Orezone discovers north extension at Essakan

Vancouver A 6,600- metre ongoing drill campaign at Orezone Resource’s (ORZ-T) Essakan gold deposit in Burkina Faso, West Africa, has discovered a northern extension to the deposit

The Ottawa-based junior states that previous surface sampling, geological mapping and re-interpretation of earlier data, indicated that there might be a possible extension to the north. The recent drill results confirms this theory and also show that the zone has the same geology and style of mineralization with similar widths and grades as the main zone of the deposit. The best intercept cut 39 metres averaging 3.46 grams gold per tonne and was collared the furthest north along strike.

“We have recently announced the discovery of more mineralization at depth and now we are finding strike extensions that have the potential to quickly add additional resources to the existing deposit,” said Ron Little, President of Orezone. “This is typical of a very large deposit system and what the joint venture had hoped to discover in order to improve the economics of this deposit.”

The north extension occurs as two subparallel zones that are 1 km in length. Nine of the twelve holes were drilled on several fences to test the southern 600 metres of the zone. The remaining three holes were collared on three separate sections in order to test the northern portion. Moving from south to north, highlights of the drill results are as follows;

• Hole ERC-374 cut 4 metres averaging 1.66 grams gold, starting 11-metres down-hole. This was followed by a 2-metre section that averaged 1.67 grams gold, starting 32.0 metres down-hole.
• Hole ERC-376 cut 2.0 metres averaging 2.28 grams gold, starting 13 metres down-hole. This was followed by a 4-metre interval that averaged 1.06 grams gold, starting 39.0 metres down-hole.
• Hole ERC-377 cut 18.0 metres averaging 1.31 grams gold, starting 20 metres down-hole. This was followed by a 4-metre section that averaged 2.24 grams gold, starting 49.0 metres down-hole,
• Hole ERC-378 cut 12 metres averaging 1.02 grams gold, starting 10.0 metres down-hole. This was followed by a 4.0-metre section that averaged 1.09 grams gold and a 5-metre section that averaged 1.09 grams gold, starting 27.0 metres down-hole and a 5-metre section that averaged 1.95 grams gold, starting 34.0 metres down-hole.
• Hole ERC-379D cut 7 metres averaging 1.22 grams gold, starting 48.0 metres down-hole. This was followed by a 3 metre section that averaged 4.20 grams gold, starting 35 metres down-hole.
• Hole ERC-385 cut 8 metres averaging 1.65 grams gold, starting 41.0 metres down-hole.
• Hole ERC-392 cut 2.0 metres averaging 1.56 grams gold starting 8 metres down-hole. This was followed by a 4.0-metre section that averaged 4.50 grams gold, starting 36.0 metres down-hole.
• Hole ERC-393 cut 1-0 metres averaging 13.84 grams gold, starting 29.0 metres down-hole. This was followed by a 4-metre section that averaged 1.76 grams gold, starting 42.0 metres down-hole.
• Hole ERC-394 cut 1.0 metres averaging 7.03 grams gold, starting 3.0 metres down-hole. This was followed by a 39.0-metre interval that averaged 3.46 grams gold, starting 29.0 metres down-hole. This included a 5-metre section that averaged 3.48 grams gold and a 10-metre section that averaged 6.98 grams gold.

The drill program is expected to continue until the end of June in order to further test the extensions of the main zone and several other targets identified in a regional soil sampling program.

The first phase drill program consists of 6000 metres of reverse circulation drilling in seventy holes, plus 600 metres of core drilling in eight holes. About 5000 metres of drilling has been completed so far and assays have been received from the first 21 holes, or 2,000 metres.

The program was designed to test Orezone’s in house geological model of the main deposit as well as to investigate main zone extensions and high priority targets surrounding the main deposit.

Gold Fields (GFI-N) is funding the drill program as part of its option to earn a 50% interest in the property by spending US$8.0 million. Orezone is the operator for the first $2.0 million and is 50% of the operation team until Gold Fields earns its interest. Once vested at 50%, Gold Fields can earn another 10% by completing a bankable feasibility study. Essakan hosts a 1.5 million oz. resource at 2.1 grams gold per tonne.

Orezone holds six gold projects in Burkina Faso, West Africa; Essakan, Sega, Bombore, Golden Hill, Bondi and Kerboule. The junior also holds two diamond projects in Canada and a iron oxide copper gold project in the Yukon.