- erfahrenes Management-Team hat bereits das 5,3 Mio. Unzen Essakane Deposit entwickelt und an IAMGOLD für 139 Mio. $ verkauft
- Derzeit hat man 3,7 Mio. Unzen Gold die mit weniger als 5 US$ pro Unze bewertet sind!
- Market Cap bei 0,34 CAD = 19 Mio. CA$
- 7,4 Mio. $ Cash!
- IAMGOLD hält 16,6% aller Aktien, Goldfields hält 10%. Weitere Instis sind Tradewinds und Toquaville
- Burkina Faso gilt als politisch stabil
- Insider haben im April und Mai 1,74 Mio. Aktien von ORG gekauft!
Eine Unze Gold für 5$? Kann das überhaupt wahr sein? JA!
Orezone Gold, mit Sitz in Ottawa, Canada legt seinen Fokus auf die Exploration und die Entwicklung von Goldliegenschaften in West-Afrika (Burkina Faso) und hat sich dort wichtige strategische Landpakete gesichert. Die Goldressource des Unternehmens zählt bereits zu den größten im ganzen Land.
Orezone Gold wird vom exakt gleichen Management Team geführt welches das 5,3 Mio. Unzen Essakane Projekt entwickelt und für 139 Mio. $ an IAMGOLD verkauft hat. (Siehe News vom 11. Dezember 2008)
Nach dem Deal wurde aus der ursprünglichen Orezone Resources, die jetzige Orezone Gold, die seit 25. Februar 09 an der Börse gehandelt wird. Die "neue" Orezone verfügt jetzt über Ressourcen von insgesamt 3,7 Mio. Unzen Gold. (2 Mio. Unzen Inferred und 1,7 Mio. Unzen Measured und Indicated) verteilt auf 3 Goldliegenschaften.
Flagschiff ist das 278km² große Bombore Projekt mit einer Ressource von derzeit 2,7 Mio. Unzen Gold. Damit ist das Projekt das drittgrößte Gold-Deposit im Land, und liegt genau auf der mehr als 14km langen größten Gold-Anomalie in Burkina Faso. Das Gebiet liegt 80km östlich der Hauptstadt Ouagadougou, und ist was die Infrastruktur angeht bereits weit fortgeschritten. Der Zugang zur Liegenschaft ist durch Straßen leicht möglich, Wasseranschlüsse und ein Labor zur Auswertung der Bohrproben sind vorhanden. Am 23. April starteten die Bohrungen für 20 neue Bohrlöcher über insgesamt 4.500m. Bei dem aktuell laufenden Bohrprogramm sollen vor allem die Ziele bis zu einer Tiefe von 175m getestet werden, bisher gingen die Bohrungen nur bis in eine Tiefe von 100m. Ein Ressourcen-Update für Bombore möchte man im ersten Quartal 2010 vorlegen.
Verglichen mit den beiden anderen Projekten (Sega und Bondi) ist Bombore ganz klar als niedrig-gradig einzustufen. Die Stärke des Projekts liegt viel mehr in den relativ oberflächennahen Goldvorkommen.
Das Sega Projekt hat eine Fläche von 313km² und liegt 150km nördlich der Hauptstadt. Der Zugang zum Projekt ist bereits durch die nötige Infrastruktur gewährleistet. Bisher konnten 11 Zonen mit Goldvorkommen nachgewiesen werden.
Das 224km² große Bondi Projekt liegt auf dem sogenannten Houndé Greenstone Belt im Südwesten Burkina Fasos, und ist ebenfalls durch geteerte Straßen leicht zugänglich. Auf Bondi konnte man bisher 4 mineralisierte Zonen nachweisen.
Alle drei Projekte befinden sich in Burkina Faso und Orezone hält an allen Gebieten 100%.
Obendrauf gibt es noch ein Uran-Gebiet über 980 km², und eine Molybdän-Kupfer Entdeckung im Niger an der Grenze zu Burkina Faso. Die beiden Uran-Projekte liegen nur 40km entfernt von Arevas Somair und Cominak Uran-Mine. Das Unternehmen konzentriert sich aktuell jedoch nur auf die Goldprojekte.
Was uns demnächst erwartet:
Bombore Projekt: Bohrergebnisse für die seit 23. April laufenden Bohrungen. Ressourcen-Update im ersten Quartal 2010 Sega Projekt: Ressourcen-Update im zweiten Quartal 2009 mit 12.000 neuen Bohrmetern
Da wir schon mal bei Zahlen sind: Orezone Gold hat 53,9 Mio. Aktien ausstehend und kommt damit beim aktuellen Kurs von 0,34 CA$ auf eine Market Cap von 18,3 Mio. CAD. Die Cash-Position beläuft sich auf sehr komfortable 7,4 Mio. CAD. Damit ist Orezone sehr gut aufgestellt um die Bombore Liegenschaft voranzutreiben, sowie Sega und Bondi weiter zu entwickeln.
Die Sensation: Orezone Gold ist mit weniger als 5 US$ pro Unze bewertet (19 Mio. CA$ / 3,7 Mio.) = 5,14 CA$ = 4,40 US$.
Burkina Faso gilt als politisch stabile Demokratie mit einer guten Infrastruktur und einer Regierung die ”pro mining”, also bergbau-freundlich eingestellt ist. Bis 2011 will das Land das viertgrößte produzierende Land in Afrika werden. Geographisch gesehen, liegt Burkina Faso zwischen Ghana und Mali welches die Nr. 2 und 3 in Afrika sind was die Goldproduktion angeht.
Die größten Aktionäre von Orezone sind IAMGOLD als strategischer Investor mit 16,6% und Goldfields mit 10%. Auch das Management von Orezone hat sich im April und Mai bereits groß eingedeckt. Es wurden insgesamt 1.740.685 Aktien vom Management direkt über den Markt gekauft! Ein Vertrauensbeweis, der auch schön am erhöhten Volumen an einigen Apriltagen zu erkennen ist.
Aus den am 15. Mai 2009 veröffentlichten Zahlen zum ersten Quartal 2009 geht hervor, dass sich das Management insgesamt 1,735 Mio. options (vergleichbar mit Bezugsrechten) eingeräumt hat, eigene Aktien zu 0,36 CAD zu kaufen. Die Options laufen bis März 2019. Man kann also jetzt noch zu den gleichen Preisen wie das Management in diesen Titel investieren!
Das ist wohl nur möglich, weil nach dem Deal mit IAMGOLD derzeit erst wenige kanadische Häuser die Aktie von Orezone Gold auf ihrem Radar haben. Bisher konnten wir nur von Haywood Securities einen Kommentar zu Orezone Gold finden.
Die Insidertransaktionen von Orezone können Sie immer im Blick behalten wenn Sie auf www.canadianinsider.com rechts oben in der Suche beim Symbol ORG eingeben.
Über Burkina Faso
Burkina Faso liegt in Westafrika und zählt zu den weltweit am schnellsten wachsenden Gold produzierenden Ländern. Geografisch liegt das Land zwischen Ghana und Mali, die Nr. 2 und Nr 3. der Goldproduzenten in Afrika. Es hat nahezu die gleiche Geologie vorzuweisen wie die Nachbarländer, ist jedoch noch relativ unerforscht. Das Terrain des Landes ist flach, was es sehr leicht zugänglich macht, und das trockene Klima hat dazu geführt, dass Material nähe der Oberfläche oxidiert und sich als Bodenschatz ablagert. Diese beiden Aspekte machen zum einen Entdeckungen leichter und senken letztendlich auch die Kosten für Exploration und Produktion.
Orezone hat sich in Burkina Faso ein strategisches Landpaket gesichert, und das zu einer Zeit, in der es nur wenig Interesse an Goldprojekten gab. Zwischen 1997 und 2005 war in vielen Ländern die Goldproduktion rückläufig, nur in West-Afrika sah es anders aus. Hier wurde 50% mehr Gold produziert, was auf die günstige Geologie, einer modernen Bergbauverordnung, der politischen Stabilität, einer staatlichen Unterstützung sowie auf ein angemessenes Steuer- und Finanzsystem zurück zu führen ist. Diese Wachstumsperiode führte dazu, dass Ghana und Mali zu Nr. 2 und Nr. 3 der Produzenten in Afrika aufstiegen.
Seltsamerweise war Burkina Faso an diesem Boom nicht beteiligt, obwohl das Land genau zentral zwischen Ghana und Mali liegt. Eine Studie von BRGM, eine französische Organisation für geologische- und Bergwerksforschung ergab, dass die geologischen Eigenschaften in Burkina Faso genau mit denen von Ghana und Mali übereinstimmen. Das Interesse der Bergbau-Unternehmen an Burkina Faso wächst zunehmend, nicht zuletzt weil es sich um eine politisch stabile Demokratie mit einer guten Infrastruktur und einem aktualisierten französischen Bergbaustandard handelt. Burkina Faso ist auf Kurs bis 2011 zur Nr. 4 der Goldproduzenten in Afrika zu aufzusteigen.
FAZIT:
OREZONE GOLD erscheint aufgrund der vorliegenden Fakten sehr attraktiv bewertet. Man kann ein erfahrenes Management-Team vorweisen, dass sein Können mit der Entwicklung und dem Verkauf der 5,3 Mio. Unzen Essakane Liegenschaft an IAMGOLD unter Beweis gestellt hat. Damals wurde der Deal mit 139 Mio. $ bewertet, was einem Preis pro Unze von rund 26 US$ entspricht. Die aktuellen Projekte von Orezone sind derzeit mit weniger als 5$ pro Unze bewertet. Alleine hieraus würde sich ein Potential von rund 300% ergeben.
Hinzu kommt noch der aktuelle Barbestand von 7,4 Mio. $ bei einer Market Cap von rund 19 Mio. $, sowie IAMGOLD als strategischer Investor und Goldfields, die zusammen 26,6% aller Aktien von Orezone halten. Die letzten Insiderkäufe des Managements im April und Mai in Höhe von insgesamt 1,74 Mio. Aktien sind ein klarer Vertrauensbeweis. Aufgrund der zuletzt genehmigten Optionen zu 0,36 CAD könnte der Kurs auf diesem Niveau etwas verharren. Wenn jedoch (ausser Haywood) mehr kanadische Häuser auf dieses Papier aufmerksam werden, sollten sich Kurse unter 0,40 CAD bzw. 0,25 EUR als Schnäppchen herausstellen. Als Ziel bis Jahresende sehen wir 0,70 CAD als realistisch an, vom aktuellen Niveau aus entspricht das 100 % Potential. Das Risiko nach unten, halten wir aufgrund der soliden Cashposition für sehr begrenzt. Da in Deutschland leider nur dünner Handel stattfindet, sollten Sie Ihre Order (wenn kostengünstig möglich!) direkt nach Kanada an die TSX geben. Als Limit sollten Sie maximal 0,36 CAD / 0,23 EUR wählen.
