Orezone Gold Corp. [ORE-TSXV; ORZCF-OTCQX] reported drill results from the first six holes of the phase II program at P17S-NE extension along the P17 mineralized trend at the 90%-owned Bombore gold project in Burkina Faso. The government holds a 10% carried interest and a 5% NSR.
The phase II program is a follow-up to phase I (completed in June, 2021) which intersected several high-grade zones related to a folded mineralized granodiorite that extends outside of the existing reserves and resources at P17S-NE.
Continuing the success from the phase I program, the initial results from the phase II program confirm the continuity of mineralization at surface and the extension down dip along the P17S-NE zone. The system remains open at depth and to the north.
Drilling highlights include 12.20 metres of 10.01 g/t gold from 245.80 metres in hole BBD1081. Hole BBD1081 returned 6 metres of 2.41 g/t gold from 79 metres. Hole BBD1077 returned 14 metres of 1.21 g/t gold from 33 metres. Hole BBD1077 returned 6 metres of 2.16 g/t gold from 51 metres. Hole BBD1077 returned 7 metres of 2.63 g/t gold from 117 metres.
Hole BBD1078 returned 13 metres of 1.86 g/t gold from 5 metres. Hole BBD1079 returned 7 metres of 1.56 g/t gold from 47 metres. Hole BBD1080 returned 15.10 metres of 1.27 g/t gold from 13 metres.
Patrick Downey, president and CEO, stated: “Hole BD1081 was a significant stepout hole and is one of the best holes drilled to date at P17S. It confirms the down-dip continuity and extends the system further towards P17. Also of significance are the multiple near-surface intercepts from this recent drill program. These results confirm the consistency and repeatability of the folding patterns both near surface and down plunge indicating a robust and continuous near-surface mineralized system. Our drilling in 2021 and 2022 has been outside of the current reserve pit and intersected zones that are still open at depth and now warrant drilling beyond the current phase II program.”
Assay results for the remaining three holes at P17S are expected in the coming weeks. The company has now commenced drilling at the P17 target, some 1.7 km north of P17S, to advance the definition of this deposit and better delineate the folding pattern and the potential for extensions at depth and toward the P17S-NE deposit.
The 2019 feasibility study highlights Bombore as an attractive shovel-ready gold project with forecasted annual gold production of 118,000 ounces over a 13-plus-year mine life at an all-in sustaining cost of US$730/oz with an after-tax payback period of 2.5 years at an assumed gold price of US$1,300/oz. Bombore is underpinned by a mineral resource base in excess of 5 million gold ounces and possesses significant expansion potential. Orezone is fully financed to bring Bombore into production with the first gold pour scheduled for Q3 2022.