Provides update on regional exploration and Yaramoko gold project update
TORONTO, Oct. 31, 2013 /CNW/ - Roxgold Inc. (ROG-TSX.V) ("Roxgold" or the "Company") is pleased to provide an update from the ongoing regional exploration program and the status of the Yaramoko gold project located within the 100% owned Yaramoko gold permit.
HIGHLIGHTS
Bagassi South
- 10.97 grams per tonne ("gpt") gold over 2.56 metres within a wider intercept of 2.53 gpt over 13.93 metres in drill hole YRM-13KD-BG-023
- 14.4 gpt over 0.48 metres in diamond drill hole YRM-13KD-BG-019
55 Zone Western Extension
- 68.3 gpt over 2.00 metres in drill hole YRM-13-K55W-002
109 Zone
- 4.5 gpt over 3.58 metres in diamond drill hole YRM-13-K109-012
55 Zone Geotechnical Drilling
- 14.4 gpt over 6.55 metres in diamond drill hole YRM-13-GT55-004
- 8.42 gpt over 10.92 metres in diamond drill hole YRM-13-GT55-001
"The Yaramoko Permit continues to yield strong exploration results," commented John Dorward, President and CEO, "These results mark a positive continuation to the 2012/2013 exploration program which has seen two resource updates on the 55 Zone, the confirmation of multiple targets as well as the emergence of Bagassi South as a high grade exploration target. Bagassi South continues to deliver strong results and will continue to be a priority for Roxgold into the upcoming exploration season."
Summary of Diamond Drilling Results
| | | | | | | |
| Hole ID | Dip | Azimuth | From | To | Value
(gpt) | over (m) |
| Geotechnical Drilling on 55 Zone* | | | | |
| YRM-13-GT55-001 | 359.40 | -57.30 | 605.00 | 615.92 | 8.42 | 10.92 |
| including | | | 608.10 | 611.1 | 16.7 | 3.0 |
| YRM-13-GT55-002 | 1.50 | -62.90 | 168.75 | 169.90 | 0.86 | 1.15 |
| and | | | 169.90 | 171.40 | 1.47 | 1.50 |
| and | | | 172.90 | 174.0 | 6.09 | 1.1 |
| including | | | 173.50 | 174.00 | 11.30 | 0.50 |
| YRM-13-GT55-003 | 323.80 | -57.50 | 265.68 | 267.18 | 1.62 | 1.50 |
| YRM-13-GT55-004 | 13.30 | -59.10 | 166.70 | 173.25 | 14.40 | 6.55 |
| including | | | 167.85 | 168.44 | 46.80 | 0.59 |
| and including | | | 172.20 | 173.25 | 61.90 | 1.05 |
| 109 Zone | | | | | | |
| YRM-13-K109-010 | 221.60 | -49.50 | 44.80 | 47.00 | 1.07 | 2.20 |
| YRM-13-K109-011 | 232.10 | -74.40 | 60.00 | 62.00 | 3.00 | 2.00 |
| YRM-13-K109-012 | 224.30 | -47.90 | 66.50 | 70.08 | 4.50 | 3.58 |
| and | | | 70.08 | 71.72 | 0.66 | 1.64 |
| YRM-13-K109-013 | 230.40 | -74.40 | 79.60 | 82.95 | 2.09 | 3.35 |
| YRM-13-K109-014 | | | 56.35 | 58.00 | 0.80 | 1.65 |
| and | | | 60.00 | 62.00 | 0.80 | 2.0 |
| YRM-13-K109-015 | 222.80 | -47.80 | 42.34 | 44.00 | 0.59 | 1.66 |
| YRM-13-K109-016 | 220.30 | -50.40 | 38.05 | 39.00 | 1.23 | 0.95 |
| and | | | 40.00 | 41.00 | 1.66 | 1.00 |
| YRM-13-K109-020 | 174.80 | -67.70 | 42.00 | 45.00 | 0.74 | 3.00 |
| 55 Zone Western Extension | | | | | |
| YRM-13-K55W-002 | 18.30 | -50.10 | 0.00 | 2.00 | 68.30 | 2.00 |
| Bagassi South | | | | | | |
| YRM-13KD-BG-016 | 178.90 | -49.70 | 81.00 | 83.00 | 1.08 | 2.00 |
| YRM-13KD-BG-018 | 58.30 | -48.50 | 146.00 | 148.00 | 0.76 | 2.00 |
| and | | | 172.90 | 173.90 | 1.58 | 1.00 |
| and | | | 174.9 | 175.9 | 1.02 | 1.00 |
| YRM-13KD-BG-019 | 180.00 | -50.60 | 122.67 | 123.15 | 14.40 | 0.48 |
| YRM-13KD-BG-020 | 224.10 | -49.30 | 196.45 | 197.12 | 2.88 | 0.67 |
| YRM-13KD-BG-021 | 224.30 | -49.70 | 261.40 | 261.85 | 1.30 | 0.45 |
| YRM-13KD-BG-022 | 223.90 | -49.60 | 123.00 | 127.00 | 1.25 | 4.00 |
| and | | | 138.20 | 138.75 | 0.61 | 0.55 |
| and | | | 142.00 | 144.00 | 0.51 | 2.00 |
| and | | | 158.00 | 160.00 | 1.86 | 2.00 |
| and | | | 178.00 | 180.00 | 4.45 | 2.00 |
| and | | | 251.35 | 251.85 | 0.55 | 0.50 |
| and | | | 259.00 | 262.00 | 2.84 | 3.00 |
| including | | | 259.70 | 260.60 | 8.82 | 0.90 |
| and | | | 267.00 | 269.00 | 0.59 | 2.00 |
| YRM-13KD-BG-023 | 22.10 | -50.90 | 145.30 | 147.00 | 5.36 | 1.70 |
| and | | | 246.25 | 260.18 | 2.53 | 13.93 |
| including | | | 246.25 | 248.81 | 10.97 | 2.56 |
| and | | | 251.66 | 252.50 | 0.69 | 0.84 |
| YRM-13KD-BG-024 | 219.60 | -50.00 | 207.00 | 209.00 | 1.64 | 2.00 |
| YRM-13KD-BG-025 | 223.00 | -49.80 | 186.50 | 188.50 | 1.01 | 2.00 |
| and | | | 192.40 | 192.90 | 1.98 | 0.50 |
| and | | | 197.35 | 200.72 | 1.84 | 3.37 |
| and | | | 202.40 | 202.80 | 0.53 | 0.40 |
Table 1: Results from current exploration drilling (No top cut was applied to the assays). All intercepts are reported as downhole lengths, true widths are not known at this time.
