Positive Drill Results Support Further Growth at Bombore
| 13 Nov 2012 08:00 ET || |
Orezone Gold Corporation (TSX:ORE) is pleased to announce additional positive results from an ongoing 125,000 m infill and expansion drill program at its wholly owned Bombore Gold Project in Burkina Faso, West Africa. The program is designed to upgrade and expand the resources, especially the softer near surface oxide and semi-oxidized resources (total oxide resource of 1.76 Moz M&I and 0.26 Moz Inferred, plus the sulphide resource of 2.37 Moz M&I and 0.78 Moz Inferred). In parallel the company is completing a definitive feasibility study ("DFS") for a phase one, oxide-only CIL plant, and the drill results to date should improve the economics and life of the project. Deeper drill results also indicate further upgrading and expansion of the underlying sulphide (fresh-rock) resource. The Company envisions expanding the CIL plant from the project cash flows to accommodate the fresh rock that would result in a larger operation and a longer mine life. The Company expects to complete an internal resource update on Bombore in Q1 2013, which will be included in the DFS to be released by Q3 2013.
- Results include 179 reverse circulation (RC) holes (12,479 m) and 42 core (DD) holes (9,424 m). For all results see the following Table;
- These results are from the northern area of the project where inferred resources and some new oxide targets have been drilled;
- The new core holes were drilled over a strike of 2,500 m in the Maga area and intersected gold mineralization at an average vertical depth of 126 m;
- The Company has now released a total of 55,000 m of drilling (683 holes) subsequent to the August 2012 Bombore resource statement. These results, along with results received through the end of November 2012, will be included in the next resource update on which the DFS reserves will be based;
- Work continues on the DFS with various trade-off studies to finalize the plant site location, the grinding circuit, water storage system, tailings design, geotechnical drilling and environmental studies. All of these items are expected to be completed by Q1 2013 along with the release of the detailed variability metallurgical results.
"These results further confirm that there is excellent potential for additional expansion of the oxide and sulphide resources at Bombore." said Pascal Marquis, SVP Exploration for Orezone. "More importantly, the additional 55,000 m drilled to date support further improvement in project economics and validation of our two-phased approach to mining Bombore which will be reflected in the upcoming DFS"