Demnächst sollten für das Bombore Projekt die Bohrergebnisse für die seit 23. April laufenden Bohrungen erscheinen. Ein Ressourcen-Update ist für das erste Quartal 2010 vorgesehen. Für das Sega Projekt soll bereits im zweiten Quartal 2009 ein Ressourcen-Update mit 12.000 neuen Bohrmetern erscheinen.
Ergebnisse für die ersten 7 von 20 Bohrlöchern sind da.
Jun 24, 2009 08:48 ET Orezone Confirms Mineralization at Bombore Below Surface Resources
Intersections to date below 75m include 41m and 43m at 1.1 g/t
OTTAWA, ONTARIO--(Marketwire - June 24, 2009) - Orezone Gold Corporation (TSX:ORE) is pleased to announce assay results for the first seven out of twenty holes from the 4,500m diamond drilling program being carried out on its wholly owned Bombore gold project in Burkina Faso, West Africa. The purpose of the program is to investigate the potential continuation of the surface oxide gold resources into the fresh rock below a vertical depth of 55m and to identify the geological controls of the gold mineralization. The Bombore Project contains 0.93 Million ounces of Indicated resources and 1.78 Million ounces of Inferred resources with grades averaging approximately 0.5 g/t in the surface oxide zone and closer to one gram of gold per tonne in the fresh rock below.
Results to date indicate that there is a positive correlation between the sulphide content (mostly pyrite) and the degree of deformation (shearing) with the higher grade gold mineralization. The program is being carried out in an area where the pit shell used to calculate resources is approximately 1km wide. Holes have been spaced every 90m along two section lines that are 200m apart. Initial results, along one drill section, have confirmed the very wide, low grade nature of the near surface oxide mineralization at the top of the recent drill holes are on par with the oxide-ore resource model. At depth, below the core or centre of the oxide resource, the results appear to indicate that mineralization is more contrasted with alternating domains of higher grade and lower mineralization 10's of metres wide. Better intersections included 41m at 1.08 g/t in hole BBD068 at 135m below surface and 43m at 1.06 g/t in hole BBD069 at 75m below surface. These intersections are approximately double the expected grade based on the surface resource model. The other holes for which results have been received were drilled outside of the centre or core domains and along the eastern fringe of the resource model. These fringe results indicate a lower than expected grade based on the surface oxide resource model. Table 1 shows results from the first seven holes drilled on the Bombore property. Results from the second drill section and the balance of the holes are expected to be released by the end of July.
Table 1 - Highlights of 2009 Bombore Drilling Program
"Limited results to date indicate that Bombore is mineralized at depth and the system remains open", said Ron Little, President and CEO of Orezone. "More drilling and the metallurgical results expected in Q4 are required to fully appreciate the economic potential of a deeper fresh rock resource. Our goal at depth, based on recent results, is to focus on the better grade domains that could be selectively mined and processed rather than a wholesale approach of processing a larger but lower grade resource, as expected at surface" he added.
The results to date are typical of such a large low grade system and only represent a fraction of the 10km of strike length of the Bombore Project resource model. Bombore has the potential to host a large, lower grade open pit operation with very good infrastructure compared too much of West Africa. It is located 80km east of the capital city of Ouagadougou adjacent to a major national highway, and near a large water reservoir, and will have access to an international power grid in the coming years.
Bombore Metallurgical Test Work Update: GBM Minerals Engineering Consultants Limited has been contracted to supervise a metallurgical testing program that will evaluate the potential for both heap leach and conventional milling technologies, or a combination thereof, for processing the Bombore deposit. The processing of the samples by Ammtec laboratory in Perth, Western Australia, started at the end of May. If heap leaching proves to be viable, Orezone will launch an RC expansion drilling program to increase the oxide resources at surface. Similarly, if grinding tests of the sulphide ore are positive, there is significant potential to expand the resources at depth. Results of the metallurgical tests are expected in Q4. In parallel with the metallurgical work, the data gathering for the Bombore Baseline Environmental Study is essentially completed and the final report is expected during Q3.
Drilling on the Bombore property was supervised by Dr. Pascal Marquis, Vice President of Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and has reviewed and approved the technical information in this release. Orezone employs a rigorous Quality Control Program (QCP) employing a minimum 10% standards, blanks and duplicates. All core holes were entirely sampled; core split in half and samples collected by Orezone approximately metre. The sample preparation was performed by Abilab Burkina S.A.R.L., a subsidiary of ALS Chemex. Assays were completed at BIGS Global Burkina S.A.R.L. for oxide and transition material using the LeachWELLTM method and the fresh rock material was analyzed by SGS Burkina S.A. using Fire Assay method.
Orezone is a gold exploration and development company that owns Bombore, one of the largest gold deposits in Burkina Faso, West Africa. Orezone also has a pipeline of developing projects, all located in politically stable areas of West Africa, one of the world's fastest growing gold producing regions. Orezone's mission is to create wealth by discovering and developing the earth's resources in an efficient and responsible manner.
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 and forward-looking information in this new release include statements with respect to the scope and timing of the drilling project and metallurgical testing for Bombore and the timing of the release of a resource update for the Sega project.
Forward-looking statements are based on certain assumptions, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. The assumptions include that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for the drilling program is available as scheduled, that no labour shortages or delays are incurred, that no material adverse change occurs to Orezone. Factors that could cause the forward-looking statements and forward-looking information to differ materially in actuality include the failure of contracted parties to perform as contracted and the failure of equipment. 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.
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, 2008, and other continuous disclosure documents filed by Orezone since January 1, 2009 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.
Orezone Confirms Bomboré Gold Deposit is Amenable to Heap Leaching
October 14th, 2009
Indicated recoveries of +79% for oxide and +76% for transition resources
October 14, 2009 - Orezone Gold Corporation ( ORE : TSX ) is pleased to report positive metallurgical test results on its 100% owned Bomboré gold deposit located in Burkina Faso, West Africa. All test results for the near surface oxide and transition (mixed oxide/sulphide) resources are better than estimates previously used for an in-house scoping study and will therefore enhance the economics of the project.
Metallurgical Highlights
Bottle-roll Cyanidation on coarse material (passing 25mm)
• +82% gold recoveries for the oxide resource;
• +72% gold recoveries for the transition resource.
Column Leach test
• +79% gold recoveries for the oxide resource and +76% recoveries for the transition resource after 26 days of leaching (test ongoing);
• Agglomeration: 3kg/t cement for the transition and 9kg/t cement for the oxide resource.
The potential to increase all categories of the resources is high, however the Company’s primary focus is on the expansion of the oxide and transition resources. Significantly less capital investment and time is required to develop a heap leach operation at Bomboré. The Company will carry out a $2M delineation drill program to both increase and upgrade the oxide and transition resources. This drill program will be completed by mid-2010. All metallurgical testing, updated scoping study results, and a baseline study of the project foot print will be completed by year-end. The Company is continuing to study power costs for grinding and processing of the sulphide resource using conventional milling techniques as they may provide additional upside for the development of the project beyond a heap leap leach operation.
The Bomboré gold deposit hosts 0.93 Million ounces of Indicated resources and 1.78 Million ounces of Inferred resources at an average gold grade of approximately 0.5 g/t in the near surface oxide zone and 1.0 g/t in the underlying primary sulphide resource. Approximately half of the inferred resource is oxide and transition material amenable to heap leach processing.
The Bomboré property has the potential to host a large, open pit gold project with very good infrastructure in place compared to many projects in West Africa as it is located just 80km east of the capital city of Ouagadougou and adjacent to a major national highway, near a large water reservoir, and accessible to an international power grid expected to be constructed in the near future.
Dr. Pascal Marquis, Vice President of Exploration for Orezone, supervised the metallurgical sampling program. Alex Mitchell, Principal Metallurgist with GBM Minerals Engineering Consultants Limited, designed and supervised the test work program. The test work was performed by AMMTEC laboratory in Perth, Australia. The samples sent to AMMTEC were selected to be representative of the various grades and rock types for 85% of the Bomboré gold resources. Tests included head analyses, coarse bottle leach and preliminary heap leach (including percolation and agglomeration tests), column leach, extraction on milled samples (including true SG determination, AMD testing, grind establishment, gravity separation, flotation, and cyanidation of whole ore, gravity tailings and flotation concentrate). Samples included six HQ half core 200kg composites of oxide (2), transition (2) and fresh zones (2); two 300 kg PQ whole core composites of transition and fresh zones only; and one 60 kg PQ whole core composite oxide sample. Mr Mitchell and Dr. Marquis are both Qualified Persons under National Instrument 43-101 and approved the technical information in this release. Bomboré Metallury Report
Orezone is a gold exploration and development company with more than 15 years experience in West Africa, one of the world’s fastest growing gold producing regions. Orezone delineated, developed, financed and sold Burkina Faso’s largest deposit (Essakane) to IAMGOLD for $350M and continues to focus on developing the rest of its pipeline of advanced projects including Bomboré, one of the largest deposits in Burkina Faso. Orezone’s mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.
For further information please contact Orezone at (613) 241-3699 or Toll Free: (888) 673-0663 or visit www.orezone.com.
Orezone and North Atlantic Consolidate Niger Uranium Licenses
November 23rd, 2009
Orezone Gold Corporation (ORE:TSX) and North Atlantic Resources Ltd. (NAC:TSX) are pleased to announce the signing of a definitive agreement whereby Orezone will acquire from North Atlantic three uranium exploration licenses in the Republic of Niger, West Africa. The transaction will create Brighton Energy Limited (“Brighton”) a uranium focused explorer with title to 5,000 km² of very well located and prospective ground that contains key geological structures and favorable rocks that are known to host or control the mineralization at producing uranium mines in the region (Location Map). This small region currently ranks as the fourth largest uranium producing area in the world and will become the second largest by 2012.
Pursuant to the terms of the agreement, North Atlantic will receive consideration of Cdn$250,000 and a 20% equity interest in Brighton. Orezone will manage Brighton and hold the remaining 80% equity interest until Brighton is further financed and publically listed. The closing of this transaction is dependent upon, amongst other things, the receipt of all required Niger Government approvals, third party approvals or consents and compliance with any applicable regulatory requirements.
