TORONTO, Nov. 29, 2016 /CNW/ - Roxgold Inc. ("Roxgold" or
"the Company") (TSX.V: ROG) is pleased to announce initial results
from its exploration drilling program at Zone 55 on the Yaramoko
Gold Mine which is targeting extensions to the existing
deposit.
Highlights:
- 20.1 grams per tonne ("gpt") gold over 23.8 metres ("m") (10.6
m true width ("TW")) including 50.4 gpt gold over 7.2 m (3.2 m TW)
in diamond drill hole YRM-16-DD-426 representing the deepest and
widest intercept ever drilled at Yaramoko
- 5.1 gpt gold over 10.0 m (5.8 m TW) including 18.64 gpt gold
over 1.8 m (1.1 m TW) in diamond drill hole YRM-16-DD-424
- 14.7 gpt gold over 1.0 m (0.6 m TW) in) in diamond drill hole
YRM-16-DD-422A
- Roxgold currently has three drill rigs active on the Yaramoko
concession with 2 diamond rigs at Zone 55 and 1 multi-purpose rig
at Bagassi South
"We are encouraged by these initial results from the exploration
program at Zone 55," stated John
Dorward, President and CEO of Roxgold. "Hole YRM-16-DD-426
is the deepest hole ever drilled at the 55 Zone and intersected the
widest mineralized zone ever seen on this project which is over
double the average width of the orebody currently being mined."
Zone 55 Drilling
Drill results reported today account for approximately 5,300
metres of drilling from a total of 6 diamond drill holes out of the
planned 15,000 metre program. The drilling program at Zone 55 is
designed to target areas below the current mine envelope. The two
primary goals of the program are to convert a portion of the
current inferred resource to indicated status and to drill test the
55 Zone extension down plunge below the current inferred resource
boundary. Results from this program continue to confirm the
robustness and continuity of the 55 Zone with Hole YRM-16-DD-426
intersecting a thick zone of high grade mineralization at a
vertical depth of 960 metres below surface, representing the
deepest hole to ever intersect the 55 Zone.
Previous drilling in the vicinity of Hole YRM-16-DD-426 has also
returned thicker than average zones of mineralization, including
holes YRM-13-DD-284 and YRM-12-DD-289 which intersected 13.3 gpt
gold over 11.2 m and 12.7 gpt gold over 14.2 m respectively in the
2013 drilling program.
All holes drilled into Zone 55 as part of the current program
intersected the shear structure and will be incorporated in an
updated resource model to be released during the first quarter of
2017.
For a longitudinal section showing results from this release
please refer to the following link (FIGURE 1).
|
TABLE 1: Summary
of Zone 55 Results from Deep Drilling Program
|
|
|
Hole
ID
|
Azi
|
Dip
|
EOH
|
Depth
From
|
Depth
To
|
Over
(m)
|
True
Width
(m)
|
Grade
(g/t)
|
Zone
55
|
YRM-16-DD-422A
|
2
|
-58
|
679.9
|
650.0
|
651.7
|
1.6
|
1.0
|
3.6
|
and
|
|
|
|
667.0
|
668.0
|
1.0
|
0.6
|
14.7
|
YRM-16-DD-423
|
356
|
-59
|
691.3
|
659.7
|
668.5
|
8.8
|
6.3
|
3.6
|
YRM-16-DD-424
|
6
|
-59
|
893.2
|
866.4
|
876.4
|
10.0
|
5.8
|
5.1
|
Including
|
|
|
|
873.9
|
875.7
|
1.8
|
1.1
|
18.6
|
YRM-16-DD-425B
|
5
|
-59
|
876.0
|
854.7
|
858.9
|
4.2
|
2.8
|
NSR
|
YRM-16-DD-426
|
5
|
-61
|
1,111.4
|
1,064.7
|
1,088.5
|
23.8
|
10.6
|
20.1
|
Including
|
|
|
|
1,065.0
|
1,072.2
|
7.2
|
3.2
|
50.4
|
YRM-16-DD-427
|
3
|
-62
|
1,026.4
|
1,004.0
|
1,008.6
|
4.6
|
2.1
|
3.4
|
*Results are reported uncapped.
Bagassi South
The fourth quarter drilling program at Bagassi South commenced
on November 12th, 2016. A
total of approximately 4,000 metres of drilling is planned to
target expansions to the inferred resource at the QV' structure.
This drilling program is expected to be completed in late
December.
An additional program of approximately 12,000 metres for the QV1
structure is planned following the completion of the current QV'
program. The QV1 program will be aimed at converting inferred
resources to indicated and potentially expanding the resource down
plunge. The QV1 drilling program is expected to be completed in
early Q2, 2017 and is expected to contribute to an updated resource
estimate in late Q2, 2017.
Qualified Persons
Yan Bourassa, P.Geo, Vice
President of Geology 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 mining company with its key asset, the high
grade Yaramoko Gold Mine, located in the Houndé greenstone region
of Burkina Faso, West Africa. The Company declared commercial
production on October 1, 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; and (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") 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, 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, 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 including the risk of accidents, labour disputes,
increases in capital and operating costs and the risk of delays or
regulatory risks, including risks relating to the acquisition of
the necessary licenses and permitscapitalization and liquidity
risks, 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.