WOW AMAZING GOLD RESULTS …..2.26 M oz…. WATCH KEREKOUNDA !!!! VISIBLE GOLD
The really amazing thing as i sit here reading and re reading the update is that i actually have that exciting feeling in my guts that i haven’t had for many many years.. Sabodala is one of those opportunities not many people get in a lifetime, I’m very pleased to be involved.
Warmest regards and enjoy a peaceful weekend, David Mallo is talking at the PDAC this coming week, next week should be pretty exciting! 🙂
caliche
OROMIN EXPLORATIONS LTD
Symbol OLEPF
Oromin Explorations Ltd.: Resource Update at Sabodala Adds
860,000 Inferred Gold Ounces
2009-02-27 20:06 EST – News Release
VANCOUVER, BRITISH COLUMBIA — (MARKET WIRE) — 02/27/09
Oromin Explorations Ltd. (TSX: OLE)(OTCBB: OLEPF) –
Highlights
– Sabodala inferred gold resources now total 2.26 million ounces in four deposits representing a 61%
increase from previous estimate
– initial estimate at the Kerekounda deposit confirms high-grade opportunity
– Masato deposit now exceeds 1.3 million ounces including 0.29 million ounces of oxide resources
Oromin Explorations Ltd. (“Oromin”), on behalf of the Oromin Joint Venture Group (“OJVG”), is pleased to
provide a resource update for the various gold deposits at their Sabodala Property in eastern Senegal. The
resource update has been completed for the Masato, Golouma West, Golouma South and Kerekounda
deposits and is in progress for the Niakafiri and Maki Medina deposits. The resource estimate update has
outlined an inferred mineral resource containing 2.26 million ounces of gold. This represents a 61% increase
over the initial resource estimate completed in July of 2008 which outlined an inferred mineral resource of
1.40 million ounces of gold at the Golouma West, Golouma South and Masato Deposits (see July 24, 2008
Press Release).
The following table outlines the inferred mineral resources based on drilling to the end of 2008:
————————————————————————–
Inferred Mineral Resource Estimate
————————————————————————–
Cut-off grade In-situ In-situ grade Contained Metal
Deposit Au (g/t) Tonnage Au (g/t) Au (ozs.)
————————————————————————–
Golouma West 0.5 6,900,000 2.55 570,000
Golouma South 0.5 2,400,000 3.52 270,000
Kerekounda(i) 4.0 400,000 7.81 100,000
————————————————————————–
GOLOUMAS
TOTAL As above 9,700,000 3.01 940,000
————————————————————————–
————————————————————————–
MASATO 0.5 35,400,000 1.16 1,320,000
————————————————————————–
(i) For the purpose of this initial resource estimate for Kerekounda, the
assays were conservatively capped at 30 g/t due to the sparsity of the
data available at the time of the estimate. The mineral resource estimate
for Kerekounda is reported at a cut-off grade of 4.0 g/t in view of its
potential for underground mining. As an example of the high-grade nature
at the Kerekounda deposit, previously released results include 48.68 g/t
gold over 4 metres in DH-367 and 52.61 g/t gold over 9 metres in DH-360.
This National Instrument 43-101 compliant Mineral Resource Estimate update has been prepared by Lions
Gate Geological Consulting Inc. (LGGC). All grade interpolation has been carried out using Inverse Distance
Squared methodology into 3-dimensional block models. Ali Shahkar, P. Eng., of LGGC is the Qualified
Person responsible for this estimate update.
Kerekounda Deposit – A new high-grade deposit
The initial inferred resource estimated from diamond and RC drilling completed to the end of 2008 at
Kerekounda was based on 27 drill holes along a 250-metre strike extent to a depth of approximately 200
metres. Since December and subsequent to this resource estimate, an additional 47 drill holes have been
drilled at Kerekounda extending the mineralized zone from 250 to 500 metres along strike and from a depth
of 200 metres to 300 metres down dip. Nearly identical alteration and mineralization is being observed in the
majority of the new drill holes including the three deepest holes (DH-426, DH-427 and DH-428) designed as
down-dip tests ranging from 55 to 130 metres down dip from previous intersections of the Kerekounda
mineralization. All three of these deep core holes intersected the Kerekounda style veining and alteration at
predicted depths, with thicknesses of up to 13-metre core length. Visible gold was observed in all three of
these drill holes. Due to the encouraging results to date, drill rigs have been dedicated to completing tightly-
spaced in-fill and step-out drilling at Kerekounda.
