Additional High-Grade Intercepts From P17s Extension

VANCOUVER - Orezone Gold Corporation reported on the final three holes of the Phase II program at P17S-NE extension along the P17 mineralized trend at the Bombore Gold Project, located in Burkina Faso. The Phase II program is a follow up to Phase I which intersected several high-grade zones associated with folded mineralized granodiorite that extends outside of the existing reserves at P17S-NE.

These three holes returned thick high-grade mineralization within a shoot that remains open both up and down plunge and provides further confirmation of the continuity of mineralization of the P17S-NE zone.

Drilling has now moved approximately one kilometer to the north of the P17S-NE extension to P17. P17 was first drilled in the 1990’s and several high-grade intercepts were identified near surface between 2006 and 2013 when the most recent drill program was completed. Fourteen holes are planned for P17 to advance the definition of this deposit and better delineate its folding pattern while exploring for potential extensions at depth and towards the P17S deposit, along the 1.8-kilometer mineralized trend that encompass these deposits.

Based on the very positive exploration results to-date, the Company has significantly increased its exploration budget for the remainder of 2022 by US$9 million. A total of ~77,000 m of definition and exploration drilling is planned on the project over the next nine months. A second rig will be mobilized immediately to continue drilling at P17S and a third rig will be mobilized in late Q2-2022.

The primary focus of the drilling will be converting Inferred mineral resources into Measured and Indicated. In addition to the P17 trend, drilling will also be undertaken at Maga, Siga and other key deposits within the mining concession as an early step towards a future mining and operations expansion study as the Company now believes that Bombore can support a significantly larger operation.

Patrick Downey, President and CEO, said, “Drilling at the P17 trend has consistently returned thick high-grade intercepts showing a robust system that remains open in several directions. The zone has grown significantly in size since the completion of the 2019 feasibility study and continues to expand with each new drilling program. Therefore, I am extremely excited that the Board has approved a much-expanded drill program for 2022 which will allow us to obtain a better understanding of the magnitude of the resource and the potential size of operation that it can support. We are in the final stages of completing a resource and reserve update for release in Q2-2022 which will include a preliminary expansion scenario. We will have drill results available throughout 2022 and look forward to commencing gold production in Q3-2022 in a very healthy gold market.”