Toronto, Ontario – November 1, 2017 – Roxgold Inc. (“Roxgold” or “the Company”) (TSX: ROXG) (OTC: ROGFF) is pleased to announce results from its 2017 exploration deep drilling program at the 55 Zone on the Yaramoko Gold Mine along with exploration plans for the remainder of 2017.
“The second phase of deep drilling at the 55 Zone was designed to follow-up on the late 2016 program which included hole YRM-16-DD-426, the widest mineralized zone ever intersected on this project, which returned 20.1 grams per tonne of gold over 23.8 metres,” stated John Dorward, President and CEO of Roxgold. “Multiple zones of high grade mineralised quartz veins were intersected within a wide zone in hole YRM-17-DD-443B-W1 in the 2017 program, a target drilled down plunge from hole YRM-16-DD-426 at a vertical depth of approximately 1,100 metres.”
55 Zone Drilling
The 2017 deep drilling program at the 55 Zone has extended the success of the 2016 deep drilling program at the 55 Zone. The two primary goals of the program were to drill test the 55 Zone extension down plunge from drill hole YRM-16-DD-426 (20.1 gpt over 23.8 m), below the current inferred resource boundary and to test the western portion of the mineralized shoot at depth, west of drill holes YRM-12-DD-242 (22.7 gpt over 4.1 m) and YRM-12-DD-250 (24.3 gpt over 4.4 m).
Results from this program continue to confirm the continuity of the 55 Zone below the current resource with all eight holes of the 2017 deep drilling program intersecting the shear structure. Drill hole YRM-17-DD-443BW1 intersected two zones of high grade mineralization at a vertical depth of approximately 1,100 metres below surface, one of the deepest drill holes to ever intersect the 55 Zone structure. The first interval was intersected at a drill depth of 1,329.5 metres, a 12.5 metre zone of high grade mineralization returning 11.2 gpt over that interval including 44.0 g/t over a 3.0 metre interval while the second interval intersected 12.9 gpt over a 3.9 metre width, including 1.0 metre at 47.8 gpt.
Drill hole YRM-17-DD-443BW1 was drilled deeper and to the east of drill hole YRM-16-DD-426, approximately 175 metres down plunge, extending the high-grade shoot to a vertical depth of approximately 1,100 metres below surface and over 800 metres below the current position of the underground ramp.
Drill hole YRM-17-DD-440 which was drilled up-plunge from hole YRM-12-DD-242 on the western portion of the 55 Zone shoot also intersected a high-grade quartz vein zone returning 8.4 gpt over 5.1 metres including 1.4 metres at 21.0 gpt.
The longitudinal section shown below illustrates the impact of the new drilling on extending the mineralized quartz vein envelope at depth.
The table below is a summary of the significant drill intercepts for the program, all holes drilled into 55 Zone as part of the 2017 deep drilling program intersected the shear structure and will be incorporated in an updated resource model.
TABLE 1: Summary of 55 Zone Results from Deep Drilling Program*
|Hole ID||Azimuth||Dip||EOH (m)||Depth From (m)||Depth To
|Over (m)||True Width
|YRM-17-DD-438W1||Wedge from 438||1466.9||1441.9||1444.0||2.0||1.5||1.3|
|YRM-17-DD-443BW1||Wedge from 443B||1388.2||1329.5||1342.0||12.5||9.5||11.2|
|YRM-17-DD-443BW2||Wedge from 443B||1403.4||Results pending|
Current Exploration Programs
At Bagassi South, an additional program of approximately 10,000 metres along the QV’ structure is currently underway. The QV’ program objectives are to convert inferred resources to indicated status and to subsequently drill down plunge below the current inferred resources. A follow up program of approximately 2,000 metres is also planned for the QV1 structure to drill test the lithological contact shoot near the surface. The QV’ drilling program is expected to be completed in Q4, 2017 and will be incorporated into an updated resource estimate in early 2018.
The 2017 ground geophysical surveys were also completed in Q3, the surveys consisted of two pole-dipole gradient surveys and two conventional induced-polarization (“IP”) surveys. The largest pole-dipole survey covered an area along the Yaramoko Shear Zone that includes both the 55 Zone and Bagassi South deposits and was designed to outline the western extension of the gold hosting structures as well as sub-parallel structures between the two deposits. The first conventional IP survey was conducted over the Boni Shear Zone, which hosts Semafo’s Siou deposit to the North of Yaramoko. The second conventional IP survey was conducted over a granite-mafic volcanic contact located west of 55 Zone and Bagassi South that exhibits similar structural settings to the Yaramoko Shear Zone.
Regional drilling programs targeting geophysical anomalies are currently underway with one drill rig and will continue until the end of the year over various targets including Haho and the Boni Shear Zone.
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.
For further information regarding the Project, please refer to the technical report dated June 4, 2014 and entitled “Technical Report for the Yaramoko Gold Project, Burkina Faso” (the “Technical Report”), available on SEDAR at www.sedar.com.
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.
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. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTC.
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This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking statements”). Such forward-looking statements include, without limitation: statements with respect to Mineral Reserves and Mineral Resource estimates, future production and life of mine estimates, future capital and operating costs and expansion and development plans. 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, any potential upgrades of existing resource 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 Company’s properties 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.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate reserve and resource estimates, changes in the price of gold, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.