OTTAWA, ONTARIO--(Marketwire - Sept. 4, 2012) - Orezone Gold Corporation (TSX:ORE) is pleased to announce 35,000 m of additional positive oxide and sulphide drill results from infill and expansion drilling completed during the second quarter at its wholly owned Bomboré Gold Project in Burkina Faso, West Africa. These results were not included in the Bomboré resource update announced on August 27, 2012.
Highlights
• Results include 408 reverse circulation holes (RC) (21,113 m) and 93 core holes (DD) (14,161 m). For all results see the following Table.
• The majority of these results are from the southern area of the project, which now accounts for approximately 40% of the Bomboré resource. A significant portion of the new results are situated outside and close proximity to the southern area pit shells that constrain the resource.
• Five new holes from the P17N prospect confirmed the continuity of this new discovery and definition drilling will commence over a strike of at least 350 m. This prospect was not included in the 2012 resource estimate and the new drilling will focus on upgrading resources to an indicated level.
• In the northern area, a possible southwest extension of the Maga main zone was confirmed. Additional drilling focused on upgrading resources to an inferred level will commence over a strike length of 1.2 km.
• Based on the positive results, the board has approved an additional 42,000 m RC and 46,000 m of core drilling to upgrade and expand the inferred oxide and sulphide resources of the project. The drilling program has already started with one RC and two core rigs.
• The next resource update is planned for Q1 2013 that will incorporate the 35,000 m of new results plus an expected 30,000 m of results from the upcoming drill program.
• The new on-site Bomboré sample preparation facility can handle in excess of 15,000 samples per month (17,109 samples prepared in July) and will significantly improve the delivery time of the future drill results.
"These results confirm that there is excellent potential for further expansion of the oxide and sulphide resources." said Pascal Marquis, SVP Exploration for Orezone. "The next round of drilling is designed to continue to expand resources and steadily improve the project economics."
Table 1. Cumulative Historical Results Reported to Date
| Total Drilling to Date | Grade g/t | |||||||
| Zone | # of Holes | Total m | Uncut | Cut | ||||
| KT - RC | 120 | 7,830 | 1.45 | 1.29 | ||||
| KT - DD | 6 | 642 | 1.73 | 1.67 | ||||
| CFU - RC | 212 | 13,836 | 1.57 | 1.07 | ||||
| CFU - DD | 26 | 3,938 | 1.75 | 0.99 | ||||
| Maga - RC | 750 | 49,110 | 1.21 | 1.07 | ||||
| Maga - DD | 155 | 22,817 | 1.21 | 1.11 | ||||
