Mr. John Dorward reports

ROXGOLD DRILL PROGRAM AT BOUSSOURA RETURNS BROAD HIGH GRADE INTERSECTIONS FROM PREVIOUSLY UNTESTED FOFORA VEIN SETS, INCLUDING 61M AT 2.5 GPT AU

Roxgold Inc. has released new exploration drilling results from the company's Boussoura project, located in southern Burkina Faso.

Boussoura project -- Burkina Faso

Highlights from scout reverse circulation (RC) drilling

Fofora:

• 61 metres at 2.5 grams per tonne gold in drill hole BSR-20-RC-FFR-037 from 28 m including:
  • 30 m at 3.1 g/t Au from 28 m including:
    • Six m at 9.6 g/t Au from 32 m;
    • One m at 17.7 g/t from 54 m;
  • 28 m at 1.9 g/t Au from 61 m including:
    • Seven m at 6.9 g/t Au from 69 m;
• 18 m at 2.4 g/t Au in drill hole BSR-20-RC-FFR-032 from 12 m including:
  • Eight m at 4.5 g/t Au from 22 m;
• 20 m at 4.4 g/t Au in drill hole BSR-20-RC-FFR-047 from 88 m including:
  • One m at 66 g/t Au from 95 m;
• Six m at 2.2 g/t Au in drill hole BSR-20-RC-FFR-033 from 32 m including:
  • One m at 11.2 g/t Au from 36 m;
• Two m at 5.6 g/t Au in drill hole BSR-20-RC-FFR-034 from 62 m.

"Our exploration team has had tremendous exploration success with the new high-grade discovery at the Boussoura project, which we announced earlier this year," stated John Dorward, president and chief executive officer. "Boussoura is still in its infancy, but this latest round of drill results is building confidence that Boussoura has the potential to become Roxgold's third project. The Boussoura project is in the right jurisdiction on the southern end of the Hounde greenstone belt -- a prolific gold belt that is host to numerous high-grade, large-scale gold discoveries. We have tested a fraction of the vein sets on our land package, and with continued success we could hope that these will come together to form the basis of a project. We look forward to continuing to drill at Boussoura later in the year, while in the interim our focus resumes at Seguela, which is advancing towards feasibility status and a construction decision early next year."

Paul Weedon, vice-president, exploration, commented: "I am really encouraged by the results from the recent scout RC drilling of three targets to the west of the Fofora Main vein, in particular the remarkable 61 m at 2.5 g/t Au, which included 30 m at 3.1 g/t Au, from BSR-20-RC-FFR-037 and also 18 m at 2.4 g/t Au from BSR-20-RC-FFR-032, highlighting the potential of this large nine-square-kilometre artisanal field, with at least five additional vein corridors remaining untested. These results build on the previous high-grade results we have previously seen at the main Fofora vein, which included 10.7 m at 18.1 g/t Au from BSR-20-DD-FFR-001 and 14.9 m at 9.8 g/t Au from BSR-20-DD-FFR-016 (refer to company news releases dated Feb. 3, 2020, and Feb. 20, 2020).

"Boussoura's potential is emphasized 12 km further south at Galgouli where auger drilling along strike from the high-grade Galgouli prospect continues to delineate several elongate[d] greater-than-100-part-per-billion auger anomalies, each extending over one to two km in strike and which will be the target for drill testing in Q3 this year. I am looking forward to seeing Boussoura emerge as a potential third major project for Roxgold."

There are currently two drills at Boussoura conducting target definition/testing within the Fofora corridor. An additional RC/DD rig is expected to be added in September to allow for additional scout drilling and to follow up on higher-priority delineated targets.

Boussoura project -- Burkina Faso

The Boussoura project is situated in the southern portion of the Hounde greenstone belt, which is host to several large-scale operating gold mines, including Roxgold's Yaramoko mine, which is 190 km to the north, as well as Endeavour Mining's Hounde and Mana gold mines. The Boussoura project is located approximately 10 kilometres north of the Ivory Coast border.

The Boussoura tenement covers an area of over 250 square kilometres with an earn-in agreement in place for an additional 250 square kilometres of neighbouring permits. The primary targeted areas of the Boussoura project are Fofora in the north and Galgouli in the south. Fofora has seen a minor amount of exploration in the past, while Galgouli was a new discovery by Roxgold (refer to company news release dated Feb. 3, 2020).

Fofora

At least nine sets of shear zones and vein corridors have been identified to date within an active three km by three km artisanal field in the Fofora area of the Boussoura project. Drilling resumed at Fofora in early May, testing three new vein targets within one km west of the main Fofora vein. Each of the three vein sets was considered a high-priority target, each having coincident artisanal workings, and geophysical and geochemical anomalies and consist of a series of north-to-northwest-striking shear zones with surface strike lengths of up to 1,000 m. These targets form part of the broader Fofora artisanal field and are very similar in appearance to the high-grade Fofora main vein.

