Orezone Gold Corporation press release
Essakan Drilling Continues to Expand the Deposit - Intersections in new Lower Zone include 28m grading 3.6 g/t and 22m grading 4.6 g/t
TSX - Toronto Stock Exchange · Gold · Silver · Canada
OTTAWA, May 19 /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 continues to return significant results from both the Essakan Main Zone ("EMZ") and from mineralization that has recently been identified below the EMZ. Results from the Lower Zone include 28m grading 3.6 g/t in hole ERC1080D and 22m grading 4.6 g/t in hole ERC874D. Hole ERC1065D intersected mineralization below the EMZ at 170m and again at 220m indicating that there may be multiple zones at depth. Results from infill drilling within the EMZ included 36m grading 7.8 g/t in hole ERC882 and 23m grading 14.7 g/t in hole ERC894. These results are from an ongoing drill program with four rigs currently on site. Orezone and JV partner Gold Fields Limited ("GFL") have initiated a pre- feasibility study on the EMZ and are carrying out expansion drilling to increase the size of the deposit and infill drilling to increase the accuracy of the ore resource estimate. Expansion drilling is focussed on four areas; the Lower Zone, the down dip extension of the deposit, and on both the north and south ends of the deposit. Orezone and GFL recently announced a $US7.9 million budget increase to fund work through to the end of September, 2005. This will include US $2.9 million for the infill and expansion drilling and US $5.0 million to complete the pre-feasibility study. Ron Little, President of Orezone stated, "Our last resource estimate was completed in August, 2004 and over 80,000 meters of drilling has been completed since that time, including many higher grade intersections. A new resource estimate is scheduled for this July and will be based on results received to the end of April, 2005." He added that, "We intend to update resources again in the late fall in order to incorporate results from drilling between April and September, 2005."
<< Table 1. Summary of Recent Results from the EMZ. (see complete table of results at www.orezone.com/site/properties/ess.asp)
Hole Section From To Length Grade Comments m m M g/t uncut ERC1133 51800N 41.0 55.0 14.0 5.2 Infill including 46.0 52.0 6.0 10.4 ERC1127 51700N 43.0 61.0 18.0 10.9 Infill including 50.0 61.0 11.0 17.4 ERC1104 51200N 12.0 31.0 19.0 3.5 Infill ERC1101 51150N 42.0 59.0 17.0 2.0 Infill ERC0894 51050N 95.0 118.0 23.0 14.7 Infill ERC1062D 50850N 111.0 132.0 21.0 7.6 Infill ERC1062D 50850N 188.0 208.0 20.0 4.1 LZ ERC1063D 50850N 86.0 101.0 15.0 2.1 Infill ERC1063D 50850N 106.0 132.0 26.0 8.2 Infill including 106.0 117.0 11.0 18.0 ERC1064D 50850N 42.0 108.0 66.0 1.4 Infill ERC1064D 50850N 191.0 200.0 9.0 6.7 LZ ERC0874D 50825N 10.0 71.0 61.0 3.0 Infill including 22.0 41.0 19.0 7.3 ERC0874D 50825N 136.0 158.0 22.0 4.6 LZ ERC0875D 50825N 31.0 39.0 8.0 8.2 Infill ERC0875D 50825N 49.0 121.0 72.0 1.6 Infill ERC1065D 50775N 66.0 116.0 50.0 3.4 Infill ERC1065D 50775N 170.0 185.0 15.0 2.0 LZ ERC1065D 50775N 224.0 239.0 15.0 6.3 LZ ERC1066D 50750N 154.0 170.0 16.0 2.7 LZ ERC1067D 50750N 41.0 82.0 41.0 1.5 Infill ERC1067D 50750N 173.0 218.0 45.0 2.1 LZ ERC1068D 50750N 21.0 63.0 42.0 0.8 Infill ERC1076D 50750N 57.0 101.0 44.0 0.9 Infill ERC1076D 50750N 181.0 195.0 14.0 6.7 LZ ERC1079D 50750N 170.0 175.0 5.0 9.4 LZ ERC1080D 50750N 142.0 170.0 28.0 3.6 LZ ERC1069D 50700N 15.0 87.0 72.0 2.0 Infill ERC1073D 50650N 62.0 83.0 21.0 1.5 Infill ERC0884 50450N 48.0 103.0 55.0 0.9 Infill ERC0882 50400N 0.0 47.0 47.0 2.1 Infill including 9.0 13.0 4.0 15.4 ERC0882 50400N 52.0 88.0 36.0 7.8 Infill ERC1021 50300N 62.0 82.0 20.0 1.5 Infill ERC1022 50300N 71.0 113.0 42.0 1.4 Infill >>
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 duplicates, triplicates, standards and blanks. The program was carried out under the supervision of Jeffrey Ackert, VP Exploration, and qualified person for Orezone.
GFL can earn a 50 per cent interest in the Essakan Property by spending US $8 million over five years, and can increase its interest to 60 per cent by financing and completing a bankable feasibility study. GFL will surpass US $8 million in expenditures this month and has made Essakan one of its top priority exploration and development projects. 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 a number of other 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.
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.