Oromin Explorations Ltd.: OJVG Identifies Additional New Gold Discoveries to Compliment Existing Deposit Resources
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/16/11 -- Oromin Explorations Ltd. ('Oromin') (TSX: OLE)(OTCBB: OLEPF), on behalf of Oromin Joint Venture Group Ltd. ('OJVG'), is pleased to provide an exploration progress update for the OJVG Gold Project in Senegal, West Africa.
OJVG is continuing to examine financing, development and strategic alternatives to build value for Oromin and its partners in OJVG, Bendon International and Badr Investment & Finance, as it continues with its successful exploration of the Project.
Currently, the OJVG Gold Project hosts eight gold deposits which collectively contain Indicated Resources of 3.31 million ounces, and Inferred Resources of 0.43 million ounces, summarized in detail on page 4 of this News Release. All eight of the current OJVG Gold deposits remain open to considerable lateral and depth expansion, in part demonstrated by the successful deep drilling program completed earlier this year at the Golouma deposit (refer to Oromin News Release of July 14, 2011).
In addition to the eight deposits, ongoing exploration has successfully identified the following ten further high-priority targets and new discoveries, (shown on the accompanying plan map):
New Discoveries / Targets
1. Mamasato 6. Torosita
2. Kinemba 7. Golouma Northwest
3. Sekoto 8. Saboraya
4. Koutouniokolla 9. 950 Zone / Golouma West Extension
5. Kouroundi 10. Kourouloulou South
During the past few months, varying amounts of exploration activity and drilling has been undertaken on most of these discoveries and targets. Although some of these priority targets remain at a very early stage, such as the two newest discoveries at Kouroundi and Torosita, others are sufficiently advanced to permit the preparation of an initial resource estimate. The more advanced of these targets are Mamasato, Kinemba, Sekoto and Koutouniokolla. Continued positive exploration results at these numerous priority targets could further enhance the Project's overall Resource base. The following summarizes the recent exploration results for 6 of the OJVG targets and new discoveries.
MAMASATO:
Mamasato is located approximately 4.5 kilometres north of the Golouma deposit and approximately 2 kilometres southeast of the centre of the Masato deposit. Mamasato is represented by an 800 metre long, east-west oriented gold-in-soil geochemical anomaly (greater than 100 ppb gold) which is coincident with a series of NNE and E-W oriented quartz vein systems hosted by two or three sub-parallel sheared and altered zones within a package of mafic volcanics and felsic intrusive units. The average oxide depth at Mamasato is the range of 50 to 60 metres below surface making it another potential source of mineralization that can be evaluated as near surface, CIL 'soft-ore' mill feed.
To date, 50 drill holes have been completed at Mamasato testing the lateral extent of the alteration zone across a 650-metre strike extent and locally to approximately 250-metres down dip. Results for six holes are pending.
