Orezone Gold Corporation (TSX: ORE, OTCQX:
ORZCF) (the “Company” or “Orezone”) is pleased to report
initial assay results from the maiden grade control (GC) reverse
circulation (RC) drill program on its A1 deposit at the Bomboré
Gold Project, located in Burkina Faso. GC holes drilled to-date
have targeted early mining areas from near-surface oxide
mineralization within the A1 starter pit. The GC drilling has both
confirmed the reserve model and returned several significant
high-grade intervals where localized areas of
thick, higher grades have now been confirmed.
Drilling Highlights
- 20.00 m of
4.49 g/t Au from 27.00 m
- 11.00 m of
7.48 g/t Au from 6.00 m
- 19.00 m of
3.62 g/t Au from 1.00 m
- 23.00 m of
2.88 g/t Au from 19.00 m
- 24.00 m of
2.21 g/t Au from 1.00 m
- 10.00 m of
3.84 g/t Au from 18.00 m
- 6.00 m of
6.19 g/t Au from 44.00 m
- 9.00 m of
4.07 g/t Au from 35.00 m
- 6.00 m of
5.62 g/t Au from 25.00 m
- 5.00 m of
6.27 g/t Au from 32.00 m
The closely spaced GC drilling confirms the
geological interpretation and grade estimation in the A1 starter
pit. GC drilling is progressing as planned in accordance with the
pre-production mining schedule across the multiple starter pit
areas.
Patrick Downey, President and CEO stated, “We
are very pleased with the initial GC drilling results at the A1
starter pit which has not only confirmed but extended the
high-grade geological and reserve models. The high-grade zones are
up to 40 m thick with average widths of 15-20 m with ore starting
right at surface. The GC program is now continuing at the A2 and H1
pits, which are also high-grade starter pits, and mining from these
pits will provide the first 12 to 15 months of ore feed to the
plant. We remain on-time and on budget for scheduled first gold in
Q3 of this year and with the GC drilling results confirming our
starter pit grades, we believe our outlook for a successful
production ramp-up has markedly improved.”
Grade Control Drilling
Program
The maiden GC drilling program at the A1 starter
pit was recently completed in preparation for mining. Drilling was
aimed at upgrading the confidence level in both the geological
interpretation as well as the gold grade estimation in the upper 24
m of the deposit. This current and ongoing GC program is designed
to cover the first 12 to15 months of the scheduled process plant
feed.
The GC drilling was completed on a 12.5 m by
12.5 m pattern over the pit area. The GC program has confirmed the
widths of the high-grade gold ore zones, generally 15 m to 20 m
wide and in some places, up to 40 m wide, within the A1 starter
pit. The majority of cross-sections have returned significant zones
of thick high-grade oxide gold results.
These results provide further confidence in both
the widths and tenors of mineralization present at A1 prior to the
commencement of scheduled mining and processing.
Drilling on-site continues with the RC drill rig
now mobilized and operating at the A2 open pit area.
A summary plan map of the reserve blocks in the
A1 pit prior to the GC drilling is presented in Figure 1 while
Figure 2 shows the same blocks as informed by the successful GC
drilling.
Figure 1: A1 Pit - Resources and
Reserves Model Plan View
https://www.globenewswire.com/NewsRoom/AttachmentNg/0dc37694-61d8-4dba-84ca-1ea30df4dd72
Figure 2: A1 Pit - Grade Control
Drilling Plan View
https://www.globenewswire.com/NewsRoom/AttachmentNg/c3bd1027-b8e5-4c95-929e-123d717ea127
Table 1: A1 Starter Pit Drilling
Highlights
Hole# |
From(m) |
To(m) |
Length(m)* |
Grade(g/t gold) |
MAGA-GCA1-0096 |
27.00 |
47.00 |
20.00 |
4.49 |
MAGA-GCA1-0183 |
6.00 |
17.00 |
11.00 |
7.48 |
MAGA-GCA1-0209 |
1.00 |
20.00 |
19.00 |
3.62 |
MAGA-GCA1-0244 |
19.00 |
42.00 |
23.00 |
2.88 |
MAGA-GCA1-0094 |
1.00 |
25.00 |
24.00 |
2.21 |
MAGA-GCA1-0121 |
18.00 |
28.00 |
10.00 |
3.84 |
MAGA-GCA1-0203 |
44.00 |
50.00 |
6.00 |
6.19 |
MAGA-GCA1-0180 |
35.00 |
44.00 |
9.00 |
4.07 |
MAGA-GCA1-0179 |
25.00 |
31.00 |
6.00 |
5.62 |
MAGA-GCA1-0122 |
32.00 |
37.00 |
5.00 |
6.27 |
MAGA-GCA1-0139 |
25.00 |
38.00 |
13.00 |
2.74 |
MAGA-GCA1-0176 |
17.00 |
34.00 |
17.00 |
2.04 |
MAGA-GCA1-0166 |
13.00 |
25.00 |
12.00 |
2.67 |
MAGA-GCA1-0201 |
0.00 |
18.00 |
18.00 |
1.76 |
MAGA-GCA1-0194 |
23.00 |
33.00 |
10.00 |
3.13 |
MAGA-GCA1-0167 |
15.00 |
28.00 |
13.00 |
2.36 |
MAGA-GCA1-0128 |
25.00 |
39.00 |
14.00 |
2.18 |
MAGA-GCA1-0231 |
15.00 |
27.00 |
12.00 |
2.53 |
MAGA-GCA1-0211 |
29.00 |
40.00 |
11.00 |
2.68 |
MAGA-GCA1-0178 |
9.00 |
25.00 |
16.00 |
1.84 |
MAGA-GCA1-0175 |
12.00 |
20.00 |
8.00 |
3.64 |
MAGA-GCA1-0113 |
31.00 |
51.00 |
20.00 |
1.44 |
MAGA-GCA1-0095 |
16.00 |
31.00 |
15.00 |
1.76 |
MAGA-GCA1-0148 |
19.00 |
31.00 |
12.00 |
2.16 |
MAGA-GCA1-0152 |
23.00 |
38.00 |
15.00 |
1.68 |
MAGA-GCA1-0200 |
36.00 |
50.00 |
14.00 |
1.69 |
MAGA-GCA1-0165 |
22.00 |
38.00 |
16.00 |
1.47 |
MAGA-GCA1-0200 |
6.00 |
18.00 |
12.00 |
1.91 |
MAGA-GCA1-0102 |
39.00 |
52.00 |
13.00 |
1.76 |
* True widths for A1
grade control drilling are approximately 85% of drilled lengths
About Orezone Gold
Corporation
Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF)
is a Canadian development company which owns a 90% interest in
Bomboré, one of the largest undeveloped gold deposits in Burkina
Faso.
