Oromin Expands Gold Mineralization at Established Deposits and Upgrades Multiple Exploration Targets at Sabodala
Posted on: Wednesday, 6 August 2008, 09:00 CDT
Oromin Explorations Ltd. (TSX VENTURE: OLE)(OTCBB: OLEPF) ("Oromin"), on behalf of the Oromin Joint Venture Group ("OJVG"), is pleased to report that recent drilling has expanded mineralization at three established gold deposits and upgraded multiple, highly prospective exploration targets at the OJVG Sabodala Project situated in an emerging gold district of eastern Senegal.
The Masato, Golouma West and Golouma South deposits host an initial NI 43-101 compliant inferred resource of 25.2 million tonnes grading 1.73 g/t gold, for 1.40 million ounces of contained gold (see July 24/2008 news release and 3-D models at www.oromin.com), based on 85,000 metres of drilling. This estimate does not include subsequent drilling - now in excess of 140 holes - that has expanded gold mineralization at these three advanced open-pit deposits, which all remain open for further expansion on-trend and at depth. The most recent highlights include:
- 9 metres of 7.77 g/t gold in DH-245 at Golouma South;
- 10 metres of 5.89 g/t gold in DH-247 at Golouma South;
- 19 metres of 3.45 g/t gold in RC-384 at Masato;
- 14 metres of 3.64 g/t gold and 28 metres of 2.56 g/t gold in DH-279 at Masato.
As operator of the OJVG, Oromin is continuing an aggressive core and reverse circulation drilling program at the 230-square-kilometer concession. In addition to many new results from drilling beyond the resource shells depicted in the 3-D models, initial drill-testing of multiple exploration targets has returned favorable results that warrant follow-up drilling to assess their ultimate potential.
"The initial resource estimate for Golouma West, Golouma South and Masato provide an excellent anchor for ongoing programs to establish further resources at the Sabodala Project," states Chet Idziszek, President. "We look forward to resource updates in Q4 2008 and early 2009, leading to a planned pre-feasibility study that year. Early-stage work on the pre-feasibility study is already under way."
Oromin believes the Sabodala region will become a major West African gold camp, and notes with interest several recent announcements by neighbouring operators. Mineral Deposits Limited (MDL) is constructing an open-pit mine, expected to produce 168,000 ounces of gold starting in 2009, at a concession entirely surrounded by the OJVG ground. Randgold Resources has reported a significant new gold discovery, described by Randgold's CEO, Mark Bristow as "potentially a multi-million-ounce project," at its adjacent Massawa Project south of the OJVG ground. The potential strike lengths and depth potential reported by Randgold (July 31/2008 news release) provide further evidence of the significant potential of this eastern Senegal gold camp.
"We regard our initial NI 43-101 report as simply the starting point for the work we intend to carry out at Sabodala," states Chet Idziszek. "The recent announcements by other operators further support our view that this region will become a major African gold camp."
MASATO GOLD DEPOSIT
The Masato Gold Deposit is defined by a strong gold-in-soil geochemical anomaly measuring a minimum of 2,600 metres in length by up to 1,200 metres in width. The northern portion of the Masato geochemical anomaly is currently limited by laterite cover which masks the geochemical results. The Masato Gold Deposit is located 1.2 kilometres due east of Mineral Deposits Ltd's Sabodala Gold Deposits (total resource estimate of 45.5 million tonnes @ 1.88 g/t gold for 2,745,000 ounces) that is being readied for production in Q1 of 2009 (MDL's May 2008 Corporate Update et al).
Oromin's Masato Gold Deposit comprises a series of closely-spaced northeast trending sub-parallel mineralized zones, dips moderately steeply to the west and remains open in both directions and to depth. Resource shells for Oromin's initial resource calculation at Masato were created based on mineralization identified by core and reverse circulation drilling on 40-metre and locally 20-metre centres over a 1,700 metre strike extent to an average depth of 250 metres.
By far, the greatest majority of recent results are from Masato where drilling now extends to in excess of 2,000 metres with nearly double the number of holes completed beyond the 146 utilized in the initial resource calculation. Many of these new results and current drill holes comprise step-out holes along trend, to depth and locally up-dip where near surface mineralization was not incorporated in the initial resource calculation.
Oromin continues to aggressively drill at Masato with plans to drill its entire minimum 2,600 metre extent prior to the planned resource update.