Previously released trenching and drilling results include:
---------------------------------------------------------------------------
- 1.18 g/t gold over 9 metres in - 2.09 g/t gold over 7 metres (46-
TRX-360 (Section 1 50E) 53) in DH-994
---------------------------------------------------------------------------
- 2.78 g/t gold over 18 metres in - 2.23 g/t gold over 7 metres (42-
TRX-357 (Section 3 20E) 49) in DH-997
---------------------------------------------------------------------------
- 1.35 g/t gold over 15 metres in - 10.11 g/t gold over 4 metres (50-
TRX-361 (Section 6 20E) 54) in DH-998
---------------------------------------------------------------------------
- 2.86 g/t gold over 6 metres (36- - 3.58 g/t gold over 5 metres (63-
42) in DH-985 68) in DH-1001
---------------------------------------------------------------------------
- 2.64 g/t gold over 5 metres (40-
45) in DH-987
---------------------------------------------------------------------------
The most significant results from recent drilling at Mamasato include:
---------------------------------------------------------------------------
- 1.32 g/t gold over 7 metres (41- - 1.99 g/t gold over 6 metres (196-
48) in DH-993 202) in DH-1017
---------------------------------------------------------------------------
- 5.72 g/t gold over 1 metre (25-26) - 2.55 g/t gold over 12 metres (70-
in DH-1006 82) in DH-1032
---------------------------------------------------------------------------
- 1.67 g/t gold over 10 metres (100- - 3.70 g/t gold over 5 metres (170-
110) in DH-1014 175) in DH-1035
---------------------------------------------------------------------------
- 2.56 g/t gold over 4 metres (116- - 1.95 g/t gold over 4 metres (38-
120) in DH-1014 42) in RC-927
---------------------------------------------------------------------------
KINEMBA:
Kinemba is located approximately 5 kilometres southwest of the Golouma deposit. At Kinemba, drilling to date has intersected multiple zones of potential Heap Leach gold mineralization along a minimum strike extent of 550 metres and locally to depths of approximately 200 metres. As at Mamasato, the oxide depths at Kinemba are approximately 50 to 60 metres below surface. Kinemba is another source of near surface mineralization that can be evaluated as potential Heap Leach or CIL mill feed. Previously released results from Kinemba include:
---------------------------------------------------------------------------
- 2.16 g/t gold over 14 metres in - 0.72 g/t gold over 25 metres in
RC-868 RC-889
---------------------------------------------------------------------------
- 1.32 g/t gold over 13 metres in - 1.92 g/t gold over 5 metres in DH-
RC-870 795
---------------------------------------------------------------------------
- 1.41g/t gold over 14 metres in RC- - 2.40 g/t gold over 10 metres in
871 DH-803
---------------------------------------------------------------------------
- 1.32 g/t gold over 8 metres in RC- - 1.64 g/t gold over 7 metres in DH-
876 810
---------------------------------------------------------------------------
- 0.99 g/t gold over 12 metres in - 1.66 g/t gold over 7 metres in DH-
RC-877 988
---------------------------------------------------------------------------
- 1.49 g/t gold over 5 metres in RC-
882
---------------------------------------------------------------------------
SEKOTO:
Sekoto is located approximately 9 kilometres northeast of the Golouma deposit and approximately 4 kilometres east of the Masato deposit. Sekoto has only recently been the focus of exploration drilling as a potential Heap Leach deposit, following up on previous exploration hole RC-363 which intersected 1.15 g/t gold over 16 metres, from 170 to 186 metres. Exploration drilling has targeted oxide mineralization up-dip of the RC-363 intersection. Drill holes completed to date along a strike extent of approximately 400 metres have identified a deeper than usual oxide depth, ranging between 50 and 75 metres below surface.
Previously released results from Sekoto include:
---------------------------------------------------------------------------
- 0.65 g/t gold over 23 metres in - 0.81 g/t gold over 6 metres in RC-
RC-899 904
---------------------------------------------------------------------------
- 1.67 g/t gold over 18 metres in - 0.55 g/t gold over 12 metres in
RC-899 DH-996
---------------------------------------------------------------------------
- 0.84 g/t gold over 12 metres in - 1.16 g/t gold over 6 metres in DH-
RC-900 996
---------------------------------------------------------------------------
- 0.75 g/t gold over 11 metres in - 1.50 g/t gold over 36 metres in
RC-903 DH-999
---------------------------------------------------------------------------
The most significant recent drilling results include:
-------------------------------------------------
- 2.88 g/t gold over 5 metres in DH-992
-------------------------------------------------
