Grandich Update on Sabodala and Santa Rosa
Oromin Explorations – Continues to Drive Hard and Fast
February 3rd, 2009
This year will be transformative for TSX-listed Oromin Explorations Ltd., with the Sabodala Project in Eastern Senegal advancing to the pre-feasibility stage, and initial drilling slated for the Santa Rosa Dome Prospect in Argentina’s Mendoza Province. Oromin is a well-managed junior company offering rare exposure to both precious metals and petroleum. At Sabodala, the company has outlined an inferred resource of 1.4 million oz. gold within three-near surface deposits (Masato, Golouma West and Golouma South) based on initial drilling of 555 holes to May, 2008. An updated resource estimate based on subsequent drilling is expected shortly, and will include initial resource estimates for three targets recently upgraded to deposit status, including the high-grade Kerekounda deposit.
December 11, 2008
New High Grade Gold Discovery At Sabodala
HIGHLIGHTS
- EXCELLENT INITIAL DRILL RESULTS AT KEREKOUNDA WILL QUICKLY ADVANCE THIS TARGET TO DEPOSIT STATUS
- KEREKOUNDA DRILL RESULTS INCLUDE:
- 52.61 g/t gold over 9 metres in DH-360
- 48.68 g/t gold over 4 metres in DH-367
- 25.34 g/t gold over 7 metres in RC-463
- 11.26 g/t gold over 9 metres in RC-480
- 7.15 g/t gold over 10 metres in RC-458
- KEREKOUNDA RESULTS WILL NOW BE INCLUDED IN THE RESOURCE UPDATE ALONG WITH MASATO, GOLOUMA WEST AND GOLOUMA SOUTH GOLD DEPOSITS
http://www.oromin.com/s/NewsReleases.asp?ReportID=331634
Drilling of the six deposits will continue into 2009, along with testing of the next tier of priority targets and completion of the pre-feasibility study by year-end. These developments provide an excellent anchor for Oromin to expand resources at the 230-square-km Sabodala concession, which surrounds a 20.3-square-km concession where Mineral Deposits Limited is building the region’s first gold mine (168,000 oz. annually). Other companies have made discoveries nearby, further confirming that the Sabodala region has potential to rival established gold camps in nearby Mali.
In Argentina, Oromin plans to drill at least two test-wells this year at the Santa Rosa Prospect, which covers a shallow, untested dome structure in the under-explored eastern half of the Cuyana Basin. The onshore concession has similar geological and structural settings as the oil-prolific (1.28 billion barrels) western part of the Basin.
A newly filed NI 51-101 Evaluation Report sets out 131.56 million barrels of oil as the most likely amount of recoverable resources on the project, and US$2.3 billion as the mostly likely net present value. This probabilistic estimate is based on geological, geophysical and seismic data and reservoir parameters, however there is no certainty these resources will be discovered as Santa Rosa is a wildcat prospect.
Despite a horrific junior resource market in 2008, Oromin has continued to demonstrate its ability to greatly add great grade and size to its multiple gold deposits. This is one of the companies I expect to more than survive the carnage of 2008 and to reach many of their goals.
This year will be transformative for TSX-listed Oromin Explorations Ltd., with the Sabodala Project in Eastern Senegal advancing to the pre-feasibility stage, and initial drilling slated for the Santa Rosa Dome Prospect in Argentina’s Mendoza Province. Oromin is a well-managed junior company offering rare exposure to both precious metals and petroleum. At Sabodala, the company has outlined an inferred resource of 1.4 million oz. gold within three-near surface deposits (Masato, Golouma West and Golouma South) based on initial drilling of 555 holes to May, 2008. An updated resource estimate based on subsequent drilling is expected shortly, and will include initial resource estimates for three targets recently upgraded to deposit status, including the high-grade Kerekounda deposit.
December 11, 2008
New High Grade Gold Discovery At Sabodala
HIGHLIGHTS
- EXCELLENT INITIAL DRILL RESULTS AT KEREKOUNDA WILL QUICKLY ADVANCE THIS TARGET TO DEPOSIT STATUS
- KEREKOUNDA DRILL RESULTS INCLUDE:
- 52.61 g/t gold over 9 metres in DH-360
- 48.68 g/t gold over 4 metres in DH-367
- 25.34 g/t gold over 7 metres in RC-463
- 11.26 g/t gold over 9 metres in RC-480
- 7.15 g/t gold over 10 metres in RC-458
- KEREKOUNDA RESULTS WILL NOW BE INCLUDED IN THE RESOURCE UPDATE ALONG WITH MASATO, GOLOUMA WEST AND GOLOUMA SOUTH GOLD DEPOSITS
http://www.oromin.com/s/NewsReleases.asp?ReportID=331634
Drilling of the six deposits will continue into 2009, along with testing of the next tier of priority targets and completion of the pre-feasibility study by year-end. These developments provide an excellent anchor for Oromin to expand resources at the 230-square-km Sabodala concession, which surrounds a 20.3-square-km concession where Mineral Deposits Limited is building the region’s first gold mine (168,000 oz. annually). Other companies have made discoveries nearby, further confirming that the Sabodala region has potential to rival established gold camps in nearby Mali.
In Argentina, Oromin plans to drill at least two test-wells this year at the Santa Rosa Prospect, which covers a shallow, untested dome structure in the under-explored eastern half of the Cuyana Basin. The onshore concession has similar geological and structural settings as the oil-prolific (1.28 billion barrels) western part of the Basin.
A newly filed NI 51-101 Evaluation Report sets out 131.56 million barrels of oil as the most likely amount of recoverable resources on the project, and US$2.3 billion as the mostly likely net present value. This probabilistic estimate is based on geological, geophysical and seismic data and reservoir parameters, however there is no certainty these resources will be discovered as Santa Rosa is a wildcat prospect.
Despite a horrific junior resource market in 2008, Oromin has continued to demonstrate its ability to greatly add great grade and size to its multiple gold deposits. This is one of the companies I expect to more than survive the carnage of 2008 and to reach many of their goals.
thanks for posting that for me Jeff. Any idea if Management is going to release the updated results before the show this weekend?
Let me know…
G1
Hey G1
the show is monday to thursday next week .. I hope they will have a release before the weekend but it may be early next week. Either way i hear they are hitting more high-grade at kerekounda
caliche
Hear the same thing. I just think that timing is everything and they need to release the new calcs to cause a stir at the show, this is one of the bigger shows with all the big players, I personal fel someone will take a run at OLE and MDL for there mining operation already in place…
Take care,
G1
Hi Caliche:
Great site –
Any idea when the drills break ground at Santa Rosa?
The press release seems to indicate by March…
Have you heard anything more?
Thanks,
Jamie
i think march or april for santa rosa. I have been concentrating on the gold on this site but will do a santa rosa update as soon as i hear we have obtained the drills, pipe and wellheads. I will try to update before the end of next week .. if not i will talk with the office upon their return form INDABA
thanks for your comments
regards
caliche
The run started yesterday on MDL in Aus and continued today…very strong today in fact.
Have a look at the posts on hotcopper. Some good charts as well.
I think we have turned the corner on junior golds. At this point there are so many deals that I think cant be ignored anymore. My PF has risen off its low and is on the way back up .. still a looooong ways off the highs but ive stopped losing .. have a great wekend all!!
warmest regards
caliche