“North Atlantic recognizes that the creation of Brighton with a larger strategically located land package in the Tim Mersoi Basin will unlock shareholder value for both companies. We have been fortunate to work with Orezone who have strong presence in Niger along with the infrastructure and ability to build a focused uranium explorer. Creating Brighton will enable both companies to capitalize on their exploration potential in Niger without diluting their core business of gold exploration,” said Scott Waldie, President and CEO of North Atlantic.
Orezone is a gold exploration and development company with more than 15 years experience in West Africa, one of the world’s fastest growing gold producing regions. Orezone delineated, developed, financed and sold Burkina Faso’s largest deposit (Essakane) to IAMGOLD for $350M and continues to focus on developing the rest of its pipeline of advanced projects including Bomboré, one of the largest deposits in Burkina Faso. Orezone’s mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.
North Atlantic is a Canadian gold exploration company which is developing a portfolio of gold projects in the Republic of Mali, West Africa (“Mali”). Since 2002, the Company has made three important gold discoveries in Mali including the FT Gold Project (”FT”) which is the Company’s most advanced discovery. North Atlantic’s current plans are to expand the resource base at FT while continuing to develop its other gold projects.
Orezone Gold Corp. has completed its previously announced equity financing. A total of 13.34 million common shares have been issued today at a price of 75 cents per share to an underwriting syndicate led by Canaccord Financial Ltd. and CIBC World Markets Inc., and including Desjardins Securities Inc. and Raymond James Ltd., for gross proceeds before expenses of $10-million. The common shares were sold by way of a short form prospectus filed in all of the provinces of Canada except Quebec.
Orezone starts $2-million drill program at Bombore
2010-01-28 10:00 ET - News Release
Mr. Ron Little reports
OREZONE COMMENCES $2-MILLION DRILL PROGRAM AT BOMBORE
Orezone Gold Corp. has commenced a $2-million reverse circulation drill program to upgrade and expand the oxide gold resources at its Bombore gold deposit in Burkina Faso, West Africa. The deposit has 930,000 ounces of indicated resources and 1.78 million ounces of inferred resources at an average recoverable gold grade of 0.6 gram per tonne. Approximately one-half of the resources are oxidized and occur within 40 metres from surface. The program will comprise 25,000 metres of drilling to upgrade the oxidized resources to the indicated category and 10,000 metres to test for extensions to the pit shells that host the current resources. An additional auger drilling program will test new undrilled targets within the 14-kilometre gold in soil anomaly to identify areas for further oxide resource expansion. The program is expected to be completed before the end of the second quarter with all results released by the third quarter.
Orezone Gold Corp.'s subsidiary, Brighton Energy Limited, has completed the acquisition of three uranium exploration permits in the Republic of Niger, West Africa. Brighton is a uranium-focused explorer with title to 4,000 square kilometres of well-located and prospective ground that contains key geological structures and favourable rocks that are known to host or control the mineralization at producing uranium mines in the region. The basin currently ranks as the sixth largest uranium-producing area in the world and is expected to become the second largest by 2012 with production from Areva and China Nuclear. It still remains to be one of the most underexplored yet most prolific uranium-producing districts.
Orezone currently holds an 80-per-cent equity interest in Brighton and will be the initial manager and operator of the exploration programs on the properties. Orezone is preparing Brighton to become an independently financed, managed and listed public company. The 2010 exploration program is expected to be $3-million (U.S.) and will include airborne geophysical surveys followed by ground verification and drilling of the higher-priority uranium targets identified along the major mineralized trends.
"Orezone will make use of its strong presence and infrastructure in Niger to assist Brighton in becoming a successful uranium company. This region is on its way to becoming the second largest uranium producing region in the world by 2012 and Orezone is well positioned through its equity stake in Brighton to capitalize on the exploration potential of Brighton's extensive landholdings," said Ron Little, president and chief executive officer.
Orezone: Bombore Auger Drilling Results Indicate Possible 2.5km of Extension
OTTAWA, ONTARIO, Mar. 25, 2010 (Marketwire) --
OTTAWA, ONTARIO -- (Marketwire) -- 03/25/10 -- Orezone Gold Corporation (TSX: ORE) is pleased to announce positive results from a 3,000m, 489-hole auger drilling program on its Bombore project in Burkina Faso, West Africa. The program was designed to investigate the gold-in-soil anomalies that occur along trend of the qualified 0.9Moz indicated and 1.8Moz inferred resources at Bombore. South of the Siga deposit (http://media3.marketwire.com/docs/PN651_MAP.pdf), 35% of the saprolite samples returned gold assays in excess of 0.2g/t and 9% in excess of 0.5g/t. These results define a new RC drilling target that could extend the Siga deposit by 1.5km further south. The gap between the P8/P9 deposit and the P11 deposit also returned similar values that are coincident with a high-resolution resistivity survey lithological domain, and clearly defines a second 1km RC drilling target. Approximately 300 of the auger holes were drilled in these two areas.
The 2.5km of potential deposit extension will be followed up immediately with a 5,000m, 79-hole RC drill program that will be completed in addition to the ongoing 35,500m RC infill and expansion drilling program. To date, 29,000m have been drilled, one third of the samples have been prepared at the laboratory and 10% have been analyzed. Announcement of infill results for the Maga deposit are expected in April, followed by P8/P9 and Siga. The drilling program is on schedule and the laboratory turn around time for sample analysis has been approximately 20 days.
"The Infill drilling results to date indicate that the depth of oxidation is about 5 to 10% greater than expected. This combined with the possible strike extensions as indicated by the auger drilling will undoubtedly result in expanding the current near surface oxide resources" said Pascal Marquis, Vice President of Exploration. With over 40,000m of additional RC drilling, the Bombore resources will be updated in Q3 and a preliminary assessment released in Q4.
Orezone is a gold exploration and development company with more than 15 years experience in West Africa, one of the world's fastest growing gold producing regions. Orezone delineated, permitted, and developed Burkina Faso's largest gold deposit (Essakane) before it was bought by IAMGOLD for $350M. Orezone continues to focus on developing the rest of its pipeline of advanced gold projects including Bombore, one of the largest undeveloped gold deposits in Burkina Faso. Orezone's mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.
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 are based on 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, 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.
Contacts:
Orezone Gold Corporation
Ron Little
CEO
613-241-3699
Toll Free: 888-673-0663 rlittle@orezone.com
Positive Infill Drilling Results to Date at Bombore
OTTAWA, ONTARIO, Apr. 12, 2010 (Marketwire) -- Orezone Gold Corporation (TSX:ORE) is pleased to announce positive results from the first 85 holes of an ongoing 40,500m RC infill and expansion drilling program at its Bombore Gold Project in Burkina Faso, West Africa. The program is designed to upgrade and expand the current oxide resources in order to complete a preliminary economic assessment of the project before the end of this year. Although a complete statistical comparison has not been performed, a comparison of all holes from section to section in the Maga deposit indicates that the depth of oxidation is about 5 to 10% greater than expected and that the mineralized width and grade is broadly in line with the model. A complete table of results can be found on the company's website at http://www.orezone.com/?page_id=31. Of particular interest, the new infill holes contribute to clearly define discrete higher grade zones within the larger lower grade mineralized envelope. With the current resource averaging a grade of 0.6g/t, intersections that are above 0.8g/t are very important and can significantly improve the economics of the deposit. The fact that the higher grade zones display good continuity from section to section will result in improved mining sequencing and a quicker project payback.
Table 1 Highlights from Bombore Infill RC Drilling
Zone Section Hole ID From To Length Au g/t
------------------------------------------------------------
Maga 4350 BBC0656 0 29 29 0.98
Maga 4350 BBC0657 16 80 64 0.81
Maga 4075 BBC0663 51 70 19 0.82
Maga 4025 BBC0665 0 17 17 1.11
Maga 3950 BBC0669 20 70 50 0.84
Maga 3900 BBC0670 0 40 40 2.21
Maga 3900 BBC0671 21 65 44 1.08
Maga 3800 BBC0675 0 19 19 1.22
Maga 3575 BBC0719 21 29 8 3.14
Maga 3575 BBC0720 3 36 33 1.94
Maga 3575 BBC0721 51 68 17 1.16
Maga 3150 BBC0705 33 49 16 0.82
Maga 3100 BBC0707 9 22 13 0.99
Orezone recently announced that the mineralization may extend for an additional 2.5km beyond the approximately 9km of mineralized strike length containing the current resource. Drilling is ongoing and will be completed by the end of April. To date, over 35,000m have been drilled, 44% of the samples have been prepared at the laboratory and 17% have been analyzed. The drilling program is on schedule and the laboratory turn around time for sample analysis has been approximately 5 days, with the main bottleneck being the sample preparation capacity.
"We are on track to expand the current near surface oxide resource" said Pascal Marquis, Vice President of Exploration. With over 40,000m of additional RC drilling, the Bombore resource will be updated in Q3 and a preliminary assessment released in Q4.
The Bombore Project is located 85km east of the capital city of Ouagadougou along a major national highway. The deposit has a total Indicated resource of 0.93Moz (contained in 49.4Mt at a grade of 0.59g/t) and an Inferred resource of 1.78Moz (contained within 91.8Mt at a grade of 0.61g/t). The grade of the resource is based on approximately 65,000 assay results, including about 44,000 assays from bottle-roll cyanidation extraction (not a complete extraction), therefore understating the in-situ grade of the resource. Approximately one half of the current resource is oxidized and occurs essentially within 50m from surface. The above mentioned drill programs are designed to upgrade and expand the oxidized resource in order to complete a preliminary assessment for a heap leach operation. Detailed metallurgical results to date indicate average heap leach recoveries of 80%, with an average consumption of 0.25kg/t of cyanide and 6kg/t of cement. The topography, drainage and rainfall are suitable to construct a large water reservoir without negatively impacting those down stream. The project footprint is in an area of low population density and an international power grid is expected to be constructed in the near future. These infrastructure advantages will translate into reduced project development and operating costs.
Orezone is a gold exploration and development company with more than 15 years experience in West Africa, one of the world's fastest growing gold producing regions. Orezone delineated, permitted, and developed Burkina Faso's largest gold deposit (Essakane) before it was bought by IAMGOLD for $350M. Orezone continues to focus on developing the rest of its pipeline of advanced gold projects including Bombore, one of the largest undeveloped gold deposits in Burkina Faso. Orezone's mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.
