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Resource Clips


Posts tagged ‘Oromin Explorations Ltd (OLE)’

B.C. to Burkina & beyond

October 1st, 2012

Bralorne, Avala, Riverstone and Oromin go for gold

by Greg Klein

Among the gold exploration news reported October 1, we look at a small producer in British Columbia, a 250-square-kilometre project in Serbia, an expanding Burkina Faso deposit and a Senegal resource update.

Bralorne Gold Mines TSXV:BPM reported short intervals but high grades from its project near Gold Bridge, B.C., 240 kilometres north of Vancouver. The 2,490-hectare Bralorne property of today includes the historic King, Bralorne and Pioneer mines, which produced 4.1 million gold ounces up to 1972. Current production began in April 2011, reaching about 7,642 ounces so far.

The October 1 assays come from the BK gap area between the former Bralorne and King mines. Some highlights include

  • 385.57 grams per tonne gold over 1.2 metres
  • 114 g/t over 0.3 metres
  • 63.6 g/t over 0.2 metres
  • 4.1 g/t over 1.3 metres
  • 6.88 g/t over 1 metre
  • 12.6 g/t over 0.4 metres

Intercepts are true widths. No topcut was applied to grades. The underground drilling reached depths extending to 166 metres.

Bralorne, Avala, Riverstone and Oromin go for gold

Oromin Explorations drills its joint venture gold project in eastern Senegal.

The first result given above comes from a quartz vein just west of underground development underway on the project’s BK-3 Zone. Last June the company reported 67 sample traverses over 160 metres taken from a drift at the zone’s 1,159-metre elevation. The assays showed an average grade of 68.7 g/t gold (uncut) over 0.8 metres (true thickness). With a topcut applied, the average grade came to 27.1 g/t over 0.8 metres.

The company’s share price opened September 28 at $0.70 before climbing to $0.79. On October 1 it closed a penny lower, at $0.78. Bralorne’s 52-week high and low were $1.19 and $0.68.

Bralorne IR Manager Johnathon Smith tells ResourceClips, “We have a new preliminary economic assessment coming out in about a week or a week and a half. Right now we’re producing about 100 tonnes a day and this new economic study is going to look at upgrading the operations to 250 tonnes per day. Being a micro-producer, we have quite a bit of blue sky ahead of us.”

From eastern Serbia, Avala Resources TSXV:AVZ announced drill results for the Kraku Pester area, part of the company’s Timok Gold Project. Assays include

  • 3.07 grams per tonne gold over 76 metres
  • 1.63 g/t over 137 metres
  • 1.8 g/t over 93 metres
  • 1.16 g/t over 128 metres
  • 1.41 g/t over 104 metres
  • 1.35 g/t over 105 metres
  • 1.46 g/t over 81 metres

Depths extend to 178 metres. True widths were not provided.

Along with the Kraku Pester target, the 250-square-kilometre Timok Project comprises the Bigar Hill and Korkan areas. Bigar Hill has a July 2012 inferred resource estimate of 38 million tonnes grading 1.3 g/t gold for 1.5 million ounces, using a 0.4 g/t cutoff. Resource drilling for Korkan and Kraku Pester has been completed and their initial resource calculations are underway.

Last February Avala President/CEO Jim Crombie told ResourceClips, “The infrastructure is terrific. We’re 25 kilometres outside of Bor, which is a major copper mining and smelting town. Power lines run adjacent to all of these properties, and there’s a road that runs alongside them. This is as good as it gets.”

The company states it has over eight years’ experience working in Serbia.

Avala held steady at $0.55 on September 28, opened October 1 at $0.56, then slipped back to $0.55. The share’s 52-week high and low were $1.25 and $0.52.

Riverstone Resources TSXV:RVS (Update: on February 25, 2013, Riverstone Resources Inc began trading as True Gold Mining Inc TSXV:TGM) announced more news from Burkina Faso on October 1, stating it found a new mineralized zone on the Kao Deposit of its Karma Gold Project. Some highlights from 71 reverse circulation holes include

  • 16 grams per tonne gold over 2 metres
  • 1.2 g/t over 26 metres
  • 0.5 g/t over 34 metres
  • 1.58 g/t over 10 metres
  • 1.15 g/t over 10 metres
  • 2.56 g/t over 4 metres

True widths were estimated between 90% and 100%. Depths extend to 206 metres.

Recent drilling has expanded the Kao Deposit by about 100 metres, the company stated. The deposit now extends over 1,500 metres in a northeast-southwest direction, at least 900 metres down-dip to the east and remains open in all directions.

Right now we’re producing about 100 tonnes a day and this new economic study is going to look at upgrading the operations to 250 tonnes per day. Being a micro-producer, we have quite a bit of blue sky ahead of us.—Johnathon Smith,
Bralorne IR Manager

In a statement issued with the results, Riverstone President/CEO Dwayne L. Melrose said, “There is very good potential to expand the mineralization to the north, as the gold-in-soil anomaly extends four kilometres further to the north. We expect to have these results reflected in the upcoming resource update, slated to be available for release this quarter.”

Riverstone’s share price opened September 28 at $0.64, rising to a $0.70 close that day. It opened and closed October 1 at $0.71. The share’s 52-week high hit $0.77 while the 52-week low fell to $0.30.