- 0.72 g/t gold over 4 metres in DH-1004
-------------------------------------------------
- 0.89 g/t gold over 5 metres in DH-1008
-------------------------------------------------
KOUTOUNIOKOLLA:
Koutouniokolla is located approximately 3.5 kilometres to the southwest of the Golouma deposit. This priority target is similar to many others at the OJVG Gold Project in that Koutouniokolla is represented by intersecting gold-bearing structures, one trending north-northwest and the other north-northeast. Drilling to date has been limited to an area of 150 metres by 150 metres and to depths of 100 to 150 metres. Previously released results include the following:
---------------------------------------------------------------------------
- 1.97 g/t gold over 8 metres in DH- - 1.41 g/t gold over 7 metres in DH-
808 831
---------------------------------------------------------------------------
- 3.86 g/t gold over 5 metres in DH- - 54.46 g/t gold over 1 metre in DH-
813 843
---------------------------------------------------------------------------
- 1.44 g/t gold over 34 metres in - 1.54 g/t gold over 10 metres in
DH-820 RC-893
---------------------------------------------------------------------------
- 3.29 g/t gold over 14 metres in - 4.30 g/t gold over 16 metres in
DH-823 RC-895
---------------------------------------------------------------------------
- 3.62 g/t gold over 13 metres in
DH-827
---------------------------------------------------------------------------
The most significant of Oromin's recent drilling results include:
---------------------------------------------------------------------------
- 3.05 g/t gold over 6 metres in RC- - 2.63 g/t gold over 14 metres in
926 DH-1045
---------------------------------------------------------------------------
- 20.65 g/t gold over 13 metres in - 1.14 g/t gold over 8 metres in DH-
RC-926 1063
---------------------------------------------------------------------------
- 1.41 g/t gold over 13 metres in
DH-1063
---------------------------------------------------------------------------
Drilling is ongoing at Koutouniokolla.
KOUROUNDI:
The Kouroundi discovery is located 3 kilometres to the north of the Golouma deposit. Kouroundi is a broad north-northwest trending shear hosted quartz vein system which abuts against and continues beneath an extensive laterite plateau. The discovery trench at Kouroundi, adjacent to the laterite cover, returned 2.05 g/t gold over 20 metres, including 3.5 g/t gold over 9 metres. Results from the initial drilling at Kouroundi, mimic the trenching, in that both visually and analytically there is a noted improvement to the north towards and beneath laterite cover. Recent results from the northernmost section drilled at this very early stage of exploration include:
---------------------------------------------------------------------------
- 0.66 g/t gold over 10 metres (27-37) in DH-1055
---------------------------------------------------------------------------
- 1.47 g/t gold over 8 metres (30-38) in DH-1058 (including 4.67 g/t gold
over 2 metres)
---------------------------------------------------------------------------
Results are pending from seven additional holes completed at Kouroundi, all of which are located further north along trend.
TOROSITA:
One of the newest discoveries at the OJVG Gold Project, Torosita is located 6 kilometres west of the Golouma deposit. Torosita comprises a series of gold-in-soil geochemical anomalies (greater than 100 ppb gold) localized within a vast area of laterite cover. These anomalies are coincident with a series of NE-trending altered shear zones over strike extent of up to 1 kilometre as demonstrated by recent trenching. In addition to the extensive regional structural target, a series of NNW and E-W oriented higher-grade dilational shear hosted quartz veins have been identified through surface prospecting, trenching and active small-scale artisanal mining. Surface prospecting results from these higher grade zones include values of 15.55 g/t gold, 26.61 g/t gold and 35.1 g/t gold. Drilling has not yet started at Torosita although is planned prior to year end.
The following summarizes the most significant results from the initial trenching of the NE-trending Torosita Heap Leach target:
---------------------------------------------------------------------------
- 0.90 g/t gold over 10 metres in - 0.76 g/t gold over 17 metres in
TRX-374 TRX-389
---------------------------------------------------------------------------
- 0.73 g/t gold over 10 metres in - 1.14 g/t gold over 12 metres in
TRX-377 TRX-390
---------------------------------------------------------------------------
- 0.82 g/t gold over 13 metres in - 0.86 g/t gold over 7 metres in
TRX-388 TRX-391
---------------------------------------------------------------------------
Complete interval breakdowns for the above listed recent drill holes at Mamasato, Sekoto, Koutouniokolla and Kouroundi are summarized in the accompanying appendix.
