Orezone Gold (ORE.V) is still working on its Bomboré gold project in Burkina Faso, where it has recently completed an infill drill program consisting of almost 230 holes. The vast majority (196 holes for in excess of 12,000 meters) were RC holes reaching an average depth of just 65 meters, while the 30 diamond drill holes reached an average depth of 125 meters.
These infill drill results confirmed the existence of higher grade zones within the known pit shells, and Orezone expects the infill drill result to have a positive impact on the next resource update (and the economics of the project). Orezone’s press release from early August provides an excellent overview of the drill intercepts, and you can read the entire press release HERE.
Orezone still had a working capital position of US$37.5M (C$48M) as of at the end of June which represents a value of C$0.23 per share. This means the enterprise value of Orezone Gold is now just C$100M, providing an interesting and safe call option on the gold price.
Go to Orezone’s website
The author has no position in Orezone Gold, but plans to go long. Please read the disclaimer
