Orezone Continues to Intersect High-Grade Gold at P17S Extension at the Bomboré Gold Project

VANCOUVER, British Columbia, May 05, 2022 (GLOBE NEWSWIRE) —

Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF)

(the “Company” or “Orezone”) is pleased to provide ongoing drill results from the Phase III program along the P17 mineralized trend at the Bomboré Gold Project, located in Burkina Faso.

The focus of the Phase III drilling at the P17 Trend is as follows:

• To better define the continuity of the repeat, folded high-grade granodiorite mineralized zones at P17S
• To test the continuity and expansion potential of P17 located 1 km to the north of P17S and which was last drilled in 2013

The drill results continue to be very positive confirming the following:

• Down-plunge continuity of the mineralized zones at P17S
• Mineralized system at P17S remains open above and below the drilled portion of the granodiorite on most sections, which will warrant follow-up definition drilling
• Significant new intercept on the deeper extension of the main zone beneath the P17S-NE deposit and outside of the current mineral resource envelopes indicating good potential to further expand the main P17S deposit
• Results from P17 have confirmed continuity of existing shallowly north-plunging mineralized zones and have further extended the P17 Trend, with a new high-grade shallow intercept to the north
• P17 now remains totally open at depth and to the north
  

P17S Drilling Highlights:

• 
  16.00 m of 1.66 g/t Au from 48 m in hole BBD1100
  
• 
  14.70 m of 2.13 g/t Au from 190 m in hole BBD1102
  
• 
  25.00 m of 1.63 g/t Au from 83 m in hole BBD1103
  
• 
  9.25 m of 3.18 g/t Au from 294.30 m in hole BBD1113
  
• 
  30.00 m of 2.12 g/t Au from 99 m including 2.00 m of 8.80 g/t Au in hole BBD1114
  
• 
  30.00 m of 1.63 g/t Au from 124 m including 10.00 m of 2.98 g/t Au from 124 m and 5.00 m of 2.26 g/t Au from 166 m in hole BBD1115
  

P17 Drilling Highlights:

• 
  8.80 m of 4.34 g/t Au from 80.20 m in hole BBD1086
  
• 
  8.00 m of 2.36 g/t Au from 59 m in hole BBD1088
  
• 
  22.00 m of 1.11 g/t Au from 124 m including 5.00 m of 2.29 g/t Au from 124 m in hole BBD1094
  
• 
  57.00 m of 1.01 g/t Au from 34 m including 14.00 m of 1.57 g/t Au from 54 m and
  
  
  
  5.00 m of 2.50 g/t Au from 86 m in hole BBD1096

Dr. Pascal Marquis, SVP of Exploration stated, “Drilling to date at P17S continues to be very successful as demonstrated by excellent continuity of the gold mineralization, which remains open along trend and at depth, including extensions outside of the current resource model. I am also very encouraged by the drilling results at the P17 zone, which had not been drilled since 2013. Current results have confirmed that P17 is now open to the north and at depth and will warrant further drilling. A third drill rig has now been mobilized to accelerate the ongoing drill program.”

Table 1: P17 Trend Highlight Drill Results

*        True widths for P17 drilling are approximately 70% of drilled lengths.

**        True widths for P17S drilling are approximately 90% of drilled lengths.

Figure 1: P17 Trend Plan Map

is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/7dcdb626-8c51-4a51-b9c6-222280f7ed61

Figure 2: P17 Trend Long Section

is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/ba870fa6-201a-44d3-9fcc-94f74debd6c8

Figure 3: P17S Section 730280E – Pre 2022 Drill Programs

is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/c8934b11-4dd3-4bd7-b17c-7d260d91d653

Figure 4: P17S Section 730280E – Drilling to Date

is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/4af0b9fb-147d-4b8f-8b33-af1926ad66c8

Figure 5: P17 Section 730500E – Pre 2022 Drilling

is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/521dd53e-59d0-4c62-ac5d-bf94a7392666

Figure 6: P17 Section 730500E – Drilling to Date

is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/09132d88-9130-4570-8ca5-5e1a95e1754c

About Orezone Gold Corporation

Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a Canadian development company which owns a 90% interest in Bomboré, one of the largest undeveloped gold deposits in Burkina Faso.

The 2019 feasibility study highlights Bomboré as an attractive shovel-ready gold project with forecasted annual gold production of 118,000 ounces over a 13+ year mine life at an All-In Sustaining Cost of US$730/ounce with an after-tax payback period of 2.5 years at an assumed gold price of US$1,300/ounce. Bomboré is underpinned by a mineral resource base in excess of 5 million gold ounces and possesses significant expansion potential. Orezone is fully funded to bring Bomboré into production with the first gold pour scheduled for Q3-2022.

Patrick Downey

President and Chief Executive Officer

Vanessa Pickering

Manager, Investor Relations

Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663

[email protected] / www.orezone.com

Qualified Person

Dr. Pascal Marquis, Geo., Senior VP Exploration is the Qualified Person who has approved the scientific and technical information in this news release.

QA/QC

The mineralized intervals are based on a lower cut-off grade of 0.45 g/t, a minimal width of 1.5 m and up to a maximum of 3.0 m of dilution being included. The true width of the mineralization is approximately 90% of the drill length at P17S and 70% of the drilled length at P17. The half-core drilling samples were cut using a diamond saw by Orezone employees. The samples were prepared by SGS Burkina Faso s.a.r.l. (“SGS”) at their Ouagadougou facility and then split by Orezone to 1 kg using Rotary Sample Dividers (“RSDs”). A 1-kg aliquot was analyzed for leachable gold at BIGS Global Burkina s.a.r.l. (“BIGS Global”) in Ouagadougou, by bottle-roll cyanidation using a LeachWell

^TM

catalyst. The leach residues from all samples with a leach grade greater than or equal to 0.4 g/t were prepared by BIGS Global and then split by Orezone to 50 g using RSDs. A 50-g aliquot was analyzed by fire assay at BIGS Global.

Orezone employs a rigorous Quality Control Program including a minimum of 10% standards, blanks and duplicates. The composite width and grade include the final leach residue assay results for most of the drill intercepts reported, with the details available in the tables posted on our web site.

For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at



www.orezone.com



.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”,


“believe”,


“anticipate”,


“estimate”,


“potential”,


“possible”


and


other


similar


words,


or


statements that certain events or conditions “may”, “will”, “could”, or “should” occur.


Forward-looking statements in this press release include, but are not limited to, statements with respect to the potential at the P17 trend, confirmation of the continuity of mineralization at the P17 trend, the expansion potential at the project, Bomboré project being fully funded to production and projected first gold by Q3-2022.

All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected


future


developments,


as


well


as


other


factors


management


and


the


qualified


persons


believe


are appropriate in the


circumstances.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected


in


the


forward-looking


statements


including,


but


not


limited


to,


delays caused by the COVID-19 pandemic, terrorist or other violent attacks,


the


failure


of


parties


to


contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social


or


labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR on www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management


of


the


Company


believes


are


reasonable


assumptions,


the


Company


cannot


assure


investors that actual results will be consistent with these forward-looking statements. These forward-looking statements


are


made


as


of


the


date


of


this


press


release


and


are


expressly


qualified


in


their


entirety


by


this cautionary


statement.


Subject


to


applicable


securities


laws,


the


Company


does


not


assume


any


obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press


release.