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Roxgold Inc (2)
Symbol ROG
Shares Issued 287,764,031
Close 2015-04-13 C$ 0.56
Market Cap C$ 161,147,857
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Roxgold drills 4.8 m of 58.1 g/t Au at 55

2015-04-14 06:54 ET - News Release

Mr. Ben Pullinger reports

ROXGOLD ANNOUNCES FIRST RESULTS FROM DEVELOPMENT INFILL DRILLING ON THE 55 ZONE INCLUDING 58.1 GPT GOLD OVER 4.1 METRES; INITIAL INFILL DEVELOPMENT DRILLING CONFIRMS MODEL AND CONTINUITY OF HIGH GRADE

Roxgold Inc. has commenced development drilling on the 55 zone with six holes completed to date.

Highlights:

  • 58.1 grams per tonne gold over 4.8 metres (4.1 metres true width) including 117.6 grams per tonne gold over 2.3 metres (two metres true width) in diamond drill hole YRM-15-DD-302;
  • 42.3 grams per tonne gold over 3.8 metres (three metres true width) including 87.4 grams per tonne gold over 1.8 metres (1.5 metres true width) in diamond drill hole YRM-15-DD-303;
  • 60.9 grams per tonne gold over 2.35 metres (two metres true width) in diamond drill hole YRM-15-DD-305.

"Today's results from the 55 zone corroborate the high-grade and continuous nature of the 55 zone," commented Ben Pullinger, vice-president, exploration. "These initial six holes confirm the performance of our feasibility resource model in this initial area and in certain cases results have exceeded our expectations."

Infill drilling program summary

Drilling at the 55 zone is part of a program designed to increase drill density in the first year's production areas from 25-metre to 12.5-metre centres. Approximately 6,000 metres will be drilled in this 67-hole program to depths of up to 90 metres. Upgrading the drill density in these key areas will allow for optimization of the mine plan and provide additional information for advanced design and short-term planning for the first year's production.

Today's results consist of the first six holes in this program totalling 550 metres of diamond drilling. The program is estimated to continue through to June, 2015. Following this program, the company plans to commence an extension and infill drilling program on the 55 zone between 100 metres and 430 metres vertical depth. The goal of this additional program will be to upgrade areas of inferred and indicated resource within the existing life of mine envelope.

                            SUMMARY OF DIAMOND DRILLING RESULTS               
                                                                         
Hole ID            Depth from       Depth to   EOH      Value (g/t)   Over (m)  True width

YRM-15-DD-301            84.5           87.2    98            12.4        2.7          2.0
YRM-15-DD-302            78.7           83.5    90            58.1        4.8          4.1
Including                80.3           82.6                 117.6        2.3          2.0
YRM-15-DD-303            85.2           89.0    95            42.3        3.8          3.0
Including                86.4           88.2                  87.4        1.8          1.5
YRM-15-DD-304            88.5           90.6    97            16.5        2.1          1.8
YRM-15-DD-305            55.8           58.2    68            60.9        2.4          2.0
YRM-15-DD-306            89.0           93.2   102             8.4        4.2          3.4

Regional exploration program

In conjunction with the current drilling at the 55 zone, Roxgold has a second drill rig active on the Yaramoko property conducting regional exploration drilling. This rig will be drilling high-priority targets at the extension of the high-grade QV1 target at Bagassi South and at the 109 zone. The current drill program at Bagassi South is designed to follow up on high-grade drill results announced through 2014 and 2013. The QV1 target at Bagassi South is located 1.8 kilometres to the south of the 55 zone where Roxgold has recently commenced construction activities. A program exploring the extension of QV1 along a southeasterly plunging trend is continuing and is expected to be completed by late April.

While no resources have been estimated for the QV1 area at this point, the company is seeking to demonstrate continuity of the high-grade mineralization.

At the 109 zone, located 1.1 kilometres north of the 55 zone, the company is following up on prospective grab samples taken from surficial artisanal workings. The target is a north-northwest-trending shear zone that is currently the most active artisanal site on the permit. Two initial holes have been drilled at this target and assays are pending.

The company looks forward to providing updates on the exploration and infill drilling programs at Yaramoko in the coming weeks.

Qualified person

Ben Pullinger, PGeo, vice-president of exploration for Roxgold, a qualified person within the meaning of National Instrument 43-101, has verified and approved the technical data disclosed this press release. These include 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 employees 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 a sealed bag 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 five grams per tonne were also analyzed 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 employees. Samples were homogenized 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 five grams per tonne were also analyzed by gravimetric analysis. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, Actlabs inserted its own quality control samples.

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