| P8P9 - RC | 1,186 | 81,119 | 1.19 | 1.02 | ||||
| P8P9 - DD | 240 | 40,622 | 1.18 | 1.00 | ||||
| P11 - RC | 368 | 20,422 | 1.03 | 0.99 | ||||
| P11- DD | 88 | 12,358 | 1.11 | 0.97 | ||||
| Siga E - RC | 371 | 22,042 | 1.02 | 0.93 | ||||
| Siga E - DD | 105 | 15,334 | 1.30 | 1.05 | ||||
| Siga W - RC | 298 | 16,208 | 0.94 | 0.89 | ||||
| Siga W - DD | 93 | 12,773 | 0.90 | 0.87 | ||||
| Siga S - RC | 456 | 23,465 | 1.80 | 0.94 | ||||
| Siga S - DD | 96 | 15,042 | 1.04 | 0.98 | ||||
| P17 N - RC | 9 | 451 | 1.29 | 1.15 | ||||
| P17 N - DD | 0 | 0 | ||||||
| P17 S - RC | 0 | 0 | ||||||
| P17 S - DD | 3 | 414 | 3.09 | 2.59 | ||||
| P17 - RC | 32 | 1,951 | 2.24 | 1.86 | ||||
| P17 - DD | 24 | 2,980 | 1.50 | 1.38 | ||||
| P16 - RC | 51 | 3,124 | 1.48 | 1.28 | ||||
| P16 - DD | 27 | 3,931 | 2.71 | 1.64 | ||||
| North - RC | 2,268 | 151,895 | 1.22 | 1.04 | ||||
| North - DD | 427 | 68,019 | 1.21 | 1.04 | ||||
| South - RC | 1,493 | 82,137 | 1.36 | 0.94 | ||||
| South- DD | 382 | 55,506 | 1.06 | 0.96 | ||||
| SE - RC | 92 | 5,526 | 1.69 | 1.44 | ||||
| SE - DD | 54 | 7,325 | 2.31 | 1.55 | ||||
| All - RC | 3,853 | 239,558 | 1.29 | 1.02 | ||||
| All - DD | 863 | 130,850 | 1.20 | 1.03 | ||||
| [1] Weighted average grade of individual assays, cut to 5 g/t |
Table 2. Breakdown of Drilling Meterage for this Release
| Zone | Core Drilling | RC Drilling | ||||||
| # of holes | Total m | # of holes | Total m | |||||
| Maga | 0 | 0 | 56 | 3,090 | ||||
| CFU | 0 | 0 | 3 | 198 | ||||
| P8P9 | 25 | 4,621 | 30 | 1,665 | ||||
| P11 | 3 | 496 | 24 | 1,308 | ||||
| Siga E | 15 | 1,920 | 46 | 2,344 | ||||
| Siga W | 17 | 2,127 | 44 | 2,234 | ||||
| Siga S | 30 | 4,529 | 177 | 8,877 | ||||
| P17 N | 0 | 0 | 5 | 250 | ||||
| P16 | 0 | 0 | 12 | 587 | ||||
| P13 | 0 | 0 | 1 | 50 | ||||
| Goingho | 0 | 0 | 4 | 200 | ||||
| MV2 | 0 | 0 | 2 | 110 | ||||
| MV3S | 3 | 468 | 4 | 200 | ||||
| TOTAL | 93 | 14,161 | 408 | 21,113 | ||||
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(1) |
Cut Grade(2) |
Total | |||||||||||
| Zone | Section | Hole # | (m) | (m) | (m) | (g/t) | (g/t) | Assay(3) | ||||||||
| CFU | 3150 | BBD0729 | 28.50 | 36.00 | 7.50 | 14.14 | 4.15 | |||||||||
| Maga | 4425 | BBD0639 | 105.50 | 149.00 | 43.50 | 1.22 | 1.22 | |||||||||
| Maga | 4400 | BBD0820 | 137.00 | 189.00 | 52.00 | 1.36 | 1.27 | |||||||||
| Maga | 4375 | BBD0772 | 76.00 | 109.00 | 33.00 | 1.10 | 1.10 | |||||||||
| Maga | 4350 | BBD0738 | 74.00 | 97.00 | 23.00 | 1.11 | 1.11 | |||||||||
| Maga | 4350 | BBD0738 | 100.00 | 111.00 | 11.00 | 1.38 | 1.38 | |||||||||
| Maga | 4325 | BBD0688 | 93.00 | 113.00 | 20.00 | 1.32 | 1.32 | |||||||||
| Maga | 4250 | BBD0638 | 104.00 | 126.00 | 22.00 | 0.92 | 0.92 | |||||||||
| Maga | 4225 | BBD0637 | 125.00 | 144.00 | 19.00 | 1.01 | 1.01 | |||||||||
