Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF)
(the “Company” or “Orezone”) is pleased to report further assay
results from the maiden grade control (“GC”) reverse circulation
(“RC”) drill program at the Bomboré Gold Project, located in
Burkina Faso. GC drilling to-date is focused on near-surface oxide
mineralization within the starter pits located in the northern
portion of the mining lease. These starter pits will be the source
of higher-grade oxide mill feed for the first year of production
and are denoted as A1, A2, A3, H1, H2, and H3 (see Figure 1 below).
GC results for Pit A2 are now available and similar to Pit A1 (see
news release dated April 7, 2022 for A1 Pit GC results), are very
encouraging.
Results have returned several significant
thicker high-grade intervals where localized zones of higher grades
were intersected in several holes which collared or ended in
mineralization. Some of these zones reported remain open in several
areas (see Figures 2 and 3).
Drilling Highlights
- 4.00 m of
22.42 g/t Au from 27.00 m
- 31.00 m of
2.30 g/t Au from 0.00 m
- 31.00 m of
2.17 g/t Au from 0.00 m
- 20.00 m of
2.43 g/t Au from 11.00 m
- 18.00 m of
2.61 g/t Au from 13.00 m
- 26.00 m of
1.79 g/t Au from 5.00 m
- 31.00 m of
1.49 g/t Au from 0.00 m
- 31.00 m of
1.48 g/t Au from 0.00 m
- 31.00 m of
1.47 g/t Au from 0.00 m
- 27.00 m of
1.68 g/t Au from 0.00 m
- 2.00 m of
21.98 g/t Au from 10.00 m
- 24.00 m of
1.83 g/t Au from 0.00 m
- 25.00 m of
1.74 g/t Au from 6.00 m
- 11.00 m of
3.79 g/t Au from 17.00 m
- 24.00 m of
1.61 g/t Au from 7.00 m
- 28.00 m of
1.37 g/t Au from 3.00 m
- 18.00 m of
2.08 g/t Au from 13.00 m
- 20.00 m of
1.77 g/t Au from 0.00 m
- 7.00 m of
4.76 g/t Au from 5.00 m
- 17.00 m of
1.92 g/t Au from 0.00 m
- 17.00 m of
1.84 g/t Au from 13.00 m
- 18.00 m of
1.68 g/t Au from 8.00 m
- 18.00 m of
1.63 g/t Au from 13.00 m
- 11.00 m of
2.67 g/t Au from 7.00 m
- 9.00 m of
3.22 g/t Au from 14.00 m
- 18.00 m of
1.53 g/t Au from 3.00 m
- 9.00 m of
2.90 g/t Au from 19.00 m
- 15.00 m of
1.74 g/t Au from 10.00 m
- 10.00 m of
2.56 g/t Au from 21.00 m
- 12.00 m of
2.07 g/t Au from 4.00 m
- 12.00 m of
2.05 g/t Au from 9.00 m
- 10.00 m of
2.40 g/t Au from 21.00 m
- 5.00 m of
4.73 g/t Au from 6.00 m
- 7.00 m of
3.19 g/t Au from 8.00 m
- 5.00 m of
3.60 g/t Au from 0.00 m
- 9.00 m of
1.92 g/t Au from 22.00 m
- 11.00 m of
1.52 g/t Au from 0.00 m
- 6.00 m of
2.73 g/t Au from 5.00 m
- 4.00 m of
3.51 g/t Au from 0.00 m
Patrick Downey, President and CEO stated, “The
GC drilling results at the A2 starter pit are extremely robust and
have not only confirmed but extended the higher-grade zones within
our resource and reserve models for Bomboré. These higher-grade
zones are up to 60 m thick with average widths of 15 m to 30 m with
ore starting right at surface with several holes ending in
mineralization. These zones continue up to the A3 pit and beyond
towards the northeast, and we will now expand the GC program to
incorporate this additional area. We expect to outline an enlarged
higher-grade starter pit that will encompass all of the A1, A2, and
A3 pits. The GC program is also continuing at the H1 and H2
higher-grade starter pits in the P8/P9 area located in close
proximity to the process plant. Mining from all of these pits will
provide better grade oxide ore feed for the first 12 to 15 months
of operations. We remain on-time and on-budget for first gold in Q3
of this year and look forward to delivering strong early gold
production as supported by these impressive recent and on-going GC
results.”