*Only holes GT001-GT004 were sampled. Intervals do not reflect full intersection lengths as hanging wall and foot wall samples were not assayed and sent for strength and hardness testing.
For a full list of drill results, please click here.
Discussion
Included in this press release are 2,294 metres of geotechnical drilling, 1,603 metres of exploration drilling at the 109 Zone, 790 metres of drilling from the 55 Zone Western Extension and 1,913 metres of drilling at Bagassi South.
Diamond Drilling
Three regional targets were tested within this part of the program: Bagassi South, the 109 Zone and the 55 Zone Western Extension. Gold at all of these targets is primarily hosted within quartz veining in sheared and faulted host rocks. Induced Polarization orientation surveying ("IP") has provided an invaluable tool for mapping these quartz rich structures which register as resistivity anomalies. To date drilling, IP, mapping and grab sampling has established a three kilometre long trend of anomalous gold mineralization striking north from the 55 Zone through to the 109 Zone. This corridor remains a high priority area for follow up work, given its proximity to the established 55 Zone. For a regional map, please click here.
At Bagassi South nine holes were completed and were designed to test the down dip extension of a new zone of mineralization previously announced on July 9th, 2013. The target is a steeply dipping shear zone hosted near the intrusive/volcanic contact within a wider alteration package. Additional high grade was intersected in this program in holes YRM-13KD-BG-019 and YRM-13KD-BG-023. Following confirmation that the target remains open down dip, additional drilling will commence prior to year end in an effort to extend this zone beyond the currently defined 250 metres of strike length. For an image of Bagassi South drilling, please click here.
Drilling at the 55 Zone Western Extension encountered high grade mineralization at surface within the laterite target. The primary target at 55 West is an IP anomaly below a 20-30 metre deep lateritic cap. The structure identified in the IP remains open for follow up.
55 Zone Geotechnical Drilling
The geotechnical drilling program tested areas of the deposit for potential infrastructure locations, including portal, vent raises, crosscuts and footwall development drives. The holes were primarily designed to test ground conditions in the hanging and foot walls of the resource envelope. Samples were prepared and sent for testwork, including comminution and variability work. Importantly, this drilling sees a critical path activity for the Feasibility Study completed within the anticipated timeframe. It ensures that subsequent geotechnical design, mine design/planning and hydrology scopes can proceed immediately. Roxgold is pleased with the progress the Feasibility Study and its next phase of project definition.
Qualified Person
Pierre Desautels, P.Geo, of AGP Mining Consultants Inc., a Qualified Person within the meaning of National Instrument 43-101 who is an independent consultant to the company, has verified and approved the technical data disclosed in this 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 BQ sized diamond drill bits and NQ sized RC 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.
About Roxgold
Roxgold is a gold exploration and development company with its key asset, the high grade, 100% owned Yaramoko exploration permit located in the Houndé greenstone region of Burkina Faso, West Africa. The Company recently announced the results of its Preliminary Economic Assessment as well as an updated resource estimate for the 55 Zone. A Feasibility Study is expected to be released in Q2 2014. Roxgold trades on the TSX Venture Exchange under the symbol ROG.
Forward Looking Statements
This news release may contain forward-looking statements. 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. Forward-looking statements in this news release include statements that describe the Company's future plans for the exploration and development of the 55 Zone and regional exploration in 2013, the potential of the 55 Zone including its prospectivity at depth and the extensions of the mineralized area at depth, the objectives or goals of exploration programs, expected completion of assay backlog, and timing of future announcements, and include words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. The assumptions upon which forward looking statements in this news release are made include the reasonable assumptions of management with respect to the geologic model, that third party labs will continue to process assays at the current pace, results of exploration will warrant further work, and current macro-economic conditions will continue to prevail. Actual results relating to such future events and conditions could differ materially from those currently anticipated in such statements for many reasons such as: changes in management, changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments and other matters discussed in this news release. The Company has not made a construction or production decision on the Yaramoko Gold Project at this time. Further, if and when the Company makes any production decision, it will disclose the basis of such decision in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Roxgold Inc.