OJVG DEPOSIT RESOURCES
Based on the most recent Resource update completed on behalf of the OJVG utilizing drilling data to the end of 2010, and announced in Oromin's New Releases dated May 5 and May 12, 2011, the OJVG Gold Project hosts an Indicated Resource of 3,312,000 ounces of gold and an Inferred Resource of 430,000 ounces of gold, comprised of the following:
-- The combined Golouma, Kerekounda and Kourouloulou deposits host an
Indicated Resource of 1,380,000 ounces (12,748,000 tonnes grading 3.36
g/t gold) and an Inferred Resource of 180,000 ounces (1,404,000 tonnes
grading 4.09 g/t gold).
-- The Masato deposit hosts an Indicated Resource of 1,457,000 ounces
(35,531,000 tonnes grading 1.28 g/t gold) and an Inferred Resource of
130,000 ounces (3,233,000 tonnes grading 1.25 g/t gold).
-- The Bulk Tonnage/Heap Leach deposits host a current Indicated Resource
of 475,000 ounces (20,606,000 tonnes grading 0.71 g/t gold) and an
Inferred Resource of 120,000 ounces (7,046,000 tonnes grading 0.53 g/t
gold).
The 2011 OJVG exploration program is continuing with excavator trenching on several new exploration targets and further drilling using three drills testing a variety of priority targets throughout the Project.
Technical Supervision
Doug Turnbull, P. Geo., is a qualified person for the purposes of National Instrument 43-101, and has verified the data disclosed in this news release. William Bond, P. Geo., 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.
To find out more about Oromin Explorations Ltd., visit www.oromin.com.
On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD.
Chet Idziszek, President and CEO
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.
----------------------------------------------------------------------------
Priority Targets (CIL and Heap Leach)
----------------------------------------------------------------------------
Gold
Drill Grid Azimuth/ From - To Interval Grade
Name Hole Co-Ordinate Dip (m) (m) (g/t)
----------------------------------------------------------------------------
MAMASATO DH-993 58029N/14756E 165/-45 41-48 7 1.32
incl.47-48 1 4.80
----------------------------------------------------------------------------
DH-1006 58023N/14631E 165/-45 25-26 1 15.72
----------------------------------------------------------------------------
DH-1014 58073N/14621E 165/-75 100-110 10 1.67
incl.106-110 4 3.00
116-120 4 2.56
incl.119-120 1 7.75
----------------------------------------------------------------------------
DH-1017 58214N/14665E 165/-65 196-202 6 1.99
incl.200-201 1 7.46
----------------------------------------------------------------------------
DH-1019 58017N/14574E 165/-45 39-53 14 0.87
incl.45-53 8 1.33
incl.45-47 2 3.09
----------------------------------------------------------------------------
DH-1025 58038N/14795E 165/-45 49-57 8 0.59
----------------------------------------------------------------------------
DH-1028 58077N/14556E 165/-50 87-92 5 0.76
----------------------------------------------------------------------------
DH-1032 58066N/14704E 165/-65 70-82 12 2.55
incl.71-76 5 3.37
and 79-82 3 4.40
----------------------------------------------------------------------------
DH-1034 58109N/14693E 165/-65 97-106 9 0.85
incl.99-101 2 1.96
----------------------------------------------------------------------------
DH-1035 58098N/14506E 165/-75 170-175 5 3.70
incl.173-175 2 8.94
incl.174-175 1 15.62
----------------------------------------------------------------------------
DH-1039 58157N/14680E 165/-70 169-173 4 1.71
incl.169-171 2 2.93
----------------------------------------------------------------------------
DH-1040 58011N/14455E 165/-45 34-40 6 0.97
incl.38-40 2 2.36
----------------------------------------------------------------------------
RC-927 58021N/14494E 165/-50 23-28 5 0.63
38-42 4 1.95
----------------------------------------------------------------------------
DH-985(i) 58025N/14717E 165/-45 36-42 6 2.86
incl.40-41 1 10.85
----------------------------------------------------------------------------
DH-987(i) 58026N/14716E 160/-65 40-45 5 2.08
52-57 5 2.64
incl.52-54 2 5.51
----------------------------------------------------------------------------
DH-994(i) 58022N/14670E 165/-75 46-53 7 2.09
incl.48-51 3 3.72
----------------------------------------------------------------------------
DH-997(i) 58029N/14757E 164/-45 42-49 7 2.23
----------------------------------------------------------------------------
DH-998(i) 58031N/14757E 165/-75 50-54 4 10.11
incl.52-53 1 36.69
----------------------------------------------------------------------------
DH-1001(i) 58033N/14532E 165/-75 63-68 5 3.58
incl.66-68 2 6.83
72-75 3 2.39
----------------------------------------------------------------------------
(i)Previously reported.
