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Roxgold Inc (2)
Symbol ROXG
Shares Issued 374,933,842
Close 2021-04-05 C$ 1.71
Market Cap C$ 641,136,870
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Roxgold drills 13 m of 15.6 g/t Au at Seguela

2021-04-06 06:39 ET - News Release

Mr. John Dorward reports

ROXGOLD ANNOUNCES NEW DISCOVERY AT SEGUELA WITH 15.6 GPT OVER 13M AT SUNBIRD AS WELL AS 10.8 GPT OVER 6M FROM KOULA UNDERGROUND EXTENSION DRILLING

Roxgold Inc. has released initial results from the newly discovered Sunbird prospect, located less than two kilometres from the primary Antenna deposit, at the Seguela gold project located in Ivory Coast. Additionally, the company has continued to extend the Koula underground mineralized envelope drilling a further 120 metres down plunge from the previous deepest drilling at the high-grade Koula deposit.

Seguela gold project, Ivory Coast

Highlights from reverse circulation (RC) and diamond tail (RD) drilling

Sunbird:

  • 13 metres at 15.6 grams per tonne gold in drill hole SGRC1099 from 111 m including two m at 86.6 g/t Au from 113 m;
  • 18 m at 3.5 g/t Au in drill hole SGRC1103 from 22 m, followed by a separate interval of: 17 m at 1.5 g/t Au from 54 m;
  • Four m at 8.1 g/t Au in drill hole SGRC1105 from 58 m, followed by a separate interval of: 14 m at 4.1 g/t Au from 75 m;
  • 15 m at 3.7 g/t Au in drill hole SGRC1138 from 11 m;
  • Nine m at 4.3 g/t Au in drill hole SGRC1092 from 30 m;
  • Eight m at 3.8 g/t Au in drill hole SGRC1094 from 16 m, preceded by a separate interval of: seven m at 1.5 g/t Au from zero m;
  • 25 m at 1.5 g/t Au in drill hole SGRC1139 from 50 m including one m at 24.3 g/t Au from 57 m;
  • 29 m at 1.2 g/t Au in drill hole SGRC1140 from 21 m, followed by a separate interval of: nine m at 2.1 g/t Au from 68 m;
  • Five m at 6.2 g/t Au in drill hole SGRC1098 from 34 m;
  • Four m at 5.2 g/t Au in drill hole SGRC1106 from 123 m, followed by a separate interval of: 14 m at 1.7 g/t Au also in drill hole SGRC1106 from 141 m.

Koula:

  • Six m at 10.8 g/t Au in drill hole SGRD1101 from 355 m including two m at 26.6 g/t from 358 m.

"We continue to see the significant exploration prospectivity of Seguela with the discovery of Sunbird, which has the potential to be another high-grade prospect within close proximity to our planned operations and infrastructure," stated John Dorward, president and chief executive officer. "The initial results from Sunbird build upon the success of the discovery of Koula, as our exploration team has identified and targeted the north-south-striking structure that hosts Koula and Ancien. Similar to Koula, our first round of drilling at Sunbird has returned consistent near-surface mineralization with high-grade components over a larger strike length. Given the success of the first pass shallow scout drilling at Sunbird along an 800 m strike length, we are looking forward to the next phase of drilling testing the open nature downdip and along strike as we advance Sunbird through to resource status.

"In addition to the success at Sunbird, I am very pleased to see the continuation of the high-grade Koula mineralization with SGRD1101 intersecting six m at 10.8 g/t Au, approximately 120 m further down plunge from the previously deepest intersection of 14 m at 4.3 g/t in SGRD971. We now have high-grade mineralization extending approximately 300 m down plunge from the base of the PEA pit shell and we are looking forward to results from further stepout drilling as we consider the potential for our first high-grade underground resource at Seguela. Importantly, the underground potential at Koula and Ancien, as well as the ongoing exploration success such as Sunbird, will continue to build the resource base at Seguela beyond the feasibility study mine plan.

"While our exploration team continues their excellent work at Seguela, the critical path for the Seguela project plan is on track with the feasibility study nearing completion -- which we believe will demonstrate the ongoing evolution of the Seguela PEA with an enhanced mine life and project economics with the inclusion of the high-grade Koula deposit into the mine plan -- followed soon thereafter by a construction decision towards the goal of achieving first gold pour at Seguela in 2022."

