Connect with us

Hi, what are you looking for?

Wednesday, Feb 8, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Orezone Gold reports positive results at Phase III drill program in Burkina Faso

The focus of the drilling was the conversion of inferred resources ahead of an upcoming sulfide expansion study

Orezone Gold reports positive results at Phase III drill program in Burkina Faso
Graph via Orezone Gold

Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) found positive results from two zones at its West African mine.

On Wednesday the Vancouver company announced the results from its Phase III resource definition drill program from Maga Hill, Maga Main and Siga zones at its Bomboré gold mine in Burkina Faso.

The focus of the drilling was the conversion of I=inferred resources ahead of an upcoming sulfide expansion study.

Preliminary results at Maga Hill returned several high-grade intercepts within the sulfide zone. Also, drilling at the main hanging wall Siga Zone continues to show excellent down-dip continuity.

Drilling within the inferred mineralized zones at Siga South and Siga West has been very successful, and preliminary results at Maga Main and Maga Hill are also “very promising”, the company said adding that additional results are still to come.

The company also said that core drilling has been completed at P8P9 with results expected in the coming weeks.

RC drilling will also be completed this week which targeted both inferred and new oxide targets. Results are expected during Q1-2023.

Modelling of the resources is ongoing as part of the upcoming sulphide expansion study which is expected to be completed in early H2-2023.

Maga Hill drilling highlights:

  • 42.00 m of 1.11 g/t Au from 198.00 m including 10.00 m of 1.72 g/t Au from 219.00 m in hole BBD1217
  • 17.20 m of 1.38 g/t Au from 260.00 m in hole BBD1218
  • 20.00 m of 3.30 g/t Au from 166.00 m in hole BBD1219
  • 21.00 m of 5.35 g/t Au from 150.00 m in hole BBD1220
  • 11.00 m of 1.73 g/t Au from 111.00 m and 18.00 m of 1.04 g/t Au from 193.00 m in hole BBD1241
  • 7.20 m of 8.50 g/t Au from 124.00 m including 1.20 m of 48.27 g/t Au in hole BBD1246
  • 18.00 m of 3.01 g/t Au from 194.00 m in hole BBD1247
  • 11.75 m of 2.16 g/t Au from 184.00 in hole BBD1248
  • 10.50 m of 2.86 g/t Au from 29.00 m including 1.50 m of 16.61 g/t Au from 31.00 m and a further 6.50 m of 6.16 g/t Au from 133.50 m including 2.80 m of 13.03 g/t Au from 137.20 m in hole BBD1249

Siga drilling highlights:

  • 6.25 m of 3.46 g/t Au from 67.75 m including 1.00 m of 16.66 g/t Au from 70.00 m and 12.90 m of 1.40 g/t Au from 156.10 m including 1.00 m of 9.71 g/t Au from 168.00 m in hole BBD1145
  • 4.00 m of 4.36 g/t Au including 1.00 m of 16.05 g/t Au from 92.00 m in hole BBD1148.
  • 18.30 m of 1.17 g/t Au from 3.60 m including 1.10 m of 14.94 g/t Au from 4.70 m in hole BBD1150
  • 4.00 m of 5.82 g/t Au from 87.00 m including 1.00 m of 19.79 g/t Au from 89.00 m in hole BBD1157
  • 4.00 m of 3.52 g/t Au from 78.00 m including 1.00 m of 12.43 g/t Au from 81.00 m in hole BBD1158
  • 24.00 m of 1.18 g/t Au from 21.00 m including 2.90 m of 3.96 g/t Au from 31.00 m and 1.00 m of 6.02 g/t Au from 41.00 m in hole BBD1161
  • 12.70 m of 1.01 g/t Au from 74.30 m and 10.20 m of 1.38 g/t Au from 124.20 m in hole BBD1162
  • 13.00 m of 1.25 g/t Au from 71.00 m in hole BBD1163
  • 25.00 m of 1.04 g/t Au from 275.00 m including 8.00 m of 1.79 g/t Au from 285.00 m in hole BBD1169
  • 4.00 m of 5.32 g/t Au from 12.00 m including 1.40 m of 14.50 g/t Au from 14.60 m in hole BBD1174
  • 4.00 m of 4.16 g/t Au including 1.00 m of 10.16 g/t Au from 73.00 m in hole BBD1180
  • 29.00 m of 1.11 g/t Au from 205.00 m, including 1.00 m of 10.97 g/t Au from 227.70 m in hole BBD1186
  • 28.75 m of 1.01 g/t Au from 203.00 m including 12.75 m of 1.55 g/t Au from 219.00 m in hole BBD1191
  • 14.70 m of 1.75 g/t Au from 265.00 m in hole BBD1195
  • 14.00 m of 1.07 g/t Au from 283.00 m including 8.00 m of 1.49 g/t Au from 284.00 m in hole BBD1196
  • 19.20 m of 1.19 g/t Au from 248.00 m including 10.60 m of 1.67 g/t Au from 253.00 m in hole BBD1198
  • 32.45 m of 1.17 g/t from 213.80 m, including 14.00 m of 1.80 g/t Au from 224.00 m in hole BBD1199
  • 18.20 m of 1.43 g/t Au from 228.80 m including 8.00 m of 2.20 g/t Au from 237.00 m in hole BBD1200

Read more: IAMGOLD sells its African assets to Managem for US$282M

Read more: i-80 Gold reports zinc and gold high grade mineralization at Ruby Hill Property, Nevada

Read more: Calibre Mining high-grade gold drill positive results to continue at Panteon North, say analysts

“Ongoing infill drilling continues to return excellent results which confirm very successful targeting of the conversion of inferred Resources into measured and indicated and that this deposit also continues to grow and is still open for further exploration,” CEO Patrick Downey said in a statement.

“We have successfully targeted high-grade zones in the sulfides and expanded the known zones significantly both along strike and down dip of existing resources. We are now drilling similar zones at the P8P9 area and expect these results within the coming weeks,” Downey added.

He explained that this finalizes the drill program for 2022 and modeling will continue to complete the overall conversion of the drilling into the measured and indicated categories ahead of the sulfide expansion study which will provide the platform to significantly increase annual throughput and production at the Bomboré operation.

“Furthermore, these excellent results targeting the folded zones at Maga Hill and Siga and those from earlier drilling at the P17S zone now warrant further exploration and planning is underway for follow-up drilling in 2023.”

Orezone is a Canadian mining company operating the open pit Bomboré Gold Mine in Burkina Faso and its is focusing on mining and processing Phase I near surface free-dig oxides at a planned annual throughput of 5.2 million tonnes.

The company believes that Bomboré has a significant underlying sulphide resource to support a substantially larger Phase II expansion. A 77,000-meter infill and expansion drill program is ongoing and once completed, Orezone plans to issue an updated mineral resource and reserve statement and feasibility study, as part of this Phase II expansion.

It is expected that the studies will be completed in H2-2023 to be followed by a production decision.

Company stock went up by 2.48 per cent on Wednesday to $1.24 on the Canadian Securities Exchange.

 

Follow Mugglehead on Twitter

Like Mugglehead on Facebook

Follow Natalia Buendia Calvillo on Twitter

natalia@mugglehead.com

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Gold

The company has a 90% stake in the open-pit mine while the country's government retains the other 10%