TORONTO, Feb. 2, 2017 /CNW/ - Roxgold Inc. ("Roxgold" or
"the Company") (TSX.V: ROG) is pleased to announce the complete
results from its fourth quarter 2016 exploration drilling program
at the 55 Zone and Bagassi South on the Yaramoko Gold Mine along
with exploration plans for the first half of 2017.
Highlights:
- Zone 55: 12.4 grams per tonne ("gpt") gold over 6.4 metres
("m") (3.6 m true width ("TW")) including 21.9 gpt gold over 3.0 m
(1.7 m TW) and 7.4 gpt gold over 9.2 m (5.2 m TW) including 17.6
gpt gold over 3.1 m (1.8 m TW) in diamond drill hole
YRM-16-DD-434 at the 55 Zone.
- Bagassi South: 6.2 gpt gold over 8.2 m (5.8 m TW) including
12.9 gpt gold over 3.5 m (2.5 m TW) in diamond drill hole
YRM-16-RD-BGS-118 along the QV' structure.
- Roxgold currently has four drill rigs active at Bagassi South
with 3 diamond rigs on the QV1 structure and 1 multi-purpose rig on
the QV' structure.
- Large geophysical program recently initiated to test a number
of structural and geochemical targets.
"The recently completed campaign of drilling reinforces our
belief that Zone 55 continues well below the present inferred
resource depth which currently extends to approximately 800 metres"
stated John Dorward, President and
CEO of Roxgold. "This is evidenced by holes 428 and 426. Hole 426,
at approximately 1,000 metres, as previously reported, intersected
20.1 gpt gold over 23.8 m (10.6 m TW) including 50.4 gpt gold over
7.2 m (3.2 m TW) representing the deepest and widest intercept ever
drilled at Yaramoko."
Zone 55 Drilling
The 2016 fourth quarter drilling
program at the 55 Zone totaled 13,658.4 m over 14 holes. Drill
results for the first 6 diamond drill holes were previously
reported in the fourth quarter of 2016 and accounted for
approximately 5,300 m. The drilling program at Zone 55 was designed
to target areas below the current mine envelope. The two primary
goals of the program were 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 continuity of
Zone 55 below the current resource with drill holes YRM-16-DD-426
and YRM-16-DD-428 intersecting thick zones of mineralization at
respective vertical depths of 960 metres and 1,025 metres below
surface, which represent the deepest drill holes to ever intersect
Zone 55. Drill hole YRM-16-DD-426, which was previously released
(see press release dated November 29,
2016), intersected 23.8 m of high grade mineralization
returning 20.1 gpt over that interval. Drill hole YRM-16-DD-428 was
drilled deeper and to the west of drill hole YRM-16-DD-426 and
while the mineralized intersection was lower grade and narrower,
the intercept was within a large shear hosted laminated quartz vein
with a width of 14 metres, similar to the vein intersected in drill
hole YRM-16-DD-426. Previous drilling in the vicinity of drill
holes YRM-16-DD-426 and YRM-16-DD-428 also returned thicker
than average zones of mineralization, including holes YRM-12-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 2012 drilling
program.
All holes drilled into Zone 55 as part of the 2016 fourth
quarter program intersected the shear structure and will be
incorporated in an updated resource model and LOM Plan.
For a longitudinal section of the Zone 55 results from this
release, please refer to the following link (FIGURE 1). The
longitudinal section illustrates the impact of the new drilling on
extending the mineralized quartz vein envelope at depth.
TABLE 1: Summary of Zone 55 Results from Deep
Drilling Program*
Hole
ID
|
Azimuth
|
Dip
|
EOH
|
Depth
From
|
Depth
To
|
Over
(m)
|
True
Width
(m)
|
Grade
gpt)
|
YRM-16-DD-422A
|
N002
|
-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
|
N356
|
-59
|
691.3
|
659.7
|
668.5
|
8.8
|
6.3
|
3.6
|
YRM-16-DD-424
|
N006
|
-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
|
N005
|
-59
|
876.0
|
854.7
|
858.9
|
4.2
|
2.8
|
NSR
|
YRM-16-DD-426
|
N005
|
-61
|
1111.4
|
1064.7
|
1088.5
|
23.8
|
10.6
|
20.1
|
Including
|
|
|
|
1065.0
|
1072.2
|
7.2
|
3.2
|
50.4
|
YRM-16-DD-427
|
N003
|
-62
|
1026.4
|
1004.0
|
1008.6
|
4.6
|
2.1
|
3.4
|
YRM-16-DD-428
|
N344
|
-62
|
1309.0
|
1282.0
|
1284.1
|
2.1
|
1.0
|
6.0
|
YRM-16-DD-429
|
N000
|
-62
|
849.0
|
833.8
|
834.7
|
0.9
|
0.6
|
4.5
|
YRM-16-DD-430B
|
N010
|
-60
|
1104.3
|
1061.0
|
1062.0
|
1.0
|
0.4
|
1.0
|
YRM-16-DD-431
|
N009
|
-60
|
1047.9
|
970.2
|
972.5
|
2.3
|
1.0
|
1.9
|
YRM-16-DD-432
|
N004
|
-60
|
707.0
|
683.3
|
689.5
|
6.2
|
3.5
|
6.4
|
Including
|
|
|
|
687.5
|
689.5
|
2.0
|
1.1
|
15.9
|
YRM-16-RD-433A
|
N358.6
|
-58
|
738.3
|
720.5
|
722.1
|
1.6
|
0.9
|
2.8
|
Including
|
|
|
|
720.9
|
721.5
|
0.6
|
0.4
|
5.5
|
YRM-16-DD-434
|
N359
|
-60
|
619.8
|
587.0
|
593.4
|
6.4
|
3.6
|
12.4
|
Including
|
|
|
|
587.0
|
590.0
|
3.0
|
1.7
|
21.9
|
And
|
|
|
|
596.8
|
606.0
|
9.2
|
5.2
|
7.4
|
Including
|
|
|
|
598.1
|
601.2
|
3.1
|
1.8
|
17.6
|
YRM-16-DD-435C
|
N002
|
-58
|
510.3
|
489.2
|
499.5
|
10.3
|
6.9
|
3.1
|
Including
|
|
|
|
489.9
|
493.0
|
3.1
|
2.1
|
5.8
|
YRM-16-DD-436
|
N357
|
-61
|
591.3
|
549.3
|
558.0
|
8.7
|
5.3
|
3.3
|
And
|
|
|
|
574.2
|
576.5
|
2.3
|
1.4
|
1.8
|
*Results are reported uncapped.
