Orezone Resources (OZN-T, OZN-X) has nearly tripled gold resources at the Bomboré project in Burkina Faso to nearly 926,000 oz. indicated and 1.78 million oz. inferred.
Indicated resources are contained in 49.4 million tonnes grading 0.59 gram gold per tonne while inferred resources are contained in 91.8 million tonnes grading 0.61 gram gold.
The estimate is based on nearly 20,000 metres of reverse-circulation drilling (268 holes) and 5,700 metres of diamond drilling (57 holes), done before May 2007.
Mineralization has been detected from surface to a depth of 100 metres, though Orezone president Pascal Marquis says there’s a lot of potential to further increase resources.
“(We) have not exhausted the near surface oxide targets so there remains tremendous potential to significantly increase resources again with more drilling,” Marquis said in a statement.
The resources, contained in five separate deposits, stretch 14km on strike and the company says the mineralization represents the largest gold anomaly in Burkina Faso, and that the deposit has the second largest resource.
A cutoff grade of 0.24 gram gold per tonne was used for oxide material, 0.25 gram gold for transition material and 0.52 gram gold for fresh material. A cap of 5 grams gold per tonne was also used.
A technical review completed last June showed that Bomboré mineralization had an average recovery of more than 90% for oxide material. Cyanide processing of oxide samples without coarse gold was found to be leachable within 12-24 hours.
Bomboré is located about 80 km east of the capital city, Ouagadougou in a flat lying area with a low population density.
Orezone’s main project is its Essakane project, also in Burkina Faso, which has an indicated resource of more than 4 million oz. gold and an inferred resource of 1.3 million oz.
Orezone shares were unchanged today at 20.5¢ apiece with a trading volume of 1.4 million shares. The company has a 52-week trading range of 15¢-$1.85 and 358.2 million shares outstanding.
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