Figure 1: North Pits Plan
View is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/4db5a20f-4286-4103-b69b-0e670a851168
Figure 2: Maga Area Resources and
Reserve Drilling Plan View is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/383a65d2-4fc1-49cd-b029-b1b241a2d53c
Figure 3: Maga Area Grade Control
Drilling Plan View is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/f28b5aae-e3da-43a0-a3ea-60cc06a76ee5
Figure 4: A2 Pit Resources and Reserve
Drilling Plan View is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3999818-f7d5-4407-9301-c0e6f2927d0e
Figure 5: A2 Pit Grade Control
Drilling Plan View is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/57ad2499-088f-45d8-bdb1-f55b7ffa651b
Table 1: A2 Starter Pit Drilling
Highlights
Hole# |
From(m) |
To(m) |
Length(m)* |
Grade(g/t gold) |
MAGA-GCA2-0337 |
27.00 |
31.00 |
4.00 |
22.42 |
MAGA-GCA2-0254 |
0.00 |
31.00 |
31.00 |
2.30 |
MAGA-GCA2-0146 |
0.00 |
31.00 |
31.00 |
2.17 |
MAGA-GCA2-0060 |
11.00 |
31.00 |
20.00 |
2.43 |
MAGA-GCA2-0132 |
13.00 |
31.00 |
18.00 |
2.61 |
MAGA-GCA2-0204 |
5.00 |
31.00 |
26.00 |
1.79 |
MAGA-GCA2-0215 |
0.00 |
31.00 |
31.00 |
1.49 |
MAGA-GCA2-0236 |
0.00 |
31.00 |
31.00 |
1.48 |
MAGA-GCA2-0247 |
0.00 |
31.00 |
31.00 |
1.47 |
MAGA-GCA2-0253 |
0.00 |
27.00 |
27.00 |
1.68 |
MAGA-GCA2-0343 |
10.00 |
12.00 |
2.00 |
21.98 |
MAGA-GCA2-0059 |
0.00 |
24.00 |
24.00 |
1.83 |
MAGA-GCA2-0216 |
6.00 |
31.00 |
25.00 |
1.74 |
MAGA-GCA2-0328 |
17.00 |
28.00 |
11.00 |
3.79 |
MAGA-GCA2-0271 |
7.00 |
31.00 |
24.00 |
1.61 |
MAGA-GCA2-0263 |
3.00 |
31.00 |
28.00 |
1.37 |
MAGA-GCA2-0163 |
13.00 |
31.00 |
18.00 |
2.08 |
MAGA-GCA2-0145 |
0.00 |
20.00 |
20.00 |
1.77 |
MAGA-GCA2-0255 |
0.00 |
31.00 |
31.00 |
1.14 |
MAGA-GCA2-0094 |
5.00 |
12.00 |
7.00 |
4.76 |
MAGA-GCA2-0270 |
0.00 |
17.00 |
17.00 |
1.92 |
MAGA-GCA2-0235 |
0.00 |
24.00 |
24.00 |
1.36 |
MAGA-GCA2-0027 |
13.00 |
30.00 |
17.00 |
1.84 |
MAGA-GCA2-0124 |
0.00 |
21.00 |
21.00 |
1.49 |
MAGA-GCA2-0077 |
0.00 |
21.00 |
21.00 |
1.48 |
MAGA-GCA2-0033 |
8.00 |
26.00 |
18.00 |
1.68 |
MAGA-GCA2-0272 |
13.00 |
31.00 |
18.00 |
1.63 |
MAGA-GCA2-0213 |
7.00 |
18.00 |
11.00 |
2.67 |
MAGA-GCA2-0095 |
14.00 |
23.00 |
9.00 |
3.22 |
MAGA-GCA2-0120 |
3.00 |
21.00 |
18.00 |
1.53 |
MAGA-GCA2-0331 |
19.00 |
28.00 |
9.00 |
2.90 |
MAGA-GCA2-0286 |
10.00 |
25.00 |
15.00 |
1.74 |
MAGA-GCA2-0045 |
21.00 |
31.00 |
10.00 |
2.56 |
MAGA-GCA2-0157 |
0.00 |
17.00 |
17.00 |
1.50 |
MAGA-GCA2-0137 |
1.00 |
19.00 |
18.00 |
1.39 |
MAGA-GCA2-0203 |
4.00 |
16.00 |
12.00 |
2.07 |
MAGA-GCA2-0044 |
9.00 |
21.00 |
12.00 |
2.05 |
MAGA-GCA2-0288 |
11.00 |
31.00 |
20.00 |
1.21 |
MAGA-GCA2-0167 |
10.00 |
28.00 |
18.00 |
1.33 |
MAGA-GCA2-0214 |
21.00 |
31.00 |
10.00 |
2.40 |
MAGA-GCA2-0055 |
13.00 |
31.00 |
18.00 |
1.32 |