The RC drilling samples were prepared by Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex) and SGS Burkina Faso s.a.r.l. and a 1kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll using a LeachWell(TM) catalyst. Orezone employs a rigorous Quality Control Program (QCP) employing a minimum of 15% standards, blanks and duplicates. This program was executed under the supervision of Dr. Pascal Marquis, V.P. Exploration for Orezone, who is a Qualified Persons under National Instrument 43-101 and approved the technical information in this release.
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 are based on 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, 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.
Source: Marketwire Canada (April 12, 2010 - 10:24 AM EDT)
Orezone Gold* (ORE : TSX : $0.91), Net Change: 0.06, % Change: 7.06%, Volume: 226,433 Did you say they have more gold? Orezone Gold went on a tear as drill results (released on Thursday) from its Bombore gold project in Burkina Faso perked investors interest. In general, Bombore is a low-grade project and drilling is focused on the first 50 m from surface. Low-grade intercepts over 10-50 m won’t attract attention. This was evident on Thursday as shares ended the day unchanged. However, what may have been missed initially was a 12 m intercept grading 12+ g/t gold. This intercept was drilled on the new zone of the Bombore project, but was cut to 1.37 g/t gold using a 5.0 g/t cut-off (we suspect investors initially focused on less impressive highlights from the new zone, which include 14.0 metres at 0.99 g/t gold, and 15.0 metres at 0.90 g/t gold). Results from the new zone should continue to be released through to the end of July. While the step-out drilling demonstrates the potential to grow the resource base, infill drilling continued to define discrete higher-grade zones within the existing resource and to expand the oxide horizon of the resource. This should result in an expanded mineable resource with potentially higher grades at the beginning of the mine life. The company is also likely to begin to do some more work on its Bondi project. This is important because Bondi has previously returned some significant, near-surface, high-grade results.
Examples of Bondi drill results include: 13.0 m grading 20.3 g/t gold, 19.0 m grading 10.4 g/t gold, 44.0 m grading 6.1 g/t gold and 29.0 m grading 6.3 g/t gold. There is an exploration boom going on in Burkina Faso right now and Orezone should start to attract more speculative capital on some of these higher-grade zones of mineralization within its portfolio. It is trading at only $17/oz vs. the weighted average of $59/oz.
Orezone Gold Corporation: Positive Results Continue From Bombore Infill and Expansion Drilling
Highlights include 11m at 6.09 g/t and 10m at 3.49 g/t
OTTAWA, ONTARIO, Jun 16, 2010 (MARKETWIRE via COMTEX) -- Orezone Gold Corporation /quotes/comstock/11t!ore (CA:ORE 0.91, +0.10, +12.35%) is pleased to announce positive results from an additional 152 holes (for a total of 318 holes to date) of infill and resource expansion drilling at its Bombore Gold Project in Burkina Faso, West Africa. The goal of the 42,500 m RC infill and expansion drilling program is to upgrade and expand the current near surface oxide resources in Q3 to provide the foundation for a preliminary economic assessment to be released in Q4. A preliminary comparison of the new infill results to the older geological model indicates that the depth of oxidation is about 15% greater than expected within the Maga deposit area and about 10% greater within the P8/P9 deposit area. Similarly, the average width and grade of the mineralization is broadly in line with the model. Infill drilling has clearly defined improved continuity in discrete higher grade zones within the larger lower grade envelope.
The Bombore project consists of several deposits along a 9km trend with an additional 2.5km of possible extension recently identified and drill tested. Results in this release include the final infill holes in the CFU deposit and about two thirds of the holes drilled at P8/P9 deposit. The 42,500 m drill program was completed on April 30th and about 60% of the samples have been analyzed to date. Results are expected to continue into July.
"Results to date indicate the potential for significant extensions, an increase in resource tonnage along with improved continuity from section to section in the higher grade areas," said Pascal Marquis, V.P. Exploration for Orezone. All of these attributes will contribute to improving the project economics in the preliminary assessment. A complete table of results can be found on the Orezone website. Please note that a complete statistical analysis of the results has not yet been completed.
Table 1 Highlights from recent Bombore Infill and Expansion RC Drilling
The RC drilling samples were divided by Orezone employees using Rotary Sample Dividers (RSDs). A 2kg split was prepared by Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex) and SGS Burkina Faso s.a.r.l., and then split by Orezone to 1kg using RSDs. A 1kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell(TM) catalyst. Orezone employs a rigorous Quality Control Program (QCP) including a minimum of 15% standards, blanks and duplicates. This program was executed under the supervision of Dr. Pascal Marquis, V.P. Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and approved the technical information in this release.
The Bombore Project is located 85km east of the capital city of Ouagadougou along a major national highway. The deposit has a total Indicated resource of 0.93Moz (contained in 49.4Mt at a grade of 0.59g/t) and an Inferred resource of 1.78Moz (contained within 91.8Mt at a grade of 0.61g/t). The grade of the resource is based on approximately 65,000 assay results, including about 44,000 assays from bottle-roll cyanidation extraction (not a complete extraction), therefore understating the in-situ grade of the resource. Approximately one half of the current resource is oxidized and occurs essentially within 50 m from surface. The above mentioned drill programs are designed to upgrade and expand the oxidized resource in order to complete a preliminary assessment for a heap leach operation. Detailed metallurgical results to date indicate average heap leach recoveries of 80%, with an average consumption of 0.25kg/t of cyanide and 6kg/t of cement. The topography, drainage and rainfall are suitable to construct a large water reservoir without negatively impacting downstream users. The project footprint is in an area of low population density and an international power grid is expected to be constructed in the near future. These infrastructure advantages will translate into reduced project development and operating costs.
Orezone is a gold exploration and development company with more than 15 years experience in West Africa, one of the world's fastest growing gold producing regions. Orezone delineated, permitted, and developed Burkina Faso's largest gold deposit (Essakane) before it was bought by IAMGOLD in a transaction worth approximately $350M. Orezone continues to focus on developing the rest of its pipeline of advanced gold projects including Bombore, one of the largest undeveloped gold deposits in Burkina Faso. Orezone's mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.
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 are based on 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, 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.
Contacts:
Orezone Gold Corporation
Ron Little
CEO
613-241-3699 or Toll Free: 888-673-0663 rlittle@orezone.com
Orezone Gold Corporation
Pascal Marquis
V.P. Exploration
613-241-3699 or Toll Free: 888-673-0663 pmarquis@orezone.com"Die Kunst der Besteuerung besteht ganz einfach darin, die Gans so zu rupfen, dass man möglichst viel Federn bei möglichst wenig Geschrei erhält." - Jean-Baptiste Colbert
OTTAWA, ONTARIO, Jun 23, 2010 (MARKETWIRE via COMTEX) -- Orezone Gold Corporation /quotes/comstock/11t!ore (CA:ORE 0.85, +0.01, +1.19%) is pleased to announce that it has arranged a non-brokered private placement financing of C$5M for Brighton Energy ("Brighton") through Brighton's subsidiary Niger Resources Inc. ("Niger"). Under the terms of the placement, 5 million ordinary common shares of Niger will be issued at C$1/share. No commissions or finder's fees have been paid in connection with the placement. All subscription agreements have been completed and the clearance of all funds and share certificate issuance is expected before June 30, 2010. The proceeds of the private placement will be used to commence exploration work on the company's uranium permits in Niger, West Africa, including the establishment of field offices, airborne geophysical surveys, target generation and subsequent drill testing of priority targets.
Orezone is also pleased to announce that its wholly owned uranium subsidiary has entered into a binding agreement to purchase all of the outstanding common shares of Niger currently held by North Atlantic Resources Inc. (NAC-V) for C$1M. The transaction is subject to certain closing conditions and is expected to be completed on or before September 9, 2010. Upon completion of the transaction and the financing, Orezone will indirectly own 66.6% of the shares of Niger.
"We are very pleased to secure this financing and consolidate our ownership to the benefit of all Orezone and Brighton stakeholders", said Ron Little, President and CEO for Orezone. "Brighton is well funded and well positioned in this prolific region". Brighton plans to conclude an IPO by Q2 2011 after spending a minimum of C$3M in exploration expenditures.
Brighton, through its Niger subsidiary, is a uranium focused explorer with title to 4,000 km(2) of well located and prospective ground. The area contains key geological structures and favorable rocks that are known to host or control the mineralization at producing uranium mines in the region (Location Map: http://www.orezone.com/?page_id=42). The basin currently ranks as the sixth largest uranium producing area in the world and is expected to become the second largest by 2013 with production from Areva and China Nuclear. Even with the increased production profile the area remains largely under-explored.
Orezone is a gold exploration and development company with more than 15 years experience in West Africa, one of the world's fastest growing gold producing regions. Orezone delineated, permitted, and developed Burkina Faso's largest gold deposit (Essakane) before it was bought by IAMGOLD in a transaction worth approximately C$350M. Orezone continues to focus on developing the rest of its pipeline of advanced gold projects including Bombore, one of the largest undeveloped gold deposits in Burkina Faso. Orezone's mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.
FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and "forward-looking information" 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 are based on certain assumptions, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. The assumptions include that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for the drilling program is available as scheduled, that no labour shortages or delays are incurred, that no material adverse change occurs to Orezone, that court and regulatory approvals are received in a timely manner. Factors that could cause the forward-looking statements and forward-looking information to differ materially in actuality include the failure of contracted parties to perform as contracted and the failure of equipment. 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.
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, 2007, and other continuous disclosure documents filed by Orezone since January 1, 2008 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This press release uses the terms "Measured", "Indicated" and "Inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
Contacts:
Orezone Gold Corporation
Ron Little
CEO
613-241-3699 or Toll Free: 888-673-0663 rlittle@orezone.com"Die Kunst der Besteuerung besteht ganz einfach darin, die Gans so zu rupfen, dass man möglichst viel Federn bei möglichst wenig Geschrei erhält." - Jean-Baptiste Colbert
Highlights include 20m at 1.52 g/t, 13m at 1.79 g/t and 7m at 6.32 g/t
OTTAWA, ONTARIO--(Marketwire - July 6, 2010) - Orezone Gold Corporation (TSX:ORE) is pleased to announce its fourth consecutive batch of positive results from an infill and resource expansion drill program at its Bomboré Gold Project in Burkina Faso, West Africa. Results include 139 holes, or 457 to date out of 619 holes. The goal of the 42,500m RC drill program is to upgrade and expand the current near surface oxide resources in Q3 to provide the foundation for a preliminary economic assessment to be released in Q4.
