Junior Mining Weekly
21 April 2009
21 April 2009
Oromin Explorations is a Vancouver-based resource company under the stewardship of Chet Idziszek, President. Oromin is focused on the exploration and development of the Sabodala joint venture gold project (43.5%-owned) in Senegal and the Santa Rosa Dome oil prospect in Argentina. The Sabodala gold project land package surrounds Mineral Deposits Limited’s (MDM : TSX : C$0.50 | Not rated) Sabodala gold project, which had its first gold pour on 15 March 2009. Last week, the company reported assay results from 49 drill holes completed at the Kerekounda, Goulouma South, Goulouma West, Masato and Maki Medina zones.
• Most of the drilling was focused on the Kerekounda zone, which hosts the highest-grade resource delineated to date at Sabodala, with inferred resources of 400,000 tonnes grading 7.81 g/t Au. The zone has now been delineated over a 300 metre strike with a down dip extent of 300 metres. The zone remains open along strike and down dip. Highlights include:
o Hole DH-426: 13 metres grading 10.2 g/t Au
o Hole DH-414: 10 metres grading 8.52 g/t Au
o Hole RC-521: 14 metres grading 11.23 g/t Au; and
o Hole RC-535: 12 metres grading 15.33 g/t Au
• Some of the highest-grade intercepts were reported from the Goulouma West zone. The company reported assay
results from five drill holes, which tested for depth extensions to the mineralized zone. Highlights include:
o Hole DH-429: 10 metres grading 8.59 g/t Au
o Hole DH-430: 5 metres grading 46.90 g/t Au; and
o Hole DH-434: 9 metres grading 13.39 g/t Au
• An updated NI 43-101 compliant resource estimate for Sabodala was completed in February 2009, with estimated
inferred resources of 2.26 million ounces of gold (100%). The updated resource includes updates from the Masato,
Golouma West and Golouma South deposits as well as an initial resource estimate for the Kerekounda deposit.
A prefeasibility study has commenced on the Sabodala project and is expected to be completed by Q3/09. The joint venture has budgeted US$16 million for the Sabodala project in 2009, of which roughly US$9 million represents Oromin’s share.
Given that the Sabodala project surrounds Mineral Deposits Sabodala gold mine, there could be some obvious synergies, if the two projects were combined.
An analyst has not visited the properties held by Oromin Explorations Ltd.
Investment risks
The commercialization risks associated with mineral exploration and development are high, thus investment in the shares of Oromin Explorations Ltd. is for risk accounts only.
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