Orezone cuts more gold at Essakan

Vancouver — Orezone Resources (ORZ-T) has tabled encouraging results from the first eight holes drilled on the Essakan main zone in Burkina Faso, West Africa.

The drill program consists of 6,000 metres of reverse circulation drilling in 70 holes, plus 600 metres of diamond core drilling in eight holes. It was designed to test Orezone’s in house geological model of the main deposit as well as to test high priority targets in the vicinity that were identified through a soil sampling program.

“We are very pleased with these initial results,” said Ron Little, President of Orezone. “There are already indications of expanding our resources at depth and if the preliminary results continue we could expect an increase in the previously published grade and total ounces of the deposit.”

The first eight holes targeted the eastern limb of the Essakan main zone, where company geologists expected to find continuous mineralization. The results confirm the modeling and indicate continuity of the ore from section to section in the area. Highlights of the results are as follows;

• Hole ERC-364 cut 56 metres averaging 6.7 grams gold per tonne starting at a depth of 53 metres. This included a 9-metre interval that averaged 27.7 grams gold.
• Hole ERC-365 cut 40 metres averaging 1.9 grams gold, starting at a depth of 34 metres. This was followed by a four other intervals including; 6-metres averaging 2.0 grams gold, 13 metres averaging 2.5 grams gold, 6 metres averaging 2.0 grams gold and 16 metres averaging 4.0 grams gold. This last intercept ended in mineralization at a vertical depth of 127 metres.
• Hole ERC-367 cut 50 metres averaging 2.2 grams gold, starting 20 metres down-hole. This included a 14-metre section that averaged 3.9 grams gold.
• Hole ERC-368 cut 7 metres averaging 1.7 grams gold starting 27 metres down-hole. This was followed by a 3-metre interval that averaged 1.5 grams gold, a 10 metre interval that averaged 1.7 grams gold and a 5-metre section that averaged 2.5 grams gold.
• Hole ERC-369 cut 43 metres averaging 1.7 grams gold starting 23 metres down-hole. This included a 3-metre section that averaged 2.9 grams gold.
• Hole EDD-10 was a diamond core hole that intersected 19 metres averaging 1.9 grams gold, starting 42 metres down-hole. This included a 7-metre section that assayed 3.5 grams gold. Further down-hole a 4-metre interval averaged 12.4 grams gold, starting 129 metres down-hole.
• Hole EDD-11 cut 4 metres averaging 4.4 grams gold starting 104 metres down-hole. This was followed by a 15-metre section that averaged 1.4 grams gold.

Orezone states that hole ERC-366 intersected a new mineralized zone at the very bottom of the hole and as a result increases the potential to expand sulphide resources at depth. The company will extend the hole and additional step-out holes will be drilled along the trend.

The company also reports that since the Essakan deposit is known to contain coarse gold all samples were subject to a leaching process rather than a fire assay technique. For each sample, 5 kg was pulverized to 75 microns, and then a 2 kg portion was bottle-rolled for 24 hours. The results indicated that more than 99% of the gold was recovered. This method has proven to be very accurate as repeat samples reveal only a small variation.

Orezone points out that the high and rapid leach recoveries indicate that the deposit is amenable to a leaching process.

The drill program is expected to continue until the end of June. More results are expected in the next few weeks as drilling continues.

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 19-million-tonne 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.