Roxgold Announces Commencement of a 5,000 Metre Drilling Program at Bagassi South
Following Up on Earlier High Grade Intercepts
TORONTO, Dec. 3, 2013 /CNW/ - Roxgold Inc. ("Roxgold" or "the Company") (TSXV: ROG) is pleased to announce that it has commenced a 5,000 metre diamond drilling program on the Bagassi South target at its 100% owned Yaramoko permit located on the Houndé Greenstone Belt in Burkina Faso. This drilling will follow up on existing results announced by the Company in press releases dated July 09, and October 31, 2013.
- Further testing of high grade Bagassi South structure (QV1)
- Drill testing of multiple parallel, en echelon structures
- Testing of intersections between major structures identified through mapping and IP surveys
- Initial drill results intersected high grade gold mineralization including:
- 41.70 grams per tonne ("gpt") gold over 4.4 metres in drill hole YRM-KD-BG-15
- 24.95 gpt gold over 3.8 metres in drill hole YRM-KD-BG-11
- 10.97 grams per tonne 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
The intent of this drill program is to continue to delineate the high grade structure intersected in previous drilling at QV1 and to further test parallel, en echelon structures that have been defined in the area as well as what appears to be a secondary structure linking these veins. So far three en echelon veins have been identified, QV1, QV2 and QV3 (See Image 1), as well as the North West trending connector structure.
"The high grades intersected in initial drilling at Bagassi South have been encouraging," stated John Dorward, President and Chief Executive Officer. "This program is intended to continue with that success, test multiple structures and the intersections of these structures with the goal of increasing the mineralised footprint at Bagassi South."
The Bagassi South target includes the, QV1, QV2 and QV3 (click here for an image of Bagassi South) structures which are located within a North West trending shear zone. These structures are mapped through surface observation as well as IP surveying and occur in sequence with numerous historic artisanal workings. The overall target is approximately one kilometre from north to south with similar dimensions in an East West extent. The Company is targeting a set of three North West and one North South trending structures within which high grade gold intercepts have been reported. The Company also plans to test the intersections between these structures as they represent areas of potential thickening where wider intercepts may be achieved.
Roxgold is a gold exploration and development company with its key asset, the high grade, 100% owned Yaramoko exploration permit located in the mineral-rich Houndé greenstone region of Burkina Faso, West Africa. The Company recently announced a Preliminary Economic Assessment in September 2013 which demonstrated attractive potential economics. The Company is currently completing a Feasibility Study which is expected to be completed in the second quarter of 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.
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