| Maga | 4075 | BBD0736 | 10.50 | 22.50 | 12.00 | 1.66 | 1.66 | |||||||||
| Maga | 4075 | BBD0737 | 172.00 | 199.00 | 27.00 | 1.22 | 1.12 | |||||||||
| Maga | 4050 | BBD0770 | 71.00 | 91.00 | 20.00 | 0.77 | 0.77 | |||||||||
| Maga | 4050 | BBD0771 | 177.00 | 193.00 | 16.00 | 1.25 | 1.25 | |||||||||
| Maga | 3975 | BBD0817 | 0.00 | 22.50 | 22.50 | 2.67 | 2.14 | |||||||||
| Maga | 3975 | BBD0817 | 126.00 | 156.00 | 30.00 | 1.48 | 1.48 | |||||||||
| Maga | 3950 | BBD0816 | 194.00 | 210.00 | 16.00 | 1.19 | 1.19 | |||||||||
| Maga | 3900 | BBD0685 | 27.00 | 43.00 | 16.00 | 1.03 | 1.03 | |||||||||
| Maga | 3900 | BBD0685 | 156.00 | 179.00 | 23.00 | 2.40 | 1.57 | |||||||||
| Maga | 3875 | BBD0733 | 29.00 | 71.00 | 42.00 | 1.47 | 1.47 | |||||||||
| Maga | 3875 | BBD0734 | 89.00 | 109.00 | 20.00 | 0.92 | 0.92 | |||||||||
| Maga | 3825 | BBD0684 | 52.00 | 81.00 | 29.00 | 1.43 | 1.43 | |||||||||
| P8P9 | 2050 | BBD0833 | 104.00 | 125.00 | 21.00 | 1.36 | 1.29 | Pending | ||||||||
| P8P9 | 2000 | BBD0837 | 112.00 | 123.00 | 11.00 | 1.51 | 1.37 | Pending | ||||||||
| P8P9 | 1950 | BBD0834 | 32.00 | 49.00 | 17.00 | 1.55 | 1.55 | Pending | ||||||||
| P8P9 | 1950 | BBD0835 | 0.00 | 16.50 | 16.50 | 3.48 | 2.96 | Pending | ||||||||
| P8P9 | 1950 | BBD0835 | 36.50 | 52.00 | 15.50 | 1.44 | 1.44 | Pending | ||||||||
| P8P9 | 1800 | BBD0539 | 0.00 | 6.00 | 6.00 | 3.23 | 3.02 | |||||||||
| P8P9 | 1600 | BBD0870 | 63.50 | 72.50 | 9.00 | 1.94 | 1.86 | Pending | ||||||||
| P8P9 | 1300 | BBD0871 | 239.00 | 263.00 | 24.00 | 0.74 | 0.74 | Pending | ||||||||
| P8P9 | 1300 | BBD0871 | 285.00 | 295.00 | 10.00 | 1.79 | 1.62 | Pending | ||||||||
| P17 S | 42725 | TDD0001 | 47.00 | 52.00 | 5.00 | 3.68 | 3.33 | |||||||||
| P17 S | 42725 | TDD0002 | 70.00 | 74.00 | 4.00 | 5.67 | 4.57 | |||||||||
| P17 S | 42725 | TDD0003 | 21.00 | 34.00 | 13.00 | 2.28 | 1.81 | |||||||||
| P11 | 48700 | BBD0862 | 40.00 | 56.00 | 16.00 | 3.78 | 1.64 | Pending | ||||||||
| Siga S | 10900 | BBD0644 | 57.00 | 78.50 | 21.50 | 0.85 | 0.85 | |||||||||
| Siga S | 10750 | BBD0776 | 159.00 | 185.00 | 26.00 | 0.70 | 0.70 | |||||||||
| Siga S | 10700 | BBD0647 | 158.00 | 175.00 | 17.00 | 1.81 | 1.40 | |||||||||
| Siga S | 10550 | BBD0648 | 121.00 | 155.00 | 34.00 | 1.32 | 1.32 | |||||||||
| Siga S | 10450 | BBD0640 | 12.50 | 57.00 | 44.50 | 1.20 | 1.17 | |||||||||
| Siga S | 10450 | BBD0641 | 90.00 | 110.00 | 20.00 | 1.12 | 1.12 | |||||||||
| Siga S | 10400 | BBD0698 | 60.00 | 80.00 | 20.00 | 1.30 | 1.26 | |||||||||
| Siga S | 10300 | BBD0699 | 115.00 | 135.00 | 20.00 | 1.61 | 1.24 | |||||||||
| Siga S | 10250 | BBD0746 | 5.50 | 20.00 | 14.50 | 1.84 | 1.52 | |||||||||
| Siga W | 12100 | BBD0853 | 59.00 | 78.00 | 19.00 | 0.99 | 0.99 | Pending | ||||||||