The 2019 feasibility study highlights Bomboré as
an attractive shovel-ready gold project with forecasted annual gold
production of 118,000 ounces over a 13+ year mine life at an All-In
Sustaining Cost of US$730/ounce with an after-tax payback period of
2.5 years at an assumed gold price of US$1,300/ounce. Bomboré is
underpinned by a mineral resource base in excess of 5 million gold
ounces and possesses significant expansion potential. Orezone is
fully funded to bring Bomboré into production with the first gold
pour scheduled for Q3-2022.
Patrick DowneyPresident and Chief Executive
Officer
Vanessa PickeringManager, Investor Relations
Tel: 1 778 945 8977 / Toll Free: 1 888 673
0663info@orezone.com / www.orezone.com
Qualified Person
Dr. Pascal Marquis, Geo., Senior VP Exploration
is the Qualified Person who has approved the scientific and
technical information in this news release.
QA/QC
The mineralized intervals are based on a lower
cut-off grade of 0.28 g/t Au, a minimal width of 2 m and up to a
maximum of 2.0 m of dilution being included. The true width of the
mineralization is approximately 85% of the drilled length. The A1
Pit grade control samples were collected by employees of Orezone
Bomboré SA (“OBSA”), Orezone’s 90% owned subsidiary that owns the
Project, using either a Reverse Circulation (RC) rig from JMS
Drilling Sarl equipped with two cyclones (50% of the program), or
OBSA’s RC rig equipped with either a Metzke automatic sampler (3%
of the program) or with one cyclone followed by division using a
rotary sample divider (47% of the program). The average weight of
the samples collected with all three methods was 2.0 kg. All
samples from this program were dried and pulverized at the OBSA
sample preparation site facility operated by SGS Burkina Faso Sarl.
A 1 kg aliquot was analyzed for leachable gold by bottle-roll
cyanidation using a LeachWell tm catalyst either at BIGS Global
Burkina Sarl in Ouagadougou (60% of the program) or at SGS Burkina
Faso Sarl in Ouagadougou (40% of the program).
Orezone employs a rigorous Quality Control
Program including a minimum of 10% standards, blanks, and
duplicates.
For further information please contact
Orezone at +1 (778) 945-8977 or visit the Company’s
website at
www.orezone.com.
The Toronto Stock Exchange neither approves nor
disapproves the information contained in this news release.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains certain information
that may constitute “forward-looking information” within the
meaning of applicable Canadian Securities laws and “forward-looking
statements” within the meaning of applicable U.S. securities laws
(together, “forward-looking statements”). Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"potential", "possible" and other similar words, or statements that
certain events or conditions "may", "will", "could", or "should"
occur. Forward-looking statements in this press release include,
but are not limited to, statements with respect to future grade
control drilling, Bomboré project being fully funded to production
and projected first gold by Q3-2022.
All such forward-looking statements are based on
certain assumptions and analyses made by management in light of
their experience and perception of historical trends, current
conditions and expected future developments, as well as other
factors management and the qualified persons believe are
appropriate in the circumstances.
All forward-looking statements 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 including, but not
limited to, delays caused by the COVID-19 pandemic, terrorist or
other violent attacks, the failure of parties to contracts to
honour contractual commitments, unexpected changes in laws, rules
or regulations, or their enforcement by applicable authorities; the
failure of parties to contracts to perform as agreed; social or
labour unrest; changes in commodity prices; unexpected failure or
inadequacy of infrastructure, the possibility of project cost
overruns or unanticipated costs and expenses, accidents and
equipment breakdowns, political risk, unanticipated changes in key
management personnel and general economic, market or business
conditions, the failure of exploration programs, including drilling
programs, to deliver anticipated results and the failure of ongoing
and uncertainties relating to the availability and costs of
financing needed in the future, and other factors described in the
Company's most recent annual information form and management
discussion and analysis filed on SEDAR on www.sedar.com. Readers
are cautioned not to place undue reliance on forward-looking
statements.
Although the forward-looking statements
contained in this press release are based upon what management of
the Company believes are reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with these
forward-looking statements. These forward-looking statements are
made as of the date of this press release and are expressly
qualified in their entirety by this cautionary statement. Subject
to applicable securities laws, the Company does not assume any
obligation to update or revise the forward-looking statements
contained herein to reflect events or circumstances occurring after
the date of this press release.
Orezone Gold (TSX:ORE)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
Orezone Gold (TSX:ORE)
Historical Stock Chart
Von Mär 2023 bis Mär 2024