% interest in Bombore which 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 FS for a phase one
oxide-only CIL plant in 2H 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 FS in
2H 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.
Contacts: Orezone Ron Little CEO (613) 241-3699 or Toll Free:
(888) 673-0663rlittle@orezone.com Orezone Pascal Marquis SVP
Exploration (613) 241-3699 or Toll Free: (888)
673-0663pmarquis@orezone.com
Grafico Azioni Orezone Gold (TSX:ORE)
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