| Siga W | 11550 | BBD0825 | 24.00 | 47.00 | 23.00 | 1.62 | 0.90 | |||||||||
| Siga W | 11300 | BBD0783 | 80.00 | 105.00 | 25.00 | 0.61 | 0.61 | |||||||||
| P16 | 44325 | BBD0813 | 177.00 | 189.00 | 12.00 | 3.09 | 1.36 | |||||||||
| P16 | 44325 | BBD0813 | 198.00 | 216.00 | 18.00 | 1.22 | 1.22 | |||||||||
| P16 | 44275 | BBD0768 | 106.00 | 115.00 | 9.00 | 5.18 | 2.31 | |||||||||
| P16 | 44275 | BBD0768 | 136.00 | 154.00 | 18.00 | 10.55 | 1.57 | |||||||||
| P16 | 44250 | BBD0763 | 105.00 | 115.00 | 10.00 | 1.81 | 1.81 | |||||||||
| P16 | 44250 | BBD0763 | 137.00 | 150.00 | 13.00 | 1.43 | 1.43 | |||||||||
| P16 | 44050 | BBD0814 | 0.00 | 21.00 | 21.00 | 0.92 | 0.92 |
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(4) |
Cut Grade(5) |
Total | |||||||||||
| Zone | Section | Hole | (m) | (m) | (m) | (g/t) | (g/t) | Assay(6) | ||||||||
| CFU | 3450 | BBC3169 | 0.00 | 10.00 | 8.00 | 1.64 | 1.64 | |||||||||
| CFU | 3350 | BBC3160 | 66.00 | 70.00 | 4.00 | 50.68 | 3.64 | |||||||||
| CFU | 2850 | BBC3111 | 3.00 | 17.00 | 14.00 | 1.54 | 1.54 | |||||||||
| CFU | 2800 | BBC3108 | 5.00 | 12.00 | 7.00 | 1.46 | 1.46 | |||||||||
| CFU | 2700 | BBC3096 | 47.00 | 54.00 | 7.00 | 2.29 | 1.60 | |||||||||
| CFU | 2500 | BBC2821 | 24.00 | 28.00 | 4.00 | 5.82 | 2.63 | |||||||||
| CFU | 2500 | BBC2822 | 25.00 | 40.00 | 15.00 | 1.08 | 1.08 | |||||||||
| KT | 6100 | BBC3214 | 0.00 | 9.00 | 9.00 | 1.34 | 1.34 | |||||||||
| Maga | 4500 | BBC2810 | 43.00 | 67.00 | 24.00 | 2.50 | 2.22 | |||||||||
| Maga | 4350 | BBC2811 | 4.00 | 35.00 | 31.00 | 1.33 | 1.33 | |||||||||
| Maga | 4325 | BBC2812 | 31.00 | 38.00 | 7.00 | 2.11 | 1.76 | |||||||||
| Maga | 4325 | BBC2812 | 45.00 | 74.00 | 29.00 | 1.22 | 1.21 | |||||||||
| Maga | 4300 | BBC2813 | 7.00 | 38.00 | 31.00 | 0.76 | 0.76 | |||||||||
| Maga | 4150 | BBC2779 | 17.00 | 24.00 | 7.00 | 2.17 | 2.17 | |||||||||
| Maga | 3650 | BBC2988 | 23.00 | 31.00 | 8.00 | 2.58 | 2.26 | |||||||||
| Maga | 3300 | BBC2963 | 0.00 | 7.00 | 7.00 | 2.00 | 2.00 | |||||||||
| Maga | 2950 | BBC2844 | 38.00 | 56.00 | 18.00 | 0.76 | 0.76 | |||||||||
| P8P9 | 1850 | BBC2673 | 30.00 | 34.00 | 4.00 | 2.87 | 2.87 | |||||||||
| P8P9 | 1850 | BBC3491 | 37.00 | 48.00 | 11.00 | 1.44 | 1.38 | Pending | ||||||||
| P8P9 | 1800 | BBC2662 | 45.00 | 55.00 | 10.00 | 1.72 | 1.43 | |||||||||
| P8P9 | 1750 | BBC3480 | 17.00 | 35.00 | 18.00 | 1.19 | 1.19 | Pending | ||||||||
| P8P9 | 1075 | BBC2554 | 10.00 | 25.00 | 15.00 | 0.80 | 0.80 | |||||||||
| P17 N | 45700 | BBC3232 | 14.00 | 27.00 | 13.00 | 2.22 | 1.86 | |||||||||
| P11 | 48300 | BBC3590 | 64.00 | 81.00 | 17.00 | 1.31 | 1.12 | Pending | ||||||||
| Siga E | 11350 | BBC3549 | 6.00 | 20.00 | 14.00 | 1.38 | 1.10 | Pending | ||||||||
