Roxgold extends QV1 mineralization at Bagassi South and announces additional results from its development infill drilling on the 55 Zone

Infill development drilling continues to confirm continuity of high grade on the 55 Zone while step out drilling at Bagassi South continues to grow strike length of QV1

TORONTO, May 19, 2015 /CNW/ - Roxgold Inc. (ROG: TSX.V) ("Roxgold" or the "Company") is pleased to announce the latest results from development infill drilling program at the 55 Zone, as well as further results from its Bagassi South regional exploration target.

55 Zone Infill Drilling Highlights:

• 200.7 grams per tonne ("gpt") gold over 5.9 metres (4.8 metres estimated true width) including 460.0 gpt gold over 2.5 metres (2.0 metres estimated true width) in diamond drill hole YRM-15-DD-316;
• 135.3 gpt gold over 5.7 metres  (4.8 metres estimated true width) including 290.6 gpt gold over 2.6 metres (2.2 metres estimated true width) in diamond drill hole YRM-15-DD-313;
• 123.0 gpt gold over 4.2 metres (3.1 metres estimated true width) including 324.0 gpt gold over 2.0 metres (1.5 metres estimated true width)  in diamond drill hole YRM-15-DD-307;
• 48.3 gpt gold over 6.9 metres (6.0 metres estimated true width) including 248.0 gpt over 0.9 metres (0.8 metres true width) and including 66.0 gpt over 0.9 metres (0.8 metres estimated true width) in diamond drill hole YRM-15-DD-314; and
• 30.0 gpt gold over 9.2 metres (7.5 metres true width) including 116.7 gpt over 2.0 metres (1.6 metres true width) in diamond drill hole YRM-15-DD-323.

BAGASSI SOUTH DRILLING HIGHLIGHTS:

• 8.9 gpt gold over 9.4 metres including 36.1 gpt over 1.2 metres in diamond drill hole YRM-15-DD-BGS-087.

"These latest results from our infill drilling program at the 55 Zone continue to demonstrate the high grade nature of the 55 Zone," commented John Dorward, Roxgold's President and CEO. "This information continues to support our model and provides additional resolution on key parts of the mineralized body that will be accessed early in the mine's development. In addition, the strike extent at Bagassi South has been extended by 30 metres to the south east with a further broad interval."

55 Zone Program Summary:

The 21 holes released today are a part of the Company's continuing infill drilling program at the 55 Zone, which commenced in Q1 2015. The program consists of a planned 67 holes for a total of approximately 6,000 metres of diamond drilling, to depths of up to 90 metres.  Roxgold has so far completed 50 holes in the program for approximately 5,600 metres drilled (see Long Section, Figure 1).  The program is estimated to continue through to June 2015.

These results, incorporated with the results for the six previously released holes (See company disclosure April 14, 2015), represent infill drilling over approximately 300 metres of the strike along the 55 Zone. The continuity and the high grade nature of the results overall continues to support the feasibility resource model with intersections in core being largely consistent with the company's expectations. In places, the additional resolution from the tighter spaced drilling around the edges of the high grade domain will allow improved definition of this domain and could lead to potential improvements in the model. 

Drilling at the 55 Zone is designed to increase drill density in the first year's production areas from 25 metres to 12.5 metre centres (See Table 1 for latest results). Upgrading the drill density in these key early 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.

TABLE 1: Summary of Diamond Drilling Results at 55 Zone

*results are reported un-cut. A top cut of 250 g/t is applied to 1.5 metre composites within the high grade domain of the 55 Zone for resource estimation purposes (See Company disclosure on April 22, 2014)

Bagassi South Results:

Following up on the Company's recent results from Bagassi South's regional exploration drilling (see May 5, 2015 press release for more information), Roxgold is pleased to announce the results of the remaining two diamond drill holes from the program (See Figure 2).  

Diamond drill holes 086 and 087 confirm the extension of the broader QV1 structure a further 30 metres to the south east where the structure intersects a late cross cutting dyke. The dyke is believed to be in the order of 30 to 40 meters wide and trends roughly perpendicularly to the QV1 structure. The mineralization encountered in holes 086 and 087 is consistent with previously announced results in drill holes 083-085 extending the strike length of the QV1 extension by approximately 230 metres.   

The 2,400 metre program was designed with the purpose of extending the strike length of the QV1 structure at Bagassi South to the south east of the high grade mineralization previously encountered in the QV Prime target.

No drilling has been conducted on the southern side of the dyke to date, which is a younger cross cutting feature. This area will be a target of a follow up exploration campaign which is anticipated to commence in June.

TABLE 2: Summary of Diamond Drilling Results at Bagassi South

* True Widths for QV1 intersections are estimated to be between 85 and 90% of reported core intervals.

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.

No resources have yet been estimated for the QV1 target at this time.

Qualified Person

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 this press 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 (the "Lab") in Ouagadougou.  The core was dried and crushed by the Lab and a 150 gram pulp was prepared from the coarse crushed material.  The Lab 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 Lab inserted its own quality control samples.

About Roxgold

Roxgold is a gold exploration and development company with its key asset, the high grade Yaramoko Gold Project, located in the Houndé greenstone region of Burkina Faso, West Africa. The Company is currently advancing Yaramoko's 55 Zone through construction and expects to commence production in the second quarter of 2016. 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; and (iii) the results of the Feasibility Study including statements about future production, 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 October 24, 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.