Sunbird

Located approximately 0.6 km to the southwest of Boulder and 1.5 km south of Koula, Sunbird was discovered through following up regional soil geochemistry and surface mapping and is interpreted to be hosted by the same north-south-striking mylonitic tholeiite/pillow basalt package that hosts Koula and Ancien. A possible link to the Boulder mineralization is also indicated in the regional aeromagnetic dataset highlighting a southwesterly extension and intersection of the Boulder structure with the tholeiitic unit. A 22-hole scout drilling program has delineated mineralization over at least 800 m of strike, with six holes pending results.

Mineralization is hosted by three subparallel quartz-carbonate vein sets associated with well-developed mylonitic fabric within and along the interpreted margins of a tholeiitic basalt and consistent with the mineralization styles seen at Koula and Ancien. Mineralization remains open at depth and to the south where a moderate southerly plunge has been interpreted. Drilling to date has been limited to two holes per section line as part of a scout program. Further infill drilling is planned in Q2 after all results are received.

Highlights from the first phase of the scout drilling program at Sunbird include:

  • 13 m at 15.6 g/t Au in drill hole SGRC1099 from 111 m including two m at 86.6 g/t Au from 113 m;
  • 18 m at 3.5 g/t Au in drill hole SGRC1103 from 22 m, followed by a separate interval of: 17 m at 1.5 g/t Au from 54 m;
  • Four m at 8.1 g/t Au in drill hole SGRC1105 from 58 m, followed by a separate interval of: 14 m at 4.1 g/t Au from 75 m;
  • 15 m at 3.7 g/t Au in drill hole SGRC1138 from 11 m;
  • Nine m at 4.3 g/t Au in drill hole SGRC1092 from 30 m;
  • Eight m at 3.8 g/t Au in drill hole SGRC1094 from 16 m, preceded by a separate interval of: seven m at 1.5 g/t Au from zero m;
  • 25 m at 1.5 g/t Au in drill hole SGRC1139 from 50 m including one m at 24.3 g/t Au from 57 m;
  • 29 m at 1.2 g/t Au in drill hole SGRC1140 from 21 m, followed by a separate interval of: nine m at 2.1 g/t Au from 68 m;
  • Five m at 6.2 g/t Au in drill hole SGRC1098 from 34 m;
  • Four m at 5.2 g/t Au in drill hole SGRC1106 from 123 m, followed by a separate interval of: 14 m at 1.7 g/t Au from 141 m;
  • Five m at 4.0 g/t Au in drill hole SGRC1095 from 78 m including one m at 17.1 g/t Au from 79 m.

The results of the six remaining scout holes are pending with geological logging highlighting consistent alteration and quartz veining along the projected mineralized zones.

Koula

Located approximately one km to the east of Antenna, Koula was discovered through field reconnaissance and coincident recent artisanal workings in an area previously considered to be a lower exploration priority.

Results from the first of four drill holes testing the projected depth extensions approximately 120 m down plunge from the previously deepest intersection of 14 m at 4.3 g/t in SGRD971 have been received, with SGRD1101 intersecting six m at 10.8 g/t Au from 355 m downhole. Geological logging of SGRD1102 and SGDD078 has highlighted the presence of the key structure and veining, with visible gold identified in quartz veining in SGDD078. Assays are pending and SGDD079 is in progress.

With high-grade mineralization now extended approximately 300 m down plunge from the base of the PEA pit shell (refer to company press release dated March 9, 2021), infill drilling and further down-plunge extension drilling will be carried out in the second quarter to determine the potential for an underground mining project at Koula.

Koula:

  • Six m at 10.8 g/t Au in drill hole SGRD1101 from 355 m including two m at 26.6 g/t from 358 m.

                         CATALYSTS AND NEXT STEPS
Event                                                      Estimated timing

Continuing infill, expansion and
satellite target drilling program at Seguela                        Q2 2021
District exploration drill results at Yaramoko                      Q2 2021
Underground drilling program in
55 zone at Yaramoko mine complex                                    Q2 2021
Boussoura exploration results                                       Q2 2021
Feasibility study for Seguela                                       Q2 2021
Seguela construction decision                                      mid-2021
Initial resource at Boussoura                                       H2 2021
Commissioning of Seguela gold project                               H2 2022

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. Aircore (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 sample was 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 Seguela RC, AC and DD core samples were shipped to ALS Laboratories preparation laboratory in Yamoussoukro for preparation. Samples were dried and crushed by the lab and a 250-gram split prepared from the coarse crushed material, prior to pulverization and preparation of a 200 g sample. Samples are then shipped via commercial courier to ALS's analytical facility in Ouagadougou, Burkina Faso, where routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed. 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.

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.

Roxgold's disclosure of mineral reserve and mineral resource information is governed by NI 43-101 and under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM council, as may be amended from time to time by the CIM. There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted into mineral reserves.

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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