Some of the most significant new results at Masato include:
----------------------------------------------- Drill Hole From (m) Interval (m) Gold (g/t) ----------------------------------------------- RC-319 53 14 2.35 RC-328 103 7 4.24 and 174 18 1.96 RC-329 44 7 4.60 RC-333 188 27 1.93 RC-354 117 34 1.28 RC-362 141 18 1.59 and 162 8 14.12 incl. 163 1 100.5 DH-242 82 22 3.81 incl. 88 4 7.85 DH-243 168 17 1.78 incl. 176 7 3.39 DH-270 212 41 1.16 DH-279 154 14 3.64 and 175 28 2.56 DH-280 131 28 2.73 incl. 142 7 5.33 -----------------------------------------------
GOLOUMA WEST DEPOSIT
The Golouma West Deposit mineralization has now been traced for over 1,500 metres on surface and locally in excess of 300-metre depth and remains open in all directions. Resource shells for Oromin's initial resource calculation at Golouma West were created based on mineralization identified by core and reverse circulation drilling on 20-metre and 40-metre centres over a 1,000-metre extent to an average depth of 250 to 300 metres.
Although the majority of recent drilling has been focused at Masato, some drilling continues at Golouma West.
Some of the most significant new results at Golouma West include:
------------------------------------------------ Drill Hole From (m) Interval (m) Gold (g/t) ------------------------------------------------ DH-240 385 11 2.82 incl. 392 3 6.36 DH-255 339 14 2.07 incl. 344 4 3.64 DH-276 417 4 4.59 incl. 418 1 11.93 ------------------------------------------------
GOLOUMA SOUTH DEPOSIT
The Golouma South Deposit is centred within a distinct 3-kilometre long, northeast trending, gold-in-soil geochemical anomaly partially drill-tested over a 1,065-metre strike extent, of which resource drilling (20-metre and 40-metre centres) has so far concentrated on only a 450-metre portion. Resource shells for Oromin's initial resource calculation at Golouma South were created based on mineralization identified over this 450 metre extent to an average depth of 250 metres.
Although the majority of recent drilling has been focused at Masato, some drilling continues at Golouma South.
Some of the most significant new results at Golouma South include:
------------------------------------------------ Drill Hole From (m) Interval (m) Gold (g/t) ------------------------------------------------ DH-245 26 9 7.77 DH-247 11 10 5.89 and 24 8 2.25 DH-248 32 4 3.12 ------------------------------------------------
EXPLORATION TARGETS
Oromin has begun the drill-testing program at several of the numerous exploration targets beyond the Masato, Golouma West and Golouma South gold deposits. All of these exploration targets were identified by geochemical results from soil sampling and subsequent trench sampling - the same methodology which led to the discoveries at Masato and Golouma. Oromin plans to aggressively evaluate all of these exploration targets further, in addition to the previously drilled Kobokoto, Niakafiri and Maki Medina and other as-yet-undrilled exploration targets identified to date including Korolo, Cloverleaf, Maleko and Kinemba. The following table outlines the most significant new results from these recently drilled zones as well as re-stating certain previous results from Kobokoto, Niakafiri and Maki Medina, for a more complete portrayal of the resource picture emerging.
----------------------------------------------------------------------- --- Grid ZONE Drill Hole Co-ordinate From (m) Interval (m) Gold (g/t) -------------------------------------------------------------------------- Goumbati DH-252 50560N/0161E 20-23 3 2.58 Sabodala North DH-260 63000N/4900E 237-243 6 2.22 Sekoto RC-363 61500N/8070E 170-187 17 1.15 Sekoto RC-364 61710N/8030E 53-58 5 2.09 Sekoto DH-274 61760N/8070E 129-133 4 1.29 Niakafiri RC-370 55000N/3225E 2-5 3 1.46 Niakafiri RC-371 56000N/3230E 61-67 6 1.65 Niakafiri(i) DH-05 5820N/3203E 87-95 8 2.29Niakafiri(i) DH-06 5846N/3150E 155-161 6 2.76 Maki Medina(i) DH-69 53310N/1805E 32-36 4 1.62 Maki Medina(i) DH-75 53333N/1843E 0-12 12 2.69 Maki Medina(i) DH-77 53333N/1814E 151-156 5 2.03 Maki Medina(i) DH-80 53286N/1797E 189-192 3 1.94 Maki Medina(i) DH-83 53831N/2015E 88-93 5 2.04 Kobokoto(i) DH-108 53475N/0370 1-3 2 12.01 -------------------------------------------------------------------------- (i) These results pre-date the 2008 drilling campaign.
