Oromin, New Discovery, continues with highgrade results
NEW DISCOVERIES AND REMAINDER OF 2010 DRILLING RESULTS CONTINUE TREND OF POSITIVE GRADE AND THICKNESS INTERVALS FOR OJVG’S RESOURCE EXPANSION PROGRAM
Oromin Explorations Ltd., on behalf of Oromin Joint Venture Group Limited (OJVG), has provided a further update including the remaining results of its 2010 drilling program at the OJVG gold project in eastern Senegal, West Africa. Drilling in the latter part of 2010 focused on resource and reserve expansion with particular emphasis on: (1) Golouma-style higher grade gold deposits; and (2) on initial definition drilling of higher grade gold potential beneath the proposed open pit at the Masato deposit.
Highlights
New drill results include:
- 14.30 grams per tonne gold over eight metres at Golouma South;
- 6.84 g/t gold over nine metres Golouma South;
- 10.43 g/t gold over six metres at Golouma West;
- 6.00 g/t gold over 28 metres at Golouma West;
- 1.99 g/t gold over 26 metres at Masato.
New discoveries:
- The initial 2011 drill hole at Golouma West intersects a new, subparallel, eight-metre-wide alteration zone of Golouma-style mineralization hosting visible gold at a 575 m depth.
- Drilling is planned at the Saboraya prospect, the newest OJVG discovery located midway between the Kerekounda and Kourouloulou gold deposits. Occurrences of visible gold within OJVG trenching at Saboraya have become the most active, current artisanal mining site on the OJVG gold project.
Chet Idziszek, president and chief executive officer, stated: “We are very pleased with our continued exploration successes as they confirm that the project’s potential is still expanding. For example, last year’s feasibility study outlined 1.22 million ounces of indicated resources in the Golouma-style deposits, based on drilling to 250 metres. Subsequent drilling to 600 metres has confirmed grade and continuity of the mineralization and we see no indication that this will not continue at depth. If subsequent drilling does confirm additional continuity and similar grade to a depth of say 1,000 metres, we would expect this to have a significant, positive impact on the resource base at Golouma. Similarly, drill results from 2010 at Masato have confirmed continuity of mineralization to depth in multiple zones which we expect will also have a positive impact on the resource base at Masato.
“We are also very encouraged by continuing to make new discoveries, such as at Saboraya, which will provide drill targets throughout 2011 and, we expect, beyond. The new Saboraya target lies between two established deposits, and may represent a highly prospective continuous zone of mineralization.”
The new drill results, along with those previously reported in Oromin’s news in Stockwatch Jan. 12, 2011, are listed and detailed with included intervals in Appendix A and Appendix B. These drill results further confirm the continuity of mineralization and increasing expansion potential for those higher grade Golouma-style deposits down dip and below the limits of the resource/reserve block model used for the July, 2010, feasibility study. The reserves from the Golouma-style deposits in the July, 2010, feasibility totalled 960,000 ounces (7.4 million tonnes at 4.06 g/t Au) while indicated resources totalled 1.2 million ounces (10.5 million tonnes at 3.59 g/t Au) with an additional inferred resource of 149,000 ounces (1.1 million tonnes at 4.15 g/t Au). See the company’s news in Stockwatch July 15, Sept. 22 and Nov. 18, 2010, and its Nov. 9, 2010, short-form prospectus for details.
GOLOUMA-STYLE DEPOSITS New results Previously reported (Jan. 12, 2011) Kerekounda Golouma South 7.51 g/t Au over 2 m in DH-946 8.90 g/t Au over 7 m in DH-929 Golouma South 14.30 g/t Au over 8 m in DH-937 Golouma West 5.30 g/t Au over 10 m in DH-938 9.78 g/t Au over 3 m in DH-919 6.84 g/t Au over 9 m in DH-938 4.36 g/t Au over 16 m in DH-925 3.08 g/t Au over 11 m in DH-942 46.04 g/t Au over 11 m in DH-927 Golouma West 5.54 g/t Au over 8 m in DH-928 5.23 g/t Au over 12 m in DH-907 12.20 g/t Au over 8 m in DH-928 6.13 g/t Au over 12 m in DH-939 15.24 g/t Au over 2 m in DH-941 5.85 g/t Au over 5 m in DH-941 2.99 g/t Au over 11 m in DH-943 3.01 g/t Au over 17 m in DH-944 10.26 g/t Au over 3 m in DH-947 6.00 g/t Au over 28 m in DH-948
At the Masato deposit, new results from mineralized zones below the proposed open pit continue to confirm and extend the zones of higher grade gold mineralization potentially amenable to underground mining. The Masato deposit mineralization will be modelled as a combined open pit and underground operation for the planned resource and reserve updates scheduled in first quarter and second quarter of 2011 respectively.
