- Published: 02 March 2009
- Written by Editor
Oromin Explorations Ltd.: Resource Update at Sabodala Adds 860,000 Inferred Gold Ounces
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:
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Inferred Mineral Resource Estimate
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Cut-off grade In-situ In-situ grade Contained Metal
Deposit Au (g/t) Tonnage Au (g/t) Au (ozs.)
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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
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GOLOUMAS
TOTAL As above 9,700,000 3.01 940,000
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MASATO 0.5 35,400,000 1.16 1,320,000
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(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
Cautionary Statement
This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and our other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, estimates of exploration investment and the scope of exploration programs. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks. Readers are advised not to place undue reliance on forward-looking statements.
Schedule
MASATO DEPOSIT
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CUT-OFF IN-SITU IN-SITU CONTAINED
GRADE TONNAGE GRADE METAL
Au (g/t) (Mt) Au (g/t) Au (M ozs)
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0.30 46.3 0.98 1.46
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0.50 35.4 1.16 1.32
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0.75 23.5 1.44 1.09
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1.00 15.4 1.74 0.86
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Contacts:
Oromin Explorations Ltd.
David Scott
Investor Relations
(604) 331-8772 or Toll Free: 1-877-529-8475
(604) 331-8773 (FAX)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.oromin.com
SOURCE: Oromin Explorations Ltd.
mailto:This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.oromin.com