Mineralization is typically associated with a series of sheared felsic dikes, associated quartz veining and intense silica alteration and replacement, with a variable dip from steep westerly to about 70 degrees east with coarse gold commonly seen in samples. Two mineralization styles have now been recognized at Fofora, with very broad lower-grade zones (typically 0.5 to 1.0 g/t) extending up to 60 m in width and interpreted as representing broad siliceous halos to much higher-grade quartz veins (10 to greater than 100 g/t intervals with high levels of coarse gold) over one to four m intervals.

Drilling is continuing to test key coincident auger and geophysical anomalies, as well as areas of artisanal workings up to one km to the west of the main Fofora vein. Further work to test the balance of the three km by three km artisanal field is planned for Q4 this year, after the conclusion of the current rainy season.

Highlights from the most recent regional scout drilling at Fofora include:

• 61 m at 2.5 g/t Au in drill hole BSR-20-RC-FFR-037 from 28 m including:
  • 30 m at 3.1 g/t Au from 28 m including:
    • Six m at 9.6 g/t Au from 32 m;
    • One m at 17.7 g/t from 54 m;
  • 28 m at 1.9 g/t Au from 61 m including:
    • Seven m at 6.9 g/t Au from 69 m;
• 18 m at 2.4 g/t Au in drill hole BSR-20-RC-FFR-032 from 12 m including:
  • Eight m at 4.5 g/t Au from 22 m;
• 20 m at 4.4 g/t Au also in drill hole BSR-20-RC-FFR-047 from 88 m including:
  • One m at 66 g/t Au from 95 m;
• And a separate interval of 18 m at 1.0 g/t Au in drill hole BSR-20-RC-FFR-047 from 22 m;
• Six m at 2.2 g/t Au in drill hole BSR-20-RC-FFR-033 from six m and 10 m at 0.6 g/t Au from 64 m;
• Two m at 5.6 g/t Au in drill hole BSR-20-RC-FFR-034 from 62 m and 18 m at 1.0 g/t Au from 82 m including:
• Two m at 5.1 g/t Au from 98 m:
  • Three m at 2.7 g/t Au in drill hole BSR-20-RC-FFR-035 from 31 m and 10 m at 1.2 g/t Au from 59 m;
  • 48 m at 0.5 g/t Au in drill hole BSR-20-RC-FFR-039 from 68 m.

Galgouli

The Galgouli auger program also resumed in May, extending to the southeast of the high-grade Galgouli vein. Results to date have identified several elongated one to two km anomalies with similar orientations to the northwest-striking Galgouli vein with peak results greater than 500 ppb. These auger geochemistry results highlight the potential strike extensions of the Galgouli mineralization. This program will continue, weather depending, with follow-up scout RC drilling planned for late Q3.

Visit the company's website to view the full listing of drill results from the recent drilling programs at the Boussoura project. All results are reported as downhole intervals, which represent approximately 70 to 80 per cent of true width, except for FFR-047, which was drilled oblique to the interpreted dip of the mineralization, with true width assumed to be about 40 per cent of reported downhole width.

                     CATALYSTS AND NEXT STEPS
Event                                                           Timing
Continuing infill, expansion and
feasibility support drilling program at Seguela                Q3 2020
Satellite target exploration at Seguela                        H2 2020
Drilling results from Boussoura                                H2 2020
Underground drilling program in 55
zone at Yaramoko mine complex                                  H2 2020
Feasibility study for Seguela                                  H1 2021
Seguela construction decision                                  H1 2021

Quality assurance/quality control

All drilling data completed by Roxgold utilized the following procedures and methodologies. All drilling was carried out under the supervision of Roxgold personnel.

RC drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-litre plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Air core (AC) drilling was collected in one-metre intervals and sampled in a similar fashion to RC methods. Once collected, RC and AC samples were riffle split through a three-tier splitter to yield a 12.5-per-cent representative sample for submission to the analytical laboratory. The residual 87.5 per cent of samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on site at the company controlled core yard.

DD drill holes were drilled with HQ-sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one metre. Samples were 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 company core yard at Seguela. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until shipment.

All Boussoura RC, AC and DD core samples were shipped to ALS Laboratories laboratory in Ouagadougou for preparation. Samples were dried and crushed by the laboratory and a 250-gram split prepared from the coarse crushed material, prior to pulverization and preparation of a 200 g sample with routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the laboratory inserted its own quality control samples.

Qualified person

Paul Weedon, MAIG, vice-president, exploration, for Roxgold, a qualified person within the meaning of National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release, including the QA/QC, sampling, analytical and test data underlying this information. Mr. Weedon verified the information in the news release by reviewing the drill logs, geological interpretations and supporting analytical data. No limitations were imposed on Mr. Weedon's verification process. For more information on the company's QA/QC and sampling procedures, please refer to the company's annual information form dated Dec. 31, 2018, available on the company's website and on SEDAR.

About Roxgold Inc.

Roxgold is a Canada-based gold mining company with assets located in West Africa. The company owns and operates the high-grade Yaramoko gold mine, located on the Hounde greenstone belt in Burkina Faso, and is advancing the development and exploration of the Seguela gold project, located in Ivory Coast.

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