The Bomboré project consists of several deposits along a 9km trend, with an additional 2.5km of possible extension recently identified and drill tested. Results in this release include the final infill holes in the P8P9 deposit and about 85% of the holes drilled at the P11 deposit. The drill program was completed on April 30th and approximately 80% of the samples have been analyzed to date. The latest infill drill hole results from the P8P9 and P11 deposits are broadly in line with the current resource model, including those areas where better than average grade was expected. Partial scout drilling results of the 1km gap between the P8P9 and P11 deposits suggest that the zone is narrow and lower grade than the average resource grade of both deposits. The remaining results are expected in July.
"The latest results from the P8P9 deposit continue to indicate an improved continuity from section to section in the higher grade areas," said Pascal Marquis, V.P. Exploration for Orezone. All of these attributes will contribute to improving the project economics in the preliminary assessment. A complete table of results can be found on the Orezone website. Please note that a complete statistical analysis of the results has not yet been completed.
The RC drilling samples were divided by Orezone employees using Rotary Sample Dividers (RSDs). A 2kg split was prepared by Abilab Burkina s.a.r.l. (a subsidiary of ALS-Chemex) and SGS Burkina Faso s.a.r.l., and then split by Orezone to 1kg using RSDs. A 1kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation using a LeachWell™ catalyst. Orezone employs a rigorous Quality Control Program (QCP) including a minimum of 15% standards, blanks and duplicates. This program was executed under the supervision of Dr. Pascal Marquis, V.P. Exploration for Orezone, who is a Qualified Person under National Instrument 43-101 and approved the technical information in this release.
The Bomboré Project is located 85km east of the capital city of Ouagadougou along a major national highway. The deposit has a total Indicated resource of 0.93Moz (contained in 49.4Mt at a grade of 0.59g/t) and an Inferred resource of 1.78Moz (contained within 91.8Mt at a grade of 0.61g/t). The grade of the resource is based on approximately 65,000 assay results, including about 44,000 assays from bottle-roll cyanidation extraction (not a complete extraction), therefore understating the in-situ grade of the resource. Approximately one half of the current resource is oxidized and occurs essentially within 50m from surface. The above mentioned drill programs are designed to upgrade and expand the oxidized resource in order to complete a preliminary assessment for a heap leach operation. Detailed metallurgical results to date are quite favorable for this type of deposit indicating heap leach recoveries of 80% with 0.27kg/t of cyanide and 6kg/t of cement consumption on average. The topography, drainage and rainfall are suitable to construct a large water reservoir without negatively impacting downstream users. The project footprint is in an area of low population density and an international power grid is expected to be constructed in the near future. These infrastructure advantages will translate into reduced project development and operating costs.
Orezone is a gold exploration and development company with more than 15 years experience in West Africa, one of the world's fastest growing gold producing regions. Orezone delineated, permitted, and developed Burkina Faso's largest gold deposit (Essakane) before it was bought by IAMGOLD in a transaction worth approximately $350M. Orezone continues to focus on developing the rest of its pipeline of advanced gold projects including Bomboré, one of the largest undeveloped gold deposits in Burkina Faso. Orezone's mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.
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 are based on 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, 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.
OTTAWA, ONTARIO, Jul 28, 2010 (MARKETWIRE via COMTEX) -- Orezone Gold Corporation (ORE: TSX) is pleased to announce its fifth and final batch of positive results from an infill and resource expansion drill program at its Bombore Gold Project in Burkina Faso, West Africa. These results are for the last 165 holes from the 619-hole RC program and include scout drilling results from the new Siga South target. The goal of the 42,500m RC drill program is to upgrade and expand the current near surface oxide resources in Q3, providing the foundation for a preliminary economic assessment to be released in Q4.
The Bombore project consists of several deposits along a 9km trend, with an additional 2.5km of possible extension recently identified and drill tested. Results in this release include the final infill holes in the P11, Siga East and Siga West deposits, as well as the results from the new Siga South target. The latest infill drill hole results from the P11, Siga East and Siga West deposits are broadly in line with the current resource model, including those areas where better than average grade was expected. The limited scout drilling between the Siga West and Siga East deposits returned some very positive results and significant mineralization was intersected on all of the eight 200 meter-spaced Siga South drill sections.
"The latest results from the P11, Siga East and Siga West deposits continue to indicate an improved continuity from section to section in the higher grade areas and the Siga South discovery appears to be an extension of the Siga West deposit adding an additional 1.6km of strike length that still remains open to the south and to the west," said Pascal Marquis, V.P. Exploration for Orezone. All of these factors will contribute to improving the project economics in the preliminary assessment. A complete table of results can be found on the Orezone website. Please note that a complete statistical analysis of the results has not yet been completed.
Table 1 Highlights from recent Bombore Infill and Expansion RC Drilling
Length
Prospect Section Hole-ID From (m) To (m) (m) Au g/t Comment
-------------------------------------------------------------------------
Resource
Siga E 12900 BBC1095 27.00 42.00 15.00 2.469 expansion
Siga E 12350 BBC1096 23.00 31.00 8.00 1.278 Infill
Siga E 12150 BBC1099 5.00 24.00 19.00 2.041 Infill
Siga E 12150 BBC1099 46.00 61.00 15.00 0.949 Infill
Siga E 12150 BBC1099 64.00 72.00 8.00 1.691 Infill
Siga E 12150 BBC1100 59.00 68.00 9.00 1.678 Infill
Resource
Siga E 12100 BBC1106 13.00 34.00 21.00 0.552 expansion
Siga W 11550 BBC1142 21.00 44.00 23.00 0.843 Infill
Siga W 12950 BBC1147 13.00 23.00 10.00 2.378 Infill
Siga W 12900 BBC1150 2.00 19.00 17.00 0.689 Infill
Siga W 12550 BBC1154 6.00 20.00 14.00 0.818 Infill
Siga W 12150 BBC1166 3.00 13.00 10.00 2.561 Infill
Siga W 12050 BBC1169 37.00 54.00 17.00 0.770 Infill
Siga W 11950 BBC1171 2.00 54.00 52.00 0.733 Infill
Siga W 11750 BBC1178 14.00 27.00 13.00 0.952 Infill
Resource
Siga W 11400 BBC1192 22.00 42.00 20.00 0.629 expansion
Resource
Siga W 11400 BBC1194 18.00 31.00 13.00 1.219 expansion
Resource
Siga S 10600 BBC1212 0.00 28.00 28.00 0.897 expansion
Resource
Siga S 10600 BBC1213 25.00 56.00 31.00 0.719 expansion
Resource
Siga S 10600 BBC1214 39.00 46.00 7.00 1.610 expansion
Resource
Siga S 10600 BBC1222 15.00 25.00 10.00 1.004 expansion
Resource
Siga S 10400 BBC1226 21.00 34.00 13.00 1.642 expansion
Resource
Siga S 10200 BBC1239 1.00 38.00 37.00 1.087 expansion
Resource
Siga S 10200 BBC1240 9.00 47.00 38.00 0.584 expansion
Resource
Siga S 10000 BBC1252 0.00 28.00 28.00 0.563 expansion
Resource
Siga S 9800 BBC1256 4.00 23.00 19.00 0.545 expansion
Resource
Siga S 9800 BBC1256 26.00 50.00 24.00 0.532 expansion
The RC drilling samples were divided by Orezone employees using Rotary
Sample Dividers (RSDs). A 2kg split was prepared by Abilab Burkina s.a.r.l.
(a subsidiary of ALS-Chemex) and SGS Burkina Faso s.a.r.l., and then split
by Orezone to 1kg using RSDs. A 1kg aliquot was analyzed for leachable gold
at BIGS Global Burkina s.a.r.l in Ouagadougou, by bottle-roll cyanidation
using a LeachWell(TM) catalyst. Orezone employs a rigorous Quality Control
Program (QCP) including a minimum of 15% standards, blanks and duplicates.
The true widths are approximately 70-75% of the interval length. This
program was executed under the supervision of Dr. Pascal Marquis, V.P.
Exploration for Orezone, who is a Qualified Person under National Instrument
43-101 and approved the technical information in this release.
The Bombore Project is located 85km east of the capital city of Ouagadougou along a major national highway. The deposit has a total Indicated resource of 0.93Moz (contained in 49.4Mt at a grade of 0.59 g/t) and an Inferred resource of 1.78Moz (contained within 91.8Mt at a grade of 0.61 g/t). The grade of the resource is based on approximately 65,000 assay results, including about 44,000 assays from bottle-roll cyanidation extraction (not a complete extraction), therefore understating the in-situ grade of the resource. Approximately one half of the current resource is oxidized and occurs essentially within 50m from surface. The above mentioned drill programs are designed to upgrade and expand the oxidized resource in order to complete a preliminary assessment for a heap leach operation. Detailed metallurgical results to date are quite favorable for this type of deposit indicating heap leach recoveries of 80% with 0.27kg/t of cyanide and 6kg/t of cement consumption on average. The topography, drainage and rainfall are suitable to construct a large water reservoir without negatively impacting downstream users. The project footprint is in an area of low population density and an international power grid is expected to be constructed in the near future. These infrastructure advantages will translate into reduced project development and operating costs.
Orezone is a gold exploration and development company with more than 15 years experience in West Africa, one of the world's fastest growing gold producing regions. Orezone delineated, permitted, and developed Burkina Faso's largest gold deposit (Essakane) before it was bought by IAMGOLD in a transaction worth approximately $350M. Orezone continues to focus on developing the rest of its pipeline of advanced gold projects including Bombore, one of the largest undeveloped gold deposits in Burkina Faso. Orezone's mission is to create wealth by discovering and developing gold resources in an efficient and responsible manner for the benefit of its shareholders and other stakeholders.
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 are based on 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, 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.
Contacts:
Orezone Gold Corporation
Ron Little
CEO
613-241-3699 or Toll Free: 888-673-0663 rlittle@orezone.com
Orezone Gold Corporation
Pascal Marquis
V.P. Exploration
613-241-3699 or Toll Free: 888-673-0663 pmarquis@orezone.com"Die Kunst der Besteuerung besteht ganz einfach darin, die Gans so zu rupfen, dass man möglichst viel Federn bei möglichst wenig Geschrei erhält." - Jean-Baptiste Colbert
Die Ressource auf Bombore wurde von 2,7 auf 3,5 Mio. Unzen Gold erhöht.
Insgesamt sitzt man jetzt auf 4,45 Mio. Unzen Gold.
