Initial Infill development drilling confirms model and continuity of high grade
Toronto, Ontario - April 14, 2015 - Roxgold Inc. (ROG: TSX.V) ("Roxgold" or the "Company") is pleased to announce that is has commenced development drilling on the 55 Zone with six holes completed to date.
HIGHLIGHTS:
-
58.1 grams per tonne ("gpt") gold over 4.8 metres (4.1 metres true width) including 117.6 gpt gold over 2.3 metres (2.0 metres true width) in Diamond drill hole YRM-15-DD-302;
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42.3 gpt gold over 3.8 metres (3.0 metres true width) including 87.4 gpt gold over 1.8 metres (1.5 metres true width) in Diamond drill hole YRM-15-DD-303; and
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60.9 gpt gold over 2.35 metres (2.0 metres true width) in Diamond drill hole YRM-15-DD-305.
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"Today's results from the 55 Zone corroborate the high grade and continuous nature of the 55 Zone," commented Ben Pullinger, Vice President Exploration. "These initial six holes confirm the performance of our feasibility resource model in this initial area and in certain cases results have exceeded our expectations."
INFILL DRILLING PROGRAM SUMMARY:
Drilling at the 55 Zone is part of a program designed to increase drill density in the first year's production areas from 25 metres to 12.5 metre centres (See Table 1 for results). Approximately 6,000 metres will be drilled in this 67 hole program to depths of up to 90 metres. Upgrading the drill density in these key areas will allow for optimization of the mine plan and provide additional information for advanced design and short term planning for the first year's production.
Today's results consist of the first six holes in this program totalling 550 metres of
Diamond drilling (
see Long Section, Figure 1). The program is estimated to continue through to June 2015. Following this program, the Company plans to commence an extension and infill drilling program on the 55 Zone between 100 metres and 430 metres vertical depth. The goal of this additional program will be to upgrade areas of inferred and indicated resource within the existing life of mine envelope.
TABLE 1: Summary of
Diamond Drilling Results
|
Hole ID
|
Azimuth
|
Dip
|
Depth From
|
Depth To
|
EOH
|
value (g/t)
|
over (m)
|
True Width
|
|
YRM-15-DD-301
|
0
|
-57
|
84.5
|
87.2
|
98
|
12.4
|
2.7
|
2.0
|
|
YRM-15-DD-302
|
0
|
-50
|
78.7
|
83.5
|
90
|
58.1
|
4.8
|
4.1
|
|
Including
|
|
|
80.3
|
82.6
|
|
117.6
|
2.3
|
2.0
|
|
YRM-15-DD-303
|
0
|
-55
|
85.2
|
89.0
|
95
|
42.3
|
3.8
|
3.0
|
|
Including
|
|
|
86.4
|
88.2
|
|
87.4
|
1.8
|
1.5
|
|
YRM-15-DD-304
|
0
|
-55
|
88.5
|
90.6
|
97
|
16.5
|
2.1
|
1.8
|
|
YRM-15-DD-305
|
0
|
-58
|
55.8
|
58.2
|
68
|
60.9
|
2.4
|
2.0
|
|
YRM-15-DD-306
|
0
|
-55
|
89.0
|
93.2
|
102
|
8.4
|
4.2
|
3.4
|
REGIONAL EXPLORATION PROGRAM
In conjunction with the current drilling at the 55 Zone, Roxgold has a second drill rig active on the Yaramoko property conducting regional exploration drilling. This rig will be drilling high priority targets at the extension of the high grade QV1 target at Bagassi South and at the 109 Zone.
The current drill program at Bagassi South is designed to follow up on high grade drill results announced through 2014 and 2013. The QV1 target at Bagassi South is located 1.8 kilometres to the south of the 55 Zone where Roxgold has recently commenced construction activities. A program exploring the extension of QV1 along a south easterly plunging trend is ongoing and is expected to be completed by late April.
While no resources have been estimated for the QV1 area at this point, the Company is seeking to demonstrate continuity of the high grade mineralization.
At the 109 Zone, located 1.1 kilometres north of the 55 Zone, the Company is following up on prospective grab samples taken from surficial artisanal workings. The target is a north-north west trending shear zone that is currently the most active artisanal site on the permit. Two initial holes have been drilled at this target and assays are pending.
The Company looks forward to providing updates on the exploration and infill drilling programs at Yaramoko in the coming weeks.
Qualified Person
Ben Pullinger, P.Geo, Vice President of Exploration for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has verified and approved the technical data disclosed this press release. This includes the sampling, analytical and test data underlying the information.
Quality Assurance/Quality Control
Drill holes reported in this press release were drilled using NQ sized
Diamond and RC drill bits. Company personnel are located at the drill site. Contractors and employees of Roxgold conducted all logging and sampling. The core was logged, marked up for sampling using standard lengths of two metres outside of the "zone" and adjusted to lithological contacts up to one metre within the "zone". Samples are then cut into equal halves using a
Diamond saw. One half of the core was left in the original core box and stored in a secure location at the Roxgold camp within the Yaramoko area. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until it was shipped to Act Labs in Ouagadougou. The core was dried and crushed by The Labs and a 150 gram pulp was prepared from the coarse crushed material. The Labs then conducted routine gold analysis using a 50 gram charge and fire assay with an atomic absorption finish. Samples returning over 5.0 gpt were also analysed by gravimetric analysis. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, The Labs inserted their own quality control samples. RC drilling was supervised and logged at the rig side by Roxgold personnel. Samples were homogenised and split at the rig side with one half collected bagged and stored within the Company's secure compound. The other half of the material is then prepped and shipped to Actlabs in Ouagadougou. The RC samples are then dried and crushed by Actlabs and a 150 gram pulp was prepared from the coarse crushed material. Actlabs then conducted routine gold analysis using a 50 gram charge and fire assay with an atomic absorption finish. Samples returning over 5.0 gpt were also analysed by gravimetric analysis. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, Actlabs inserted their own quality control samples.
About Roxgold
Roxgold is a gold exploration and development company with its key asset, the high grade Yaramoko Gold Project, located in the Houndé greenstone region of Burkina Faso, West Africa. The Company is currently advancing Yaramoko's 55 Zone through construction and expects to commence production in the second quarter of 2016. Roxgold trades on the TSX Venture Exchange under the symbol ROG.
FOR MORE INFORMATION:
Annelise Burke
Manager, Investor Relations and Corporate Communications
416-203-6401
[email protected]
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
This news release contains forward-looking information. Forward looking information contained in this new release includes, but is not limited to, statements with respect to: (i) the estimation of inferred and indicated mineral resources and probable mineral reserves; (ii) the success of exploration activities; and (iii) the results of the Feasibility Study including statements about future production, and production timelines for the 55 Zone on the Yaramoko permit.
These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Yaramoko project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Yaramoko project, risks relating to variations in mineral resources and mineral reserves, grade or recovery rates resulting from current exploration and development activities, risks relating to changes in gold prices and the worldwide demand for and supply of gold, risks related to increased competition in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources and mineral reserves, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Yaramoko project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, and environmental risks. Please refer to the Company's Short Form Prospectus dated October 24, 2014 filed on SEDAR at www.sedar.com for political, environmental or other risks that could materially affect the development of mineral resources and mineral reserves. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.