Orezone Gold Corporation press release
Drilling Significantly Expands Recently Discovered Lower Zones at Essakan
TSX - Toronto Stock Exchange · Gold · Silver · Canada
Intersections include 12.3 g/t over 13m and 4.1 g/t over 28m
OTTAWA, June 22 /CNW Telbec/ - Orezone Resources Inc. (OZN:TSX, AMEX) is pleased to announce that drilling on the Company's Essakan gold project in Burkina Faso, West Africa, has significantly expanded the new zones of mineralization that were recently identified in the footwall below the Essakan Main Zone ("EMZ"). Results include 12.3 g/t over 13m in hole ERC0844D, 6.7 g/t over 13m in hole ERC832D and 4.1 g/t over 28m in hole ERC1076D. The footwall mineralization has now been intersected by more than 130 drill holes over a strike length up to 1.5km, and from surface to a depth of 200m. The mineralization generally occurs from one to 20m below the EMZ and its average thickness is in the order of 10m. The average grade of the footwall from drilling done to date is higher than the average grade of the EMZ. While this is encouraging, it may reflect the fact that most of the drilling in the footwall is below the 1km higher grade core of the EMZ. This positive correlation may be indicative of the strength of the structure that produced the higher grades within the deposit. Orezone currently has two reverse circulation ("RC") drill rigs and two core rigs working on the EMZ. A total of 55,645m of RC and 10,529m of diamond core drilling have been completed since the current drill program commenced in August, 2004 and a further 17,000m of drilling is planned. The program includes both infill drilling on 25m by 25m centres to increase the percentage of resources in the measured and indicated categories and expansion drilling to increase the total size of the resource. The expansion drilling is targeting the down dip extension and the western margin of the EMZ, strike extensions to both the north and south, and the lower zones. Over 20,000 samples from Essakan are currently waiting to be assayed and encouraging results are being received from approximately 7,000 new samples being generated each month. As a result, the joint ventures partners have made a decision to defer the planned resource update until such time as more of this new data can be incorporated into the calculation. Ron Little, President of Orezone stated that "The latest drilling results continue to confirm our belief that the EMZ is significantly larger than the current indicated resource of 2.4 million ounces and inferred resource of 300,000 ounces (based on a 0.5 g/t cut off grade). These resources were calculated in August, 2004 and almost 66,000m of drilling has been completed since that time. Ongoing drilling continues to extend the limits of the mineralization in the lower zones, down dip, and along strike to both the north and south."
<< Table 1. Summary of Recent Results from the EMZ. (see complete table of results at www.orezone.com/emztable.asp )
HOLE-ID Section From To Length Grade m m m g/t EDD0010 50650N 129.0 133.0 4.0 12.39 ERB0370 49500N 36.0 41.0 5.0 3.74 ERC0079 49400N 28.0 37.0 9.0 2.39 ERC0118 50900N 47.0 77.0 30.0 0.58 ERC0804 50825N 0.0 25.0 25.0 0.56 ERC0811D 50925N 54.0 65.0 11.0 1.73 ERC0812D 50925N 58.0 70.0 12.0 3.57 ERC0829D 50725N 102.0 113.0 11.0 1.18 ERC0832D 50725N 104.0 117.0 13.0 6.72 ERC0833D 50725N 120.9 137.9 17.0 1.50 ERC0836D 50725N 118.8 130.8 12.0 1.78 ERC0840D 50825N 101.0 124.0 23.0 0.69 ERC0843D 50875N 142.5 150.0 7.5 6.09 ERC0844D 50925N 69.0 82.0 13.0 12.32 ERC0860D 50925N 173.3 194.1 20.9 0.77 ERC0861D 50875N 146.3 149.3 3.0 12.72 ERC0864D 50825N 120.9 154.6 33.8 0.38 ERC0875D 50825N 165.0 186.0 21.0 1.36 ERC0877D 50775N 156.0 184.9 29.0 3.44 ERC0878D 50725N 163.0 188.0 25.0 2.25 ERC0886D 50950N 170.0 179.0 9.0 1.58 ERC0889D 50550N 129.0 140.0 11.0 1.81 ERC0891 50500N 81.0 83.0 2.0 8.94 ERC1001 49950N 61.0 73.0 12.0 1.06 ERC1021 50300N 62.0 82.0 20.0 1.51 ERC1037 50850N 0.0 27.0 27.0 0.48 ERC1059 50900N 42.5 60.0 17.5 0.81 ERC1065D 50775N 169.9 195.9 26.0 1.85 ERC1068D 50750N 129.0 155.0 26.0 1.56 ERC1069D 50700N 109.5 128.5 19.0 0.67 ERC1076D 50750N 181.0 209.0 28.0 4.05 ERC1078D 50600N 143.4 168.6 25.2 1.79 ERC1079D 50750N 170.0 194.0 24.0 2.71 ERC1080D 50750N 142.0 181.0 39.0 3.00 ERC1082D 50825N 193.4 210.0 16.6 2.84 ERC1177 49750N 57.0 61.0 4.0 4.05 >>
Note: Samples were collected at a minimum of every 1m down the hole and analyzed using a 2kg bottle roll cyanide leach at the SGS Laboratory in Tarkwa, Ghana, an internationally recognized laboratory. A minimum of 5% of the samples are for QA/QC, which includes pulp duplicates, coarse duplicates, standards and blanks. The program was carried out under the supervision of Jeffrey Ackert, VP Exploration, and qualified person for Orezone.
Gold Fields Limited has earned a 50 per cent interest in the Essakan Property by meeting its expenditure commitment of US $8 million and can increase its interest to 60 per cent by financing and completing a bankable feasibility study. Gold Fields has made Essakan its top priority exploration project. The objective is to complete a pre feasibility study in the fall and a full feasibility study by the summer of 2006. Orezone is currently the operator of the joint venture.
Orezone Resources Inc. (OZN:TSX, AMEX) is an emerging gold producer that owns Essakan, the largest gold deposit in Burkina Faso, as well as several advanced stage projects in West Africa. Burkina Faso is a politically stable country that is located in 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. Orezone is based in Ottawa, Canada.
FORWARD-LOOKING STATEMENTS: 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. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements 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.