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
41.70 grams per tonne ("gpt") gold over 4.4 metres in drill hole
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
"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
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.
For further information:
Manager, Investor Relations and Corporate Communications