VANCOUVER, British Columbia, April 07, 2022 (GLOBE NEWSWIRE) -- 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.
- 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
Figure 2: A1 Pit - Grade Control Drilling Plan View
Table 1: A1 Starter Pit Drilling Highlights
* 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.
President and Chief Executive Officer
Manager, Investor Relations
Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
email@example.com / www.orezone.com
Dr. Pascal Marquis, Geo., Senior VP Exploration is the Qualified Person who has approved the scientific and technical information in this news release.
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.