Intersects 19.94 GPT Gold Over 3.7 Metres at Bagassi South
TORONTO, Feb. 20, 2014 /CNW/ - Roxgold Inc. (ROG-TSX.V) ("Roxgold" or the "Company") is pleased to provide an update on its ongoing regional exploration program at its 100% owned Yaramoko gold permit.
- 19.94 grams per tonne ("gpt") gold over 3.7 metres including 43.7 gpt over 1.7 metres in hole YRM-14-BG-037
- 16.24 gpt gold over 3.8 metres including 35.1 gpt over 1.7 metres in diamond drill hole YRM-14-BG-036
- 13.8 gpt gold over 1.1 metres in diamond drill hole YRM-14-BG-038
The Company has encountered further high grade drill results at its Bagassi South prospect in follow up drilling to its 2013 campaign which included 41.7gpt Au over 4.4 metres in drill hole YRM-KD-BG-15 (see press release dated July 09, 2013). Hole YRM-14-BG-038 extended high grade mineralization on QV1 a further 50 metres to the North West and recent field mapping has identified artisanal workings approximately 500 metres along strike to the North West.
Anomalous results have also been identified at the Haho target where the Company recently completed an Induced Polarization Survey to better target key structures along the kilometre-long geochemistry anomaly already defined there. The outcomes of this latest round of regional exploration drilling reinforce existing confidence in the regional potential on the permit in view of the presence of significant gold mineralization in numerous areas.
"Roxgold continues to be encouraged by the high grade gold results encountered in its regional exploration program, particularly at Bagassi South, which remains our priority exploration target for 2014," commented John Dorward, President and CEO. "Early anomalous results encountered at the Haho target, a large, structurally analogous target to the 55 Zone which lies mostly under cover, are also very promising."
Summary of Diamond Drilling Results
|Hole ID||Dip||Azimuth||From||To|| Value
Table 1. Highlights from 2013/14 exploration drilling on Yaramoko Permit.
*reported widths are core length not true width. True width is estimated to be 85% of core lengths intercepted with the current interpretation.
Click here for a full list of today's results.
Three regional targets were tested in this program: Bagassi South, the 117 Zone and the Haho Target (See Figure 1).
At Bagassi South 13 holes were completed testing targets at QV1, QV2 and QV3. 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 the 55 Zone. Mineralization has been encountered within three veins to date with the majority of the drilling being conducted along the QV1 target (See Figure 2). Drilling along QV1 tested the expansion potential for QV1 to the South East and North West of the existing drilling. While anomalous mineralization was encountered in drilling to the south, higher grade mineralization over significant intervals was intersected to the North West extending the strike length by 50 metres. A newly sampled set of artisanal workings lies along strike approximately 500 metres to the North West of the existing drilling and the Company plans to evaluate this trend for further expansion to the North West. Drilling at QV2 and QV3 intersected weakly anomalous results despite the presence of active artisanal mining on these sites and more modelling work is planned prior to further drilling.
Drilling at the 117 Zone intersected veining and alteration co-incident with the expected location of the target zone. Anomalous results, including 1.15 gpt over 1.98 metres in diamond drill hole YRM-14-117-005, were encountered in the three holes drilled at this location. All holes intersected the structure as planned and more follow-up will be conducted in this area.
Haho is a large target area overlain by alluvial cover with an East West trending outcrop of granite along the northern end of the target with active artisanal workings. Scout drilling at Haho targeted structures under cover as well as structures identified along the outcropping northern part of the target. Encouraging anomalous results as well as high grade surface results of up to 13 gpt continue to confirm the presence of gold mineralization in this area. The Haho area is a three by three kilometre large target area occurring along the intersection point between gold bearing North West trending structures and gold bearing East West trending structures and the contact between the major structural and chemical boundary of the sediments along the Boni Shear.
"While we are very much in the early stages of our 2014 campaign, we continue to encounter anomalous gold results in all of our key targets," commented Ben Pullinger, Roxgold's Vice President Exploration.
Roxgold continues to advance its Feasibility Study on Yaramoko's 55 Zone, which remains on track for release in the second quarter of 2014. The Company is also progressing permitting goals and expects to submit its Environmental and Social Impact Assessment ("ESIA") within the first quarter of 2014.
Regional exploration efforts will continue with up to $5 million budgeted over the year towards further defining high potential areas on the Yaramoko permit in view of the presence of significant gold mineralization outside the 55 Zone.
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 NQ sized diamond 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.
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.
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