MAGA-GCA2-0340 |
6.00 |
11.00 |
5.00 |
4.73 |
MAGA-GCA2-0227 |
0.00 |
21.00 |
21.00 |
1.11 |
MAGA-GCA2-0102 |
8.00 |
26.00 |
18.00 |
1.29 |
MAGA-GCA2-0152 |
13.00 |
25.00 |
12.00 |
1.86 |
MAGA-GCA2-0205 |
8.00 |
15.00 |
7.00 |
3.19 |
MAGA-GCA2-0070 |
0.00 |
20.00 |
20.00 |
1.10 |
MAGA-GCA2-0144 |
0.00 |
18.00 |
18.00 |
1.20 |
MAGA-GCA2-0112 |
6.00 |
21.00 |
15.00 |
1.34 |
MAGA-GCA2-0237 |
18.00 |
31.00 |
13.00 |
1.54 |
MAGA-GCA2-0327 |
3.00 |
16.00 |
13.00 |
1.53 |
MAGA-GCA2-0294 |
0.00 |
11.00 |
11.00 |
1.74 |
MAGA-GCA2-0066 |
14.00 |
29.00 |
15.00 |
1.26 |
MAGA-GCA2-0280 |
17.00 |
26.00 |
9.00 |
2.08 |
MAGA-GCA2-0273 |
11.00 |
29.00 |
18.00 |
1.03 |
MAGA-GCA2-0166 |
0.00 |
11.00 |
11.00 |
1.66 |
MAGA-GCA2-0162 |
0.00 |
10.00 |
10.00 |
1.81 |
MAGA-GCA2-0249 |
0.00 |
5.00 |
5.00 |
3.60 |
MAGA-GCA2-0117 |
13.00 |
24.00 |
11.00 |
1.64 |
MAGA-GCA2-0308 |
8.00 |
16.00 |
8.00 |
2.24 |
MAGA-GCA2-0179 |
9.00 |
31.00 |
22.00 |
0.81 |
MAGA-GCA2-0226 |
0.00 |
14.00 |
14.00 |
1.26 |
MAGA-GCA2-0088 |
0.00 |
9.00 |
9.00 |
1.93 |
MAGA-GCA2-0138 |
6.00 |
19.00 |
13.00 |
1.34 |
MAGA-GCA2-0282 |
8.00 |
23.00 |
15.00 |
1.16 |
MAGA-GCA2-0336 |
12.00 |
19.00 |
7.00 |
2.47 |
MAGA-GCA2-0256 |
22.00 |
31.00 |
9.00 |
1.92 |
MAGA-GCA2-0285 |
0.00 |
11.00 |
11.00 |
1.52 |
MAGA-GCA2-0323 |
5.00 |
11.00 |
6.00 |
2.73 |
MAGA-GCA2-0147 |
17.00 |
28.00 |
11.00 |
1.46 |
MAGA-GCA2-0226 |
20.00 |
27.00 |
7.00 |
2.29 |
MAGA-GCA2-0156 |
6.00 |
19.00 |
13.00 |
1.23 |
MAGA-GCA2-0081 |
26.00 |
31.00 |
5.00 |
3.17 |
MAGA-GCA2-0208 |
8.00 |
21.00 |
13.00 |
1.21 |
MAGA-GCA2-0138 |
23.00 |
31.00 |
8.00 |
1.96 |
MAGA-GCA2-0078 |
21.00 |
30.00 |
9.00 |
1.74 |
MAGA-GCA2-0172 |
12.00 |
26.00 |
14.00 |
1.10 |
MAGA-GCA2-0281 |
15.00 |
31.00 |
16.00 |
0.96 |
MAGA-GCA2-0187 |
13.00 |
27.00 |
14.00 |
1.08 |
MAGA-GCA2-0234 |
14.00 |
20.00 |
6.00 |
2.52 |
MAGA-GCA2-0292 |
0.00 |
12.00 |
12.00 |
1.26 |
MAGA-GCA2-0040 |
0.00 |
16.00 |
16.00 |
0.94 |
MAGA-GCA2-0103 |
21.00 |
31.00 |
10.00 |
1.49 |
MAGA-GCA2-0200 |
18.00 |
31.00 |
13.00 |
1.10 |
MAGA-GCA2-0335 |
0.00 |
4.00 |
4.00 |
3.51 |
MAGA-GCA2-0309 |
21.00 |
30.00 |
9.00 |
1.55 |
MAGA-GCA2-0234 |
0.00 |
9.00 |
9.00 |
1.51 |
MAGA-GCA2-0313 |
9.00 |
17.00 |
8.00 |
1.68 |
MAGA-GCA2-0217 |
20.00 |
31.00 |
11.00 |
1.22 |
MAGA-GCA2-0318 |
6.00 |
14.00 |
8.00 |
1.67 |
MAGA-GCA2-0316 |
0.00 |
5.00 |
5.00 |
2.65 |
MAGA-GCA2-0113 |
26.00 |
31.00 |
5.00 |
2.62 |
MAGA-GCA2-0189 |
17.00 |
31.00 |
14.00 |
0.94 |
MAGA-GCA2-0279 |
0.00 |
7.00 |
7.00 |
1.79 |
MAGA-GCA2-0008 |
0.00 |
7.00 |
7.00 |
1.79 |
MAGA-GCA2-0186 |
2.00 |
16.00 |
14.00 |
0.89 |
MAGA-GCA2-0109 |
12.00 |
18.00 |
6.00 |
2.06 |
MAGA-GCA2-0076 |
0.00 |
9.00 |
9.00 |
1.37 |
MAGA-GCA2-0214 |
0.00 |
14.00 |
14.00 |
0.87 |
MAGA-GCA2-0287 |
14.00 |
21.00 |
7.00 |
1.75 |