Mineralized intervals are based on 1-metre samples utilizing 0.2 g/t gold
cut-off levels with a maximum internal dilution of 2 metres. The attitude
of mineralized intervals varies and reported mineralized intersections may
not represent true widths.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Priority Targets (Heap Leach)
----------------------------------------------------------------------------
Gold
Drill Grid Azimuth/ From - To Interval Grade
Name Hole Co-Ordinate Dip (m) (m) (g/t)
----------------------------------------------------------------------------
SEKOTO DH-992 61411N/18127E 120/-50 32-40 8 0.35
61-66 5 2.88
incl.61-63 2 6.48
----------------------------------------------------------------------------
DH-1004 61667N/18237E 120/-50 1-13 13 0.35
21-29 8 0.37
34-38 4 0.72
incl.34-35 1 2.51
----------------------------------------------------------------------------
DH-1008 61563N/18259E 120/-50 59-64 5 0.89
incl.63-64 1 1.78
----------------------------------------------------------------------------
RC-899(i) 61447N/18143E 120/-50 5-28 23 0.65
incl.17-23 6 1.20
56-74 18 1.67
incl.56-60 4 5.29
incl.56-57 1 15.79
82-88 6 0.80
----------------------------------------------------------------------------
RC-900(i) 61427N/18178E 120/-50 17-29 12 0.84
incl.24-29 5 1.31
----------------------------------------------------------------------------
RC-901(i) 61529N/18224E 120/-50 60-64 4 1.29
----------------------------------------------------------------------------
RC-902(i) 61557N/18190E 120/-50 24-28 4 0.65
68-73 5 1.67
----------------------------------------------------------------------------
RC-903(i) 61593N/18204E 120/-50 11-22 11 0.75
30-34 4 0.50
----------------------------------------------------------------------------
RC-904(i) 61574N/18240E 120/-50 33-36 3 0.68
49-55 6 0.81
----------------------------------------------------------------------------
DH-996(i) 61521N/18174E 120/-50 8-20 12 0.55
34-40 6 1.16
incl.36-38 2 2.89
----------------------------------------------------------------------------
DH-999(i) 61631N/18221E 120/-50 17-53 36 1.50
incl.22-45 23 2.15
incl.24-27 3 4.83
and 26-39 3 6.05
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i)Previously reported.
