Orezone digs deeper at Essakan

Drilling by Orezone Resources (OZN-T) on the Essakan gold project in Burkina Faso, West Africa, has extended the Essakan main zone (EMZ).The exploration program is budgeted at US$5.2 million. Highlights from drilling include the following:

• hole 758 — 15 metres (beginning at 126.5 metres below surface) grading 4 grams gold per tonne, and 16.5 metres (from 159.5 metres) of 11.2 grams gold (previous reverse-circulation drilling turned up 10 metres, starting at 114 metres, grading 1.2 grams);
• hole 817 — 18 metres (from 115 metres) averaging 6.9 grams gold;
• hole 685 — 23 metres (from 82 metres) of 5 grams, 6 metres (from 109.5 metres) of 1.9 grams, and 15 metres (from 124.5 metres) of 2 grams;
• hole 820 — 13 metres (from 108 metres) of 1.6 grams and 6 metres (from 129 metres) of 9.1 grams, after a previous, 2.4-metre (from 90 metres) reverse-circulation interval of 2.4 grams.

The holes tested the EMZ on a 100-by-25-metre grid over an area measuring 175 metres by 2 km. Orezone says the results confirm that the deposit’s high-grade lenses continue down the shallow, east-dipping structure. The deposit has been tested to a vertical depth of 220 metres, where it remains open.

Meanwhile, results from infill drilling on a 25-metre-by-25-metre grid over the existing resource include 45 metres (from 47 metres) running 10.2 grams gold. Within that intersection were 19 metres (from 73 metres) grading 20.5 grams in hole 860, 56 metres (from surface) grading 5.9 grams gold in hole 854, and 130 metres (from 10 metres) grading 1.8 grams in hole 837.

Since August, Orezone has carried out 15,077 metres of reverse-circulation drilling and 3,154 metres of diamond core drilling at Essakan. The work is designed to expand existing resources and boost indicated material to the measured category.

At last count, the EMZ was home to an indicated resource of 49 million tonnes grading 1.5 grams gold per tonne; an additional 5.7 million tonnes of inferred material grade 1.7 grams gold. Both figures are based on a cutoff grade of 0.5 gram gold.

“Drilling results continue to show that the orebody and its high-grade shoots persist at depth,” says Orezone President Ronald Little. “Our plan is to carry on drilling the EMZ at a 25-metre spacing in order to define these high-grade lenses and expand resources.”

Gold Fields (GFI-N) can take a 50% stake in Essakan by spending US$8 million over five years; the South African major can increase its interest to 60% by completing a bankable feasibility study. So far, Gold Fields has spent more than US$4 million.