TORONTO, March 15, 2016 /CNW/ - Roxgold Inc. ("Roxgold" or
"the Company") (TSX.V: ROG) is pleased to announce results
from its latest drilling program from the QV1 structure at the
Bagassi South regional exploration target 1.8 km south of the 55
Zone.
Highlights:
Drilling
- 56.0 grams per tonne ("gpt") gold over 7.8 metres ("m")
including 127.0 gpt gold over 3.3 m in diamond drill hole ("DDH")
YRM-16-DD-BGS-109
- 8.6 gpt gold over 17.9 m including 70.1 gpt gold over 1.6 m in
DDH YRM-16-DD-BGS-113
- 11.8 gpt gold over 8.8 m including 70.6 gpt gold over 1.4 m in
DDH YRM-16-DD-BGS-107
Bagassi South Drilling
Recent drilling at QV1 focused on extending the mineralization
encountered at this target in previous drilling (see previous
Roxgold Press Releases dated January 14,
2016, May 05, 2015,
May 19, 2015 and Aug 11, 2015). Previous results from this
target include:
- 52.3 grams per tonne ("gpt") gold over 6.1 metres ("m")
including 137.0 gpt gold over 0.8 m and 199.0 gpt gold over 1.0 m
in diamond drill hole ("DDH") YRM-15-RD-BGS-099
- 21.0 gpt gold over 6.7 m including 46.3 gpt gold over 0.7 m and
183.0 gpt gold over 0.6 m in DDH YRM-15-RD-BGS-104A
- 23.6 gpt gold over 10.9 m and 8.2 gpt gold over 6.0 m in DDH
YRM-15-DD-BGS-083
- 7.5 gpt gold over 10.6 m including 22.2 gpt gold over 3.2 m in
DDH YRM-15-DD-BGS-084
- 10.4 gpt gold over 19.4 m including 25.1 gpt gold over 7.1 m in
DDH YRM-15-DD-BGS-085
- 8.9 gpt gold over 9.4 m including 36.1 gpt over 1.2 m in DDH
YRM-15-DD-BGS-087
- 11.0 gpt gold over 7.5 m including 33.7 gpt over 0.8 m and 19.4
gpt over 1.7 m in DDH YRM-15-DD-BGS-089
- 13.7 gpt gold over 7.2 m including 13.7 gpt over 1.5 m and 40.3
gpt over 1.5 m in DDH YRM-15-DD-BGS-090
- 14.5 gpt gold over 6.1 m in DDH YRM-15-DD-BGS-095.
This program, accounting for approximately 2,360 m of
Diamond Drilling ("DD"), was
successful in further defining the high grade QV1 mineralization
within the already defined envelope and provides the basis for a
maiden resource estimation. The QV1 structure remains open down
plunge where DDH YRM-15-RD-104A intersected 21.0 gpt gold over 6.7
metres.
"Results from this program further confirm the potential at
QV1," stated John Dorward,
President and CEO of Roxgold. "With these results rounding
out our initial definition of the QV1 target, we are looking
forward to completing a maiden resource estimate on this target in
Q2 of this year."