MAGA-GCA2-0120 |
26.00 |
31.00 |
5.00 |
2.40 |
MAGA-GCA2-0145 |
22.00 |
31.00 |
9.00 |
1.27 |
MAGA-GCA2-0101 |
1.00 |
10.00 |
9.00 |
1.25 |
MAGA-GCA2-0305 |
9.00 |
18.00 |
9.00 |
1.25 |
MAGA-GCA2-0139 |
22.00 |
31.00 |
9.00 |
1.22 |
MAGA-GCA2-0089 |
23.00 |
28.00 |
5.00 |
2.16 |
MAGA-GCA2-0274 |
5.00 |
12.00 |
7.00 |
1.54 |
MAGA-GCA2-0125 |
16.00 |
24.00 |
8.00 |
1.33 |
MAGA-GCA2-0063 |
0.00 |
9.00 |
9.00 |
1.17 |
MAGA-GCA2-0298 |
0.00 |
14.00 |
14.00 |
0.74 |
MAGA-GCA2-0074 |
0.00 |
6.00 |
6.00 |
1.67 |
* True widths
for A2 grade control drilling are approximately 85% of drilled
lengths
Grade Control Drilling
Program
Drilling was completed on a 12.5 m by 12.5 m
pattern over the A2 starter pit to bench elevation 255 m. The GC
program has confirmed the widths of the high-grade gold ore zones,
generally 15 m to 30 m wide and in some places, up to 60 m wide
within the A2 starter pit. The majority of cross-sections have
returned significant zones of thick high-grade oxide gold results
with several collaring and/or ending in mineralization. The oxide
starter pit at A2 is expected to have an average depth of 30 m to
35 m along the main mineralized zone.
These results provide further confidence in both
the widths and tenors of mineralization present at A2 prior to the
commencement of scheduled mining and processing.
Drilling on-site continues with the RC drill rig
now operating at the H1 and H2 open pit areas. Upon completion, the
rig will return to expand the GC program from A2 towards the A3 pit
to the northeast and towards the A1 pit to the southwest.
A summary plan map of the resource drilling
results in the A2 pit prior to the GC drilling is presented in
Figure 4 while Figure 5 shows the same area updated with the
successful GC drilling results.
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 grade control program mineralized intervals
are based on a lower cut-off grade of 0.28 g/t Au, a minimal width
of 4.00 m and up to a maximum of 3.0 m of dilution being included.
The true width of the mineralization is approximately 85% of the
drilled length. The A2 Pit grade control samples were collected by
employees of Orezone Bomboré SA (“OBSA”), Orezone’s 90% owned
subsidiary that owns the Project, using the Orezone Reverse
Circulation (RC) rig equipped with a Metzke automatic sampler. The
average weight of the samples collected was 2.1 kg. All samples
from this program were dried and pulverized at the OBSA sample
preparation site facility operated by SGS Burkina Faso SA. A 1 kg
aliquot was analyzed for leachable gold by bottle-roll cyanidation
using a LeachWell TM catalyst at BIGS Global Burkina Sarl in
Ouagadougou .
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.
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