TORONTO, Sept. 10, 2013 /CNW/ - Roxgold Inc. ("Roxgold" or "the Company") (TSXV: ROG) is pleased to announce that it has commenced a 1,600 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 be conducted by Falcon Drilling Burkina Faso and will follow up on existing results announced by the Company on July 09, 2013.
- Identification of new mineralized zone north of existing Bagassi South drilling
- Target co-incident with 250 metre long IP resistivity anomaly
- Previously announced 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
* Please refer to the Company's disclosure in its July 09, 2013 press release for more details.
This drill program is intended to test the down dip potential of this target at Bagassi South. Previous results on this target indicate that the mineralization remains open below existing drilling and along strike. The program will consist of six NQ sized diamond drill holes drilled to a maximum depth of approximately 300 metres.
"We are encouraged by the early success at this target," stated John Dorward, President and Chief Executive Officer. "We are hopeful that this program will continue to build upon the success of the last program as we continue in our endeavour to locate and define further potential mineralized zones on the Yaramoko Permit."
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 an updated resource estimate for the 55 Zone and plans to release a Preliminary Economic Assessment in September 2013. 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.
For further information:
John Dorward, President and CEO