Bagassi South
The fourth quarter drilling program at Bagassi South commenced
on November 12th, 2016. A
total of 1,970.2 m over 6 holes were drilled to target inferred
resource growth along the QV' structure. Drill hole
YRM-16-RD-BGS-118 intersected 6.2 gpt gold over 8.2 m (5.8 m TW)
including 12.9 gpt gold over 3.5 m (2.5 m TW) at proximity to the
granite and mafic volcanic contact and down plunge from holes
YRM-14-DD-BGS-051 and 056 which appear to be outlining a new high
grade mineralized shoot. A follow up program along the QV'
structure is currently underway, with an additional six holes
totalling approximately 2,500 m are planned to be drilled down
plunge from hole YRM-16-RD-BGS-118 along the lithological
contact.
For a longitudinal section showing the QV' results from this
release, please refer to the following link (FIGURE 2). The
longitudinal section illustrates the location of the ore shoot
located along the granite and mafic volcanic contact.
TABLE 2: Summary of Bagassi South QV' Results
from the fourth quarter 2016 Drilling Program
Hole
ID
|
Azimuth
|
Dip
|
EOH
|
Depth
From
|
Depth
To
|
Over
(m)
|
True Width
(m)
|
Grade
(gpt)
|
YRM-16-RD-BGS-116A
|
N196
|
-58.9
|
294.3
|
274.7
|
275.4
|
0.7
|
0.6
|
8.5
|
YRM-16-RD-BGS-117
|
N198
|
-60.6
|
279.3
|
232.0
|
235.0
|
3.0
|
2.3
|
1.1
|
YRM-16-RD-BGS-118
|
N197
|
-61.2
|
258.4
|
234.5
|
242.7
|
8.2
|
5.8
|
6.2
|
Including
|
|
|
|
239.2
|
242.7
|
3.5
|
2.5
|
12.9
|
YRM-16-RD-BGS-119A
|
N200
|
-64.6
|
324.3
|
-
|
-
|
-
|
-
|
NSR
|
YRM-16-RD-BGS-120
|
N200
|
-66.7
|
321.5
|
299.2
|
303.0
|
3.8
|
2.2
|
2.8
|
Including
|
|
|
|
299.2
|
299.8
|
0.6
|
0.4
|
12.4
|
YRM-16-RD-BGS-121
|
N202
|
-60.4
|
384.4
|
364.3
|
365.6
|
1.3
|
0.9
|
1.09
|
And
|
|
|
|
368.4
|
369.1
|
0.7
|
0.5
|
1.48
|
Future Exploration Programs
At Bagassi South, an additional program of approximately 12,000
metres for the QV1 structure is currently underway. The QV1 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 2,500 metres is
also underway at QV' to drill test the lithological contact shoot
outlined during the Q4 2016 drilling program. Both the QV' and QV1
drilling programs are expected to be completed in early Q2, 2017
and will be incorporated into an updated resource estimate in the
second quarter.
The results of the current QV1 program are expected to inform a
formal investment decision for the development of Bagassi South in
the third quarter.
At Zone 55, a further round of drilling will be undertaken in
the second quarter. This program will mainly target resource growth
at depth, below and west of the Q4 2016 drilling program.
A ground geophysical survey campaign will also be undertaken in
early February and will consist of two pole-dipole gradient surveys
and two conventional induced-polarization ("IP") surveys. The
largest pole-dipole survey will be covering an area along the
Yaramoko Shear Zone that includes both the Zone 55 and Bagassi
South deposits and will aim at outlining the western extension of
the gold hosting structures as well as sub-parallel structures
between the two deposits and South of the Bagassi South.
The first conventional IP survey will be conducted over the Boni
Shear Zone, which hosts Semafo's Siou deposit to the North of
Yaramoko, which hosts several previously identified soil anomalies.
The second conventional IP survey will be conducted over a
granite-mafic volcanic contact located west of Zone 55 and Bagassi
South that exhibit similar structural settings as the Yaramoko
Shear Zone. "IP was a valuable tool in defining the potential
at Bagassi South", stated Yan
Bourassa, Roxgold's Vice-President Geology. "We are excited
by the prospect of rolling it out over a broader area of the
Concession which includes a number of key structural and
geochemical targets".
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.