Among the resource estimates announced October 1, Oromin Explorations TSX:OLE reported a 49% increase in the indicated category for the Oromin Joint Venture Group Gold Project in eastern Senegal. The indicated total for all deposits comes to 75.21 million tonnes grading 1.56 g/t gold for 3.78 million gold ounces, while the inferred total shows 17.33 million tonnes grading 1.73 g/t for 963,000 ounces.

The company categorizes the deposits in three groups: Golouma, consisting of three large, high-grade deposits; Masato, the largest single deposit; and 10 widely distributed heap leach deposits. The Golouma and Masato deposits will form the basis of a carbon-in-leach feasibility study update while the heap leach deposits will form the basis for a heap leach PEA update. Both reports are scheduled for completion in Q4 2012.

Oromin holds a 43.5% interest in the JV and acts as project operator. Bendon International and Badr Investment and Finance hold 43.5% and 13% respectively. Oromin’s shares began and ended September 28 at $0.70 and $0.69, with an October 1 start and finish at $0.69 and $0.71. The company’s 52-week high and low were $1.20 and $0.435.

Oromin reports Senegal OJVG Gold Assays as high as 4.91 g/t over 37m

April 11th, 2011

Oromin Explorations Ltd TSX:OLE announced assays from its OJVG Gold Project in eastern Senegal, West Africa. Results include 10.03 g/t gold over 2 metres, 8.06 g/t over 14 metres, 43.76 g/t over 1 metre, 6.77 g/t over 7 metres, 4.91 g/t over 37 metres (including 11.43 g/t over 9 metres), 6.94 g/t over 4 metres, 8.91 g/t over 5 metres, 4.01 g/t over 12 metres, 3.79 g/t over 18 metres, 3.15 g/t over 11 metres and 2.91 g/t over 25 metres.

President/CEO Chet Idziszek commented, “The first three months of 2011 have proven to be extremely busy and exciting for our company. Although we are nearing completion of mineral resource updates on nine deposits, our ongoing resource expansion drill program is continuing with great success. New results from the Golouma South and Kerekounda deposits have confirmed down dip depth continuity of mineralization from surface to 450 and 550 metres respectively, which remains open to further expansion. Drilling has also confirmed three new discoveries at Saboraya, Kourouloulou South and Golouma West Extension, all of which are in close proximity to the main Golouma Deposits. Furthermore, results from column leach test-work being conducted for the heap leach preliminary economic assessment have provided favourable recoveries which should enhance this new opportunity. We are also pleased that the government of Senegal has recently granted OJVG an additional year of tax holiday increasing the period from seven years to eight.”

View Company Profile

Contact:
David Scott
Investor Relations
604.331.8772

by Ted Niles

Oromin reports Senegal Gold Assays including 15.66 g/t over 7m

March 4th, 2011

Oromin Explorations Ltd TSX:OLE announced assays from its OJVG Gold Project in eastern Senegal, West Africa. Results include 46.75 g/t gold over 2 metres, 9.25 g/t over 4 metres, 4.03 g/t over 4 metres, 15.66 g/t over 7 metres, 2.2 g/t over 11 metres and 5.15 g/t over 10 metres.

President/CEO Chet Idziszek said, “We continue to expand the known limits of our deposits at an aggressive pace. Our increasing knowledge of the geology and the continuity of mineralization observed in our step-out drilling to date is giving us even greater confidence to step out much more widely on a number of zones, particularly at depth, than we would for resource delineation. Our main focus for 2011 will be to demonstrate how deep and far out along strike these mineralized systems at the Golouma and Masato deposits extend beyond the limits of the current resource models. Also included in our plans for 2011 will be the evaluation of a number of new targets. We are eager to receive our first drill results from these areas and are very encouraged by what we are seeing from initial drilling at Saboraya, Kourouloulou South and the 950 zone at Golouma West.”

View Company Profile

Contact:
David Scott
Investor Relations
604.331.8772

by Ted Niles

Oromin reports Senegal Gold Assays as high as 14.3 g/t over 8m

February 4th, 2011

Oromin Explorations Ltd TSX:OLE announced results from its OJVG Gold Project in eastern Senegal, West Africa. Assays include 14.3 g/t gold over 8 metres, 6.84 g/t over 9 metres, 10.43 g/t over 6 metres, 6 g/t over 28 metres and 1.99 g/t over 26 metres.

President Chet Idziszek said, “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.”

View Company Profile

Contact:
David Scott
Investor Relations
604.331.8772

by Ted Niles

Oromin reports Senegal Gold Assays up to 46.04 g/t over 11m

January 12th, 2011

Oromin Explorations Ltd OLE:CA announced drill results from its OJVG Gold Project in eastern Senegal, West Africa. Assays include 8.9 g/t gold over 7 metres, 9.78 g/t over 3 metres, 4.36 g/t over 16 metres, 46.04 g/t over 11 metres, 5.54 g/t over 8 metres, 12.2 g/t over 8 metres, 2.09 g/t over 21 metres, 3.9 g/t over 16 metres, 3.95 g/t over 15 metres and 9.52 g/t over 6 metres.

President/CEO Chet Idziszek commented, “Results from our deepest drilling to date at Golouma West have confirmed excellent continuity of robust grades and favourable widths. Drilling has confirmed mineralization in multiple zones to at least 600 metres in depth, which is more than twice the average depth of 250 metres to which the reserves were calculated in the July 2010 feasibility study. Based on our drilling to date, all of the mineralized zones at the Golouma Style deposits remain open to depth and along strike.”

View Company Profile

Contact:
David Scott
Investor Relations
604.331.8772
or 877.529.8475

by Ted Niles