June 14, 2022 – Vancouver, BC - Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to provide ongoing drill results from the Phase III program from P17S-NE along the P17 mineralized trend at the Bomboré Gold Project, located in Burkina Faso.
The focus of the Phase III drilling at P17S was to better define the continuity of the repeat, folded high-grade granodiorite mineralized zones.
The drill results continue to be very positive confirming the following:
- Down-plunge continuity of the mineralized zones at P17S has now been extended over an additional 100 m beyond the last set of drill results, with more results pending over the next 100 m.
- Drilling has also intercepted significant new mineralization in the footwall of the resource area with Hole BBD1132 returning 30 m of 1.73 g/t Au, which is still open both up and down plunge.
- The mineralized zones are open towards the surface and at depth over a strike of at least 300 m.
P17S Drilling Highlights:
- 20.30 m of 1.88 g/t Au from 171.00 m in hole BBD1104
- 10.65 m of 3.69 g/t Au from 190.00 m in hole BBD1108
- 45.30 m of 1.29 g/t Au from 189.00 m in hole BBD1110
- 18.00 m of 1.59 g/t Au from 134.00 m and 22.15 m of
1.34 g/t Au from 179.85 m in hole BBD1118
- 12.00 m of 2.45 g/t Au from 76.00 m in hole BBD1119
- 18.00 m of 1.74 g/t Au from 124.00 m in hole BBD1120
- 19.50 m of 3.20 g/t Au from 230.50 m in hole BBD1131
- 8.00 m of 6.32 g/t Au from 127.00 m and 30.00 m of
1.73 g/t Au from 245.00 m in hole BBD1132
Dr. Pascal Marquis, SVP of Exploration, stated, “I am extremely pleased with the ongoing drilling results at P17S, which confirm that this deposit continues to grow, not only along the known zones, but with new zones intersected outside of the current resource pit shell. Final results from this program at P17S are expected in the coming weeks. Drilling is now underway at the Siga deposits, as part of our resource conversion program, but we expect to be back drilling at P17S later this year to follow up on these very encouraging results.”
Table 1: P17 Trend Highlight Drill Results
* True widths for P17S drilling are approximately 90% of drilled lengths.
** Preliminary results without leach residue assays. Final grades will typically increase by 4-6% from those stated.
About Orezone Gold Corporation
Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a Canadian development company building Burkina Faso’s next gold mine at its Bomboré Gold Project.
The 2019 feasibility study highlights Bomboré as an attractive shovel-ready gold project with forecasted annual gold production of 118,000 ounces over a 13+ year mine life at an All-In Sustaining Cost of US$730/ounce with an after-tax payback period of 2.5 years at an assumed gold price of US$1,300/ounce. Bomboré is underpinned by a mineral resource base in excess of 5 million gold ounces and possesses significant expansion potential. Orezone is fully funded to bring Bomboré into production with the first gold pour scheduled for Q3-2022.
President and Chief Executive Officer
Manager, Investor Relations
Dr. Pascal Marquis, Geo., Senior VP Exploration is the Qualified Person who has approved the scientific and technical information in this news release.
The mineralized intervals are based on a lower cut-off grade of 0.45 g/t, a minimal width of 1.5 m and up to a maximum of 3.0 m of dilution being included. The true width of the mineralization is approximately 90% of the drill length at P17S and 70% of the drilled length at P17. The half-core drilling samples were cut using a diamond saw by Orezone employees. The samples were prepared by SGS Burkina Faso s.a.r.l. (“SGS”) at their Ouagadougou facility and then split by Orezone to 1 kg using Rotary Sample Dividers (“RSDs”). A 1-kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l. (“BIGS Global”) in Ouagadougou, by bottle-roll cyanidation using a LeachWellTM catalyst. The leach residues from all samples with a leach grade greater than or equal to 0.4 g/t were prepared by BIGS Global and then split by Orezone to 50 g using RSDs. A 50-g aliquot was analyzed by fire assay at BIGS Global.
Orezone employs a rigorous Quality Control Program including a minimum of 10% standards, blanks and duplicates. The composite width and grade include the final leach residue assay results for most of the drill intercepts reported, with the details available in the tables posted on our web site.
For further information please contact Orezone at +1 (778) 945‑8977 or visit the Company’s website at www.orezone.com.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this press release include, but are not limited to, statements with respect to the potential at the P17 trend, confirmation of the continuity of mineralization at the P17 trend, the expansion potential at the project, Bomboré project being fully funded to production and projected first gold by Q3-2022.
All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.
All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by the COVID-19 pandemic, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form and management discussion and analysis filed on SEDAR on www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements.
Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.