Oromin Explorations (OLE-V, OLEPF-O) has reported an initial inferred resource estimate totalling 1.4 million oz. gold at its Sabodala project in eastern Senagal.
The resource is based on 85,000 metres worth of drill results but since the company has another 100,000 metres planned, it’s hoping to increase that number substantially in an updated resource estimate in early 2009, which will be followed with a prefeasibility study.
Oromin used drill results from 555 holes drilled at 20-to 40-metre centres at its Masato, Golouma West and Golouma South deposits.
The deposits were drilled to depths between 150 and 200 metres and remain open at depth and along strike.
The 1.4 million oz. of gold are contained in 25.2 million tonnes of material grading 1.73 grams gold per tonne.
The company has found 14 other zones on the 230-sq.-km property; some will be included in the next estimate.
The Masato portion of the resource estimate includes 1,700 metres of a strike length that has now been drilled for 2,000 metres.
Golouma South resources include 400 metres of strike length, though mineralization has been confirmed by drilling along a strike distance of 1,065 metres.
Similarly, at the Golouma West deposit, which has been traced for at least 1,500 metres along strike, only 1,000 metres of strike length was included in the estimate.
Highlights from drill results not included in the estimate include: 22 metres grading 3.18 grams gold per tonne at Masato; 9 metres grading 7.77 grams gold at Golouma South; and 11 metres grading 2.82 grams gold at Golouma West.
In addition, Oromin noted some drilling highlights from some of the other zones it’s testing on the Sabodala property, including: 6 metres grading 2.22 grams gold per tonne at Sabodala North and 5 metres grading 2.09 grams gold at Sekoto.
When Oromin does the prefeasibility study, it plans to further test preliminary recovery results it has received. At Masato, 93% of gold was recovered, 90% at Golouma West and 88% at Golouma South.
Oromin is the operator and 43.6% owner of Sabodala. Another 43.5% is held by a private group called Bendon International with the remaining 13% held by Badr Investment and Finance, another private group.
Oromin shares recently traded at $1.89 in a 52-week window of $1.60- 4.15.
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