June 9, 2021 (Investorideas.com Newswire) Shares of Orezone Gold Corp. rose 12% after the company reported it intersected 32 meters of 3.87 g/t gold and identified additional near surface high-grade gold mineralization in areas outside the existing resource boundaries of its Bombore property.
Vancouver-based Orezone Gold Corp. (ORE:TSX) today announced “initial results from its ongoing drilling program to test the expansion potential at the P17S deposit at its Bombore Gold Project, located in Burkina Faso.”
The company stated that its drill program at the Bombore Gold Project has proven to be quite fruitful and that results returned at PS17S included the best hole drilled to date. The firm advised that it also obtained several other wide, multigram gold intercepts that were found near surface outside the boundaries of the project’s current reserves and resource estimates.
The firm mentioned that these latest drill results “intersected multiple high-grade stacked zones of mineralization to the north of the P17S reserves including a new wide, shallowly dipping zone with excellent down-plunge continuity, which clearly demonstrates the potential to add significant high-grade resources commencing near surface at P17.”
Orezone Gold provided the detailed data from its drill program and stated that in hole BBD1066, it intersected 32 m of 3.87 g/t Au, including 6 m of 14.40 g/t Au. In addition, hole BBD1048 returned 30 m of 2.76 g/t Au, including 8 m at 5.50 g/t Au.
The company also listed the data from several other holes drilled at Bombore including notable results from hole BBD1062 where two separate core samples from different depths returned 7 m of 4.13 g/t Au and 5 m of 4.89 g/t Au.
Orezone Gold’s President and CEO Patrick Downey commented, “These results are very exciting and represent some of the best drill holes completed at Bombore. The intercepts are thick, near surface, and show exceptional down-plunge continuity.”
“With similar previous results at P17, we now have over 1.7 km of strike extent with multiple high-grade stacked zones and a very exciting target to expand these high-grade reserves and resources. We therefore plan to continue to drill along strike to establish the continuity of this untested gap between P17S and P17,” CEO Downey added.
Orezone is a Vancouver, B.C.-based gold development company. The firm indicated that it owns a 90% interest in the Bombore property in Burkina Faso, which it states is one of the largest undeveloped gold deposits in that country. The company reported that it is fully funded and plans to bring Bombore into production in Q3/22 when the first gold pour is scheduled. The firm noted that the results from a feasibility study conducted in 2019 showed that Bombore has an estimated 13+ year mine life with forecasted annual production of 118 Koz Au. Utilizing an assumed gold price of US$1,300/oz, the report estimated all-in sustaining costs (AISC) of US$730/oz and a 2.5-year after-tax breakeven payback period. The Bombore property has a Measured & Indicated resource of over 5 Moz Au and, according to Orezone, includes significant resource expansion potential.
Orezone Gold has a market capitalization of around $399.1 million with approximately 277.1 million shares outstanding. ORZCF shares opened 2% lower today at $1.1641 (-$0.0248, -2.08%) from yesterday’s $1.1895 closing price and then reached a new 52-week high price this morning of $1.4036. The stock has traded today between $1.1641 and $1.4036 per share and closed the day at $1.35 (+$0.16, +13.45%).
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