More Gold At Sabodala For Oromin

VANCOUVER — The Sabodala gold project in eastern Senegal continues to yield promising results for Oromin Explorations (OLE-T, OLEPF-O) — the project now hosts four defined deposits, two mineralized zones drawing close to deposit status, a new discovery area, and at least eight more exploration targets.

The four Sabodala deposits host a combined 2.26 million oz. gold. Three of the deposits — Golouma West, Golouma South, and Kerekounda — sit close together near the centre of the project. An updated estimate out in March pegged inferred resources within the Goloumas, as the deposits are collectively called, at 9.7 million tonnes grading 3.01 grams gold per tonne.

At Kerekounda, a continuous shear-hosted vein system that Oromin has traced for 300 metres of strike and to 300 metres depth, current drilling is stepping out to test the deposit’s downdip extent beneath earlier, shallower intercepts.

And a new set of drill results indicate the deposit does continue at depth. Hole 445 cut 14 metres grading 4.08 grams gold from 251 metres depth, hole 448 returned 11 metres of 5.96 grams gold from 234 metres, and hole 611 hit 5 metres carrying 10.7 grams gold.

Some drills also returned near-surface intercepts. Hole 596 returned 8.48 grams gold over 9 metres from just 8 metres depth, hole 601 yielded 13.97 grams gold over 8 metres of from 61 metres, and hole 600 intercepted 8.53 grams gold over 7 metres starting 47 metres below surface.

Kerekounda remains open in all directions. Oromin regards the deposit an a possible open-pit/underground starter mine — the average resource grade at Kerekounda is 7.81 grams gold, more than twice the average grades at Golouma West and South.

At Golouma South, hole 557 recently returned the deepest mineralization to date: 3.5 grams gold over 17 metres from 248 metres down-hole. Nearby, hole 555 intersected 12.79 grams gold over 9 metres starting at 159 metres.

And infill drilling at Golouma West also returned strong grades, including 5 metres grading 46.9 grams gold from 283 metres depth in hole 430. Hole 434 also cut a nice intercept: 9 metres averaging 13.39 grams gold.

The fourth defined deposit, which sits roughly 6 km north of the Goloumas, is called Masato. The update put Masato’s inferred resource at 35.4 million tonnes grading 1.16 grams gold, for 1.32 million contained ounces gold.

Drilling at Masato is currently focused on infill work to inform the prefeasibility study and drills are returning typical Masato intercepts. Recent results include 1.25 grams gold over 20 metres, 1.8 grams gold over 15 metres, and 1.66 grams gold over 20 metres.

And the company’s continuing efforts to systematically examine the remaining targets on the property were recently rewarded. At a target 1 km south of Kerekounda, two drills hit mineralization in a new zone.

At 56 metres depth in hole 578, the drill hit 12 metres averaging 10.2 grams gold, including 1 metre carrying 107 grams gold. And from 100 metres downdip, hole 579 intersected 12 metres grading 23.53 grams gold from 192 metres depth, then a few metres later hit 8 metres of 16.54 grams gold. Previous drilling at the nearby Golouma Northeast target returned 3 metres of 98.4 grams gold and 8 metres of 17.6 grams gold.

With five drills turning at Sabodala, Oromin says it’s focusing on expanding the high-grade Kerekounda deposit and outlining and defining oxide mineralization potential at its other deposits.

And, excited by its recent new discovery, the company says it will continue to evaluate other structural and geochemical targets throughout the region.

A prefeasibility study for Sabodala is under way and results are expected in the third quarter. Oromin owns 43.5% of the project and acts as operator. Two private companies hold the rest.

News of its latest Sabodala drill results left Oromin’s share price unchanged at 68¢. The company has a 52-week trading range of 38.5¢-$2.84 and 66 million shares outstanding.