Orezone tests Bondi project

The first seven infill holes drilled on the Bondi gold property in Burkina Faso have returned encouraging results for Orezone Resources (ORZ-T).

The reverse-circulation (RC) program focused on the Main zone, and returned the following highlights: Hole 44 — 11 metres of 3.8 grams gold, and 8 metres of 2.4 grams; Hole 46 — 15 metres of 3 grams; Hole 47 — 14 metres of 2.8 grams, and 6 metres of 2 grams; and Hole 48 — 11 metres of 6.1 grams gold.

The holes, sunk on 50-metre centres and angled at minus 45, tested the zone between 10 and 40 metres below surface. Only an 800-metre portion of the 4-km gold-in-soil anomaly was tested; the anomaly is on the 45-km-long mineralized corridor controlled by Orezone.

Results are awaited from a second round of holes, which tested the zone at a vertical depth of 65 metres. Previous shallow, reverse-circulation drilling was highlighted by 42 metres grading 3.8 grams gold. The zone remains open at depth and may be offset and extended farther to the south.

The resource for the zone will be calculated in the first quarter of 2004.

Meanwhile, RC drilling on the Falagountou target, part of the Essakan property, 500 km to the northeast, returned up to 33 metres grading 3.9 grams gold. The mineralization is associated with a gabbro intrusive body and sediments. Core drilling along strike and at depth is planned for January.

At Sokadie, 15 km south of Essakan Main zone, drilling yielded up to 10 metres grading 2.1 grams in hole 472 and 8 metres of 2.2 grams gold in hole 476.

At the Gossey target, 10 km northwest of the Main zone, rotary-air-blast drilling intersected three sections of bedrock mineralization over 850 metres of strike length. The drilling focused on a soil geochemical anomaly up to 10 km long. Pending positive results from 1,117 metres worth of RC drilling, Orezone plans to drill the target on 100-metre centres.

Based on previous work by BHP Billiton (BHP-N), resources at Essakan are pegged at 20 million tonnes grading 2 grams gold.

Gold Fields (GFI-N) can earn a half-stake in Essakan by spending US$8 million. Delivery of a bankable feasibility study boosts its position to 60%.

The news, combined with a higher gold price, saw shares in Orezone rise a nickel, or nearly 5% of value, to $1.10 on Dec. 22.