Orezone's Bombore at 60.9 million tonnes indicated
2010-10-19 16:14 ET - News Release
Mr. Ron Little reports
OREZONE'S BOMBORE GOLD PROJECT HAS SUBSTANTIAL INCREASE IN SIZE AND GRADE
Orezone Gold Corp. is pleased to announce that gold mineral resources at its 100% owned Bombore Gold Deposit located in Burkina Faso, West Africa have substantially increased to 60.9 million tonnes of indicated mineral resources at a grade of 0.81g/t for 1.6 million oz of gold plus 60.6 million tonnes of inferred mineral resources at a grade of 0.96g/t for 1.9 million oz."Bombore is now the largest undeveloped gold deposit in Burkina Faso and it remains open at depth and along strike" said Ron Little President and CEO. "Orezone will immediately commence an aggressive infill and expansion drill program to further expand mineral resources in conjunction with completing a preliminary economic assessment."
The mineral resource update includes this year's 42,456m (619 holes) infill and expansion reverse circulation ("RC") drill program that was designed to upgrade and test the limits of the surface oxide resource. The program was successful and also served to increase the continuity and grade of the fresh rock resource below. This unexpected and material change to the total mineral resource warrants a change in the Company's approach to also consider developing the project as a carbon in leach ("CIL") operation. The deposit is still open on surface where more oxide material is targeted. However, the potential to significantly increase the fresh rock mineral resources at a grade of 1.0g/t or higher in the top 200m from surface is now an equally high priority. The Company's board of directors has approved a short term drilling budget of $2.5M to commence core drilling and to secure additional drilling equipment. As part of this budget, several kilometres of new surface targets will also receive RC drilling. Orezone intends to continue with its plan of completing a preliminary economic assessment of the project by the first quarter 2011. The assessment will now include both heap leach and CIL scenarios.
The mineral resources were estimated by the Company and audited by SRK Consulting (Canada) Inc. ("SRK") (Table 1). The mineral resources are constrained within 4.3km2 of conceptual optimized open pit shells (11km long and up to 1km wide) with an estimated stripping ratio of 2.2:1. Approximately 80% of the total resource occurs in the top 80m, but pit shells can reach a depth of 200m. Resources are totally open at depth and 90% of the drilling to date is within 60m of the surface. The pit shells are based on a US$1,025 gold price, relevant cost estimates for mining, processing, G&A, and detailed metallurgical results (reported December 2009) to estimate recoveries for a CIL plant scenario. The mineral resource model is based on a total of 120,605m of RC and core drilling data compiled up to August 2010. The project is situated beside the main highway just 85km east of the capital city of Ouagadougou. Infrastructure in the flat lying area is excellent with a low population density and access to power and water.
"With 35,000 ounces of gold per vertical metre in the top 60m of the deposit, there remains excellent potential to significantly increase resources at depth as we extend the definition drilling to a depth of 120m," said Pascal Marquis, V.P. Exploration for Orezone. "We have still not exhausted the surface oxide targets or the potential of lateral extensions to our current open pit shells which will also receive more drilling."
2010 Audited Mineral Resource Statement(i) for the Bombore deposit, Burkina Faso,
West Africa, SRK Consulting, October 15, 2010, CIL Processing Scenario
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Indicated Mineral Resource Inferred Mineral Resource
--------------------------------------------------------------------------
Cut-off Weathering Tonnage Grade Gold Tonnage Grade Gold
(g/t) Profile (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
--------------------------------------------------------------------------
0.30 Oxide 34.0 0.67 0.73 25.0 0.59 0.48
--------------------------------------------------------------------------
0.35 Transition 11.2 0.84 0.30 5.4 0.88 0.15
--------------------------------------------------------------------------
0.50 Fresh 15.7 1.10 0.55 30.3 1.28 1.24
--------------------------------------------------------------------------
TOTAL 60.9 0.81 1.59 60.6 0.96 1.87
--------------------------------------------------------------------------
(i) Mineral Resources are not mineral reserves and do not have
demonstrated economic viability. All figures have been rounded to reflect
the relative accuracy of the estimates. The cut-off grades are based on a
gold price of US$1,025 per ounce with CIL processing recoveries of 93%
for oxide, 92% for transitional and 78% for fresh material. Indicated and
Inferred Mineral Resources are all reported within conceptual optimized
open pit shells. Unlike 2008, those resource blocks that occur outside
the pits shells are not included in this resource estimate. Mt= million
metric tonnes. Moz= million troy ounces; g/t= grams gold per tonne.
--------------------------------------------------------------------------
2008 Audited Mineral Resource Statement(i) for the Bombore deposit, Burkina Faso,
West Africa, SRK Consulting, September 20, 2008, Heap Leach Processing Scenario
-------------------------------------------------------------------
Indicated
Mineral Inferred 2
Resource Mineral Resource
-------------------------------------------------------------------
Cut-off Weathering Tonnage Grade Gold
(g/t) Profile (Mt) (g/t) (Moz)
-------------------------------------------------------------------
0.24 Oxide 2.3 0.33 0.02
-------------------------------------------------------------------
0.25 Transition 5.1 0.34 0.05
-------------------------------------------------------------------
0.52 Fresh 20.3 0.71 0.46
-------------------------------------------------------------------
TOTAL 27.7 0.61 0.54
-------------------------------------------------------------------
(i) Mineral Resources are not mineral reserves and do not have
demonstrated economic viability. All figures have been rounded to reflect
the relative accuracy of the estimates. The cut-off grades are based on a
gold price of US$800 per ounce with heap leach processing recoveries of
85% for oxide, 81% for transitional and 65% for fresh material. Indicated
and Inferred 1 Mineral Resources are reported within conceptual optimized
open pit shells, while Inferred 2 Mineral Resources are all remaining
resource blocks located outside the pit shell. Mt= million metric tonnes.
Moz= million troy ounces; g/t= grams gold per tonne
--------------------------------------------------------------------------
Several factors account for the difference between the 2010 and 2008 mineral resource estimates as follows: 1. All 2010 drill samples were subjected to a Leachwell? analysis where results higher than 0.2g/t were complemented with a fire assay of the leach residue. Many Leachwell? samples from the previous 2008 estimate did not include leach residue assays for any sample with a leach grade below 0.5 g/t. The new expanded LeachWell? residue assay database has been used to build a leach model that has been used to estimate the grade of the LeachWell? residues for the samples that were missing this analysis, based on well defined leach curves for each of the major lithological units. The net effect was an increase of about 4% in the grade as the mineral resource is now more representative of the in-situ grade; 2. The drilling defined several higher grade zones (greater than 0.5 g/t) within the large lower grade envelop of the deposit. These zones were modeled separately and as a result have contributed significantly to higher grades. In the 2008 estimate, only low grade envelopes were used, with a top cut of 4 g/t for all of the composited assays. In 2010, the composite grades were capped at 1.44, 4.05 and 8.07g/t in the low grade, laterite and high grade zones, respectively. 3. Ordinary kriging was used versus inverse distance squared kriging in the 2008 estimate. 4. A higher gold price of US$1,025 was used in this estimate versus US$800 in 2008.
Drilling on the Bombore property and the mineral resource estimates were supervised by Pascal Marquis, Ph.D., P. Geo., Vice President and Qualified Person for Orezone as defined by National Instrument 43-101 and who has reviewed and approved the technical information in this release. The mineral resource estimates were prepared by Orezone and audited by Dorota El-Rassi, P.Eng. and Glen Cole, P.Geo. of SRK who are Independent Qualified Persons as defined by National Instrument 43-101. Orezone holds a 100% operating interest in the project while the government of Burkina Faso will receive a 3% net smelter royalty and a 10% non-participating (carried) interest should the project go into production.
The Company also announces that Mr. Joseph McCoy has been appointed Chief Financial Officer. Joe holds an MBA and Bachelor of Commerce degree from Concordia University and a project Management diploma from McGill University and brings over 25 years of financial and operational experience to Orezone. Joe replaces Mr. Sean Homuth who has departed to pursue other opportunities. Orezone would like to thank Sean for his dedication and contributions during his tenure.
Orezone Gold Corporation: Burkina Faso is Ranked 6th in Current Mineral Potential, According to the Fraser Institute 2010/2011 Annual Survey of Mining Companies
OTTAWA, ONTARIO--(Marketwire - March 7, 2011) - Orezone Gold Corporation (TSX:ORE) is pleased to announce today that Burkina Faso is ranked 6th worldwide in Current Mineral Potential in the Fraser Institute 2010-2011 Survey of Mining Companies. The Current Mineral Potential Index is based on respondents' answers to the question about whether or not a jurisdiction's mineral potential under the current policy environment encourages or discourages exploration.
"It is a tremendous compliment and we are proud of this achievement," said Salif KABORE, Minister of Mines of Burkina Faso. "Beyond ensuring we have the right policies in place, we continue to work closely with the mining sector to further develop our infrastructure and our workforce, and maintain an environment conducive to mineral development. The boom in exploration in our country indicates that this approach works and the ongoing revision of the mining code should further strengthen the attractiveness of Burkina Faso."
Since 1997, the Fraser Institute has conducted an annual survey of metal mining and exploration companies to assess how the mineral endowments and public policy factors such as taxation and regulation affect exploration investment. The survey results reflect the views of 494 executives and exploration managers in mining companies worldwide. The survey now includes information from 79 jurisdictions on all continents except Antarctica, including sub-national jurisdictions in Canada, Australia and the United States.
With roughly one-fifth of the country underlain by greenstone belts, Burkina Faso has similar geology to neighboring countries Ghana and Mali. However, these other countries have been actively explored for much longer, and the gold resources that have been discovered to date represent over eight times those in Burkina Faso. In the past five years, six new gold mines have come into production in Burkina Faso, highlighting the opportunity for companies like Orezone Gold.
"We recognized the enormous potential of Burkina Faso 15 years ago when we started exploring the area," said Ron Little, President and CEO of Orezone Gold. "Although we have discovered more than 10 million ounces of gold to date and we expect to put new gold mines into production over the next few years, we believe we have barely scratched the surface in terms of its true potential. The results of this survey demonstrate the on-going commitment of Burkina Faso to creating a favorable investment climate for companies like Orezone Gold and we are delighted to work in this country. "
Mar 23, 2011 09:00 ET Orezone Gold Corporation: Positive Drill Results at Bombore Continue to Confirm Model
Drilling program expanded from 120,000 to 170,000 meters
OTTAWA, ONTARIO--(Marketwire - March 23, 2011) - Orezone Gold Corporation (TSX:ORE) is pleased to announce additional positive results from its 100% owned Bomboré Gold Project in Burkina Faso, West Africa. The latest results include 22 additional diamond drill holes (3,151 m) that average 1.67 g/t in the sulphide zone at an average vertical depth of 84 m. These results follow the first 18 diamond drill holes announced on January 6, 2011 that averaged 1.18 g/t at an average drill depth of 89 m. In addition, the first 48 reverse circulation (RC) holes (3,361 m) from the infill drilling program returned an average grade of 1.36 g/t, with the leach residue assays (tail assays) still pending for 42 of the 48 holes. All reported holes are from the Maga Zone located in the northern 1.5 km of the 11 km Bomboré resource model, and indicate a bias towards higher average grade and narrower widths when compared to the current resource model, based on a lower cut-off of 0.5 g/t.
