Infill and Expansion Drilling Confirms High Grade Gold Mineralization at QV1 Target, extends strike length of QV Prime target to over 100 metres and intersects new hanging wall structure
TORONTO, Sept. 8, 2014 /CNW/ - Roxgold Inc. (ROG: TSX.V) ("Roxgold" or the "Company") is pleased to announce the results of its recently completed exploration program at Yaramoko's prospective Bagassi South Zone, where it has continued to intersect high grade gold mineralization. Results of this regional exploration program also include diamond drilling at the 109 Zone and Reverse Circulation ("RC") drill results from the Boni Shear and Haho areas where broad anomalous gold values were encountered in first pass drilling.
Highlights from the recently completed diamond drilling program at Bagassi South's QV1 and QV Prime targets include:
- 39.6 grams per tonne ("gpt") gold over 4.54 metres including 136.0 gpt gold over 1.25 metres in diamond drill hole YRM-14-DD-BGS-056;
- 21.47 gpt gold over 4.09 metres including 50.33 gpt gold over 1.67 metres in diamond drill hole YRM-14-DD-BGS-067; and
- 9.47 gpt gold over 9.00 metres including 53.7 gpt gold over 1.5 metres in diamond drill hole YRM-14-DD-BGS-054 in the newly discovered HW1 structure.
"As we advance our search for a second potential source of ore on the Yaramoko permit, we continue to be encouraged by the QV1 target at Bagassi South. This target which is just 1.8 kilometres to the south of the 55 Zone, continues to show strong potential," commented John Dorward, President and CEO. "The discovery of multiple new veins is significant and we will be following up on these later this year."
The current drill program follows up on high grade drill results announced in early 2014 and mid-2013, which included:
- 226.76 gpt gold over 3.1 metres including 442.00 gpt gold over 1.6 metres in diamond drill hole YRM-14-BG-041;
- 41.7 gpt gold over 4.4 metres in drill hole YRM-14-BG-015;
- 25.0 gpt gold over 3.8 metres in drill hole YRM-KD-BG-011;
- 19.94 gpt gold over 3.7 metres including 43.7 gpt gold over 1.7 metres in hole YRM-14-BG-037
- 16.24 gpt gold over 3.8 metres including 35.1 gpt gold over 1.7 metres in diamond drill hole YRM-14-BG-036; and
- 13.8 gpt gold over 1.1 metres in diamond drill hole YRM-14-BG-038.
For additional information see news releases dated February 20, 2014, May 06, 2014 and July 9, 2013.
Summary of Diamond Drilling Results
|DH_Hole||Azimuth||Dip||DH_From||DH_To||Interval||Au_GPT||Estimated True Width||Target|
*reported widths are estimated true widths. No capping has been applied to assays included in this release. True widths for the 109 Zone are unknown at this time.
Click here for a full list of today's diamond drill core results.
Bagassi South and 109 Zone
Mineralization at Bagassi South occurs within a set of en echelon veins hosted on the edge of a granitic intrusion 1.8 kilometres to the South of Roxgold's flagship deposit, the 55 Zone. During this latest phase of the drilling program at Bagassi South, 34 holes were completed totalling 8,700 metres testing the QV1 target (see Figures 1 and 2 for a map of drill hole locations). Drilling along QV1 aimed to infill drill gaps as well as define and extend the current envelope (see Figures 2 and 3).
Results described in this press release most notably expand the known strike length of the QV1 target to over 350 metres as well as confirm high grade mineralization down plunge in holes YRM-14-DD-BGS-058 and 059 (approximately 90 metres apart along strike) down to a depth of approximately 300 metres. The QV1 Target still remains open along strike and down plunge where further exploration will be targeted in Q4 2014.
Also of note is the repeated intersection of high grade mineralization in the QV Prime structure in diamond drill holes YRM-14-DD-BGS-047, 051 and 056. The QV Prime target is now approaching a strike length of approximately 100 metres and remains open to the south and down plunge. A new zone, the HW1 structure was also intersected in this program in hole YRM-14-DD-BGS-054 and returned a significant assay result of 9.47 gpt gold over 9.0 metres including 1.5 metres of 53.7 gpt gold. This intersection has not been followed up on as yet and remains untested to the south and down dip.