TABLE 1: Summary of QV1 Results from Current Diamond Drilling
Program
Hole
ID
|
Azi
|
Dip
|
Depth
From
|
Depth
To
|
EOH
|
Value
(g/t)
|
Over
(m)
|
QV1
|
YRM-15-DD-BGS-107
|
199
|
-63
|
280.4
|
289.2
|
307
|
11.8
|
8.8
|
Including
|
|
|
281.9
|
283.3
|
|
70.6
|
1.4
|
and
|
|
|
295.7
|
296.4
|
|
13.6
|
0.7
|
YRM-15-DD-BGS-108
|
200
|
-62
|
308.4
|
313.6
|
321.5
|
NSR
|
|
YRM-15-DD-BGS-109
|
206
|
-61
|
246.8
|
254.5
|
275.5
|
56.0
|
7.8
|
Including
|
|
|
247.5
|
250.8
|
|
127.0
|
3.3
|
YRM-15-DD-BGS-110
|
211
|
-64
|
226.6
|
242.3
|
257.5
|
1.7
|
15.7
|
Including
|
|
|
226.6
|
231.1
|
|
4.9
|
4.5
|
YRM-15-DD-BGS-111
|
204
|
-62
|
272.5
|
282.9
|
293.5
|
1.8
|
10.4
|
Including
|
|
|
272.5
|
274.0
|
|
12.5
|
1.5
|
YRM-15-DD-BGS-112A
|
208
|
-62
|
237.6
|
240.7
|
264.7
|
1.8
|
3.1
|
Including
|
|
|
237.6
|
238.6
|
|
4.9
|
1.0
|
YRM-15-DD-BGS-113
|
206
|
-61
|
123.2
|
141.1
|
152.5
|
8.6
|
17.9
|
Including
|
|
|
127.1
|
128.7
|
|
70.1
|
1.6
|
YRM-15-DD-BGS-114
|
193
|
-57
|
184.5
|
194.3
|
206.4
|
4.3
|
9.8
|
Including
|
|
|
184.5
|
192.0
|
|
5.5
|
7.4
|
YRM-15-DD-BGS-115
|
209
|
-60
|
150.9
|
163.0
|
182.5
|
3.0
|
12.1
|
Including
|
|
|
153.8
|
157.7
|
|
8.7
|
3.9
|
*
|
True Widths for QV1
intersections are estimated to be between 85 and 90% of reported
core intervals.
|
The QV1 target at Bagassi South is located 1.8 kilometres to the
south of the 55 Zone where Roxgold continues construction
activities on the Yaramoko Gold Project with first gold pour
anticipated next Quarter.
Bagassi South Drill Program Results
The results announced today are from a nine hole, 2,360 m
Diamond drill program, which was designed to further define
mineralization at the QV1 target in order to support a maiden
resource estimate which is expected to be completed in Q2,
2016.
All holes targeting the QV1 structure intersected the structure
where expected. The QV1 structure remains open down plunge and
along strike.
For a plan map showing the location of drill holes please refer
to the following link (FIGURE 1).
For a longitudinal section showing results from this release
please refer to the following link (FIGURE 2).
Qualified Persons
Ben Pullinger, P.Geo, Vice
President of Exploration for Roxgold Inc., is a Qualified Person
within the meaning of National Instrument 43-101, having verified
and approved the technical data disclosed in this press release.
This includes the sampling, analytical and test data underlying the
information.
Quality Assurance/ Quality Control
The holes were drilled with NQ2 sized diamond drill bits for
drill holes reported in this press release. Company personnel are
located at the drill site. 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 Activation
Laboratories located in Ouagadougou (the "Lab"). The core was dried
and crushed by the Lab and a 150 gram pulp was prepared from the
coarse crushed material. The Lab 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 Lab inserted its
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 in construction and expects to be producing
gold by Q2, 2016. Roxgold trades on the TSX Venture Exchange under
the symbol ROG and as part of the Nasdaq International Designation
program with the symbol OTC: ROGFF.
"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 measured, inferred and indicated mineral
resources and probable mineral reserves including, without
limitation, statements with respect to the potential establishment
of new mineral resources and the expansion potential of existing
mineral resources/reserves; (ii) the success of exploration and
development activities; and (iii) the technical report entitled
"Technical Report for the Yaramoko Gold Project, Burkina Faso" dated June 4, 2014 (the "Feasibility Study") including,
without limitation, statements about projected 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 (and potential establishment and increases in
respect thereof), 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
satisfaction of all conditions precedent in connection with draw
downs under available credit facilities) 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, 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 as currently
scheduled or at all, risks relating to variations in mineral
resources and mineral reserves, grade or recovery rates resulting
from current exploration and development activities (including
risks that new mineral resources may not be established, or the
anticipated expansion potential of existing mineral
resources/reserves may not be realized), 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 and the construction and proposed development of the
Yaramoko project into an operating mine, 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 (including the risk that conditions
precedent to draw downs under available credit facilities may not
be satisfied), 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 Annual Information Form dated
April 10, 2015 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.
SOURCE Roxgold Inc.