Masato Deposit – 1.3 million ounces with possible heap leach potential
Since the initial NI 43-101 resource estimation was undertaken, the majority of Oromin’s drilling has been at
the Masato Deposit where 170 holes were completed in addition to the 146 utilized previously. Results from
this more recent drilling has been one of the factors that has pushed the inferred resource at Masato over
1.3 million ounces, of which 0.29 million ounces (7.6 million tons grading 1.18 g/t gold) are near surface
oxide resources. In addition to current metallurgical test work being conducted on samples of the sulphide
mineralization at Masato, Oromin has initiated a metallurgical evaluation of the oxide portion of the Masato
resource to determine whether heap leaching is a viable option for treating near surface material. Please
refer to the attached schedule to note the grade improvement at Masato utilizing a 0.75 and 1.0 g/t gold cut-
off grade.
Golouma Deposits, (including Kerekounda) – Approaching 1 million ounces at 3.01 g/t gold grade
The updated resource estimate has resulted in a 12 % and 30% increase in ounces at the Golouma West
and Golouma South Gold Deposits respectively, in addition to improving the overall grade for these two key
deposits.
Chet Idziszek, President and CEO, stated, “We are of course extremely pleased with the additions to the
resource base attained by our drilling since last year’s initial estimate. In eight months, May through
December 2008, we have established a 61% increase – that is, 860,000 more ounces of gold.
“Our Masato resource has grown now to 1.3 million ounces. This is an excellent development at Masato
where we now see an opportunity for low-cost heap-leach processing of a considerable portion of the
deposit.
“Our new estimate includes for the first time resources from Kerekounda. This is developing as a substantial
target with high gold grades which could support an underground mine, and contribute to early cash flows
and more rapid payback. Clearly we are very happy to be dedicating more drill-rig time and budgets to this
fourth deposit.
“This report is based on drilling through December 2008. Vigorous drill programs continue, and we look
forward to ongoing results and our next resource update.”
Ali Shahkar, P. Eng., of Lions Gate Geological Consulting Ltd., a “qualified person” for the purposes of
National Instrument 43-101, has verified the data disclosed in this news release. William Bond, P. Geo., also
a “qualified person” for the purposes of National Instrument 43-101, has supervised geologic field
procedures. TSL Laboratories in Saskatoon carried out all assaying under industry-standard QA/QC
procedures.
To find out more about Oromin Explorations Ltd., visit www.oromin.com. Please refer to the maps which set
out the Sabodala deposits and zones under “investor info/articles and reports” on the website, and our
previous news releases, for additional project information.
On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD.
Chet Idziszek, President
Schedule
MASATO DEPOSIT
——————————————
CUT-OFF IN-SITU IN-SITU CONTAINED
GRADE TONNAGE GRADE METAL
Au (g/t) (Mt) Au (g/t) Au (M ozs)
——————————————
0.30 46.3 0.98 1.46
——————————————
0.50 35.4 1.16 1.32
——————————————
0.75 23.5 1.44 1.09
——————————————
1.00 15.4 1.74 0.86
——————————————
Contacts:
Oromin Explorations Ltd.
David Scott
Investor Relations
(604) 331-8772 or Toll Free: 1-877-529-8475
(604) 331-8773 (FAX)
Email: dscott@mine-tech.com
Website: www.oromin.com
WOW .. incredible news …2.26 million ounces is great!..added over 850000 ounces in the second half of the year..Kerekounda WILL be a monster .. it is obvious now .. 100K ounces in 27 holes!!!!!! with a high 4 gram cutoff for underground and a 30 limit .. there is a LOT more to find here .. with VG up to 300 m!!!!!!!!!!
“For the purpose of this initial resource estimate for Kerekounda, the assays were conservatively CAPPED AT 30 g/t due to the sparsity of the data available at the time of the estimate. The mineral resource estimate for Kerekounda is reported at a cut-off grade of 4.0 g/t in view of its potential for underground mining.”
This was intriguing to me…that to be conservative, they put a TOP END cap of 30 g/t with a 4.0 g/t bottom cut-off for the Kerekounda resource estimate results.
With 100k oz from 27 holes, it will be interesting to see what the new 47 holes + will bring, given that the three deep holes mentioned (426, 427, 428) are all showing visible gold.
h1
Does anyone know if “heap leaching” is something of that miners value or do not value? I understand the process but have never heard about it in use?
