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Roxgold Inc (2)
Symbol ROXG
Shares Issued 370,029,295
Close 2019-07-29 C$ 1.13
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Roxgold has 94% recovery rate from Seguela met testwork

2019-07-29 17:17 ET - News Release

Mr. John Dorward reports

EXCELLENT RECOVERIES DEMONSTRATED IN METALLURGICAL TESTWORK FROM THE SEGUELA GOLD PROJECT

Roxgold Inc. has provided an update on the recently completed metallurgical testwork program, together with a development update at its new development asset, the Seguela gold project, located in the Ivory Coast.

Highlights:

  • Completion of comprehensive metallurgy testwork program indicating clean mineralized material with the potential for high recoveries and a potentially simple flowsheet;
  • Program highlights include:
    • High recovery rates of greater than 94 per cent based on a straightforward gravity/CIL flowsheet;
    • High-gravity recoverable component with an average of 38 per cent reporting to concentrate;
    • Preliminary acid mine drainage (AMD) testwork completed, indicating non-acid-generating materials;
    • Moderate material hardness, amenable to standard comminution options;
  • Commencement of preliminary economic assessment (PEA) with completion expected in fourth quarter 2019;
  • Environmental baseline studies and community engagement activities well advanced;
  • Preliminary operating and capital cost estimation process well under way.

John Dorward, president and chief executive officer, commented: "The progression of the Seguela gold project, the second development project for Roxgold, is advancing very well. The deposit at Antenna is simple and wide, and the metallurgical testwork program indicates the potential for high recoveries. The PEA process is off to a strong start, and we look forward to tabling the results in fourth quarter."

Metallurgical testwork program

A comprehensive program targeting composite-based design work and variability extraction testwork was conducted by ALS Ammtec in Western Australia. ALS Ammtec is independent of the company.

Samples tested for Antenna were reasonably competent with bond rod and ball millwork indices of 22.7 kilowatt-hours per tonne and 19.7 kilowatt-hours per tonne, respectively, being amenable to a simple comminution circuit design.

The mineralized material tested exhibited a degree of grind sensitivity with an optimal grind size of 75 microns being selected for all extraction testwork. The results of that program, which tested 14 separate samples from Antenna, were very encouraging, indicating potential for free milling of the mineralized material with good leach kinetics and overall extractions. Key results are summarized in the attached table.

                                KEY RESULTS
Test                                        Range of results        Average result

Calculated head assay (g/t Au)       1.62 g/t Au-10.3 g/t Au               3.1 g/t
Overall gold extraction (%)                       92.0%-97.1%                 94.5%
Gravity gold recovery (%)                             28%-60%                   38%
Cyanide consumption (kg/t)               0.09 kg/t-0.30 kg/t             0.20 kg/t
Lime consumption (kg/t)                  0.27 kg/t-1.96 kg/t             0.45 kg/t

Geology

The company recently released a maiden National Instrument 43-101 indicated mineral resource estimate of 496,000 ounces at 2.4 grams of gold per tonne and an inferred mineral resource estimate of 34,000 ounces at 2.4 g/t Au for the Antenna deposit at Seguela announced on July 11, 2019. Please refer to the company's technical report entitled "NI 43-101 Technical Report, Seguela Project, Worodougou Region, Cote d'Ivoire," which has an effective date of March 19, 2019, for further details.

Extension and infill drilling results at the Antenna deposit, subsequent to the completion of the mineral resource estimate indicating the potential for growth of the mineral resource base, were announced previously. Please refer to the company's press release dated July 15, 2019, for further details with respect to the drilling results, which included the following highlights:

  • 5.4 g/t Au over 21 metres (m) in reverse circulation (RC) hole SGRC222;
  • 5.2 g/t Au over 37 m in RC hole SGRC223;
  • 3.3 g/t Au over 11 m in RC hole SGRC198;
  • 1.8 g/t Au over 30 m in diamond drill hole SGRD202.

Drilling is continuing at several nearby satellite deposits, including Boulder and Agouti. These prospects are within four kilometres of the Antenna-based processing plant and could potentially be included in the PEA production schedule.

Recent results from Boulder were announced on July 15, 2019, and included the following highlights:

  • 3.03 g/t Au over 11 m, including 9.19 g/t Au over three m from RC hole SGRC207;
  • 1.71 g/t Au over 19 m in RC hole SGRC211.

Preliminary economic assessment (PEA)

With the current phase of extension drilling at Antenna wrapping up, pit optimizations and designs are under way with CSA Mining Consultants. The resultant schedules are being provided to several prominent West African-based mining contractors for detailed pricing based on those plans.

Lycopodium Minerals in Canada has commenced a processing plant and infrastructure design study that will incorporate the results from the above-mentioned metallurgical testwork program into what is expected to be a relatively straightforward flowsheet. Lycopodium will provide operating and capital cost estimates for the processing operation based upon its extensive experience in Ivory Coast, where it has built several similar-scale projects in recent years.

Knight Piesold in Australia has commenced design and costing of the tailings storage facility and water harvesting and storage systems for the project. The project is considered to be endowed with favourable topography in relation to these important infrastructure assets.

Activities for environmental baselining are well advanced with local consultant CECAF. Similarly, community baseline and land access studies are well advanced, utilizing PAH Consulting out of Abidjan. These components will be used in the PEA but will also form the basis of the environmental and social impact assessment to be filed in Ivory Coast to advance mine permitting.

Qualified persons

Paul Criddle, FAusIMM, chief development officer for Roxgold, a qualified person within the meaning of National Instrument 43-101, has reviewed, verified and approved the technical disclosure contained in this news release.

About Roxgold Inc.

Roxgold is a Canadian-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 also advancing the development and exploration of the Seguela gold project, located in Ivory Coast.

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