TORONTO, ONTARIO--(Marketwired - Apr 8, 2013) - Roxgold Inc. (TSX VENTURE:ROG) ("Roxgold" or the "Company") is pleased to announce regional exploration results and provide an update on recent work on the Company's 100% owned Yaramoko permit in Burkina Faso. The Company currently has 3 core drills and a recently mobilized Geodrill, UDR-900 multi-purpose drill rig operating on the property.
- Identification of new geochemical targets near 55 Zone from auger program.
- Completion of a 1 square kilometer IP test Survey over 55 Zone.
- Commencement of initial 6,000m reverse circulation drill program to test geochemical targets.
- 141.4 gpt Gold ("Au") over 2.0 meters in RC hole YRM-12-RC-154 at Bagassi South
- 11.9 gpt Au over 1.0 meters in diamond drill hole YAR-DD-13-002 at the newly delineated 300 Zone
"We continue to execute our three stage plan for 2013, the three stages being to further define and grow the 55 Zone, complete the Preliminary Economic Assessment ("PEA") on the 55 Zone and continue to explore for new discoveries on the property," stated John Dorward, President and CEO of Roxgold Inc. "Mobilizing the Geodrill multi-purpose rig to Yaramoko allows Roxgold the flexibility to continue to advance studies that will feed into the PEA as well as allowing the testing of a suite of promising regional targets with RC and diamond drilling. We continue to believe in the potential for the Yaramoko permit to yield more discoveries."
2013 Auger Program
The initial 2013 auger program, which tested structural and surface geochemical targets within the Bagassi Central area and around the 55 Zone, identified multiple anomalous zones. The auger program was designed to test the true soil profile under the layer of surficial cover and retrieve in situ geochemical samples. Auger holes ranged in depth from 4-6 meters near the 55 Zone to up to 15 meters deep on the newly delineated 300 Zone which is overlain by a thick laterite cap. The most significant of the identified anomalies near the 55 Zone, (Figure 1) was a 500m long northwest trending anomaly west of the 117 Zone. The next most significant anomaly lies along the western extension of the 55 Zone structure and is approximately 700m long. Both these targets will be tested within the upcoming reverse circulation ("RC") program. A 400 meter long anomaly was also identified at the 300 Zone continuing to the east of the extensive artisanal workings under cover. This target will be tested in upcoming drilling.
A second phase of auger drilling is planned for the current quarter and will cover further structural and prospecting targets including the Boni Shear Zone where anomalous grab and prospecting samples have been collected. The Company considers the Boni Shear Zone to offer a similar structural setting to SEMAFO's recent Siou Zone discovery to the north.
IP Orientation Survey
In January 2013, Roxgold commissioned SAGAX Afrique SARL to complete a 1 square kilometer IP orientation survey over the 55 Zone. The results of this survey confirm the presence of a resistive body coincident with the 55 Zone that appears to be offset on the western edge of the 55 Zone and continues to the west out of the survey area. A similar resistivity anomaly lies to the north of the 55 Zone trending to northwest through the 117 Zone. Both of these anomalies occur in close proximity to soil geochemistry anomalies identified in the 2013 auger program. (Figure 2).
Regional Diamond Drilling
Eight shallow holes totalling 1,326 metres were drilled to test structural targets and follow up anomalous RC and diamond drill results at Bagassi South which included 141.4 grams per tonne ("gpt") Au over 2m in RC hole YRM-12-RC-154 The 2013 Bagassi South drilling returned several anomalous values including 5.92 gpt Au over 2 meters in diamond drill hole YRM-13-BG-06. The results for drilling at Bagassi South during 2013 are summarized in table 1 and illustrated in Figure 1. While the recent diamond drilling program did not replicate the results observed in hole RC- 154, the Company is encouraged by the extensive areas of anomalous gold as evidenced by the drilling and auger programs.
A further eight shallow holes totalling 997 metres were drilled to test the 300 Zone, a site of active artisanal workings approximately 4 kilometres to the north of the 55 Zone. Grab sampling from waste piles and underground workings has returned values between 5 gpt Au and 12.1 gpt Au at the 300 Zone, where multiple artisanal shafts have been excavated into the laterite cap that runs up to 15 metres thick. The surface expression of the artisanal pits is roughly 700 metres along strike. The orientation of the 300 Zone is measured to trend 126 degrees. Diamond drill holes YAR-13-DD-03 to YAR-13-DD-07 intersected major shearing and quartz veining along a contact between mafic volcanics and a granodioritic intrusive that dominates the geology in the north eastern portion of the Yaramoko permit area. The highest grade returned was 11.9 gpt Au over 1m in YAR-13-DD-02, while numerous values greater than 0.5 gpt Au were returned in other holes. A summary of the results for the 300 Zone drilling is included in table 1. More work is currently being planned for this area to follow up on these anomalous results.
|Hole ID||From||To||Width(1)||Au GPT||Zone|
|Table 1. Summary results for recent Bagassi South and 300 Zone drilling|
|(1) True width for Bagassi South drilling is not known at this time.|
|True width for 300 Zone drilling is estimated to be 85-90% of core width.|
Current Work Program
Ongoing exploration includes:
- Approximately 6,000 meters of RC drilling is planned for the current quarter
- The balance of 3,000 meters in the current regional diamond drill program will be completed during the current quarter
- An additional 7,000m of auger drilling
- Systematic mapping and sampling of artisanal mining sites throughout the permit area.
- Extension of the IP test survey to the west and north of the existing survey
Figure 1: 2013 Auger Program Results: http://www.roxgold.com/i/pdf/Nr-Apr8-2013-Fig1.pdf
Figure 2: 2013 Test IP Survey grid: http://www.roxgold.com/i/pdf/Nr-Apr8-2013-Fig2.pdf
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 data disclosed in this release. This includes the sampling, analytical and test data underlying the information.
Quality Assurance/Quality Control
RC and auger holes reported in this press release were drilled using RC and auger drill rigs. Contractors and employees of Roxgold conducted all logging and sampling of both RC chips and auger soil samples. The soil and rock chips were logged, catalogued and bagged by Roxgold employees and contractors working for Roxgold. RC samples were shipped to ALS Chemex in Ouagadougou or Act Labs in Ouagadougou and in some cases TSL Lab in Saskatoon ("The Labs"). Auger samples were collected at the drill site and sent for analysis at Act Labs in Ouagadougou. 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 TSX.V listed exploration and development company with its key asset, the 167 Km2 Yaramoko concession, located to the south of and contiguous to SEMAFO's Mana Project in the Houndé region of Burkina Faso, West Africa. Roxgold is focused on further exploring the Company's 100% owned Yaramoko permit and advancing the 55 Zone.
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 permit wide exploration in 2013, the disclosure under the heading Current Work Program, 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, 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, equipment availability or failure, availability of qualified personnel to conduct work programs, and other matters discussed in this news release. 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 where required by applicable securities laws.