Mining companies value anything that lowers costs of extraction. The ability to heap leach a portion of the deposit lowers overall cost per ounce contained on the property. This makes the feasibility of the mine more attractive. Costs per ounce are significantly reduced to as low as 40 to 50 dollars per ounce. Oxides are already broken down by weathering and are more easily separated from the host rock and thus cheaper and more valuable to mine. Sulphides are harder to extract and need a different process which costs more per ounce. The two costs are blended in the feasibility to determine the mines profit margins
the 4 gram cutoff was because it is projected to be an underground mine. it is not always feasible to mine .5 or 1 gram ore underground. the upper limit was imposed because of the limited number of holes used in the valuation. As the number of holes is increases the probability that higher grades are consistent throughout the deposit will increase and the limit will be removed or increased.
A note to the not yet converted. Puzzle me this: Masto has a 2 km strike length. Kerekounda is now at 500 metres strike…likely to grow longer. At only 500m it currently measures 25% of Masto’s strike length. (ie: 500/2000)……Thus, using linear math, Kerekounda currently (if drilled within the existing 500m strike and no more) should yield at least 25% of Masato’s 1.3 million oz inferred resource (i.e. 325k oz) right? No, very wrong! Why? But for one important difference. That being….”grade difference”. Kerekounda is over 7 times the grade of Masato!!!! That’s 7 times the grade with one hand tied behind its back (i.e. the 7.81g/t excludes hits above 30 g/t….. we have at least 9 drill holes with over 30 g/t…360,362,367, 390, 426, 428, 429, 463, 480….hell one of them hit 407 g/t!!! and three have visible gold…can’t you see that..ha ha ..so 20% of Special K’s holes so far, 9 out of 47, are rock stars….pun intended….but not counted) So do the conservative math again…..25% x 1.3m oz=325k oz x 7 =2,275,000 oz’s in Kerekounda alone!!!!! within the current 500m strike conservatively assuming no further extension of strike length…and yes this is skipping all the monster holes…..Btw go look at some recent press releases of December and January and you will see some of these super high grades and the old 250 length. Kerekounda’s strike just length doubled from 250 m to 500m. My bet Kerekounda aka “Special K ” runs for well over 1 km…Another factoid for you quick fix addicts…..Special K can add ounces much more quickly than the other Goloumas or Mr. Masto right?….yes right because each drill hole sample yanked out of Special K has far more gold than any of its Sabodala siblings…not a believer yet well pick up your abacus again and do this math….2.26m oz from 930 holes=2,430 oz per hole…..now look at Special K with one hand still tied behind its back…..100k oz from 27 holes=3,704 oz!!! Special K proudly produced 52% more with one less appendage!!! That’s why she’s Special….Ok, I talked myself into it I need to buy more…NOW I just can’t wait till the TSE opens again. HKE opens earlier right? Are we on that exchange yet?…lol….. Have fun with the math lucky ladies and gentlemen….Don’t be greedy. Spread the gospel! Yours truly Oromint
It’s exciting to see the new results finally released. I was counting on 2.25m ounces primarly because of the concentretaed drilling efforts at Masato 2H of 2008. I love the math for Kerekounda even more going forward! Or as I will affectionally think of it now as “Special K” after reading Oromint’s impassioned praise! Now, the real test. What will the market think of these results? There is different math out there and a couple variables that can significantly impact value. However, according to numerous sources I speak to OLE is worth $2.25 to $3.00 a share today based on the 2.26M. That’s today and not inclusive of any future outstanding results. Will the market attach that value to OLE in the near future?
Caliche–Post Xmas break drilling assay reports should be out in the next 3-4 weeks and will give even more insight into “Special K “……..Also I believe a preliminary feasibility study is due out in March (July 24 , 2008 release said early 2009) to confirm the high gold recovery potential at masato , golouma west , and golouma south which should add even more momentum to the buyout interest and share price……In your conversations with Ole , can you get any indications if this projected timeframe is still realstic?? Heap leaching potential should enhance this prelimimary feasibility study , will it not ??
the oxides will definitely enhance the economics of the project. heap leach is the cheapest way to extract gold and will lower the per ounce cost making the project that much more valuable. i will try to find out the timing of the next few milestones!
with David Mallo speaking at PDAC anything is possible with share price, i cant wait for the next few months .. i hope to have made my fortunes back!
Caliche….Based on the latest results, how would you compare Oromin to Chet’s other major deposits in the past (or any other big deposits you have seen) when they were at the same development stage as where we are today? At what stage was Pierina in once it was acquired by Barrick?
Thanks for all your input over the years and looking forward to what 09 has in store for Oromin!
Rendz