Doug Turnbull, P. Geo., a "qualified person" for the purposes of National Instrument 43-101, has verified the data disclosed in this news release. 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 Gold Deposit ---------------------------------------------------------------------- Grid Azimuth/ From - To Interval Gold Drill Hole Section Co-ordinate Dip (m) (m) (g/t) ---------------------------------------------------------------------- DH-242 9+70S 59171N/4513E 110/-45 24-29 5 3.36 incl.26-27 1 14.92 82-104 22 3.81 incl.88-92 4 7.85 and 97-98 1 20.92 and 102-103 1 11.39 119-127 8 1.05 ---------------------------------------------------------------------- DH-243 8+10S 59366N/4455E 110/-70 130-133 3 1.99 168-185 17 1.78 incl.176-183 7 3.39 ---------------------------------------------------------------------- DH-258 8+10S 59366N/4455E 110/-85 293-302 9 1.10 incl.293-295 2 3.46 335-338 3 2.35 ---------------------------------------------------------------------- DH-261 9+30S 59235N/4425E 110/-75 169-174 5 1.87 182-189 7 1.68 200-212 12 1.05 ---------------------------------------------------------------------- DH-262 9+30S 59235N/4452E 110/-85 157-164 7 1.00 216-222 6 1.60 239-264 25 1.11 incl.244-248 4 2.30 288-296 8 1.83 incl.293-295 2 3.59 ---------------------------------------------------------------------- DH-270 9+70S 59196N/4442E 110/-85 185-194 9 2.04 incl.189-191 2 3.26 212-253 41 1.16 incl.212-221 9 2.56 258-265 7 2.20 ---------------------------------------------------------------------- DH-277 6+60S 59523N/4447E 110/-83 204-216 12 2.26 incl.209-216 7 3.60 231-235 4 1.31 272-279 7 1.34 ---------------------------------------------------------------------- DH-279 4+50S 59716N/4525E 110/-85 154-168 14 3.64 incl.156-164 8 5.70 175-203 28 2.56 incl.184-197 13 3.64 ---------------------------------------------------------------------- DH-280 4+90S 59690N/4509E 110/-50 119-127 8 1.46 incl.123-124 1 6.48 131-159 28 2.73 incl.131-133 2 11.94 and 142-149 7 5.33 ---------------------------------------------------------------------- DH-283 4+90S 59690N/4510E 110/-65 128-150 22 1.43 incl.130-135 5 3.86 157-160 3 1.83 164-176 12 1.48 incl.170-174 4 2.67 ---------------------------------------------------------------------- RC-319 6+60S 59495N/4527E 110/-50 6-22 16 1.83 incl.12-16 4 3.53 28-46 18 1.08 53-67 14 2.35 incl.62-66 4 4.90 ---------------------------------------------------------------------- RC-320 9+70S 59198N/4435E 110/-70 132-136 4 1.23 184-191 7 1.22 209-229 20 1.32 incl.212-223 11 2.02 incl.216-218 2 6.55 ---------------------------------------------------------------------- RC-327 8+40S 59278N/4456E 110/-50 65-70 5 1.63 122-124 2 2.92 130-133 3 1.52 ---------------------------------------------------------------------- RC-328 9+30S 59233N/4457E 110/-50 103-110 7 4.24 incl.106-108 2 11.78 115-121 6 1.55 163-172 9 1.14 174-192 18 1.96 incl.183-188 5 3.23 ---------------------------------------------------------------------- RC-329 9+30S 59213N/4505E 110/-65 26-29 3 2.12 44-51 7 4.60 incl.50-51 1 21.06 ---------------------------------------------------------------------- RC-330 5+60N 60643N/4901E 110/-50 45-58 13 1.17 incl.47-49 2 3.74 ---------------------------------------------------------------------- RC-331 4+50S 59681N/4641E 110/-50 21-28 7 1.11 30-54 24 1.07 incl.50-54 4 3.08 57-76 19 1.79 incl.67-72 5 2.75 ---------------------------------------------------------------------- RC-332 6+60S 59517N/4451E 110/-65 130-136 6 1.55 incl.132-133 1 5.83 164-170 6 2.10 ---------------------------------------------------------------------- RC-333 6+60S 59517N/4449E 110/-75 188-215 27 1.93 incl.188-193 5 4.01 and 198-201 3 4.59 250-266 16 1.40 incl.251-255 4 3.12 ---------------------------------------------------------------------- RC-335 9+10S 59235N/4508E 110/-55 5-12 7 1.47 72-77 5 2.28 111-117 6 1.63 ---------------------------------------------------------------------- RC-336 2+40N 60340N/4783E 095/-65 121-144 23 1.11 incl.121-128 7 1.67 154-187 33 1.05 incl.165-172 7 2.04 and 182-185 3 2.67 226-232 6 1.39 ---------------------------------------------------------------------- RC-337 2+40S 59930N/4564E 110/-55 119-125 6 1.35 130-137 7 1.22 176-194 18 1.33 incl.183-188 5 2.41 199-219 20 1.18 incl.211-217 6 2.18 ---------------------------------------------------------------------- RC-342 4+70N 60569N/4892E 095/-50 41-57 16 1.23 incl.47-55 8 1.94 ---------------------------------------------------------------------- RC-343 0+80S 60040N/4732E 110/-50 112-117 5 1.20 ---------------------------------------------------------------------- RC-344 