Nine diamond drill holes, totalling 1,470 metres, were drilled to test similar IP ("Induced Polarization") resistivity anomalies to the QV1 target north of QV1. An additional four holes totalling 550 metres were completed at a target north of the 55 Zone testing a geochemistry anomaly. These holes intersected structure and veining without returning significant gold values. Please see Figure 1 for the location of these drill holes.
Drilling at the 109 Zone consisted of four holes totalling 788.25 metres and followed up on mineralization encountered in previous drill programs on the same target. Holes in this program tested veins splaying off the main Bagassi Central trend which runs North West and is anomalous for gold along its entire length on the Yaramoko permit. Assay results continue to be encouraging with anomalous gold up to 9.38 gpt gold intersected over 0.5 metres. Mapping and sampling in this area has continued to define structures associated with gold bearing quartz veining and exploration will continue in this area in the upcoming exploration program, which is expected to commence in the fourth quarter of 2014.
Haho and Boni Shear areas
The regional RC drilling program focused on early stage targets generated throughout the execution of the regional exploration program over the last twelve months (Figure 1). In total, 5,285 metres of RC drilling was completed in 66 RC holes, testing four target areas, Haho, the Boni Shear, Niakongo and the Yaro target. The majority of this, 2,000 metres was completed at Haho.
The most significant mineralization encountered in this program was from the Haho area which continues to exhibit potential as an area for significant gold mineralization. The RC drill holes in this program encountered broad low grade mineralization as well as higher grade mineralization associated with quartz veining that appear to be brittle features within the granite host. The Haho area is mostly overlain by cover which ranges from a few meters thick to more than 10 meters. Mapping, geochemical and geophysical surveys in this area have confirmed multiple target anomalies and features that will continue to be followed up on with RC and diamond drilling in the future.
"The Haho area has all the ingredients for a high potential exploration target," commented Ben Pullinger, Vice President of Exploration for Roxgold. "The most recent results are proof of concept that this target hosts anomalous gold in prospective structural settings, and bode well for future exploration on this large, covered target area."
RC holes also tested soil geochemistry anomalies along the Boni Shear zone where an 8 kilometre trend of anomalous gold was identified during the auger program undertaken along this trend in Q1 and Q2 2014. This program returned anomalous results up to 1.76 gpt gold over 8.0 metres. More exploration will be planned for these areas which are still target-rich and underexplored.
Summary of RC drilling Results
Click here for a full list of today's RC results.
Ben Pullinger, P.Geo, Vice President of Exploration for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has verified and approved the technical data disclosed in the press releases included herein by reference. 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 NQ sized diamond and RC drill 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. RC drilling was supervised and logged at the rig side by Roxgold personnel. Samples were homogenised and split at the rig side with one half collected bagged and stored within the Company's secure compound. The other half of the material is then prepped and shipped to Actlabs in Ouagadougou. The RC samples are then dried and crushed by Actlabs and a 150 gram pulp was prepared from the coarse crushed material. Actlabs 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, Actlabs inserted their own quality control samples.
Roxgold is a gold exploration and development company with its key asset, the high grade, 100% owned Yaramoko Gold Project located in the Houndé greenstone region of Burkina Faso, West Africa. The Company is currently advancing Yaramoko's 55 Zone through permitting and, subject to making a positive construction decision, expects to commence development in Q4 2014. Roxgold trades on the TSX Venture Exchange under the symbol ROG.
"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 inferred and indicated mineral resources and probable mineral reserves; (ii) the success of exploration activities; (iii) the completion and timing of the environmental assessment process; (iv) the receipt of an exploitation (mining) permit; (v) the finalization of material agreements and financing; and (vi) the results of the Feasibility Study including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, and production timelines for the 55 Zone on the Yaramoko permit.
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, the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing 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, the completion of the environmental assessment process, 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 and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Yaramoko project, risks relating to variations in mineral resources and mineral reserves, grade or recovery rates resulting from current exploration and development activities, 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 increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Yaramoko project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, and environmental risks. Please refer to the Company's Short Form Prospectus dated March 17, 2014 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.
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