More High-grade at Kerekounda
HIGHLIGHTS
Oromin Explorations Ltd. (“Oromin”), on behalf of the Oromin Joint Venture Group (“OJVG”), is pleased to announce additional results from the ongoing step-out and in-fill drilling program at its Sabodala Gold Project in eastern Senegal. The majority of 2009 drilling to date has focused on the lateral and vertical expansion to the high-grade Kerekounda gold deposit, as well as resource expansion drilling at each of the Golouma West, Golouma South and Masato gold deposits. Drilling at the Maki Medina gold deposit continues to delineate a near surface, oxidized zone of gold mineralization. Favourable results at each of these deposits will expand the previously announced inferred mineral resource estimate of 2.26 million ounces of gold (see February 27, 2009 press release) calculated for the Masato, Golouma South, Golouma West and Kerekounda deposits. Our 2009 Pre-Feasibility Study being undertaken by SRK Consulting is proceeding on schedule with metallurgical, hydrological, geotechnical, resource evaluation, infrastructure/site development and environmental programs under way and ongoing. KEREKOUNDA DEPOSIT As the following table indicates, favourable widths and high-grade results continue at the Kerekounda gold deposit, a continuous shear-hosted vein system for which significant results are now available over a minimum 300-metre strike extent and a minimum down-dip extent of 300-metres, as established by DH-426 and DH-428. Oromin management continues to be encouraged by this early-stage drilling success at Kerekounda. Based on the present geometry, continuity and high-grade nature of results received to-date, Oromin considers Kerekounda to be an attractive, early-stage combined open pit and underground mining opportunity that will enhance and complement previously announced preliminary resources at the Masato, Golouma West and Golouma South gold deposits. The following table outlines the significant drilling results recently received from Kerekounda, which include numerous highly encouraging high-grade values:
Mineralized intervals are based on 1-metre composite samples utilizing a 1.0 g/t gold cut-off level with a maximum internal dilution of 2 metres. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths. GOLOUMA SOUTH DEPOSIT Only three additional drill holes were completed at the Golouma South gold deposit in early 2009, as recommended by SRK Consulting in conjunction with the ongoing Pre-Feasibility Study. The following table outlines these drilling results, including the deepest mineralization intersected to date in RC-557:
Mineralized intervals are based on 1-metre composite samples utilizing a 0.5 g/t gold cut-off level with a maximum internal dilution of 2 metres. No cutting of gold assays has been employed for reported intervals. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths. GOLOUMA WEST DEPOSIT A total of eight additional drill holes were completed at the Golouma West gold deposit in early 2009, as recommended by SRK Consulting in conjunction with the ongoing Pre-Feasibility Study. As at Golouma South, these holes represented some of the deepest mineralization intersected to date in the central portion of the Golouma West deposit. The following table outlines the significant drilling results from this limited drilling:
Mineralized intervals are based on 1-metre composite samples utilizing a 0.5 g/t gold cut-off level with a maximum internal dilution of 2 metres. No cutting of gold assays has been employed for reported intervals. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths. MASATO DEPOSIT Seventeen drill holes recommended by SRK Consulting are currently under way at the Masato deposit as part of the ongoing Pre-Feasibility Study. Results are pending. Favourable results from two previous drill holes, RC-505 and RC-506, completed at the southern portion of the Masato deposit should expand and enhance the oxide mineralization component of this extensive deposit. Both of these recent holes intersect good thicknesses of oxide gold mineralization to considerable depth, as outlined in the following table:
Mineralized intervals are based on 1-metre composite samples utilizing a 0.25 g/t gold cut-off level with a maximum internal dilution of 2 metres. No cutting of gold assays has been employed for reported intervals. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths. MAKI MEDINA DEPOSIT The Maki Medina deposit is coincident with a gold-in-soil geochemical anomaly covering approximately 1.2 kilometres in strike extent. To date, the northern 400 metres has returned the most favourable drill results. Previously released results from Maki Medina included 2.51 g/t gold over 13 metres in DH-394, 2.30 g/t gold over 11 metres in DH-395 and 1.85 g/t gold over 10 metres in RC-433. Much of the mineralization identified thus far at Maki Medina is oxide in nature, which is potentially heap leachable, similar to a significant portion of the Masato deposit mineralization. The following table outlines the significant results recently received from Maki Medina:
Mineralized intervals are based on 1-metre composite samples utilizing a 0.25 g/t gold cut-off level with a maximum internal dilution of 2 metres. No cutting of gold assays has been employed for reported intervals. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths. Outlook Oromin’s further and ongoing 2009 drilling plans include an aggressive evaluation to expand the high-grade Kerekounda gold deposit, to outline and define oxide mineralization potential at various other known gold deposits, and to initiate the systematic evaluation of other structural-geochemical targets throughout the Golouma-Kerekounda region. Technical supervision Doug Turnbull, P. Geo., is a qualified person for the purposes of National Instrument 43-101, and has verified the data disclosed in this news release. William Bond, P. Geo., is also a qualified person for the purposes of National Instrument 43-101, and 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 “Chet Idziszek” Cautionary Statement |
The interesting thing is that in the Golouma deposits grade seems to increase with depth looking a LOT like the Kerekounda numbers!!!!!
More great results. Hopefully we will see a major swing once SRK completes the prefeasiblity study in 3Q….maybe Naples for winter?
Well, I ve joined the boat on this one. hope to hear more about how to value this enw news in.
Tony: welcome, but don’t hold your breath…
Take care,
G1
haha, yeah reading your posts you seem frustrated. today it dropped 8.33% o.O and i got in at .76
Its looking pretty bad already.
Fuck! We are stuck here till the massive dilution is done, after that the delay on the oil then the summer doldrums! ! dont expect much more than about 2 bits till September. The market never lies. Blackmont is smart selling today, if I was smart I would join them. If I was smart I would have unloaded at 4! Im hoping we see 4 again in my lifetime.
bb
Good article titled: “Look – It’s Not Just About Resources” by Neil Charnock
http://www.kitco.com/ind/charnock/apr212009.html
FYI
h1