Orezone Gold Corp. (TSX: T.ORE, Stock Forum) announced additional positive results from an ongoing infill and expansion drill program at its wholly owned Bomboré gold project in West Africa.
The Bomboré project, located in Burkina Faso, has 4.13 million ounces of measured and indicated resources and 1.03 million ounces of inferred resources.
According to the Orezone Gold press release, the recent drilling has expanded the southern P16 and the P17N deposits and with open-ended mineralization, more expansion drilling is warranted.
Additional core drilling completed on the P17S prospect confirmed the presence of several north-plunging mineralized zones with grades exceeding 2 grams per tonne, which remain open to the north.
Scout drilling on the new P13 target on 400 metre line spacing has intersected narrow mineralized zones on all sections over a strike of 2 kilometres in the southern portion of the target area, including 7 metres at a grade of 1.48 grams per tonne on section 3400N.
The ongoing drill program continues to demonstrate the potential to upgrade and expand the resources, especially the softer near surface oxide resources.
Furthermore, the company has recently commissioned an interim/internal resource update using 63,500 metres of the current program that will bring the total database to over 400,000 metres.
The update is expected to be completed in the first quarter of 2013 and will be the basis for the reserves of the full feasibility study.
Orezone is a Canadian company with a gold discovery track record of over 12 million ounces and recent mine development experience in Burkina Faso, West Africa.
On Monday morning, Orezone was trading at $1.23 a share. The company has a market cap of $105.4 million, based on $85.7 million shares outstanding. The 52-week high and low was $3.10 and $1.14 respectively.