Gold Fields moves forward at Essakan

Vancouver The results from a 7,164 metre drill program has prompted South African-based Gold Fields (GFI-N) to keep funding Orezone Resources‘ (ORZ-T) work on the Essakan project in Burkina Faso, West Africa.

“Orezone is committed to pushing the Essakan Gold Project towards production,” says company President, Ronald Little. “With outstanding initial results from the first phase of regional exploration, we believe we now have more potential to discover incremental ore that would supplement the already defined resources at the Essakan main deposit.”

The first round of work included 89 reverse circulation (RC) holes and 8 core holes. Out of this, 10 RC holes and 7 diamond core holes were collared on the Essakan main deposit, confirming earlier results. The best values came from hole 364, which was drilled vertically returning 56 metres grading 6.7 grams gold per tonne. The partners aim to have a new resource calculation in place by the fourth quarter.

Moving 4-km north, drilling cut up to 3.5 grams over 39 metres. The mineralization appears to be similar in nature to the Essakan main zone.

So far, the favourable Essakan structure has been traced for over 10-km, of which only 3-km have been drill tested.

Some 7-km east of the Main deposit, mineralization was hit at the Fala prospect. Hole 428 returned 3 grams gold over 18 metres, while hole 429 cut 2.4 grams gold over 7 metres.

The partners also completed an extensive soil sampling survey, which resulted in the identification of some 15 regional targets for follow up work.

The next bout of drilling is slated to begin in Sept. using 2 rigs. Some 8,500 metres of RC, 7,000 metres of rotary air blast (RAB) and 1,200 metres of core drilling is planned. The program will focus along the Essakan main deposit and Fala trends in order to advance any targets to the resource definition stage. Also atleast 10 of the 15 regional targets will be drill tested.

Gold Fields can earn a 50% interest in the project by spending US$8 million. The major can boost its stake to 60% by completing a bankable feasibility study.