Oromin Explorations (TSX: OLE)(OTCBB: OLEPF) said Wednesday that resource expansion drilling at its joint venture gold project in eastern Senegal, West Africa, returned the deepest intersections at the site to date.
The news has sent the company's stock price up more than 13% this morning, to trade at $1.15 as of 11:23 am EST.
During 2010, drilling focused on resource and reserve expansion, with particular emphasis on "Golouma Style" higher grade gold deposits, and on the initial drilling of higher grade gold beneath the proposed open pit at the Masato deposit.
"Results from our deepest drilling to date at Golouma West have confirmed excellent continuity of robust grades and favourable widths," said president and CEO Chet Idziszek.
"Drilling has confirmed mineralization in multiple zones to at least 600 metres in depth, which is more than twice the average depth of 250 metres to which the reserves were calculated in the July 2010 Feasibility Study," he added.
The company intersected 46.04 g/t gold over 11 metres in hole DH-927 at Golouma West, representing one of the highest grade x thickness intervals drilled thus far.
In addition, two mineralized zones of 5.54 g/t gold over 8 metres and 12.2 g/t gold over 8 metres in hole DH-928 at Golouma West represent the deepest drill intersections to date.
Other noteworthy intercepts include 8.79g/t gold over 13 metres at Golouma West, 8.9g/t gold over 7 metres at Golouma South, 9.52g/t gold over 6 metres at Masato and 3.95g/t gold over 15 metres at Masato.
The July resource estimate at the Golouma Style deposits totalled 7.4 million tonnes at 4.06 g/t Au, while indicated resources totalled 10.5 million tonnes at 3.59 g/t Au and an additional inferred 1.1 million tonnes at 4.15 g/t Au.
The company said that a resource update is due out in the first quarter, with 2011 exploration drilling already underway.