"The initial results from the Maga Zone are very encouraging, and indicate continuity below the portion of the deposit previously drilled, along the mineralized trend and below the current resource model," said Pascal Marquis, V.P. Exploration for Orezone.
Bomboré is the largest undeveloped gold deposit in Burkina Faso with 1.6 Moz Indicated and 1.9 Moz of Inferred resources constrained within Whittle pit shells. Over 80% of the resources occur above a depth of 80 m with an average depth of drilling of only 60 m. The geological model indicates that a substantial increase in the resources could be achieved by drilling deeper. Today's results are part of a $24 million, 170,000 m drilling campaign designed to expand and upgrade the resources by as much as 60% by increasing the average depth of drilling from 60 to 120 m. Bomboré has exceptional infrastructure for this part of Africa as it is located just 85 km from the capital city, adjacent to a paved highway, access to local power and available water. A Preliminary Economic Assessment is expected in Q2 2011, a Prefeasibility Study by year-end and a Full Feasibility Study for a large tonnage open pit Carbon in Leach ("CIL") operation by Q2, 2012.
Orezone has now completed 8,700 m of 35,000 m (25%) of the core drilling and 7,000 m of the 40,000 m (17%) of RC drilling it intends to complete by July 2011, a planned cut-off date for the data to be used in the next resource update due in October, 2011. One additional core rig was mobilized this week, and three more will be progressively mobilized in April, May and June, for a total of six rigs.
Table 1 Highlights from recent Bomboré expansion core drilling
Orezone unit drills 9.4 m of 362 ppm eU308 at Assaouas
2011-05-16 10:11 ET - News Release
Mr. Ron Little reports
OREZONE GOLD CORPORATION.: BRIGHTON ENERGY DISCOVERS ADDITIONAL URANIUM MINERALIZATION IN NIGER
Another extensive uranium discovery in Niger, West Africa, by Orezone Gold Corp.'s subsidiary, Brighton Energy Ltd. Brighton completed a 39-hole, 9,446-metre reconnaissance drilling program on its 491-square-kilometre Assaouas 1 exploration permit that is located 60 kilometres to the southwest of the city of Agadez.
The drilling program targeted a 40-square-kilometre area north of the Arli fault on a 1.6-kilometre by 1.6-kilometre pattern drilled to an average depth of 278 metres. Twenty out of 24 vertical holes intersected anomalous uranium mineralization above a lower cut-off of eU3O8 equalling 100 parts per million (0.01 per cent), including 14 holes that intersected more than 200 ppm of eU3O8. The best results are spatially associated with the north-northeast oriented In Assaouas lineament located to the west of the Assaouas dome and with the east-northeast oriented Arli fault to the south. The best hole was AM10056, in the immediate vicinity of the In Assaouas lineament, where a cumulative thickness of 9.4 metres at an eU3O8 grade of 362 ppm was intersected between 196 and 255 metres, including a cumulative 5.1 metres at an eU3O8 grade of 534 ppm. The hole is centred on the Assaouas dome, an antiformal structure located between the In Assaouas and the Arlit-in-Azaoua lineaments and traversed by the Arli fault on the Assaouas 1 permit. The other 15 holes targeted the area south of the Arli fault and confirmed that this structural domain is not prospective.
SUMMARY STATISTICS, INTERVALS ABOVE A EU3O8 CUT-OFF OF 200 PPM (0.02%)
Formations Number Average Average Average
of drill vertical thickness eU3O8
holes depth (m) (ppm)
(m)
Mousseden-
Teloua 14 228.7 0.34 325
"The Assaouas discovery further confirms the potential of Brighton's well-located 4,000-square-kilometre land package to host significant and extensive uranium mineralization," said Ron Little, chief executive officer for Brighton and Orezone. "We've now completed approximately 70 per cent of the initial $3-million exploration program and 46 of 69 drill holes have intersected anomalous concentrations of uranium mineralization. Given the prolific nature of this region of Niger and the impressive results of our early-stage drilling, Orezone and Brighton stakeholders are well positioned to benefit from this exploration program."
Brighton is targeting roll-front-style uranium deposits in this area of Niger, which hosts Areva's Somair (14,000 tonnes U3O8 at 0.3 per cent), Cominak (29,000 tonnes U3O8 at 0.4 per cent) and Imouraren (120,000 tonnes U3O8 at 0.15 per cent) deposits.
Brighton resumed reconnaissance drilling this month at the Zeline 1 permit to further extend the definition of the new discovery announced in February and will return to Assaouas for additional definition drilling afterward. Brighton is well financed to complete its $3-million exploration program, and plans to expand and test the limits of the mineralization of both these discoveries, and complete an airborne geophysical survey. Please visit Orezone's website for further information including maps and sections until Brighton launches its own website.
Cuttings were collected for each one-metre interval of the mud rotary boreholes and a detailed geological log and interpretation was established by ULC Afrique de l'Ouest. ULC also performed the downhole logging of the radioactivity, resistivity and hole diameter using a GeoVista logging unit at a sampling rate of one reading per 10 centimetres. This program was executed under the supervision of Dr. Pascal Marquis, vice-president, exploration, for Orezone, who is a qualified person under National Instrument 43-101 and approved the technical information in this release.
May 26, 2011 10:12 ET Orezone Reports Additional Positive Drill Results at Bombore Gold Project Orezone Gold drills 39 m of 1.34 g/t Au at Bombore
Grade continues to be better than expected and continuity improves at Siga South
OTTAWA, ONTARIO--(Marketwire - May 26, 2011) - Orezone Gold Corporation (TSX:ORE) is pleased to announce additional drill results from an ongoing 170,000 m drill program at its 100% owned Bomboré Gold Project in Burkina Faso, West Africa. Results include 27 core holes (4,303 m) and 205 reverse circulation (RC) holes (10,450 m), mostly from the Siga South area where the last resource estimate (Oct. 2010) was based only on widely spaced RC holes. Siga South represents the southern 1.6 km of the +11 km long Bomboré resource model. The RC drill results at Siga South indicate a similar width but significantly higher grades that expected (+65%) in the oxide zone. The core holes, many of which are still pending, also indicate a grade 24% higher than expected but widths are so far about 25% less than expected, yielding a grade-width product in line with the model in the sulphide zone.
"These results are quite positive," said Ron Little, President and CEO of Orezone. "If the trend continues we can expect an increase in the size and grade of the oxide resources, with the potential to lower strip ratios and improve economics. The limited core drilling indicates narrower widths and higher average grade in the sulphide zones, but it's simply too early to draw any definitive conclusions."
Highlights for each of the mineralized zones, from north to south, include:
Maga: 17% of the RC drilling and 38% of the core drilling has been completed. The mineralized zones defined by the 0.5 g/t lower cut-off are 76% of the modeled width in the oxide (weathered) zone, and 68% of the modeled width in the sulphide (unweathered, or fresh rock) zone, but the grade is 16% higher in the oxide zone and 7% higher in the sulphide zone.
P8/P9 No drilling yet to date.
Siga West The RC drilling is in progress with only 24% of the planned program left to report, including a portion of the gap between Siga West and Siga South. The width of the mineralized zone within the oxide zone (RC holes) is in line with the model, but the cut-grades (top cut of 5 g/t) are 37% higher than expected.
Siga South: The RC and core drilling in this area is largely completed, however most of the core results are still pending. The Siga South zone has been extended 150 m further south and is still open. The RC results to date indicate continuity between Siga South and Siga West by infilling the previous gaps to define a combined overall length of 3.5 km that is still open to the north and south. The width of the oxide zone (RC holes) is in line with the model, but the cut-grades (top cut of 5 g/t) are 65% higher than expected. The uncut grade is substantially higher and the clustering of the assays above 5 g/t suggests that a higher cut-off might be justified for this zone. The limited core results to date indicate the cut-grade is 24% higher than expected but the width of the sulphide zone is 25% less than expected. The southernmost 500 m of the Siga South zone may have limited sulphide extension at depth, however we expect better results from the area where the RC results have yielded grades better than expected and widths similar to the resource model.
P17: The RC and core drilling has been completed, but half of the core holes are still pending. Lateral extensions have not been identified, and although the width of the mineralized zone is 61% of the modeled width, the cut-grade is more than 200% higher than expected. The uncut grade is even higher and the clustering of the assays above 5 g/t suggests that a higher cut-off might be justified for this zone. The limited core drilling results available suggest a plunge to the north, which if confirmed by the results of the next three core holes, will justify more core drilling in this area.
P16: The RC and core drilling has been completed with all core holes still pending. Lateral extensions have not been identified, but the width of the mineralized zone exceeds the modeled width by 14%, and the cut-grade is more than 200% higher than expected.
"This round of results has significantly improved the continuity of the mineralization of the Siga South area and has confirmed that Siga South is a southern extension of the Siga West zone, resulting in an overall strike length of 3.5 km that is still open," said Dr. Pascal Marquis, VP Exploration for Orezone.
To date, Orezone has completed 17,700 m of core drilling and 26,500 m of RC drilling, which represents about 50% of the total it planned to complete by July 2011 in order to proceed with a resource update in Q4 2011. Two additional core drills are expected to arrive in June so that five core rigs and one RC rig will be utilized until Q1 2012 to complete the entire $24 million, 170,000 m program. A second resource update will be completed in Q2 2012. Table 1 summarizes the above, and provides a comparison of the results to date with the October 2010 resource model.
July 26, 2011 08:00 ET Orezone Reports Higher Gold Grades and Improved Continuity at Bombore
OTTAWA, ONTARIO--(Marketwire - July 26, 2011) - Orezone Gold Corporation (TSX:ORE) is pleased to announce additional positive drill results from an ongoing 170,000 m infill and expansion drill program at its 100% owned Bomboré Gold Project in Burkina Faso, West Africa. Results include 265 reverse circulation (RC) holes (13,914 m) and 34 core holes (5,387 m), from the southern 5 km of the 11 km Bomboré resource. The objectives of the program are to expand and upgrade sulphide resources with core drilling at depth, as well as to upgrade and expand near-surface oxide resources with reverse circulation drilling (RC). With 40% of the drilling completed to date, the results have been successful at achieving both objectives and will contribute to improving the economics of the project.
