Orezone extends Essakan gold deposit

Orezone Resources (OZN-T) has hit good gold grades down-plunge of the Essakan main zone in Burkina Faso, West Africa.

Twenty-five reverse-circulation holes were drilled in an attempt to intersect an interpreted extension of the deposit.

Highlights include 36 metres grading 23.08 grams gold per tonne, 18 metres grading 11.69 grams gold, and 11 metres grading 7.39 grams gold.

Thirteen additional holes intersected gold grades of 0.9-3.99 grams over widths of 4-54 metres. Seven holes contained no significant mineralization; however, these were generally stopped before reaching their intended depth.

All holes were vertical and drilled to a maximum depth of 150 metres. Nine holes stopped in mineralization and the same number (though not all the same holes) had casing inserted to facilitate future diamond drilling.

The Essakan main zone contains a measured and indicated resource of about 18.9 million tonnes grading 2.14 grams gold per tonne, as well as an inferred 5.2 million tonnes grading 1.76 grams gold, for a total resource of 1.5 million oz. at 2.1 grams gold.

The deposit is in the nose of an anticline that strikes northwest. The centre contains multiple higher-grade zones exceeding 2.5 grams gold per tonne, surrounded by a lower-grade halo of about 1.5 grams per tonne.

The project is a joint venture with Gold Fields (GFI-N), which can earn a half-interest by spending US$8 million over five years.