MASATO DEPOSITS (UNDERGROUND)
New results Previously reported (Jan. 12, 2011)
1.99 g/t Au over 26 m in DH-936 2.09 g/t Au over 11 m in DH-916
16.39 g/t Au over 1 m in DH-945 4.38 g/t Au over 7 m in DH-918
3.00 g/t Au over 6 m in DH-946 2.09 g/t Au over 21 m in DH-918
3.90 g/t Au over 16 m in DH-921
3.95 g/t Au over 15 m in DH-922
9.52 g/t Au over 6 m in DH-926
2.87 g/t Au over 9 m in DH-930
2011 exploration program and new discoveries
The 2011 exploration program is well under way at the OJVG gold project with five drills currently operating, including two core drills on combined geotechnical and exploration drilling, two other core drills on depth extension exploration drilling, and one reverse circulation drill testing a number of new exploration targets. The initial 2011 drill hole, DH-950, at the Golouma West deposit intersected an eight m wide altered and mineralized zone hosting visible gold that appears to be a new zone lying subparallel to the mineralized zones intersected in DH-928 (5.54 g/t gold over eight metres starting at 558 metres and 12.20 g/t gold over eight metres starting at 590 metres).
Three of the new exploration drilling targets being readied for drilling, Kourouloulou South, Makana and Saboraya, are either former or current artisanal mining locations. Of these, the Saboraya prospect, which is located midway between the Kerekounda and Kourouloulou gold deposits, is presently the most active artisanal mining location on the OJVG concession where local miners began excavations in the area of visible gold occurrences in OJVG trenches.
Doug Turnbull, PGeo, is a qualified person for the purposes of National Instrument 43-101, and has verified the data disclosed in this news release. William Bond, PGeo, 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.
APPENDIX A
GOLOUMA-STYLE DEPOSITS
Drill Gold
Deposit hole From-To Interval grade
(m) (m) (g/t)
Golouma DH-937 278-286 8 14.30
South incl. 281-286 5 21.75
incl. 282-283 1 42.51
300-303 3 3.13
DH-938 259-269 10 5.30
incl. 264-268 4 8.32
297-304 7 2.12
313-322 9 6.84
DH-942 147-148 1 12.31
291-302 11 3.08
incl. 292-295 3 6.13
DH-929(i) 240-247 7 8.90
incl. 245-246 1 29.70
254-256 2 6.11
Golouma DH-907 428-440 12 5.23
West incl. 435-439 4 8.58
474-487 13 2.47
DH-939 424-436 12 6.13
incl. 424-430 6 10.43
incl. 428-430 2 14.90
450-451 1 8.50
DH-941 356-358 2 15.24
incl. 356-357 1 28.88
365-370 5 5.85
DH-943 186-193 7 3.31
198-209 11 2.99
incl. 200-203 3 6.25
incl. 202-203 1 12.43
DH-944 384-401 17 3.01
incl. 387-389 2 6.51
and 398-401 3 7.13
DH-947 408-411 3 10.26
incl. 410-411 1 19.08
418-419 1 11.45
DH-948 201-206 5 2.34
213-241 28 6.00
incl. 219-228 9 10.25
and 234-241 7 7.36
DH-919(i) 383-386 3 9.78
incl. 384-385 1 22.70
394-400 6 3.40
DH-925(i) 386-402 16 4.36
incl. 386-392 6 8.14
DH-927(i) 396-407 11 46.04
incl. 396-399 3 161.31
incl. 398-399 1 434.60
DH-928(i) 204-210 6 2.43
incl. 204-205 1 7.82
558-566 8 5.54
incl. 561-564 4 7.78
590-598 8 12.20
incl. 593-596 3 26.91
DH-932(i) 412-425 13 8.79
incl. 412-417 5 16.78
incl. 414-415 1 45.76
DH-934(i) 224-229 5 6.72
DH-935(i) 429-438 9 5.90
incl. 429-434 5 9.10
incl. 433-434 1 24.14
RC-817(i) 155-171 16 6.52
incl. 157-166 9 9.87
incl. 157-159 2 15.79
and 163-165 2 15.46
Kerekounda DH-946 309-315 6 3.00
incl. 313-315 2 7.51
DH-903(i) 326-333 7 6.90
342-344 2 7.17
DH-908(i) 328-330 2 21.20
incl. 328-329 1 41.36
DH-896(i) 124-125 1 13.75
363-377 14 4.13
incl. 363-369 6 8.26
DH-900(i) 334-348 14 10.05
incl. 337-341 4 29.85
incl. 339-340 1 67.76
(i) Previously reported
Mineralized intervals are based on one-metre samples using 1.0 g/t gold cut-off levels with a maximum internal dilution of two metres. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths.
APPENDIX B
MASATO DEPOSIT RESULTS
Drill Gold
Deposit hole From-To Interval grade
(m) (m) (g/t)
Masato DH-936 192-218 26 1.99
incl. 204-206 2 7.63
and 213-217 4 3.63
DH-940 242-246 4 2.25
269-272 3 1.93
DH-945 135-136 1 16.39
DH-916(i) 161-172 11 2.09
incl. 168-171 3 4.02
235-244 9 1.73
incl. 241-244 3 3.40
DH-918(i) 191-198 7 4.38
206-228 22 2.01
incl. 206-214 8 3.30
DH-921(i) 204-220 16 3.90
incl. 206-212 6 6.41
incl. 206-208 2 12.69
DH-922(i) 170-177 7 2.70
incl. 171-173 2 6.19
227-242 15 3.95
incl. 227-236 9 6.23
incl. 227-228 1 30.28
DH-926(i) 50-52 2 4.00
66-72 6 9.52
99-109 10 1.73
incl. 99-101 2 4.79
DH-930(i) 55-64 9 2.87
incl. 55-59 4 5.63
(i) Previously reported
