ORO GOLD PROVIDES UPDATE TO SHAREHOLDERS
August 18, 2009
Upon completing the recent $12 million financing, we have been very busy with exploration activities, as well as planning our next steps to turn our flagship Trinidad gold property into something even more valuable for our shareholders.
Presently our plan is to increase the number of drill rigs, complete over 10,000 metres of drilling, and complete a National Instrument 43-101 resource update upon potentially increasing our gold resource base to the million ounce mark.
To date, we have completed a total of 24 diamond drill holes, totaling more than 4,000 metres. 11 of these have intersected our new discovery high-grade gold zones. The other 13 holes aimed at confirming previously recognized gold mineralization in reverse circulation drilling located within a kilometre of the discovery area.
Here are some highlights of significant gold intervals from the new discovery zone:
[see original press release for table]
We plan to have assay results for holes 09TR023, 024 and 025 out in the market as soon as possible. We are currently drilling hole 09TR025 in the area between hole 09TR019 and the discovery area drilled by 08TR012, 09TR015 and 016. This hole is designed to define the shape of the high-grade gold zone and to test for intersecting northeast feeder structures. To view a location map of the drill holes,
click here.
A 2nd diamond drill rig is testing the area south of the new discovery zone in the vicinity of hole 09TR020, following up where holes 09TR019 and 021 were abandoned. A 3rd diamond drill rig will be added in the 4th quarter to test other new targets and to accelerate our progress at the Taunus gold deposit once we have a predictive geological model in place.
We have implemented a number of measures to improve core recovery above 90% and enable completion of the holes, and we are looking into how we can increase the drill production rate.
Geophysical test-lines are being completed over the discovery area to assess if it can be used as an exploration tool in identifying other high-grade gold targets at Taunus.
To keep you informed with the latest activities at the Trinidad project, we have updated our website to include new pages that offer (i) a regular exploration update from Trinidad site, (ii) a detailed technical summary of the exploration completed to include drill results, and (iii) the top ten investor questions that we are commonly faced with on a regular basis.
We encourage you to visit the following links on our website:
As we move forward, we are most grateful to our employees, directors and shareholders for their ongoing support. We are confident that the second half of 2009 will present exciting and successful results as we increase our exploration activity and marketing in the 4th quarter.
We hope that you have been having a great summer and we are very enthusiastic for what this fall will bring!
http://www.orogoldresources.com/main/?pressReleases&105