This is the fourth release of drill results that indicates higher grades (+38% in the oxide, +29% in the sulphide) and narrower widths (72% in the oxide, 62% in the sulphide) compared to the 2010 resource model. The mineralized zones at depth continue to be in line with previous near surface drilling and the 2010 resource model constrained within Whittle pit shells. The extensions of the mineralization discovered to date below the pit shells will result in a significant increase in sulphide resources within the Maga and Siga South areas. Drilling also demonstrates increased continuity between pit shells along strike that will result in lower open pit mining strip ratios.
Drilling has confirmed that Siga West connects with Siga South resulting in a 3.7 km continuous zone with a vertical depth extent of up to 170 m. The zone remains open at depth and along strike, and warrants further drilling. In the 2010 resource model Siga South was 1.6 km of the 11 km Bomboré resource, supported only by widely-spaced drill holes, and was classified as an inferred resource. With the improved continuity and grades along the 3.7 km Siga South-West zone, there is obvious potential to significantly increase and upgrade the total resources in this area.
"The drill results confirm that the gold mineralization for the 2010 resource model, which was based on an average drill depth of 60 m, continues to depths of up to 170 m," said Ron Little CEO for Orezone. "They also underscore the potential to significantly expand and upgrade resources as well as to improve upon the preliminary economics of the project announced in June 2011.
The above drill results and conclusions are positive but are preliminary and may be further improved as a significant number of fire assay results for the leach sample residues are still pending. Positive residue results would add to the overall composite widths and metal inventory above 0.5 g/t.
The following table summarizes the above and provides a comparison of the results to date with the October 2010 resource model.
Table 1: Comparison of Current Program with 2010 Resource Model
August 08, 2011 13:55 ET Orezone Expands Bombore Gold Project Area 60% With New Permit
New Permit Captures Possible Extension of Bombore Mineralization to Southwest
OTTAWA, ONTARIO--(Marketwire - Aug. 8, 2011) - Orezone Gold Corporation (TSX:ORE) is pleased to announce it has been granted exploration rights to an additional 63 km2 of prospective ground adjacent to its Bomboré gold project in Burkina Faso. The Toéyoko permit (see map: http://www.orezone.com/sites/defaul....0Soil%20Geochemistry.JPG) extends the project footprint to the south and southwest by 60%. The Bomboré resource model and mineralization currently spans a 14 km distance where regional gold-in-soil geochemistry and auger drilling results indicate there's potential for mineralization to extend from Bomboré onto the new Toéyoko permit.
"With recent drilling in the southern half of the Bomboré deposit delivering higher grades and better continuity, the Toéyoko permit is an attractive target for future exploration," said Ron Little, CEO of Orezone. "The auger drilling and gold-in-soil geochemical anomalies adjacent to the new permit are positive indications that what we are currently investigating on Bomboré could extend onto the Toéyoko permit."
A 12,146 m 2,547-hole auger drilling program was completed on the Bomboré permit between February and July 2011, including some fences along the boundary with the new Toéyoko permit. The program was undertaken on a line spacing of 200 m, with holes drilled at 25 m intervals to depths of up to 15 m but averaging 5 m. About 10% of the results are still pending, but significant anomalies warranting reverse circulation (RC) follow-up drilling have been identified in several areas. The best results are in the Maga-CFU area, along a structure on the western limit of the current P8P9 resources that could represent the northern extension of the 3.7 km long Siga W-Siga South shear zone, and in the southwestern corner of the Bomboré permit.
The auger drilling has confirmed the results of some soil geochemistry anomalies that were previously identified by other operators, and defined priority areas for RC drilling. This drilling will be completed concurrent with the planned resource expansion RC program in the areas that are accessible during the rainy season. The target adjacent to the Toéyoko permit will be drilled after the rainy season when the area will become accessible again. Full results of the auger drilling are expected in August. Additional auger drilling will be completed to determine whether gold mineralization extends onto the Toéyoko permit.
Pascal Marquis, SVP Exploration for Orezone, is a Qualified Person under National Instrument 43-101 and has approved the technical information in this release.
Orezone Confirms Heap Leach Potential of Sulphide Resources at Sega
OTTAWA, ONTARIO -- (Marketwire) -- 08/18/11 -- Orezone Gold Corporation (TSX:ORE) is pleased to announce positive detailed metallurgical test results for the sulphide resources from its 100% owned Sega gold project in Burkina Faso, West Africa. Final results from column leach tests for the sulphide resources are 77% recovery for material that is crushed to 1.7mm and agglomerated with 7 kg/t cement. As previously announced, testwork on the near-surface oxide and transition (semi-oxidized) resources indicate a recovery of 85% using a 12.5 mm crush size and agglomeration using 5 kg/t of lime and 4 kg/t of cement. The significance of these recent sulphide results is that the total heap leachable resource could double by including the sulphide resources. Since all mineralized zones are open at depth, this emphasizes the importance of exploring for additional resources below the 50 m deep (on average) oxide zone.
Sulphide Column Test Results:
-- A percolation column leach test was conducted on a composite sample of
sulphide resources with 92% passing 1.7mm to simulate heap leach
cyanidation conditions.
-- Gold recovery of 77% was achieved in 96 days, with greater than 65%
obtained in the first 30 days of leaching and greater than 72%
extraction in 40 days.
-- The cement binder addition used in the column test was 7 kg/t. This was
adequate for pH control and column agglomeration testing but will
require further optimization for commercial leaching.
-- Estimated sodium cyanide consumption was 0.45 kg/t and is considered
moderate.
-- Permeability of the sulphide leached agglomerates is relatively low and
further optimization of agglomeration for commercial leaching conditions
is required for the 1.7mm feed.
Oxide and Transition Column Test Results (as reported April 2011):
-- 85% recovery (79 to 92%) for the oxide and transition material, with
100% passing 12.5 mm.
-- Gold recovery rates were moderate to fairly rapid, and gold recoveries
of 55 to 81% were obtained in the first 10 days of leaching.
-- Estimated binder (cement and/or lime) required for agglomeration and pH
control during leaching was 9 kg/t, or lower.
-- Estimated sodium cyanide consumption was 0.2 kg/t.
"With sulphide ore representing half of the current resource at Sega, these metallurgical results are encouraging and give us further confidence in the viability of the project, " said Ron Little, CEO of Orezone. "We envision an open pit heap leach operation of similar scale to the nearby (18 km) Kalsaka mine, which could be very attractive at current gold prices"
The Sega gold deposit hosts 450,400 oz of Indicated and 147,300 oz of Inferred resources at an average gold grade of approximately 1.7 g/t (NI 43-101, January 2010). Approximately 35% of these resources are oxide, 17% are transition and 48% are sulphide. With many untested high priority drill targets, there is good potential to increase the current resource in all categories. During the fourth quarter, Orezone will initiate a 10,000 m drill program designed to increase and upgrade resources. Plans also include additional tests to further optimize processing cost estimates in order to prepare the project for a Prefeasbility Study.
Sega has very good infrastructure compared to many projects in West Africa. It is located 180 km north of the capital city, near a large water reservoir and international power grid that are both under construction and expected to be operational within two years. Once this infrastructure is in place, project economics could be further improved.
Pascal Marquis, SVP Exploration for Orezone, supervised the metallurgical sampling program. H. C. Osborne and Associates from Commerce City, Colorado, USA designed and supervised the test work program. The test work was performed by McClelland Laboratories Inc. from Sparks, Nevada, USA. The samples sent to McClelland were selected to be representative in terms of grades and rock types of +90% of the Sega gold resources. Tests included head analyses, ICP and XRD analyses, coarse bottle roll leach and preliminary heap leach (including percolation and agglomeration tests), column leach, extraction on milled samples (including comminution, ABA testing, grind establishment, gravity separation, flotation, and cyanidation of whole ore, and gravity tailings). Samples included four whole core PQ composite samples, two 290 kg of sulphide, one 70 kg of oxide and one 75 kg of transition material plus six 200 kg HQ-NQ half-core composite samples of which three were oxide, one transition and two sulphide. Pascal Marquis and Jack S. McPartland, metallurgist and VP Operations of McClelland are both Qualified Persons under National Instrument 43-101 and approved the technical information in this release.
Orezone also announces a partial reorganization to its board of directors and committees effective immediately. Michael Halvorson has been appointed non-executive Chair, Patrick Downey joins the audit committee, Keith Peck joins the compensation and nominating committee and James Gill is stepping down from the board. "We would like to thank Jim for his valued contributions to the Company over the last two years," said Ron Little.
September 12, 2011 08:30 ET Orezone Gold Corporation: Positive Results Continue at Bombore With Seven Drills Operating
Higher grades and continuity add further confidence to resource growth
OTTAWA, ONTARIO--(Marketwire - Sept. 12, 2011) - Orezone Gold Corporation (TSX:ORE) is pleased to announce additional positive drill results from an ongoing 170,000 m infill and expansion drill program at its 100% owned Bomboré Gold Project in Burkina Faso, West Africa. Results include 234 reverse circulation (RC) holes (11,942 m) and 43 core holes (6,979 m) from the northern and southern portions of the 11 km long Bomboré resource.
The objectives of the program are to expand and upgrade sulphide resources with core drilling at depth, as well as to upgrade and expand near-surface oxide resources with reverse circulation drilling (RC).
With 60% of the drilling completed to date and 37% of the assays reported, the results indicate success in achieving both objectives with a significant increase in resources and improved project economics expected.
This is the fifth substantial release of drill results from the ongoing program at Bomboré where cumulative results indicate higher grades (+37% in the oxide, +35% in the sulphide) and narrower widths (94% in the oxide, 71% in the sulphide) compared to the October 2010 NI 43-101 compliant resource model ("the 2010 model") (see Table 1). The average cut grade of the entire database to date, using a lower cutoff of 0.5 g/t and a topcut of 5g/t, is 1.19 g/t. The average cut grade of the current drill program is 1.04 g/t, which although is 36% higher than expected, is lower than the overall average due to a large backlog of leach residue assay results that have not yet been reported from the better grade zones (P8P9). The extensions of the mineralization discovered below the Maga and Siga South pit shells will result in a significant increase in sulphide resources in these areas. Drilling also demonstrates increased continuity between the pit shells that will result in lower open pit mining strip ratios for the oxide zone.