| Siga S | 10900 | BBC3383 | 3.00 | 13.00 | 10.00 | 1.19 | 1.19 | |||||||||
| Siga S | 10700 | BBC3349 | 34.00 | 48.00 | 14.00 | 0.78 | 0.78 | |||||||||
| Siga S | 10550 | BBC3346 | 54.00 | 64.00 | 10.00 | 1.73 | 1.71 | |||||||||
| Siga S | 10400 | BBC3315 | 26.00 | 34.00 | 8.00 | 5.02 | 3.39 | |||||||||
| Siga S | 10300 | BBC3305 | 19.00 | 26.00 | 7.00 | 1.50 | 1.50 | |||||||||
| Siga S | 10300 | BBC3306 | 7.00 | 15.00 | 8.00 | 2.21 | 1.60 | |||||||||
| Siga S | 10150 | BBC3290 | 13.00 | 18.00 | 5.00 | 3.99 | 2.01 | |||||||||
| Siga S | 10050 | BBC3271 | 21.00 | 39.00 | 18.00 | 0.73 | 0.73 | |||||||||
| Siga S | 9850 | BBC3253 | 24.00 | 37.00 | 13.00 | 0.80 | 0.80 | |||||||||
| Siga S | 9850 | BBC3258 | 7.00 | 16.00 | 9.00 | 1.14 | 1.14 | |||||||||
| Siga S | 9850 | BBC3261 | 7.00 | 17.00 | 10.00 | 1.64 | 1.11 | |||||||||
| Siga S | 9850 | BBC3261 | 21.00 | 27.00 | 6.00 | 1.74 | 1.74 | |||||||||
| Siga S | 9850 | BBC3262 | 30.00 | 37.00 | 7.00 | 5.72 | 2.56 | |||||||||
| Siga W | 12350 | BBC3458 | 11.00 | 34.00 | 23.00 | 1.71 | 1.04 | Pending | ||||||||
| Siga W | 11500 | BBC3442 | 22.00 | 32.00 | 10.00 | 1.64 | 1.64 | |||||||||
| P16 | 44150 | BBC3236 | 6.00 | 19.00 | 13.00 | 0.99 | 0.99 | |||||||||
| P16 | 44125 | BBC3237 | 6.00 | 20.00 | 14.00 | 1.09 | 1.09 | |||||||||
| P16 | 44075 | BBC3241 | 11.00 | 34.00 | 23.00 | 5.13 | 2.56 |
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 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., ACTLABS 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 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 +12 M oz and recent mine development experience in Burkina Faso, West Africa. The company owns a 100% interest in Bomboré, 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 grow resources while completing a definitive feasibility study at Bomboré in 2013 and become 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 Definitive Feasibility Study in 2013; completion of the next resource update in Q1 2013; commencement of production at the Bomboré 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 uncut individual assays
(2) Weighted average grade of individual assays cut to 5 g/t
(3) Composite width and grade are preliminary where leach residue fire assay results are pending
(4) Weighted average grade of uncut individual assays
(5) Weighted average grade of individual assays cut to 5 g/t
(6) Composite width and grade are preliminary where leach residue fire assay results are pending
Contact Information:
Ron Little
CEO
(613) 241-3699 or Toll Free: (888) 673-0663
rlittle@orezone.com
Orezone
Pascal Marquis
SVP Exploration
(613) 241-3699 or Toll Free: (888) 673-0663
pmarquis@orezone.com
www.orezone.com