Mineralized intervals are based on 1-metre samples utilizing 0.2 g/t gold
cut-off levels with a maximum internal dilution of 2 metres. The attitude
of mineralized intervals varies and reported mineralized intersections may
not represent true widths.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Priority Targets (CIL and Heap Leach)
----------------------------------------------------------------------------
Gold
Drill Grid Azimuth/ From - To Interval Grade
Deposit Hole Co-Ordinate Dip (m) (m) (g/t)
----------------------------------------------------------------------------
KOUTOUN- RC-926 50727N/12341E 130/-50 16-22 6 3.05
IOKOLLA 29-42 13 20.65
incl.29-32 3 73.17
incl.31-32 1 145.5
and 40-41 1 31.62
----------------------------------------------------------------------------
DH-1045 50707N/12387E 295/-70 29-43 14 2.63
incl.36-40 4 4.81
incl.36-37 1 10.65
----------------------------------------------------------------------------
DH-1046 50723N/12346E 295/-80 8-13 5 1.29
incl.10-12 2 2.94
----------------------------------------------------------------------------
DH-1059 50763N/12340E 135/-60 46-55 9 0.87
incl.47-48 1 3.02
and 54-55 1 2.41
----------------------------------------------------------------------------
DH-1063 50804N/12295E 135/-60 37-45 8 1.14
incl.43-44 1 3.98
99-112 13 1.41
incl.100-104 4 2.60
----------------------------------------------------------------------------
RC-893(i) 50740N/12310E 115/-60 26-36 10 1.54
----------------------------------------------------------------------------
RC-895(i) 50723N/12346E 115/-60 67-83 16 4.30
incl.67-71 4 12.16
----------------------------------------------------------------------------
RC-896(i) 50656N/12399E 115/-50 19-37 18 0.74
incl.22-31 9 0.95
incl.23-26 3 1.81
----------------------------------------------------------------------------
DH-808(i) 50671N/12367E 115/-50 63-71 8 1.97
incl.68-69 1 8.30
105-111 6 1.58
----------------------------------------------------------------------------
DH-811(i) 50688N/12382E 115/-50 88-94 6 1.49
----------------------------------------------------------------------------
DH-813(i) 50689N/12382E 115/-65 98-103 5 3.86
----------------------------------------------------------------------------
DH-820(i) 50670N/12351E 115/-65 92-126 34 1.44
incl.92-95 3 2.90
and 120-126 6 3.07
----------------------------------------------------------------------------
DH-823(i) 50703N/12388R 115/-50 5-19 14 3.29
incl.14-18 4 5.85
----------------------------------------------------------------------------
DH-827(i) 50704N/12387E 115/-65 6-19 13 3.62
incl.7-8 1 16.82
----------------------------------------------------------------------------
DH-831(i) 50671N/12365E 115/-65 127-134 7 1.41
----------------------------------------------------------------------------
DH-843(i) 50715N/12319E 115/-65 33-34 1 54.46
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i)Previously reported.
Mineralized intervals are based on 1-metre samples utilizing 0.2 g/t gold
cut-off levels with a maximum internal dilution of 2 metres. The attitude
of mineralized intervals varies and reported mineralized intersections may
not represent true widths.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Priority Targets (Heap Leach)
----------------------------------------------------------------------------
Gold
Drill Grid Azimuth/ From - To Interval Grade
Deposit Hole Co-Ordinate Dip (m) (m) (g/t)
----------------------------------------------------------------------------
KOUROUNDI DH-1050 56275N/15490E 065/-70 27-31 4 0.79
----------------------------------------------------------------------------
DH-1055 56293N/15482E 065/-70 27-37 10 0.66
incl.33-37 4 1.03
----------------------------------------------------------------------------
DH-1058 56293N/15482 065/-45 30-38 8 1.47
incl.35-37 2 4.67
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NIAKAFIRI DH-1061 55560N/13137E 105/-50 7-31 24 1.43
SOUTHEAST incl.17-30 13 2.30
incl.23-28 5 4.43
93-114 21 0.72
incl.93-103 10 1.27
incl.93-95 2 2.58
----------------------------------------------------------------------------
----------------------------------------------------------------------------
KOBOKOTO RC-925 51952N/10951E 130/-50 0-7 7 1.55
incl.6-7 1 3.02
16-18 2 0.61
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Mineralized intervals are based on 1-metre samples utilizing 0.2 g/t gold
cut-off levels with a maximum internal dilution of 2 metres. The attitude
of mineralized intervals varies and reported mineralized intersections may
not represent true widths.
----------------------------------------------------------------------------
To view the map accompanying this press release, click on the following link: http://media3.marketwire.com/docs/o1115.pdf
Contacts:
Oromin Explorations Ltd.
David Scott
Investor Relations
(604) 331-8772 or Toll-free: (877) 529-8475
(604) 331-8773 (FAX)
dscott@mine-tech.com
www.oromin.com