0+80S 60027N/4770E 110/-50 80-84 4 1.35 ---------------------------------------------------------------------- RC-348 4+00N 60492N/4856E 095/-50 12-20 8 1.03 26-38 12 1.13 incl.27-29 2 3.08 62-70 8 1.12 incl.67-69 2 2.52 ---------------------------------------------------------------------- RC-349 4+00N 60492N/4856E 095/-60 70-83 13 1.11 incl.73-80 7 1.61 incl.79-80 1 6.48 109-115 6 3.25 ---------------------------------------------------------------------- RC-350 0+40S 60077N/4746E 110/-50 57-64 7 1.87 ---------------------------------------------------------------------- RC-351 0+40S 60063N/4783E 110/-50 15-24 9 2.37 incl.15-18 3 3.81 73-82 9 1.14 ---------------------------------------------------------------------- RC-352 0+40S 60049N/4822E 110/-50 37-47 10 1.34 incl.37-42 5 2.11 ---------------------------------------------------------------------- RC-353 0+40S 60036N/4859E 110/-50 0-9 9 1.36 ---------------------------------------------------------------------- RC-354 3+00N 60400N/4820E 095/-55 100-107 7 1.40 117-151 34 1.28 incl.133-138 5 2.20 and 144-150 6 2.04 ---------------------------------------------------------------------- RC-362 3+20S 59837N/4580E 110/-50 58-64 6 1.50 141-159 18 1.59 incl.143-145 2 6.10 162-170 8 14.12 incl.163-164 1 100.5 ---------------------------------------------------------------------- RC-369 3+20S 59835N/4580E 110/-65 179-196 17 1.20 incl.180-182 2 2.63 and 190-192 2 2.66 ---------------------------------------------------------------------- RC-380 3+00N 60408N/4744E 095/-70 145-146 1 14.54 207-213 6 2.06 incl.211-213 2 4.88 ---------------------------------------------------------------------- RC-381 3+40N 60444N/4759E 095/-65 173-176 3 1.63 194-197 3 1.81 211-223 12 1.27 incl.211-214 3 2.50 249-253 4 1.85 ---------------------------------------------------------------------- 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 4 metres. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths. ------------------------------------------------------------------------- Golouma West Gold Deposit ------------------------------------------------------------------------- Grid Azimuth/ From - To Interval Gold Drill Hole Section Co-ordinate Dip (m) (m) (g/t) ------------------------------------------------------------------------- DH-240 4+90W 3386N/4506E 015/-65 348-350 2 2.97 385-396 11 2.82 incl.392-395 3 6.36 ------------------------------------------------------------------------- DH-255 4+65W 3375N/4542E 015/-60 300-307 7 1.00 330-333 3 1.70 339-353 14 2.07 incl.344-348 4 3.64 ------------------------------------------------------------------------- DH-276 6+10W 3451N/4386E 015/-65 417-421 4 4.59 incl.418-419 1 11.93 ------------------------------------------------------------------------- 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. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths. ------------------------------------------------------------------------- Golouma South Gold Deposit ------------------------------------------------------------------------- Grid Azimuth/ From - To Interval Gold Drill Hole Section Co-ordinate Dip (m) (m) (g/t) ------------------------------------------------------------------------- DH-244 0-65S 3051N/5175E 110/-50 5-8 3 1.21 ------------------------------------------------------------------------- DH-245 1+60S 3121N/5181E 085/-50 26-35 9 7.77 ------------------------------------------------------------------------- DH-247 1+70S 3030N/5155E 110/-50 11-21 10 5.89 incl.16-17 1 24.07 24-32 8 2.25 incl.26-28 2 6.18 ------------------------------------------------------------------------- DH-248 2+20S 2904N/5107E 110/-50 32-36 4 3.12 ------------------------------------------------------------------------- DH-256 3+95S 2869N/4949E 110/-60 66-68 2 1.72 ------------------------------------------------------------------------- DH-259 3+95S 2841N/5019E 110/-60 75-77 2 2.42 90-93 3 1.40 ------------------------------------------------------------------------- DH-265 2+80S 3018N/4867E 110/-65 329-334 5 2.48 incl.333-334 1 8.16 ------------------------------------------------------------------------- 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. The attitude of mineralized intervals varies and reported mineralized intersections may not represent true widths.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
Contacts: Oromin Explorations Ltd. David Scott Investor Relations (604) 331-8772 (604) 331-8773 (FAX) Email: dscott@mine-tech.com Website: www.oromin.com
SOURCE: Oromin Explorations Ltd.
Source: MARKET WIRE
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